Company to Host Conference Call on Monday, March 2, 2026, at 5:30 a.m. PT/8:30 a.m. ET
-- Reports total revenue for the year ended of $3,181.8 million, up 56%
year-over-year, and at the higher end of guidance
-- Reports adjusted EBITDA for the year ended of $205.4 million and free
cash flow(1) of $104.5 million
ALHAMBRA, Calif., March 2, 2026 /PRNewswire/ -- Astrana Health, Inc. ("Astrana," and together with its subsidiaries and affiliated entities, the "Company") (NASDAQ: ASTH), a leading physician-centric, technology-powered, risk-bearing healthcare management company enabling providers to deliver accessible, high-quality, and high-value care to all, today announced its consolidated financial results for the fourth quarter and year ended December 31, 2025.
"Astrana delivered record revenue, adjusted EBITDA, and free cash flow in 2025, demonstrating the strength and predictability of our fully delegated, payer-agnostic care model and AI-enabled technology platform in a dynamic operating environment," said Brandon Sim, President and Chief Executive Officer of Astrana Health. "Our disciplined approach to risk, strong physician alignment, and technology-enabled clinical infrastructure drove consistent performance while creating measurable value for patients through improved outcomes, greater access, and lower total cost of care. As we move through 2026, with Prospect Health integration ahead of schedule, we are confident in our ability to deliver on guidance that reflects approximately 24% revenue growth and 29% adjusted EBITDA growth at the midpoint."
Financial Highlights for Year Ended December 31, 2025:
All comparisons are to the year ended December 31, 2024 unless otherwise stated.
-- Total revenue of $3,181.8 million, up 56% from $2,034.5 million
-- Care Partners revenue of $3,022.6 million, up 55% from $1,949.0 million
-- Net income attributable to Astrana of $22.5 million
-- Earnings per share ("EPS") - diluted of $0.46
-- Adjusted EBITDA(2) of $205.4 million, up 21% from $170.4 million
-- Adjusted EPS - diluted(3) of $2.20
Financial Highlights for the Fourth Quarter 2025:
All comparisons are to the quarter ended December 31, 2024 unless otherwise stated.
-- Total revenue of $950.5 million, up 43% from $665.2 million
-- Care Partners revenue of $892.5 million up 38% from $647.7 million
-- Net income attributable to Astrana of $6.0 million
-- EPS - diluted of $0.12
-- Adjusted EBITDA(2) of $52.5 million, up 50% from $35.0 million
-- Adjusted EPS - diluted(3) of $0.54
(1) See reconciliation provided with the condensed consolidated statements of
cash flow and "Use of Non-GAAP Financial Measures" below for additional
information.
(2) See "Reconciliation of Net Income (Loss) to Adjusted Net Income
Attributable to Astrana and Adjusted EPS - Diluted" and "Use of Non-GAAP
Financial Measures" below for additional information.
(3) See "Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA and
Adjusted EBITDA Margin" and "Use of Non-GAAP Financial Measures" below
for additional information.
Update on Annual Report Filing
The Company will be filing a Form 12b-25 with the Securities and Exchange Commission to extend the deadline for its Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K") due to a material weakness in internal control over financial reporting, which is expected to relate to, but may not be limited to, the Company's acquisition and purchase accounting processes. This matter relates to the timing and documentation of certain control procedures and does not reflect any material misstatement of the Company's financial results, nor does it result in any restatements of historical periods. The Company currently expects to file the 2025 Form 10-K within the fifteen-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended, and is making targeted investments in our accounting organization to accelerate remediation.
Stock Repurchase Program
The Board of Directors has increased the maximum aggregate amount of shares of the Company's common stock that may be purchased under the Company's existing share repurchase program from $50 million to $100 million. Repurchases may be made through a variety of methods, which could include open market purchases, accelerated share repurchase transactions, negotiated block transactions, 10b5-1 plans, other transactions that may be structured through investment banking institutions or privately negotiated, or a combination of the foregoing. The amount and timing of future repurchases, if any, may vary depending on management's assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, the level of operating, financing and other investing activities, and other considerations. The repurchase authorization does not have an expiration date.
