Lifestance Health Group (LFST) Q2 2026 earnings summary

Executive summary

• Revenue grew 26% year-over-year to $435.4 million in Q2 2026, driven by higher visit volumes, clinician growth, and acquisitions, with 8,542 clinicians (+11%) and 2.6 million visits (+19%).

• Net income reached $23.6 million, reversing a net loss in Q2 2025, and Adjusted EBITDA nearly doubled to $66.0 million (15.2% margin).

• Center Margin improved 41% to $153.0 million (35.2% of revenue), reflecting operational leverage and cost control.

• Specialty services, including TMS and Spravato, expanded, supporting patients with treatment-resistant depression.

• Consistent clinical outcomes: over 75% of patients experienced meaningful improvement across generations and regions.

Financial highlights

• Revenue for the trailing twelve months was $1,585 million, up 20% year-over-year.

• Free cash flow for Q2 2026 was $87.9 million, with cash flow from operations for the first half of 2026 totaling $133.0 million.

• Cash and cash equivalents at quarter-end were $225.9 million; net long-term debt was $259 million.

• Net income per share (diluted) for Q2 2026 was $0.06, compared to a loss of $0.01 in Q2 2025.

• Operating income for Q2 2026 was $30.7 million, compared to a loss of $3.0 million in Q2 2025.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $1.685–$1.725 billion, with Center Margin expected at $570–$594 million and Adjusted EBITDA at $215–$235 million.

• Q3 2026 guidance: revenue of $420–$440 million, Center Margin of $140–$152 million, Adjusted EBITDA of $49–$59 million.

• 20–30 new center openings planned for 2026, with investments in marketing, technology, clinical excellence, and compensation.

• Existing cash and cash equivalents expected to be sufficient to fund operations and capital needs for at least the next 12 months.