Agilon Raises 2026 Adjusted EBITDA Outlook After Profit Turn

The Tip Desk · November 11, 2026 · 3 min read

The value-based care company lifted full-year Adjusted EBITDA guidance to $145 million to $155 million after third-quarter revenue of $1.52 billion and a swing to net income of $35 million.

agilon health, inc. (AGL) reported net income of $35 million for the third quarter ended September 30, 2026, compared with a net loss of $110 million a year earlier, and raised its full-year 2026 Adjusted EBITDA outlook to $145 million to $155 million from $75 million to $95 million as of the second quarter.

Total revenue was $1.52 billion, up 6% from $1.44 billion in the third quarter of 2025, after a 7% year-over-year increase in the second quarter. The company said revenue was favorable due to higher-than-expected burden of illness performance, payor contracting, and improved pricing, partially offset by lower year-over-year membership.

The medical services expense ratio improved to 88.5% from 104.0% a year earlier. The company said the ratio includes favorable claims development in the first half of 2026. Income from operations was $24.1 million versus a loss of $131.3 million a year earlier.

Adjusted EBITDA was $64 million, versus negative $91 million a year earlier. Unconsolidated ACO model entities contributed $11 million to Adjusted EBITDA. Geography entry costs were $2 million.

Total members on the platform were 566,000 as of September 30, 2026, including 454,000 Medicare Advantage members and 112,000 ACO model beneficiaries. Average Medicare Advantage members were 488,000. The company said year-over-year membership changes primarily reflect a disciplined approach to contracting focused on profitability, previously disclosed market exits, and a measured approach to growth.

General and administrative expense was $67.1 million, including $44.4 million of platform support costs, $1.8 million of geography entry costs, $3.2 million of severance and related costs, and $18.9 million of stock-based compensation.

Cash, cash equivalents and marketable securities were $312 million as of September 30, 2026, versus $257 million at June 30, 2026. Total debt remained $32 million. Unconsolidated ACO model entities had $74 million of cash.

For the year ended December 31, 2026, the company now expects total revenue of $5,870 million to $5,890 million, versus $5,775 million to $5,860 million previously. Full-year MSER guidance was tightened to 90.5% to 90.3% from 91.9% to 91.4%. Medicare Advantage member guidance was raised to 445,000 to 450,000 from 435,000 to 445,000, and ACO model member guidance to 108,000 to 112,000 from 100,000 to 105,000. Average Medicare Advantage member guidance is 451,000 to 453,000. Geography entry costs are expected at $15 million. Adjusted EBITDA contribution from ACO model entities is expected to be approximately $40 million to $45 million for the full year.

Chief Executive Officer Tim O’Rourke said third-quarter results exceeded the company’s expectations and reflected disciplined execution and operational progress. He said proximity to physicians and patients differentiates the model and enables the company to pair trusted relationships with actionable insights at the point of care.