Astrana Health, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
ASTH$34.50-11.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001193125-26-342631
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450556
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 116 previous paragraphs and 126 current paragraphs.
58 unchanged; 50 reworded; 17 added; 7 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Recent Developments
Current report
Acquisition of an Independent Practice Association in Georgia
Current report
On October 1, 2026, we acquired 100% of the equity interests of an independent practice association in Georgia for $5.0 million in cash and additional contingent consideration, expanding our abilities to provide high-quality patient care services in Georgia.
Current report
Cybersecurity Incident
Current report
As previously disclosed in our Current Report on Form 8-K filed with the SEC on September 23, 2026, during the third quarter of 2026, we identified a series of social engineering attempts in which individuals, impersonating our personnel and spoofing our main corporate telephone number, contacted certain employees in an effort to obtain unauthorized access to our systems. As a result, certain private and/or confidential information maintained on our servers was accessed and acquired without authorization (the “Cybersecurity Incident”).
Current report
We have taken, and continue to take, steps to contain, investigate, and remediate the Cybersecurity Incident and to enhance the security of our system. Our investigation into the nature and scope of the Cybersecurity Incident, including the data that was accessed or acquired, remains ongoing, as does our evaluation of any modifications that may be required. However, there can be no assurance that these remediation efforts will be successful, that we have identified all information that was accessed or acquired, or that the measures we have implemented or may implement will prevent future cybersecurity incidents.
Current report
We expect to continue to incur costs related to the incident, for ongoing fees to cybersecurity experts and other advisors, as well as additional remediation, litigation, and notification-related expenses and costs. At this time, we are unable to estimate the full potential impact of the incident on our business strategy, operations, financial condition, or results of operations, including remediation and response costs, legal, regulatory and notification-related matters, and possible effects on providers, patients, counterparties and our reputation, or the impact on the trading price of our common stock. We maintain cybersecurity insurance that is expected to offset a portion of potential losses and costs from the Cybersecurity Incident. For more information about risks relating to the impact of the Cybersecurity Incident, see Item 1A. “Risk Factors” in Part II of this Quarterly Report on Form 10-Q.
Current report
Astrana and its management services organization, Astrana Health Management, Inc., have also been named as defendants in several class action lawsuits related to the Cybersecurity Incident. See the “Cybersecurity Incident” section in Note 11 – “Commitments and Contingencies” to our unaudited condensed consolidated financial statements under Item 1 in this Quarterly Report on Form 10-Q for additional information.
Current report
Percentage change of over 500%
Current report
Percentage change of over 500%
Current report
Independent Practice Associations (“IPAs”) and Patients
Current report
Revenue for the nine months ended September 30, 2026 was $2,961.2 million, as compared to $2,231.2 million for the nine months ended September 30, 2025, an increase of $730.0 million or 33%. We recognized $581.6 million of revenue from the acquisition of certain businesses and assets of Prospect Medical Holdings, Inc. (“Prospect”) in July 2025 for the first six months of 2026. The remaining $148.4 million of growth was driven by an increase in our capitation revenue as a result of enrollees transitioning to full risk through our RKKs.
Current report
General and administrative expenses for the nine months ended September 30, 2026 were $183.9 million, as compared to $157.0 million for the same period in 2025, an increase of $26.9 million or 17%. We incurred $29.8 million of expenses from the Prospect acquisition in July 2025 for the first six months of 2026.
Current report
Net income for the three months ended September 30, 2026 was $20.3 million, as compared to $1.1 million for the same period in 2025, an increase of $19.2 million.
Current report
Net income for the nine months ended September 30, 2026 was $51.9 million, as compared to $17.5 million for the same period in 2025, an increase of $34.3 million.
Current report
Revenue for the three months ended September 30, 2026 was $968.8 million, as compared to $897.7 million for the three months ended September 30, 2025, an increase of $71.0 million. Operating income for the three months ended September 30, 2026 was $49.1 million, as compared to $25.3 million for the three months ended September 30, 2025, an increase in operating income of $23.8 million. The increase in revenue and operating income was primarily due to members transitioning to full risk through our RKKs.
