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Alignment Healthcare (ALHC) investor relations material
Alignment Healthcare Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue reached $994 million, up 44% year-over-year, with membership growing 26% to 229,600, surpassing the high end of all guidance metrics and driving improved profitability.
Achieved third consecutive quarter exceeding adjusted gross profit and Adjusted EBITDA guidance, raising full-year outlook.
All members are in plans rated four stars or higher for 2026, with two five-star contracts and a 4.5-star contract in key states.
Net income for Q3 was $3.7 million, compared to a net loss of $26.4 million in the prior year quarter.
Investments in automation, clinical engagement, and AI are driving operational improvements and differentiation.
Financial highlights
Quarterly revenue reached $994 million, up from $692.4 million year-over-year; nine-month revenue was $2.94 billion.
Adjusted gross profit was $127.5 million, a 58% increase year-over-year; adjusted EBITDA was $32.4 million with a 3.3% margin.
Medical Benefit Ratio (MBR) improved by 120 basis points to 87.2% for Q3.
Cash and cash equivalents totaled $644 million at quarter-end, up from $340.3 million a year earlier.
Operating income was $7.7 million for the quarter, with net income per share at $0.02.
Outlook and guidance
Q4 2025: Membership expected between 232,500–234,500; revenue $995M–$1.01B; Adjusted EBITDA -$9M to -$1M.
Full year 2025: Revenue $3.93B–$3.95B; Adjusted gross profit $474M–$483M; Adjusted EBITDA $90M–$98M.
Raised full-year revenue outlook by $41M and Adjusted EBITDA midpoint by $18M.
Expect at least 20% membership growth in 2026, with strong early AEP results.
Liquid assets projected to fund operations and capital needs for at least the next 12 months.
Quantify 4-star rating impact on member growth
Explain the significant rise in medical expenses payable
Discuss goodwill impairment for the subsidiary
Explain rationale for ancillary captive M&A.
How is provider risk sharing evolving in CA?
What is the outlook for HRA/encounter data?
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Next Alignment Healthcare earnings date
Piper Sandler 37th Annual Healthcare Conference3 Dec, 2025
Next Alignment Healthcare earnings date
Piper Sandler 37th Annual Healthcare Conference3 Dec, 2025
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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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