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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Alignment Healthcare
Alignment Healthcare (ALHC) investor relations material
Alignment Healthcare Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Health plan membership reached 236,300 in Q4 2025, up 25% year-over-year, driving Q4 revenue of $1.01 billion, a 44.4% increase year-over-year.
Full-year 2025 revenue was $3.95 billion, up 46.1% year-over-year, with adjusted EBITDA of $109.9 million, a significant improvement from $1 million in 2024.
The company exceeded the high end of guidance across all profitability metrics in Q4 2025, with adjusted gross profit of $125 million and adjusted EBITDA of $11 million.
Membership outside California more than doubled, now representing 16% of total membership, with strong star ratings in multiple states.
Recognized on the 2026 Fortune World's Most Admired Companies list for innovation in senior health care.
Financial highlights
Adjusted gross profit for 2025 was $494.8 million, with an MBR of 87.5%, improving 130 basis points year-over-year.
Adjusted EBITDA margin expanded by 270 basis points to 2.8% in 2025.
Operating cost ratios improved significantly; adjusted SG&A as a percentage of revenue declined from 11.1% in 2024 to 9.7% in 2025.
Positive free cash flow was generated in 2025, ending the year with $604 million in cash and investments.
Net loss per share improved to $0.00 for the year, compared to a loss of $0.67 per share in the prior year.
Outlook and guidance
2026 full-year guidance: health plan membership of 292,000–298,000, revenue of $5.14–$5.19 billion, adjusted gross profit of $615–$650 million, and adjusted EBITDA of $133–$163 million.
Q1 2026 guidance: membership of 281,000–285,000, revenue of $1.21–$1.23 billion, adjusted gross profit of $138–$148 million, and adjusted EBITDA of $26–$36 million.
Year-end membership guidance raised by 2,000 at the midpoint due to strong OEP results and retention.
2026 revenue growth expected at 31% year-over-year, driven by membership growth and balanced by benchmark rate increases and Part D subsidies.
Detail 2025 margin expansion drivers
Why did medical expenses payable increase so much?
How will operations scale for 30% revenue growth?
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Next Alignment Healthcare earnings date
Leerink Global Healthcare Conference 202610 Mar, 2026
Alignment Healthcare
Next Alignment Healthcare earnings date
Leerink Global Healthcare Conference 202610 Mar, 2026
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Frequently asked questions
Alignment Healthcare is a healthcare company focused on providing Medicare Advantage plans and care services tailored to seniors. The company uses a technology-driven approach to deliver personalized healthcare solutions, emphasizing preventive care and chronic condition management. Alignment Healthcare collaborates with healthcare providers to enhance patient outcomes through its integrated care model, which includes virtual care services and access to specialized programs. The company is headquartered in Orange, California, and its shares are listed on the NASDAQ.
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