Current report
Other, net, for the three months ended September 30, 2026 relates to post-acquisition integration costs and a fair value remeasurement of a previously held equity method investment that is now fully acquired, partially offset by non-cash changes to the fair value of our interest rate swap.
Removed paragraphs (7)
Previous report
Risk-Bearing Organizations and Patients
Previous report
Revenue for the six months ended June 30, 2026 was $1,937.6 million, as compared to $1,275.2 million for the six months ended June 30, 2025, an increase of $662.4 million or 52%. The increase in revenue was primarily attributable to the Prospect acquisition, which contributed $581.6 million of revenue. In addition, capitation revenue increased by $91.4 million primarily as a result of enrollees transitioning to full risk through our Restricted Knox-Keene plans.
Previous report
General and administrative expenses for the six months ended June 30, 2026 were $115.9 million, as compared to $94.6 million for the same period in 2025, an increase of $21.3 million or 22%. The increase was primarily due to $29.8 million from the acquisition of Prospect.
Previous report
Net income for the three months ended June 30, 2026 was $18.5 million, as compared to $10.2 million for the same period in 2025, an increase of $8.2 million.
Previous report
Net income for the six months ended June 30, 2026 was $31.6 million, as compared to $16.4 million for the same period in 2025, an increase of $15.1 million.
Previous report
Net (Loss) Income Attributable to Non-Controlling Interests
Previous report
Revenue for the six months ended June 30, 2026 was $1,842.5 million, as compared to $1,232.4 million for the six months ended June 30, 2025, an increase of $610.1 million. Operating income for the six months ended June 30, 2026 was $82.3 million, as compared to $93.9 million for the six months ended June 30, 2025, a decrease in operating income of $11.6 million. The increase in revenue was primarily due to recent acquisitions within our Care Partners segment, including $518.9 million in revenue from the Prospect acquisition, and members transitioning to full risk through our Restricted Knox-Keene plans. The decrease in operating income was primarily due to non-routine allowances recorded against receivables that we plan to recover from the payer and higher claims expense reflecting typical quarterly utilization patterns.
Reworded paragraphs (50)
Previous wording
As of June 30, 2026 and 2025, we managed a total of 29 and 21 independent risk-bearing organizations, respectively, including both affiliated and non-affiliated. The total number of patients for whom we managed the delivery of healthcare services was approximately 1.5 million and 1.0 million as of June 30, 2026 and 2025, respectively.
Current wording
As of September 30, 2026 and 2025, we managed a total of 29 and 28 IPAs, respectively, including both affiliated and non-affiliated. The total number of patients for whom we managed the delivery of healthcare services was approximately 1.5 million compared to over 1.6 million as of September 30, 2026 and 2025, respectively.
Previous wording
Revenue for the three months ended June 30, 2026 was $972.5 million, as compared to $654.8 million for the three months ended June 30, 2025, an increase of $317.7 million or 49%. The increase in revenue was primarily attributable to the Prospect acquisition, which contributed $281.5 million of revenue. In addition, capitation revenue increased by $45.0 million primarily as a result of enrollees transitioning to full risk through our Restricted Knox-Keene plans.
Current wording
Revenue for the three months ended September 30, 2026 was $1,023.6 million, as compared to $956.0 million for the three months ended September 30, 2025, an increase of $67.6 million or 7%. The increase in revenue was primarily attributable to capitation revenue which increased by 9% primarily as a result of enrollees transitioning to full risk through our Restricted Knox-Keene licensed health plans (“RKKs”).
Previous wording
Expenses related to cost of services, excluding depreciation and amortization for the three months ended June 30, 2026 were $868.5 million, as compared to $576.8 million for the same period in 2025, an increase of $291.7 million or 51%. The overall increase was primarily due to $229.5 million from the acquisition of Prospect and increased participation in a value-based Medicare FFS model and medical costs associated with both professional and institutional risk of our Restricted Knox-Keene licensed health plans.
Current wording
Expenses related to cost of services, excluding depreciation and amortization for the three months ended September 30, 2026 were $900.1 million, as compared to $858.9 million for the same period in 2025, an increase of $41.2 million or 5%. The overall increase was primarily due to increased participation in a value-based Medicare FFS model and medical costs associated with both professional and institutional risk of our RKKs.
