Claritev
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Claritev (CTEV) investor relations material

Claritev Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

Executive summary

  • Achieved a significant turnaround in 2025, returning to profitable growth ahead of expectations, with full-year revenue up 3.7% to $965.4M and Q4 revenue up 6.2% to $246.6M.

  • Adjusted EBITDA for FY 2025 increased 4.5% to $602.6M, with Q4 Adjusted EBITDA at $151.3M (61.4% margin).

  • Net revenue retention rates remained strong at 103.7% for FY 2025 and 106.2% for Q4 2025.

  • Major modernization initiatives included migration to Oracle Cloud Infrastructure, digital transformation, and AI integration.

  • Rebranded as Claritev, expanded executive leadership, and launched new solutions and partnerships.

Financial highlights

  • Q4 2025 free cash flow was $36.4M, with FY 2025 free cash flow at $(12.3)M and unlevered free cash flow at $270.5M.

  • Q4 2025 revenue was $246.6M, up 6.2% year-over-year; full-year revenue reached $965.4M, up 3.7%.

  • Adjusted EBITDA margin for FY 2025 was 62.4%, with Q4 at 61.4%.

  • Adjusted EPS for FY 2025 was $5.73; net loss for FY 2025 was $(284.3)M, reflecting significant non-recurring adjustments.

  • Processed $179.8B in claim charges in FY 2025, identifying $25.0B in potential medical cost savings.

Outlook and guidance

  • 2026 revenue guidance is $980M–$1B (2%–4% growth); excluding $18M in one-time 2025 revenue, growth is modeled at 4%–6%.

  • Adjusted EBITDA guidance for 2026 is $605M–$615M (61%–62% margin), with normalized EBITDA growth of 3.5%–5%.

  • Free cash flow for 2026 is forecasted between $0 and $10M; capital expenditures projected at $160M–$170M.

  • Board approved a $75M, five-year share repurchase program, capped at $20M per year.

  • Anticipates strong double-digit ACV bookings growth in 2026, with revenue conversion ramping into late 2026 and 2027.

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MultiPlan Corporation provides data analytics and cost management solutions to the healthcare industry. The company partners with insurers and payers to reduce medical costs through network-based and analytics-driven services. It supports claim review, fraud prevention, and payment accuracy. The company is headquartered in New York, New York, and its shares are listed on the NYSE.

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