Astrana Health, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $1,023.6 million, an increase of 7% year-over-year from $956.0 million.
• Net income attributable to Astrana for the quarter was $13.0 million, up from $0.4 million in the prior year period.
• Diluted earnings per share (EPS) for the quarter were $0.26, compared to $0.01 in the prior year.
• Adjusted EBITDA for the quarter was $77.2 million, a 13% increase year-over-year from $68.5 million.
• Adjusted EPS - diluted for the quarter was $0.71, up 4% from $0.68 in the prior year.
• Total revenue for the nine months ended September 30, 2026, was $2,961.2 million, a 33% increase year-over-year from $2,231.2 million.
• Net income attributable to Astrana for the nine months was $47.1 million, up 186% from $16.5 million.
• Diluted EPS for the nine months was $0.95, up 188% from $0.33.
• Adjusted EBITDA for the nine months was $212.4 million, a 39% increase year-over-year from $153.0 million.
• Adjusted EPS - diluted for the nine months was $2.25, up 36% from $1.66.
• Net cash provided by operating activities for the nine months was $117.1 million.
• Free cash flow for the nine months was $105.4 million.
• Care Partners revenue for the quarter was $968.8 million, up 8% year-over-year.
• Care Partners revenue for the nine months was $2,811.3 million, up 32% year-over-year.
• Income from operations for Care Partners was $49.1 million for the quarter, up 94% year-over-year.
• Income from operations for Care Delivery was a loss of $1.6 million for the quarter.
• Income from operations for Care Enablement was $24.4 million for the quarter, up 4% year-over-year.
• Total assets as of September 30, 2026, were $2,343.4 million.
• Total liabilities as of September 30, 2026, were $1,711.9 million.
• Cash and cash equivalents as of September 30, 2026, were $396.2 million.
• Long-term debt, net of current portion, was $865.5 million as of September 30, 2026.

Guidance and Future Outlook:

• Guidance for the quarter ending December 31, 2026, includes total revenue of $939 million to $1,039 million and Adjusted EBITDA of $48.5 million to $61.5 million.
• Guidance for the year ending December 31, 2026, includes total revenue of $3,900 million to $4,000 million, Adjusted EBITDA of $261 million to $274 million, and free cash flow of $107.5 million to $130 million.
• The company narrowed guidance for total revenue, Adjusted EBITDA, and free cash flow for the full year 2026.

Business Segments and Product Lines:

• The company closed the acquisition of an independent practice association in Georgia on October 1, 2026.
• The company added two Care Enablement clients: a provider group in Connecticut and a hospital in California, both expected to onboard in early 2027.
• The company entered into several new Medicare Advantage payer partnerships effective January 1, 2027, in Southern California, Texas, and Arizona.
• The company supports more than 20,000 providers and approximately 1.5 million patients in value-based care arrangements.

Market and Competitive Landscape:

• The company operates a physician-centric, AI-native healthcare platform designed to improve patient outcomes and manage the total cost of care across various payer and reimbursement models.
• New payer partnerships are expected to support continued membership growth across the Astrana platform.

Risks and Challenges:

• The press release includes a standard "Forward-Looking Statements" section noting that actual results may vary materially due to risks, uncertainties, and factors described in the Company's SEC reports, including the risk factors in the 2025 Form 10-K.
• The company references a material weakness in internal control over financial reporting and the risk regarding the ability to remediate such weakness in a timely manner.

Management Commentary and Tone:

• Brandon Sim, President and CEO, stated that the results demonstrate the growing impact of the company's physician-centric, AI-native healthcare operating platform and the team's continued focus on execution.
• Management highlighted the delivery of record revenue, record adjusted EBITDA, and double-digit organic earnings growth while continuing to invest in the next phase of growth.
• Management emphasized building a scalable, repeatable model to improve patient outcomes and manage the total cost of care.

Other Key Points:

• The company will host a conference call on Thursday, November 5, 2026, at 2:30 p.m. PT/5:30 p.m. ET.
• An accompanying slide presentation will be available on the Company's IR website and filed as an exhibit to Form 8-K.
• The company consolidates entities in which it holds a controlling financial interest, including variable interest entities (VIEs).
• Non-controlling interests in Allied Physicians of California, a Professional Medical Corporation, were reported as a mezzanine deficit of $(236.8) million as of September 30, 2026.
• Stock-based compensation for the nine months ended September 30, 2026, was $37.2 million.
• Depreciation and amortization for the nine months ended September 30, 2026, was $46.7 million.
• Interest expense for the nine months ended September 30, 2026, was $47.1 million.
• Payments for acquisitions, net of cash acquired, were $6.8 million for the nine months ended September 30, 2026.
• Purchases of property and equipment were $11.7 million for the nine months ended September 30, 2026.
• Dividends paid were $1.1 million for the nine months ended September 30, 2026.
• Purchase of treasury shares was $3.9 million for the nine months ended September 30, 2026.