Previous wording
Expenses related to cost of services, excluding depreciation and amortization for the six months ended June 30, 2026 were $1,727.9 million, as compared to $1,125.9 million for the same period in 2025, an increase of $602.0 million or 53%. The overall increase was primarily due to $488.8 million from the acquisition of Prospect and increased participation in a value-based Medicare FFS model and medical costs associated with both professional and institutional risk of our Restricted Knox-Keene licensed health plans.
Current wording
Expenses related to cost of services, excluding depreciation and amortization for the nine months ended September 30, 2026 were $2,627.9 million, as compared to $1,984.8 million for the same period in 2025, an increase of $643.2 million or 32%. We incurred $488.8 million of expenses from the Prospect acquisition in July 2025 for the first six months of 2026. The remaining increase in expense was furthered by increased participation in a value-based Medicare FFS model and medical costs associated with both professional and institutional risk of our RKKs.
Previous wording
General and administrative expenses for the three months ended June 30, 2026 were $54.2 million, as compared to $50.7 million for the same period in 2025, an increase of $3.4 million or 7%. The increase was primarily due to $13.3 million from the acquisition of Prospect as well as other general and administrative expenses to support operational growth.
Current wording
General and administrative expenses for the three months ended September 30, 2026 were $68.0 million, as compared to $62.4 million for the same period in 2025, an increase of $5.7 million or 9%. The increase was primarily due to costs to support operational growth.
Previous wording
Depreciation and amortization expenses for the three months ended June 30, 2026 were $15.6 million, as compared to $6.9 million for the same period in 2025, an increase of $8.6 million or 125%, driven by $9.2 million due to the Prospect acquisition, primarily from the acquisition of its intangible assets. This amount includes depreciation of property and equipment and the amortization of intangible assets.
Current wording
Depreciation and amortization expenses for the three months ended September 30, 2026 were $15.6 million, consistent with the same period in 2025. This amount includes depreciation of property and equipment and the amortization of intangible assets.
Previous wording
Depreciation and amortization expenses for the six months ended June 30, 2026 were $31.0 million, as compared to $13.8 million for the same period in 2025, an increase of $17.3 million or 126%, driven by $18.4 million due to the Prospect acquisition, primarily from the acquisition of its intangible assets. This amount includes depreciation of property and equipment and the amortization of intangible assets.
Current wording
Depreciation and amortization expenses for the nine months ended September 30, 2026 were $46.7 million, as compared to $29.3 million for the same period in 2025, an increase of $17.3 million or 59%. We incurred $18.4 million of depreciation and amortization expenses related to acquired intangible assets from the Prospect acquisition in July 2025 for the first six months of 2026. This amount includes depreciation of property and equipment and amortization of intangible assets.
Previous wording
Income from equity method investments for the three months ended June 30, 2026 was $0.5 million, as compared to $0.4 million for the same period in 2025. This amount includes our portion of the equity method investment’s net earnings and losses. This increase was primarily due to Allied Physicians of California, a Professional Medical Corporation’s (“APC”) equity method investment in LaSalle Medical Associates and our non-consolidated VIEs.
Current wording
Income from equity method investments for the three months ended September 30, 2026 was $0.9 million, remaining relatively consistent with $1.0 million for the same period in 2025. This amount includes our portion of the equity method investment’s net earnings and losses.
Previous wording
Income from equity method investments for the six months ended June 30, 2026 was $2.3 million, as compared to a loss of $0.5 million for the same period in 2025. This amount includes our portion of the equity method investment’s net earnings and losses. This increase was primarily due to APC equity method investment in LaSalle Medical Associates and our non-consolidated VIEs.
Current wording
Income from equity method investments for the nine months ended September 30, 2026 was $3.1 million, as compared to $0.5 million for the same period in 2025, an increase of $2.6 million. This amount includes our portion of the equity method investment’s net earnings and losses. This increase was primarily due to APC’s equity method investment in LaSalle Medical Associates and our non-consolidated VIEs.
