Astrana Health Posts 56% Revenue Surge, Raises Repurchase Authorization to $100M
Astrana Health reported full-year 2025 revenue of $3,181.8 million, up 56% year-over-year, with adjusted EBITDA rising 21% to $205.4 million and free cash flow reaching $104.5 million. The company also raised share repurchase authorization to $100 million and guided 2026 revenue growth of 24% and adjusted EBITDA growth of 29%.
1. Record 2025 Results and 2026 Guidance
Astrana Health delivered record full-year 2025 results with total revenue of $3,181.8 million, a 56% year-over-year increase, adjusted EBITDA of $205.4 million, up 21%, and free cash flow of $104.5 million. Management raised 2026 guidance to target 24% revenue growth and 29% adjusted EBITDA growth at the midpoint.
2. Fourth Quarter 2025 Performance
In the fourth quarter, the company posted $950.5 million in revenue, up 43% from Q4 2024, with adjusted EBITDA of $52.5 million, a 50% increase, net income of $6.0 million, diluted EPS of $0.12 and adjusted EPS of $0.54.
3. Form 12b-25 Filing Extension
The company filed a Form 12b-25 extension for its 2025 Form 10-K due to a material weakness in internal controls over financial reporting related to acquisition and purchase accounting processes. The extension is expected to be filed within the 15-day window with no restatements of historical results and targeted investments underway for remediation.
4. Share Repurchase Program Increase
The board increased the maximum share repurchase authorization from $50 million to $100 million, with 633,844 shares repurchased in Q4 and $35.9 million remaining available as of December 31, 2025. Future repurchases may be executed through open market purchases, accelerated share programs or negotiated transactions at management’s discretion.