Astrana Health Q1 Revenue Rises 56%, Adjusted EBITDA Up 82%
ASTH•Astrana Health reported Q1 2026 revenue of $965.1 million, up 56%, with adjusted EBITDA of $66.3 million (up 82%) and free cash flow of $64.1 million (up 372%). It shifted 80% of Care Partners revenue into full-risk contracts, lowered net leverage to 2.3x, and grew its Texas Medicare Advantage plan to 14,000+ members.
1. First Quarter 2026 Financial Results
Astrana Health delivered consolidated Q1 revenues of $965.1 million, marking a 56% increase year-over-year, and reported net income of $14.4 million, up 116%. Diluted EPS rose to $0.29 from $0.14, while adjusted EBITDA reached $66.3 million, an 82% gain, and free cash flow surged to $64.1 million, up 372%.
2. Full-Risk Contract Expansion
The company shifted approximately 80% of its Care Partners revenue into full-risk arrangements and now holds 40% of consolidated membership under those contracts. It also launched a delegated full-risk model in Texas, expanding its Medicare Advantage plan to more than 14,000 members and reinforcing its integrated care delivery platform.
3. Strengthened Cash Flow and Leverage Position
Net cash provided by operating activities climbed to $68.1 million, a 309% increase, bolstering liquidity and underwriting strong free cash flow. Net leverage declined to about 2.3x on a pro forma trailing twelve-month basis, accelerating deleveraging ahead of schedule and enhancing financial flexibility for future growth.