Previous wording
Interest expense for the three months ended June 30, 2026 was $16.0 million, as compared to $7.4 million for the same period in 2025, an increase of $8.6 million or 117%. The increase in interest expense was primarily due to the increased borrowings under the Second Amended and Restated Credit Facility to finance the Prospect acquisition, partially offset by a decrease in interest rates on our floating-rate debt. Our outstanding borrowings, as of June 30, 2026, increased to $948.3 million on the Second Amended and Restated Credit Facility from $408.9 million borrowed under the facility as of June 30, 2025. The interest rate on the Term Loans and the Revolver Loan was 5.64% as of June 30, 2026. As of June 30, 2025, the interest rate for the Term Loans and the Revolver Loan was 6.08%.
Current wording
Interest expense for the three months ended September 30, 2026 was $15.0 million, as compared to $17.7 million for the same period in 2025, a decrease of $2.7 million or 15%. The decrease in interest expense was primarily due to a decrease in our outstanding borrowings under the Second Amended and Restated Credit Facility as a result of our $80.0 million repayment during the second quarter of 2026 and a slight decrease in interest rates on our floating-rate debt. Our outstanding borrowings, as of September 30, 2026, decreased to $936.3 million on the Second Amended and Restated Credit Facility from $1,064.2 million borrowed under the facility as of September 30, 2025. The interest rate on the Term Loans and the Revolver Loan was 5.90% as of September 30, 2026, compared to 5.91% as of September 30, 2025.
Previous wording
Interest expense for the six months ended June 30, 2026 was $32.1 million, as compared to $14.7 million for the same period in 2025, an increase of $17.4 million or 119%. The increase in interest expense was primarily due to the increased borrowings under the Second Amended and Restated Credit Facility to finance the Prospect acquisition, partially offset by a decrease in interest rates on our floating-rate debt. Our outstanding borrowings, as of June 30, 2026, increased to $948.3 million on the Second Amended and Restated Credit Facility from $408.9 million borrowed under the facility as of June 30, 2025. The interest rate on the Term Loans and the Revolver Loan was 5.64% as of June 30, 2026. As of June 30, 2025, the interest rate for the Term Loans and the Revolver Loan was 6.08%.
Current wording
Interest expense for the nine months ended September 30, 2026 was $47.1 million, as compared to $32.4 million for the same period in 2025, an increase of $14.7 million or 45%. The increase in interest expense was primarily due to the timing of our borrowings under the Second Amended and Restated Credit Facility. We had outstanding borrowings of approximately $408.9 million for the first six months of 2025. On July 1, 2025, we borrowed $707.3 million from the delayed draw term loan credit facility to finance the Prospect acquisition, increasing our outstanding borrowings to $1,064.2 million as of September 30, 2025. Our outstanding borrowings as of September 30, 2026 was $936.3 million under the Second Amended and Restated Credit Facility.
Previous wording
Interest income for the three months ended June 30, 2026 was $5.9 million, as compared to $2.3 million for the same period in 2025, an increase of $3.6 million or 153%. Interest income reflects interest earned on cash held in bank accounts, money market and certificate of deposit accounts, and the interest from our loans receivable. The change in interest income was primarily due to an increase in our cash held in interest bearing bank accounts, including $1.1 million of interest income related to cash accounts from the Prospect acquisition.
Current wording
Interest income for the three months ended September 30, 2026 was $4.1 million, as compared to $3.5 million for the same period in 2025, an increase of $0.6 million or 18%. Interest income reflects interest earned on cash held in bank accounts, money market and certificate of deposit accounts, and loans receivable. The change in interest income was primarily due to higher rates from interest bearing cash accounts.
Previous wording
Interest income for the six months ended June 30, 2026 was $9.7 million, as compared to $4.6 million for the same period in 2025, an increase of $5.1 million or 109%. Interest income reflects interest earned on cash held in bank accounts, money market and certificate of deposit accounts, and the interest from our loans receivable. The change in interest income was primarily due to an increase in our cash held in interest bearing bank accounts, including $1.6 million of interest income related to cash accounts from the Prospect acquisition.
