CorVel (CRVL) Q4 2025 earnings summary

Executive summary

• March quarter (Q4 FY2025) revenues reached $232 million, up 12% year-over-year, with EPS at $0.51, a 38% increase from the prior year; full-year revenues totaled $896 million, up 13%, and EPS was $1.83, up 24%, all adjusted for a three-for-one stock split.

• Gross profit for Q4 FY2025 was $58.0 million (25% margin), up 34% from $43.4 million in Q4 FY2024.

• Strategic focus remains on fiscal conservatism, technology investment, and differentiated results, with increased AI deployment across operations.

• Ended Q4 with $171 million in cash and no borrowings; repurchased $9.0 million in common stock during the quarter.

• Strategic investments in AI enhanced communication, bill review, and fraud detection platforms.

Financial highlights

• Q4 FY2025 net income was $26.4 million, up from $19.5 million in Q4 FY2024; full-year net income reached $95.2 million, compared to $76.3 million in FY2024.

• Operating income for Q4 FY2025 was $33.3 million, up from $22.6 million year-over-year.

• Gross profit for the March quarter increased 5% year-over-year; fiscal year gross profit rose 11%.

• Patient Management revenue for the quarter was $149 million, up 6%; for the year, $581 million, up 10%.

• Network Solutions revenue for the quarter was $83 million, up 24%; for the year, $314 million, up 19%.

Outlook and guidance

• Macroeconomic uncertainty persists, but recent developments have had minimal direct impact on core markets.

• Anticipated long-term opportunities from reshoring and increased domestic production may benefit risk management and healthcare markets.

• Growing labor force participation among older adults is expected to increase claims severity in workers' compensation.

• Forward-looking statements highlight expectations for improved productivity from automation and AI across business systems.