The Company is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. During the three months ended December 31, 2025, 633,844 shares were repurchased under the Company's share repurchase plan. As of December 31, 2025, $35.9 million remained available under the repurchase plan. The Company may determine to continue to make repurchases under the program following the filing of the Form 10-K for the year ended December 31, 2025.
Segment Results for Year Ended December 31, 2025:
All comparisons are to the year ended December 31, 2024 unless otherwise stated.
Year Ended
December 31,
2025
------------ -------- --- --------- ------ ---------- ---- ---------
Care Care Care Intersegment Corporate Consolidated
(in thousands) Partners Delivery Enablement Elimination Costs Total
------------ -------- ---------- -------------- ---------- --------------
Total revenues $ 3,022,602 $250,742 $ 246,660 $ (338,235) $ -- $ 3,181,769
% change vs.
prior year 55% 83% 59%
Cost of services 2,615,578 203,895 148,629 (127,863) -- 2,840,239
General and
administrative 217,656 45,004 52,130 (210,400) 112,866 217,256
Depreciation and
amortization 34,401 3,858 6,185 -- 1,305 45,749
----------- ------- --------- ---------- --------- ----------
Total expenses 2,867,635 252,757 206,944 (338,263) 114,171 3,103,244
Income (loss)
from operations $ 154,967 $(2,015) $ 39,716 $ 28 (1) $(114,171) $ 78,525
=========== ======= ========= ========== ========= ==========
% change vs.
prior year 10% * 117%
(1) Income from operations for the intersegment elimination represents rental
income from segments renting from other segments. Rental income is
presented within other income which is not presented in the table.
* Percentage change of over 500%
2026 Guidance:
Astrana is providing the following guidance for total revenue and Adjusted EBITDA for the three months ending March 31, 2026 and the year ending December 31, 2026 based on the Company's existing business, current view of existing market conditions, and assumptions.
Three Months Ending Year Ending
($ in millions) March 31, 2026 December 31, 2026
Guidance Range Guidance Range
-------------------- -------------------
Low High Low High
-------- ---------- --------- --------
Total revenue $ 900 $ 1,000 $ 3,800 $ 4,100
Adjusted EBITDA $ 60 $ 70 $ 250 $ 280
See "Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA" and "Use of Non-GAAP Financial Measures" below for additional information. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See "Forward-Looking Statements" below for additional information.
Conference Call and Webcast Information:
Astrana will host a conference call at 5:30 a.m. PT/8:30 a.m. ET today (Monday, March 2, 2026), during which management will discuss the results of the fourth quarter and year end December 31, 2025. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference call time:
U.S. & Canada (Toll-Free): +1 (877) 858-9810 International (Toll): +1 (201) 689-8517
The conference call can also be accessed via webcast at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=CAALhYDU
An accompanying slide presentation will be available in PDF format on the "IR Calendar" page of the Company's website after issuance of the earnings release and will be furnished as an exhibit to Astrana's current report on Form 8-K to be filed with the SEC, accessible at www.sec.gov.
Those who are unable to attend the live conference call may access the recording at the above webcast link, which will be made available shortly after the conclusion of the call.
Note About Consolidated Entities
The Company consolidates entities in which it has a controlling financial interest. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights, and variable interest entities ("VIEs") in which the Company is the primary beneficiary. Noncontrolling interests represent third party equity ownership interests in the Company's consolidated entities (including certain VIEs). The amount of net income attributable to noncontrolling interests is disclosed in the Company's consolidated statements of income.
About Astrana Health, Inc.
Astrana Health is a physician-centric, AI-powered healthcare company committed to delivering high-quality, patient-centered care. Built from the physician's perspective, Astrana combines its scalable care delivery infrastructure, proprietary technology platform, and aligned provider networks to enable proactive, preventive care at scale - improving patient outcomes, enhancing patient experiences, supporting provider well-being, and driving greater value across the healthcare system.