Current wording
Interest income for the nine months ended September 30, 2026 was $13.9 million, as compared to $8.2 million for the same period in 2025, an increase of $5.7 million or 70%. Interest income reflects interest earned on cash held in bank accounts, money market and certificate of deposit accounts, and loans receivable. The change in interest income was primarily due to higher rates from interest bearing cash accounts and six months of additional interest income of $1.6 million related to cash accounts from the Prospect acquisition closed July 2025.
Previous wording
Unrealized gain on investments for the six months ended June 30, 2026, as compared to the same period in 2025, increased $5.8 million primarily due to the change in fair value of our interest rate swap and the change in fair value of our financing obligation.
Current wording
Unrealized gain on investments for the three months ended September 30, 2026 was $1.1 million, as compared to a loss of $0.8 million for the same period in 2025, an increase of $1.9 million, primarily due to the change in fair value of our interest rate swap.
Previous wording
Unrealized gain on investments for the three months ended June 30, 2026, as compared to the same period in 2025, increased $4.7 million primarily due to the change in fair value of our interest rate swap and the change in fair value of our financing obligation.
Current wording
Unrealized gain on investments for the nine months ended September 30, 2026 was $6.9 million, as compared to a loss of $0.8 million for the same period in 2025, an increase of $7.8 million primarily due to the change in fair value of our interest rate swap and the change in fair value of our financing obligation.
Previous wording
Other loss for the three months ended June 30, 2026 was $2.3 million, as compared to other income of $1.1 million for the same period in 2025, a decrease in other income of $3.4 million or 303%. The decrease in other income was primarily due to accrual for a non-routine legal matter.
Current wording
Other income for the three months ended September 30, 2026 was $1.2 million, as compared to $0.4 million for the same period in 2025, an increase in other income of $0.8 million.
Previous wording
Other loss for the six months ended June 30, 2026 was $1.6 million, as compared to other loss of $3.9 million for the same period in 2025, a decrease in other loss of $2.3 million or 58%. The decrease in other loss was primarily due to accrual for a non-routine legal matter in the 2026 period, partially offset by debt issuance costs incurred in connection with the Second Amended and Restated Credit Facility in 2025. No similar transaction occurred for the six months ended June 30, 2026.
Current wording
Other loss for the nine months ended September 30, 2026 was $0.4 million, as compared to other loss of $3.5 million for the same period in 2025, a decrease in other loss of $3.1 million. The decrease in other loss was primarily due to debt issuance costs incurred in connection with the Second Amended and Restated Credit Facility in 2025 and no similar transaction during the nine months ended September 30, 2026.
Previous wording
Provision for income taxes was $8.8 million for the three months ended June 30, 2026, as compared to $6.6 million for the same period in 2025, an increase of $2.1 million primarily due to an increase in pre-tax income.
Current wording
Provision for income taxes was $12.0 million for the three months ended September 30, 2026, as compared to $4.6 million for the same period in 2025, an increase of $7.4 million primarily due to an increase in pre-tax income.
Previous wording
Provision for income taxes was $15.3 million for the six months ended June 30, 2026, as compared to $10.0 million for the same period in 2025, an increase of $5.3 million primarily due to an increase in pre-tax income.
Current wording
Provision for income taxes was $27.3 million for the nine months ended September 30, 2026, as compared to $14.6 million for the same period in 2025, an increase of $12.7 million primarily due to an increase in pre-tax income.
Previous wording
Net loss attributable to non-controlling interests for the three months ended June 30, 2026 was $1.3 million, as compared to a net income attributable to non-controlling interests of $0.8 million for the same period in 2025, a decrease of $2.1 million. The increase was primarily driven by losses in APC.
Current wording
Net income attributable to non-controlling interests for the three months ended September 30, 2026 was $7.3 million, as compared to $0.7 million for the same period in 2025, an increase of $6.6 million. The increase was primarily driven by income from APC.
Previous wording
Net loss attributable to non-controlling interest for the six months ended June 30, 2026 was $2.6 million, as compared to a net income attributable to non-controlling interests of $0.3 million for the same period in 2025, a decrease of $2.9 million. The increase was primarily driven by losses in APC.
Current wording
Net income attributable to non-controlling interest for the nine months ended September 30, 2026 was $4.7 million, as compared to $1.0 million for the same period in 2025, an increase of $3.7 million. The increase was primarily driven by income from APC.
