RadNet (RDNT) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $622.7 million in Q2 2026, up 25% year-over-year, and adjusted EBITDA of $99.7 million, up 22.7%.

• Growth driven by strong advanced imaging volumes, recent acquisitions, and increased Digital Health sales, including AI solutions.

• Digital Health segment revenue surged 56.5% year-over-year, with ARR nearly doubling to $105.5 million.

• Net income attributable to common stockholders was $7.5 million for the quarter, down from $14.5 million in the prior year, primarily due to higher operating and acquisition-related costs.

• Raised full-year guidance for Imaging Center revenue, adjusted EBITDA, and free cash flow.

Financial highlights

• Total service revenue for the quarter was $622.7 million, up from $498.2 million year-over-year; six-month revenue was $1.20 billion, up from $969.6 million.

• Adjusted EBITDA for the quarter was $99.7 million, up from $81.2 million in the prior year period.

• Digital Health revenue was $32.4 million, up 56.5% year-over-year; AI revenue grew 136%.

• Cash balance at quarter end was $726.3 million; net debt to adjusted EBITDA ratio at 1.8x.

• Net income for Q2 2026 was $7.5 million ($0.10 per share), down from $14.5 million ($0.19 per share) in Q2 2025, due to one-time items.

Outlook and guidance

• 2026 Imaging Center revenue guidance raised to $2.37–$2.42 billion; adjusted EBITDA to $345–$358 million; free cash flow to $115–$125 million.

• Digital Health guidance reaffirmed: $135–$145 million revenue, $10–$12 million adjusted EBITDA.

• On track to reach $140 million ARR in Digital Health by year-end.

• Management expects continued growth in both segments, with further integration of acquisitions and expansion of AI-driven solutions.

• Capital resources and borrowing capacity are expected to be sufficient to sustain operations and fund future acquisitions.