agilon health (AGL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 6% YoY to $1.519B; net income was $34.9M versus a $110.2M loss, and Adjusted EBITDA was $63.7M versus negative $91.5M.

• Results exceeded expectations; profitability-focused contracting and market exits contributed to platform membership declining 8% YoY to 566,000.

Financial highlights

• Q3 operating income was $24.1M versus an operating loss of $131.3M; nine-month revenue was $4.435B and net income was $101.8M.

• Nine-month Adjusted EBITDA was $187.1M versus negative $154.3M; nine-month net income included $19.0M from discontinued operations.

• Q3 revenue benefited from favorable CMS benchmarks, payer contracting and higher risk-adjustment revenue, partly offset by lower membership.

Outlook and guidance

• Updated FY26 guidance: revenue $5.775B-$5.860B and Adjusted EBITDA $75M-$95M, versus prior ranges of $5.870B-$5.890B and $145M-$155M, respectively.

• FY26 guidance includes MSER of 91.4%-91.9%, ending platform membership of 535,000-550,000, average MA membership of 438,000-443,000, and $40M-$45M from ACO model entities.

• ACO membership is expected to grow from ~110,000 to ~160,000 in 2027, with broader growth of 40%-50%, mainly through MSSP.

• Existing cash, restricted cash, marketable securities and available borrowing capacity are expected to cover working capital and capital expenditure needs for at least 12 months, subject to assumptions and payor-settlement timing.