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Dec 31, 2025
Astrana Health Q4 2025 Earnings Report
Astrana Health Q4 2025 Earnings Report
Key Takeaways
Astrana Health delivered a strong fourth quarter with revenue growing 43% year-over-year to $950.5 million, driven by significant expansion in its Care Partners segment. Despite a material weakness in internal controls related to acquisition accounting, the company achieved record annual results and provided optimistic 2026 guidance reflecting continued growth from the Prospect Health integration.
Quarterly revenue increased 43% to $950.5 million, primarily driven by a 38% increase in Care Partners revenue.
Adjusted EBITDA for Q4 rose 50% to $52.5 million, demonstrating improved operational scaling and efficiency.
The company identified a material weakness in internal control over financial reporting related to acquisition and purchase accounting processes.
The Board increased the share repurchase authorization to $100 million, up from the previous $50 million limit.
Revenue by Segment
Forward Guidance
Astrana Health expects significant growth in 2026, forecasting total revenue between $3.8 billion and $4.1 billion.
Positive Outlook
- Full-year 2026 revenue growth projected at 24% at the midpoint.
- Adjusted EBITDA growth projected at 29% at the midpoint for 2026.
- Prospect Health integration is currently ahead of schedule.
- Strong physician alignment and AI-enabled technology platform driving performance.
- Increased share repurchase authorization to $100 million.
Challenges Ahead
- Material weakness in internal control over financial reporting identified.
- Delayed filing of the 2025 Annual Report on Form 10-K.
- Dynamic and potentially volatile operating environment in healthcare.
- Increased interest expense projected for 2026 ($51M - $55M).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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