Today, Astrana supports more than 20,000 providers and over 1.6 million patients in value-based care arrangements through its affiliated provider networks, management services organization, and integrated care delivery clinics spanning primary, specialty, and ancillary care. Together, Astrana is building the healthcare system we all deserve - one that delivers better care, better experiences, and better outcomes for all. For more information, visit www.astranahealth.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's guidance for the year ending December 31, 2026, ability to meet operational goals, ability to meet expectations in deployment of care coordination and management capabilities, ability to decrease cost of care while improving quality and outcomes, ability to deliver sustainable revenue and EBITDA growth as well as long-term value, ability to respond to the changing environment, statements about the Company's liquidity, and successful completion and implementation of strategic growth plans, acquisition strategy, and merger integration efforts, as well as statements regarding the Company's expectations regarding the timing of filing its 2025 Form 10-K, the expected material weakness in internal control over financial reporting and the Company's ability to remediate any such material weakness in a timely manner, the consistency of the financial statements in the 2025 Form 10-K with the financial information in this earnings release and the completion of matters necessary to permit filing by the extension deadline. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company's management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the risk factors discussed in the Company's last Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q filed with the SEC. Any forward-looking statements made by the Company in this release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations
Carolyne Sohn
investors@astranahealth.com
ASTRANA HEALTH, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
December 31, December 31,
2025 2024
-------------- --------------
Assets
Current assets
Cash and cash
equivalents $ 429,474 $ 288,455
Receivables, net
(including amounts
with related
parties) 374,465 275,990
Income taxes
receivable 1,799 19,316
Other receivables 26,385 29,496
Prepaid expenses and
other current
assets 26,264 25,239
Loans receivable 4,926 --
---------- ----------
Total current assets 863,313 638,496
---------- ----------
Non-current assets
Property and
equipment, net 58,693 14,274
Intangible assets,
net 270,968 118,179
Goodwill 863,944 419,253
Income taxes
receivable,
non-current 26,220 15,943
Loans receivable,
non-current 48,724 51,266
Investments in other
entities -- equity
method 25,637 39,319
Investments in
privately held
entities 2,896 8,896
Operating lease
right-of-use assets 35,738 32,601
Other assets 22,528 16,667
---------- ----------
Total non-current
assets 1,355,348 716,398
---------- ----------
Total assets (1) $ 2,218,661 $ 1,354,894
========== ==========
Liabilities,
Mezzanine Deficit,
and Stockholders'
Equity
Current liabilities
Accounts payable and
accrued expenses $ 195,912 $ 106,142
Fiduciary accounts
payable 3,524 8,223
Medical liabilities 335,705 209,039
Operating lease
liabilities 7,809 5,350
Current portion of
long-term debt 47,865 9,375
Other liabilities 24,458 27,479
---------- ----------
Total current
liabilities 615,273 365,608
---------- ----------
Non-current
liabilities
Deferred tax
liability 5,491 4,555
Operating lease
liabilities, net of
current portion 31,552 30,654
Long-term debt, net
of current portion
and deferred
financing costs 990,904 425,299
Other long-term
liabilities 17,107 14,610
---------- ----------
Total non-current
liabilities 1,045,054 475,118
---------- ----------
Total liabilities (1) $ 1,660,327 $ 840,726
========== ==========
Mezzanine deficit
Non-controlling
interest in Allied
Physicians of
California, a
Professional
Medical
Corporation ("APC") (234,962) (202,558)
---------- ----------
Stockholders' equity
Preferred stock,
$0.001 par value per
share; 5,000,000
shares authorized,
and zero shares
issued and
outstanding as of
December 31, 2025
and December 31,
2024 -- --
Common stock, $0.001
par value per share;
100,000,000 shares
authorized,
48,885,358 and
47,929,872 shares
issued and
outstanding,
excluding 10,571,011
and 10,603,849
treasury shares, as
of December 31, 2025
and December 31,
2024, respectively 49 48
Additional paid-in
capital 470,863 426,389
Retained earnings 308,379 286,283
---------- ----------
Total stockholders'
equity 779,291 712,720
Non-controlling
interest 14,005 4,006
---------- ----------
Total equity 793,296 716,726
---------- ----------
Total liabilities,
mezzanine deficit,
and stockholders'
equity $ 2,218,661 $ 1,354,894
========== ==========
(1) The Company's consolidated balance sheets include the assets and
liabilities of its consolidated VIEs. The consolidated balance sheets
include total assets that can be used only to settle obligations of the
Company's consolidated VIEs totaling $1,276.5 million and $712.3 million
as of December 31, 2025 and December 31, 2024, respectively, and total
liabilities of the Company's consolidated VIEs for which creditors do not
have recourse to the general credit of the primary beneficiary of $376.0
million and $207.9 million as of December 31, 2025 and December 31, 2024,
respectively. These VIE balances do not include $152.2 million of
investment in affiliates and $58.3 million of amounts due from affiliates
as of December 31, 2025, and $224.9 million of investment in affiliates
and $48.1 million of amounts due to affiliates as of December 31, 2024,
as these are eliminated upon consolidation and not presented within the
consolidated balance sheets.
