Astrana Health’s Earnings Rise to $0.26 Per Share as Revenue Hits Record
Key Facts
Astrana Health reported results on November 5 for the third quarter ended September 30, 2026, posting GAAP diluted earnings of $0.26 per share, compared with $0.01 in the same period last year. Consolidated net income was $20.3 million, up 1,782% year over year. The results showed growth in revenue and adjusted operating earnings alongside higher reported profitability. The company also posted record quarterly revenue of $1,023.6 million, up 7% from $956.0 million a year earlier. The figures point to year-over-year improvement in performance, while maintaining the distinction between GAAP profitability and the company’s reported adjusted measures.
Care Partners revenue, the largest business within the reported figures, rose to $968.8 million in the third quarter, up 8% from $897.7 million in the year-earlier period. Net income attributable to Astrana Health was $13.0 million, compared with $0.4 million a year earlier; this figure differs from consolidated net income of $20.3 million. On an adjusted basis, adjusted EBITDA was $77.2 million, up 13% from $68.5 million. Adjusted diluted earnings per share also reached $0.71, up 4% from $0.68. These results put adjusted per-share earnings above reported earnings per share, while the company said its performance included record revenue and adjusted earnings and double-digit organic earnings growth.
CEO Brandon Sim said the company “delivered record revenue, record adjusted earnings and double-digit organic earnings growth,” adding that it continues to invest in its next phase of growth. For liquidity, the company recorded cash flow from operating activities of $117.1 million and free cash flow of $105.4 million during the nine months ended September 30, 2026. Against the backdrop of expansion, Astrana completed the acquisition of an independent practice association in Georgia on October 1. Second-quarter revenue had reached $972.5 million, up 49% from $654.8 million in the comparable period of 2025. Sim said at the time that the company’s performance had enabled it to raise its 2026 adjusted EBITDA guidance, while reinvesting a significant portion of its first-half outperformance.
In its November 5 announcement, the company narrowed its 2026 forecast range, projecting revenue of $3,900 to $4,000 million, adjusted EBITDA of $261 to $274 million, and free cash flow of $107.5 to $130 million. September guidance had put revenue at $3,800 to $4,100 million, adjusted EBITDA at $255 to $280 million, and free cash flow at $105 to $132.5 million. Narrowing the range means the updated estimates target a tighter band for each of the three metrics. For the quarter ending December 31, 2026, Astrana expects revenue of $939 to $1,039 million and adjusted EBITDA of $48.5 to $61.5 million. The annual and quarterly forecasts link the reported growth trajectory to performance in the coming period.
As it expands its platform, the company added two clients to its Care Enablement business: a provider group in Connecticut and a hospital in California, both expected to join the platform in early 2027. It also announced new partnerships with Medicare Advantage plan payers in markets including Southern California, Texas and Arizona, set to take effect on January 1, 2027. In the market, ASTH shares closed at $39.67 on November 4, according to EL7 data. The partnerships and new clients followed the company’s results announcement the next day, while the company expects the two clients to join the platform in early 2027. The fourth-quarter guidance covers the period ending December 31, 2026.