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Astrana Health (ASTH) investor relations material
Astrana Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved Q3 2025 revenue of $956 million, up 100% year-over-year, and Adjusted EBITDA of $68.5 million, both at the high end of guidance, driven by the completed Prospect Health acquisition and organic expansion.
Closed the $674.9 million Prospect acquisition, expanding the provider network to over 1.6 million patients and integrating into all business segments.
Entered new strategic partnerships, including with Intermountain Health in Nevada and a Southern California provider group, to expand care access and network reach.
77% of revenues now come from fully capitated arrangements, up from 60% a year ago.
Managed 28 risk-bearing organizations as of September 30, 2025, up from 18 a year earlier.
Financial highlights
Q3 2025 total revenue was $956 million (up 100% YoY); Adjusted EBITDA was $68.5 million (up 52% YoY); net income attributable was $0.4 million; diluted EPS was $0.01.
Care Partners segment revenue was $897.7 million (up 97% YoY); Care Delivery revenue was $86.9 million (up 150% YoY); Care Enablement revenue was $87.3 million (up 113% YoY).
Adjusted EBITDA margin for Q3 2025 was 7%, down from 9% in Q3 2024.
Cash and investments at September 30, 2025, were $463.4 million; net debt was $624 million.
Net income for Q3 2025 was $0.4 million, down from $16.1 million in Q3 2024, due to higher costs, legal charges, and integration expenses.
Outlook and guidance
Updated 2025 revenue guidance to $3,100–$3,180 million and Adjusted EBITDA to $200–$210 million, reflecting delays in full-risk contract transitions to Q1 2026.
Expect full-year free cash flow conversion of 40–45% of Adjusted EBITDA.
Anticipate margin expansion in 2026 and 2027, supported by improved Medicare Advantage rates and Prospect synergies.
Management expects minimal impact from OBBBA-related regulatory changes due to a diversified footprint and strong Medicaid performance.
Sufficient liquidity is expected to fund operations for at least the next 12 months.
Q1 2026 full-risk contract transition details
Segment operating income divergence reasons
Elaborate on 'Other, net' EBITDA adjustments
Medicaid disenrollment impact on 2026 outlook?
Detail full risk contract delay reasons
Prospect MLR alignment with legacy Astrana?
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Next Astrana Health earnings date
Q4 202527 Feb, 2026
Next Astrana Health earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Astrana Health Inc. is a healthcare company that provides a range of services and solutions aimed at improving patient outcomes and operational efficiency for healthcare providers. The company focuses on offering integrated healthcare management platforms, clinical support services, and data-driven tools designed to enhance patient care and streamline administrative processes. Astrana Health serves hospitals, clinics, and other healthcare facilities. The company is headquartered in Boston, Massachusetts, and its shares are listed on the NASDAQ.
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