ASTRANA HEALTH, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
Three Months Ended Years Ended
December 31, December 31,
------------------------ ------------------------
2025 2024 2025 2024
----------- ----------- ----------- -----------
Revenue
Capitation, net $ 862,814 $ 616,900 $ 2,924,265 $ 1,856,785
Risk pool
settlements and
incentives 25,508 28,660 86,199 86,224
Management fee
income 10,290 5,550 30,394 13,979
Fee-for-service,
net 39,787 7,743 112,635 62,331
Other revenue 12,127 6,356 28,276 15,221
---------- ---------- ---------- ----------
Total revenue 950,526 665,209 3,181,769 2,034,540
---------- ---------- ---------- ----------
Operating expenses
Cost of services,
excluding
depreciation and
amortization 855,483 614,730 2,840,239 1,763,152
General and
administrative
expenses 60,247 41,633 217,256 154,111
Depreciation and
amortization 16,401 8,126 45,749 27,927
---------- ---------- ---------- ----------
Total expenses 932,131 664,489 3,103,244 1,945,190
---------- ---------- ---------- ----------
Income from
operations 18,395 720 78,525 89,350
Other expense
Income from equity
method
investments 1,176 1,564 1,708 4,451
Interest expense (17,520) (8,069) (49,928) (33,097)
Interest income 3,987 3,221 12,157 14,508
Unrealized gain
(loss) on
investments 769 316 (68) 731
Other income
(loss) 699 353 (2,788) 4,875
---------- ---------- ---------- ----------
Total other
expense, net (10,889) (2,615) (38,919) (8,532)
---------- ---------- ---------- ----------
Income (loss)
before provision
for income taxes 7,506 (1,895) 39,606 80,818
Provision for
income taxes 944 5,882 15,530 30,886
---------- ---------- ---------- ----------
Net income (loss) 6,562 (7,777) 24,076 49,932
---------- ---------- ---------- ----------
Net income (loss)
attributable to
noncontrolling
interests 563 (826) 1,589 6,783
---------- ---------- ---------- ----------
Net income (loss)
attributable to
Astrana Health,
Inc. $ 5,999 $ (6,951) $ 22,487 $ 43,149
========== ========== ========== ==========
Earnings (loss) per
share -- basic $ 0.12 $ (0.15) $ 0.46 $ 0.91
Earnings (loss) per
share -- diluted $ 0.12 $ (0.15) $ 0.46 $ 0.90
Weighted average
shares of common
stock outstanding
-- basic 49,230,904 47,823,360 49,075,727 47,597,295
Weighted average
shares of common
stock outstanding
-- diluted 49,527,521 47,823,360 49,369,685 47,974,334
ASTRANA HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years ended December 31,
----------------------------
2025 2024
--------------- -----------
Cash flows from
operating activities
Net income $ 24,076 $ 49,932
Adjustments to
reconcile net income
to net cash provided
by operating
activities:
Depreciation and
amortization 45,749 27,927
Amortization of
debt issuance
cost 4,050 1,828
Share-based
compensation 38,601 34,536
Non-cash lease
expense 6,647 5,278
Deferred tax (4,287) (4,249)
Change in fair
value of
contingent
consideration
liabilities 5,166 3,526
Other (2,307) (2,967)
Changes in
operating assets
and liabilities,
net of business
combinations (3,098) (63,613)
----------- ----------
Net cash provided by
operating activities 114,597 52,198
----------- ----------
Cash flows from
investing activities
Payments for business
and asset
acquisition, net of
cash acquired (548,604) (146,260)
Purchases of
investments --
equity method -- (5,968)
Purchase of call
option issued in
conjunction with
equity method
investment -- (3,907)