Previous wording
Our net income attributable to Astrana Health, Inc. for the three months ended June 30, 2026 was $19.7 million, as compared to $9.4 million for the same period in 2025, an increase of $10.3 million.
Current wording
Our net income attributable to Astrana Health, Inc. for the three months ended September 30, 2026 was $13.0 million, as compared to $0.4 million for the same period in 2025, an increase of $12.6 million.
Previous wording
Our net income attributable to Astrana Health, Inc. for the six months ended June 30, 2026 was $34.2 million, as compared to $16.1 million for the same period in 2025, an increase of $18.1 million.
Current wording
Our net income attributable to Astrana Health, Inc. for the nine months ended September 30, 2026 was $47.1 million, as compared to $16.5 million for the same period in 2025, an increase of $30.6 million.
Previous wording
Adjusted EBITDA for the three months ended June 30, 2026 was $68.9 million, as compared to $48.1 million for the same period in 2025, an increase of $20.8 million primarily due to the Prospect acquisition.
Current wording
Adjusted EBITDA for the three months ended September 30, 2026 was $77.2 million, as compared to $68.5 million for the same period in 2025, an increase of $8.7 million primarily due to transition of enrollees to full risk.
Previous wording
Adjusted EBITDA for the six months ended June 30, 2026 was $135.2 million, as compared to $84.5 million for the same period in 2025, an increase of $50.7 million primarily due to the Prospect acquisition.
Current wording
Adjusted EBITDA for the nine months ended September 30, 2026 was $212.4 million, as compared to $153.0 million for the same period in 2025, an increase of $59.4 million, primarily due to the Prospect acquisition in July 2025 for the first six months of 2026 and transition of enrollees to full risk.
Previous wording
We currently have three reportable segments consisting of Care Partners, Care Delivery, and Care Enablement. Segment performance is evaluated based on segment revenue growth and operating income. Management uses revenue growth and total segment operating income as a measure of the performance of operating businesses, separate from non-operating factors. See Note 17 — “Segments” to our unaudited condensed consolidated financial statements under Item 1 in this Quarterly Report on Form 10-Q for additional information.
Current wording
We currently have three reportable segments consisting of Care Partners, Care Delivery, and Care Enablement. Segment performance is evaluated based on segment revenue growth and operating income. Management uses revenue growth and total segment operating income as a measure of the performance of operating businesses, separate from non-operating factors. See Note 17 — “Segments” to our unaudited condensed consolidated financial statements under Part 1, Item 1 in this Quarterly Report on Form 10-Q for additional information.
Previous wording
The following tables set forth our revenue and operating income (loss) by segment for the three and six months ended June 30, 2026 and 2025 (in thousands):
Current wording
The following tables set forth our revenue and operating income (loss) by segment for the three and nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
Revenue for the three months ended June 30, 2026 was $932.8 million, as compared to $631.4 million for the three months ended June 30, 2025, an increase of $301.4 million. Operating income for the three months ended June 30, 2026 was $42.9 million, as compared to $49.7 million for the three months ended June 30, 2025, a decrease in operating income of $6.8 million. The increase in revenue was primarily due to our acquisitions within our Care Partners segment, including $252.3 million in revenue from the Prospect acquisition, and members transitioning to full risk through our Restricted Knox-Keene plans. The decrease in operating income was primarily due to higher claims expense reflecting typical quarterly utilization patterns.
Current wording
Revenue for the nine months ended September 30, 2026 was $2,811.3 million, as compared to $2,130.1 million for the nine months ended September 30, 2025, an increase of $681.2 million. Operating income for the nine months ended September 30, 2026 was $131.4 million, as compared to $119.2 million for the nine months ended September 30, 2025, an increase in operating income of $12.2 million. The increase in revenue and operating income was primarily due to recent acquisitions within our Care Partners segment, including $518.9 million in revenue from the Prospect acquisition, and members transitioning to full risk through our RKKs.
