Astrana Health's Revenue Growth Cools to 7%

The Tip Desk · November 7, 2026 · 2 min read

Third-quarter revenue reached a record $1,023.6 million, with adjusted EBITDA of $77.2 million and narrowed 2026 full-year outlook.

Astrana Health, Inc. (ASTH), a physician-centric, technology-enabled healthcare company, reported record third-quarter revenue of $1,023.6 million, up 7% from $956.0 million a year earlier, as year-over-year growth slowed from 49% in the second quarter.

Adjusted EBITDA was $77.2 million, up 13% from $68.5 million, after 43% year-over-year growth in the prior quarter. Adjusted EBITDA margin was 8%, versus 7% a year earlier.

Net income attributable to Astrana was $13.0 million, up from $0.4 million a year earlier, or $0.26 a share, versus $0.01. Adjusted diluted EPS was $0.71, up 4% from $0.68, after 45% year-over-year growth in the second quarter.

Care Partners, the largest reportable segment, generated $968.8 million of revenue, up 8% from $897.7 million a year earlier, after 48% growth in the second quarter. Care Partners income from operations was $49.1 million, up 94%. Care Delivery revenue was $91.0 million, up 5%, and the segment posted a $1.6 million operating loss. Care Enablement revenue was $92.0 million, up 5%, with $24.4 million of operating income, up 4%.

Within consolidated capitation and other revenue, net capitation was $936.7 million, versus $863.4 million a year earlier. Risk pool settlements and incentives were $24.3 million, versus $30.8 million. Management fee income was $14.1 million, versus $15.2 million. Fee-for-service, net, was $35.1 million, versus $40.1 million. Other revenue was $13.4 million, versus $6.6 million.

President and Chief Executive Officer Brandon Sim said the quarter demonstrated the growing impact of Astrana’s physician-centric, AI-native healthcare operating platform and continued focus on execution, including record revenue, record adjusted EBITDA, and double-digit organic earnings growth while the company invests in the next phase of growth.

For the quarter ending December 31, 2026, Astrana guided total revenue to $939 million to $1,039 million and adjusted EBITDA to $48.5 million to $61.5 million. It narrowed full-year 2026 guidance to total revenue of $3,900 million to $4,000 million, adjusted EBITDA of $261 million to $274 million, and free cash flow of $107.5 million to $130 million.

After quarter-end, the company closed the acquisition of an independent practice association in Georgia on October 1, 2026, added two Care Enablement clients expected to onboard in early 2027, and entered several new Medicare Advantage payer partnerships effective January 1, 2027, in markets including Southern California, Texas, and Arizona.

Cash and cash equivalents were $396.2 million at September 30, 2026. Long-term debt, net of current portion and deferred financing costs, was $865.5 million.