Issuance of loans
receivable (1,708) (26,000)
Purchases of property
and equipment (10,106) (8,031)
Proceeds from sale
of equity method
investment 15,100 --
Other 6,319 (2,229)
----------- ----------
Net cash used in
investing activities (538,999) (192,395)
----------- ----------
Cash flows from
financing activities
Dividends paid (7,885) (4,036)
Repayments on debt (495,289) (18,500)
Borrowings on debt 1,119,300 171,875
Taxes paid from net
share settlement of
restricted stock (6,169) (4,662)
Repurchase of
treasury shares (15,429) (937)
Deferred financing
cost (19,205) --
Payment of financing
obligation -- (8,542)
Payment of contingent
consideration
liabilities (8,284) (518)
Other 2,307 466
----------- ----------
Net cash provided by
financing activities 569,346 135,146
----------- ----------
Net increase
(decrease) in cash,
cash equivalents, and
restricted cash 144,944 (5,051)
Cash, cash
equivalents, and
restricted cash,
beginning of year 289,101 294,152
----------- ----------
Cash, cash
equivalents, and
restricted cash, end
of year $ 434,045 $ 289,101
=========== ==========
Supplemental
disclosures of cash
flow information
Cash paid for income
taxes (1) $ 43,936
Cash paid for
interest $ 45,767 $ 30,419
Supplemental
disclosures of
non-cash investing
and financing
activities
Right-of-use assets
obtained in exchange
for operating lease
liabilities $ 11,875 $ 14,117
Common stock issued
in business
combination $ -- $ 21,952
Common stock issued
for contingent
consideration
payment $ 2,600 $ 4,023
Acquisition of
business through
loan conversion $ -- $ 5,175
Draw on letter of
credit through
Revolver Loan $ -- $ 4,732
Elimination of note
payable upon
consolidation $ 9,488 $ --
Reclass of investment
-- Third Way Health $ 6,000 $ --
Repurchase of
treasury shares
outstanding payable $ 922 $ --
Dividend paid in form
of stock $ 21,935 $ --
(1) Following the adoption of ASC 2023-09 "Income Taxes (Topics 740):
Improvements to Income Tax Disclosures", cash paid for income taxes is
presented net of tax refunds, for the year ended December 31, 2025 and
prospectively, under Item 8 of the Company's Annual Report on Form 10-K.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total amounts of cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows (in thousands):
December 31,
------------------
2025 2024
-------- --------
Cash and cash equivalents $429,474 $288,455
Restricted cash (1) 4,571 646
Total cash, cash equivalents and restricted
cash shown in the statement of cash flows $434,045 $289,101
======= =======
(1) Restricted cash is included in other assets on the consolidated balance
sheets.
The following table provides a reconciliation of net cash provided by operating activities to free cash flow for the years ended December 31, 2025 and 2024 (in thousands):
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow December 31,
-------------------
2025 2024
--------- --------
Net cash provided by operating activities $ 114,597 $ 52,198
Cash used in purchases of property and
equipment (10,106) (8,031)
Free cash flow $ 104,491 $ 44,167
======== =======
Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
Set forth below are reconciliations of net income (loss) to EBITDA and Adjusted EBITDA as well as the reconciliation to Adjusted EBITDA margin for the three months and years ended December 31, 2025 and 2024. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.