Previous wording
Revenue for the three months ended June 30, 2026 was $74.7 million, as compared to $38.4 million for the three months ended June 30, 2025, an increase of $36.3 million. Operating loss for the three months ended June 30, 2026 was $3.0 million, as compared to operating income of $2.1 million for the three months ended June 30, 2025, a decrease in operating income of $5.1 million. The increase in revenue was primarily driven by $36.0 million of revenue from the inclusion of Prospect, as well as increased volume in patient visits and continued investments at our primary, multi-specialty, and ancillary Care Delivery entities. The decrease in operating income was driven by increased costs to support the growth of our Care Delivery business.
Current wording
Revenue for the three months ended September 30, 2026 was $91.0 million, as compared to $86.9 million for the three months ended September 30, 2025, an increase of $4.1 million. Operating loss for the three months ended September 30, 2026 was $1.6 million, as compared to $1.0 million for the three months ended September 30, 2025, an increase in operating loss of $0.6 million. The increase in revenue was primarily driven by increased volume in patient visits and continued investments at our primary, multi-specialty, and ancillary Care Delivery entities. The increase in operating loss was driven by increased costs to support the growth of our Care Delivery business.
Previous wording
Revenue for the six months ended June 30, 2026 was $159.8 million, as compared to $71.8 million for the six months ended June 30, 2025, an increase of $88.0 million. Operating loss for the six months ended June 30, 2026 was $5.9 million, as compared to a loss of $1.0 million, for the six months ended June 30, 2025, a decrease in operating income of $5.0 million. The increase in revenue was primarily driven by $85.9 million of revenue from the inclusion of Prospect, as well as increased volume in patient visits and continued investments at our primary, multi-specialty, and ancillary Care Delivery entities. The decrease in operating income was driven by increased costs to support the growth of our Care Delivery business.
Current wording
Revenue for the nine months ended September 30, 2026 was $250.8 million, as compared to $158.7 million for the nine months ended September 30, 2025, an increase of $92.1 million. Operating loss for the nine months ended September 30, 2026 was $7.5 million, as compared to $2.0 million for the nine months ended September 30, 2025, an increase in operating loss of $5.5 million. The increase in revenue was primarily driven by $85.9 million of revenue from the inclusion of Prospect, as well as increased volume in patient visits and continued investments at our primary, multi-specialty, and ancillary Care Delivery entities. The increase in operating loss was driven by increased costs to support the growth of our Care Delivery business.
Previous wording
Revenue for the three months ended June 30, 2026, was $85.6 million, as compared to $40.9 million for the three months ended June 30, 2025, an increase of $44.7 million. Operating income for the three months ended June 30, 2026 was $16.4 million, as compared to $1.8 million for the three months ended June 30, 2025, an increase of $14.6 million. The increases in revenue and operating income were primarily due to the addition of Prospect, which contributed $36.7 million in revenue, and management fees earned from increased Care Partners revenue and new external contracts.
Current wording
Revenue for the three months ended September 30, 2026, was $92.0 million, as compared to $87.3 million for the three months ended September 30, 2025, an increase of $4.7 million. Operating income for the three months ended September 30, 2026 was $24.4 million, as compared to $23.4 million for the three months ended September 30, 2025, an increase of $1.0 million. The increases in revenue and operating income were primarily due to management fees earned from increased Care Partners revenue and increase in managed groups.
Previous wording
Revenue for the six months ended June 30, 2026 was $173.3 million, as compared to $80.5 million for the six months ended June 30, 2025, an increase of $92.9 million. Operating income for the six months ended June 30, 2026 was $36.5 million, as compared to $5.4 million, for the six months ended June 30, 2025, an increase in operating income of $31.2 million. The increases in revenue and operating income were primarily due to the addition of Prospect, which contributed $77.5 million in revenue, and management fees earned from increased Care Partners revenue and new external contracts.
Current wording
Revenue for the nine months ended September 30, 2026 was $265.3 million, as compared to $167.8 million for the nine months ended September 30, 2025, an increase of $97.5 million. Operating income for the nine months ended September 30, 2026 was $61.0 million, as compared to $28.8 million for the nine months ended September 30, 2025, an increase in operating income of $32.2 million. The increases in revenue and operating income were primarily due to the addition of Prospect, which contributed $77.5 million in revenue, and management fees earned from increased Care Partners revenue and increase in managed groups.
