Health Catalyst (HCAT) Q4 2025 earnings summary

Executive summary

• Leadership transition with a new CEO focused on operational discipline, strategic clarity, and long-term positioning.

• Comprehensive business review underway to sharpen priorities, simplify offerings, and improve execution.

• Emphasis on measurable outcomes in cost efficiency, clinical quality, and consumer experience.

• Strategic assessment includes evaluating all options to maximize shareholder value.

• Achieved total revenue of $311.1 million for 2025, up 1% year-over-year, with Q4 revenue at $74.7 million, down 6% from Q4 2024.

Financial highlights

• Full year 2025 revenue was $311.1 million, up 1% year-over-year; Q4 2025 revenue was $74.7 million, down from $79.6 million in Q4 2024.

• Adjusted EBITDA for 2025 was $41.4 million, a 59% year-over-year increase; Q4 Adjusted EBITDA was $13.8 million, up 74%.

• Technology revenue grew 7% to $208.3 million; professional services revenue declined 8% to $102.9 million.

• Adjusted gross margin for 2025 was 51.1%; Q4 2025 adjusted gross margin was 53.5%.

• GAAP net loss increased to $178 million in 2025, driven by $110.2 million in impairment charges.

Outlook and guidance

• No full-year 2026 guidance provided due to ongoing strategic and operational review; only Q1 2026 guidance shared.

• Q1 2026 revenue expected to be $68–$70 million; Adjusted EBITDA $7–$8 million.

• Full-year guidance to be provided no later than the next earnings call.