Lifestance Health Group (LFST) Q2 2026 earnings summary

Executive summary

• Revenue rose 26% year-over-year to $435.4 million in Q2 2026, driven by higher visit volumes, clinician growth, and acquisitions, with 8,542 clinicians employed as of June 30, 2026.

• Net income reached $23.6 million, reversing a net loss of $3.8 million in Q2 2025, and diluted EPS was $0.06 compared to $(0.01) in Q2 2025.

• Adjusted EBITDA nearly doubled year-over-year to $66.0 million, with margin improving to 15.2%.

• Continued expansion through organic hiring, new center openings, and selective acquisitions, with 193 net clinician additions in Q2.

• Specialty services, including TMS and Spravato, expanded to more centers, supporting growth and improved patient outcomes.

Financial highlights

• Center Margin increased 41% to $153.0 million, representing 35.2% of revenue.

• Net cash provided by operations was $99.9 million in Q2 2026; free cash flow was $87.9 million.

• For the six months ended June 30, 2026, cash flow from operations totaled $133.0 million.

• Cash and cash equivalents at quarter-end were $225.9 million; net long-term debt was $259.0 million.

• 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.

• Long-term EBITDA margin target remains 15–20%, with mid-teen margins expected by 2028.

• Management anticipates continued revenue growth driven by clinician recruiting, acquisitions, and new center strategies.

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