Previous wording
As of June 30, 2026 and 2025, the total number of affiliated physician groups we managed were 29 and 21 groups, respectively.
Current wording
As of September 30, 2026 and 2025, the total number of affiliated physician groups we managed was 29 and 28 groups, respectively.
Previous wording
Set forth below are reconciliations of Net Income to EBITDA and Adjusted EBITDA, as well as the reconciliations to Adjusted EBITDA margin for the three and six months ended June 30, 2026 and 2025.
Current wording
Set forth below are reconciliations of Net Income to EBITDA and Adjusted EBITDA, as well as the reconciliations to Adjusted EBITDA margin for the three and nine months ended September 30, 2026 and 2025.
Previous wording
Other, net, for the three months ended June 30, 2025 relates to transaction and other costs related to our acquisitions including Prospect, non-cash changes in the fair value of our call option and collar agreement, and severance.
Current wording
Other, net, for the three months ended September 30, 2025 relates to $13.0 million for a legal matter with a provider associated with CFC Health Plan, Inc. (“CFC HP”), transaction and other costs related to our acquisitions, including $12.7 million related to Prospect, non-cash changes in the fair value of our call option and collar agreement, and severance.
Previous wording
Other, net, for the six months ended June 30, 2026 relates to an allowance on receivables that the Company plans to recover from the payer, post-acquisition integration costs, non-cash update to the fair value of an equity purchase financing obligation, accruals for non-routine legal matters, and severance.
Current wording
Other, net, for the nine months ended September 30, 2026 relates to post-acquisition integration costs, an allowance on receivables that the Company plans to recover from the payer, non-routine legal matters, severance, and a fair value remeasurement of a previously held equity method investment that is now fully acquired, partially offset by non-cash changes to the fair value of an equity purchase financing obligation and our interest rate swap.
Previous wording
Other, net, for the six months ended June 30, 2025 relates to debt issuance costs expensed in connection with our Second Amended and Restated Credit Facility, transaction and other costs related to our acquisitions including Prospect, non-cash changes in the fair values of our call option and collar agreement, and severance.
Current wording
Other, net, for the nine months ended September 30, 2025 relates to $13.0 million for a legal matter with a provider associated with CFC HP, transaction and other costs related to our acquisitions, including $23.6 million related to Prospect, debt issuance costs incurred in connection with our Second Amended and Restated Credit Facility, non-cash changes in the fair value of our call option and collar agreement, and severance.
Previous wording
Set forth below are reconciliations of net income to adjusted net income attributable to Astrana as well as the reconciliations to adjusted EPS – diluted for the three and six months ended June 30, 2026 and 2025.
Current wording
Set forth below are reconciliations of net income to adjusted net income attributable to Astrana as well as the reconciliations to adjusted EPS – diluted for the three and nine months ended September 30, 2026 and 2025.
Previous wording
Tax adjustments for the three and six months ended June 30, 2026 includes the tax effect for, at a 27.4% statutory blended tax rate, the adjustments made to net income of $8.2 million and $17.0 million, respectively, partially offset by 162(m) impact of $2.2 million and $3.5 million, respectively.
Current wording
Tax adjustments for the three and nine months ended September 30, 2026 include the tax effect for, at a 27.4% statutory blended tax rate, the adjustments made to net income of $8.8 million and $25.9 million, respectively, partially offset by 162(m) impact of $3.3 million and $6.7 million, respectively.
Previous wording
Tax adjustments for the three and six months ended June 30, 2025 includes the tax effect for, at a 27.1% statutory blended tax rate, the adjustments made to net income of $6.9 million and $12.7 million, respectively, partially offset by 162(m) impact of $2.3 million and $3.4 million, respectively.
Current wording
Tax adjustments for the three and nine months ended September 30, 2025 include the tax effect for, at a 27.1% statutory blended tax rate, the adjustments made to net income of $12.8 million and $25.4 million, respectively, partially offset by 162(m) impact of $1.7 million and $5.1 million, respectively.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net Income Attributable to Non-Controlling Interests
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Other, net, for the three months ended June 30, 2026 relates to post-acquisition integration costs, non-cash update to the fair value of an equity purchase financing obligation, accruals for non-routine legal matters, and severance.