Astrana Health posted Q4 revenue of $950.5 million, marking a 42.9% increase year over year, and reported GAAP earnings of $0.12 per share compared to a $0.15 loss in Q4 2024. The company expanded its operating margin to 1.9% from 0.1%, driving a 25.3% share price surge in the afternoon session.

Growth was powered by a fully delegated care model and geographic diversification, with non-California revenue now representing approximately 19% of total. Medical cost trends remained controlled at 4.5% for legacy operations, supported by an 80% annual wellness visit completion rate, while the proprietary technology platform cut adjusted G&A by 110 basis points.

Management’s next-quarter revenue guidance met expectations, but full-year EBITDA outlook came in slightly below consensus, prompting mixed investor views. Shares have demonstrated high volatility with 29 moves exceeding 5% over the past year and currently trade 24.9% below their 52-week high despite a 1.4% year-to-date gain.