Three Months Ended Years Ended
December 31, December 31,
--------------------------- -------------------------------
(in thousands) 2025 2024 2025 2024
-------- -------- ---------- ----------
Net income
(loss) $ 6,562 $(7,777) $ 24,076 $ 49,932
Interest
expense 17,520 8,069 49,928 33,097
Interest income (3,987) (3,221) (12,157) (14,508)
Provision for
income taxes 944 5,882 15,530 30,886
Depreciation
and
amortization 16,401 8,126 45,749 27,927
------- ------- --------- ---------
EBITDA 37,440 11,079 123,126 127,334
Income from
equity method
investments (1,176) (1,564) (1,708) (4,451)
Other, net 4,808 (1) 10,288 (2) 45,405 (3) 12,951 (4)
Stock-based
compensation 11,382 15,235 38,601 34,536
------- ------- --------- ---------
Adjusted EBITDA $ 52,454 $ 35,038 $ 205,424 $ 170,370
======= ======= ========= =========
Total revenue $950,526 $665,209 $3,181,769 $2,034,540
Adjusted EBITDA
margin 6% 5% 6% 8%
======= ======= ========= =========
(1) Other, net, for the three months ended December 31, 2025 relates to $2.3
million for transaction and integration costs primarily for the
acquisition of Prospect, certain costs and final settlement for some of
our acquisitions, and severance fees incurred, partially offset by
employer retention tax credits related to COVID-19 relief.
(2) Other, net for the three months ended December 31, 2024 relates to
transaction costs incurred for our investments, to anticipated recoveries
from one time losses relating to third party payer payments associated
with the Collaborative Health Systems, LLC ("CHS") transaction, and
non-cash change in the fair value of our call option.
(3) Other, net, for the year ended December 31, 2025, relates to $13.0
million for a legal matter with a provider associated with CFC HP, $25.9
million for transaction and integration costs primarily for the
acquisition of Prospect, debt issuance costs incurred in connection with
our Second Amended and Restated Credit Facility, certain costs and final
settlement for some of our acquisitions, and severance fees incurred,
partially offset by employer retention tax credits related to COVID-19
relief.
(4) Other, net for the year ended December 31, 2024 relates to transaction
costs incurred for our investments and tax restructuring fees,
anticipated recoveries from one-time losses relating to third party payor
payments associated with the CHS transaction, a financial guarantee via a
letter of credit that we provided in support of two local provider-led
ACOs, non-cash gain on debt extinguishment related to one of our
promissory note payables, non-cash realized loss from the sale of one of
our marketable equity securities, non-cash changes related to change in
the fair value of our call option, non-cash change in the fair value of
our financing obligation to purchase the remaining equity interests in
one our investments, non-cash changes in the fair value of our contingent
liabilities, non-cash changes in the fair value of the Company's Collar
Agreement, and reimbursement from a related party of the Company for
taxes associated with the Excluded Assets spin-off
Reconciliation of Net Income (Loss) to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted
Set forth below are reconciliations of net income (loss) to adjusted net income attributable to Astrana as well as the reconciliation to adjusted EPS - diluted for the three months and years ended December 31, 2025 and 2024.
Three Months Ended Years Ended
December 31, December 31,
----------------------------- -----------------------------
(in thousands,
except for share
and per share
data) 2025 2024 2025 2024
----------- ----------- ----------- -----------
Net income (loss) $ 6,562 $ (7,777) $ 24,076 $ 49,932
Income from
equity method
investments (1,176) (1,564) (1,708) (4,451)
Other, net (1) 4,808 10,288 45,405 12,951
Stock-based
compensation 11,382 15,235 38,601 34,536
Amortization of
intangibles 14,128 7,567 40,747 25,608
Tax adjustments (5,485) (2) (5,411) (3) (25,337) (2) (13,902) (3)
Adjusted
non-controlling
interest (3,300) (4) (2,186) (5) (13,203) (4) (11,629) (5)
---------- ---------- ---------- ----------
Adjusted net
income
attributable to
Astrana Health,
Inc. $ 26,919 $ 16,152 $ 108,581 $ 93,045
========== ========== ========== ==========
Weighted average
shares of common
stock outstanding
-- diluted 49,527,521 47,823,360 49,369,685 47,974,334
Adjusted earnings
per share -
diluted $ 0.54 $ 0.34 $ 2.20 $ 1.94
========== ========== ========== ==========
(1) The components of other, net, as set forth in the table above, are
described in the footnotes to the table under "Reconciliation of Net
Income (Loss) to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin".
