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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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InnovAge (INNV) investor relations material
InnovAge Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary9 Sep, 2025
Executive summary
Fiscal 2025 saw revenue grow 11.8% to $853.7 million, with participant census rising 10.3% to 7,740 and adjusted EBITDA more than doubling to $34.5 million, exceeding guidance.
Net loss increased to $35.3 million ($0.22 per share), up from $23.2 million in 2024, with a net loss margin of 4.1%.
The company ended the year with momentum, meeting or exceeding all major commitments, and expects further progress in FY2026.
Financial highlights
Q4 revenue was $221.4 million, up 11% year-over-year; full-year revenue reached $853.7 million, up 11.8%.
Adjusted EBITDA for FY2025 was $34.5 million (4% margin), more than doubling from $16.5 million in FY2024; Q4 adjusted EBITDA was $11.3 million (5.1% margin).
Center-level contribution margin improved to 18% for the year, up 70 basis points, and 18.6% in Q4.
Net loss per share was $0.22 for FY2025, compared to $0.16 in 2024.
Cash and cash equivalents at year-end were $64.1 million, up from $56.9 million.
Outlook and guidance
FY2026 guidance: census of 7,900–8,100, revenue of $900–$950 million, adjusted EBITDA of $56–$65 million, de novo losses of $13.4–$15.4 million.
Margin expansion expected to continue, targeting 8–9% adjusted EBITDA margin over the next few years.
Guidance incorporates headwinds from Medicaid redetermination, macroeconomic factors, and the phased transition to the V-28 Medicare Advantage payment model.
Explain strategic shift behind asset impairments
What drives FY26 Adjusted EBITDA growth?
What factors drove operating cash flow turnaround?
Explain the EBITDA impact of Medicaid redeterminations
Detail B-28 Medicare payment model's FY26 impact
Specific AI/automation initiatives underway?
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Next InnovAge earnings date
Q1 20264 Nov, 2025
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Frequently asked questions
InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. It offers personal care, such as assistance with bathing, dressing, eating, toileting, meal preparation, medication administration, laundry, shopping, and transportation; adult day services; diet therapy services; home-delivered meals; non-medical skilled care services; pharmacy support; preventive dental services; and transportation services. InnovAge Holding Corp. was founded in 2007 and is headquartered in Denver, Colorado.
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