Please see the footnotes for additional information.
(2) Tax adjustments for the three months and year ended December 31, 2025,
includes the tax effect for, at a 27.1% statutory blended tax rate, the
adjustments made to net income of $7.9 million and $33.3 million,
respectively, partially offset by 162(m) impact of $2.4 million and $7.5
million, respectively.
(3) Tax adjustments for the three months and year ended December 31, 2024,
includes the tax effect for, at a 28.0% statutory blended tax rate, the
adjustments made to net (loss) income of $8.8 million and $19.2 million,
respectively, partially offset by 162(m) impact of $3.4 million and $5.3
million, respectively.
(4) Includes net income attributable to non-controlling interests ("NCI") of
$0.6 million and $1.6 million, respectively, and adjustments attributable
to NCI of $2.7 million and $11.6 million, respectively, for the three
months and year ended December 31, 2025.
(5) Includes net loss and income, respectively, attributable to NCI of $0.8
million and $6.8 million, respectively, and adjustments attributable to
NCI of $3.0 million and $4.8 million, respectively, for the three months
and year ended December 31, 2024.
Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Year Ending
December 31, 2026
Guidance Range
----------------------
(in thousands) Low High
------------ --------
Net income $ 54,000 $ 74,000
Interest expense 51,000 55,000
Provision for income taxes 38,000 44,000
Depreciation and amortization 65,000 65,000
-------- -------
EBITDA 208,000 238,000
Income from equity method investments (4,000) (4,000)
Other, net 7,000 7,000
Stock-based compensation 39,000 39,000
-------- -------
Adjusted EBITDA $ 250,000 $280,000
======== =======
The Company has not provided a quantitative reconciliation of EBITDA and Adjusted EBITDA for the three months ending March 31, 2026 to the most comparable GAAP measure on a forward-looking basis within this press release because the Company is unable, without unreasonable efforts, to provide reconciling information with respect to certain line items that cannot be calculated for the three month period. These items, which could materially affect the computation of forward-looking GAAP net income, are inherently uncertain and depend on various factors, some of which are outside of the Company's control.
Use of Non-GAAP Financial Measures
This press release contains the non-GAAP financial measures EBITDA, Adjusted EBITDA, adjusted net income attributable to Astrana, and adjusted EPS - diluted, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles ("GAAP") is net income (loss). This press release also contains the non-GAAP financial measure free cash flow, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles ("GAAP") is net cash provided by operating activities. These measures are not in accordance with, or alternatives to GAAP, and may be calculated differently from similar non-GAAP financial measures used by other companies. The Company uses Adjusted EBITDA, Adjusted EPS -- diluted, and free cash flow as supplemental performance measures of our operations, for financial and operational decision-making, and as supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation, and amortization, excluding income or loss from equity method investments, non-recurring and non-cash transactions, and stock-based compensation. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue. Adjusted net income attributable to Astrana is calculated as net income (loss), excluding income or loss from equity method investments, non-recurring and non-cash transactions, stock-based compensation, amortization of intangibles, certain tax adjustments, and amounts related to non-controlling interest. The Company defines adjusted EPS - diluted as adjusted net income attributable to Astrana over weighted average shares of common stock outstanding - diluted. The Company defines free cash flow as net cash provided by operating activities and cash used in purchases of property and equipment.
The Company believes the presentation of these non-GAAP financial measures provides investors with relevant and useful information, as it allows investors to evaluate the operating performance of the business activities without having to account for differences recognized because of non-core or non-recurring financial information. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company's ongoing operating performance. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources, and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Other companies may calculate EBITDA, Adjusted EBITDA, adjusted net income attributable to Astrana, adjusted EPS -- diluted, and free cash flow differently, limiting the usefulness of these measures for comparative purposes. To the extent this release contains historical or future non-GAAP financial measures, the Company has provided corresponding GAAP financial measures for comparative purposes. The reconciliation between certain GAAP and non-GAAP measures is provided above.
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SOURCE Astrana Health, Inc.
(END) Dow Jones Newswires
March 02, 2026 07:00 ET (12:00 GMT)