Astrana Health (ASTH) FY2025 results: revenue $3.2 billion, up 56.4% on the year
Astrana Health, Inc. (ASTH) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, up 56.4% on the year before. Net income was $22 million, down 47.9%, and diluted earnings per share $0.46. The figures are the company's own, from the 10-K it filed with the SEC on 12 March 2026.
Revenue
$3.2 billion
+56.4% on the year
FY2018FY2025
Operating margin
2.5%
4.4% a year earlier
FY2018FY2025
Net income
$22 million
-47.9% on the year
FY2018FY2025
Diluted EPS
$0.46
-48.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 12 new.
Full-year revenue up 56%: Full-year total revenue was $3,181.8 million, up 56% from $2,034.5 million, reported at the higher end of prior guidance.
Full-year Adjusted EBITDA up 21%: Full-year Adjusted EBITDA was $205.4 million, up 21% from $170.4 million; fourth-quarter Adjusted EBITDA was $52.5 million, up 50%.
Care Partners revenue up 55%: Care Partners revenue was $3,022.6 million, up 55% from $1,949.0 million, the largest segment by revenue.
First-quarter and full-year ranges issued: Ranges were issued for first-quarter 2026 and full-year 2026 total revenue and Adjusted EBITDA; no 2026 ranges appeared in the prior release.
Free cash flow for the year: Free cash flow was $104.5 million for the year, against $44.2 million in 2024; the company defines it as operating cash flow less purchases of property and equipment.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
115
52.2
68.2
+119.5%
Capital expenditure
10.1
8.0
28.5
+25.8%
Free cash flow
104
44.2
39.7
+136.6%
Free cash flow margin
3.3%
2.2%
2.9%
Cash from investing
-539
-192
-65.5
Cash from financing
569
135
3.4
+321.3%
Depreciation and amortisation
45.7
27.9
17.7
+63.8%
Share-based compensation
38.6
34.5
22.0
+11.8%
Buybacks
25.6
0.9
10.2
+2,744.4%
Dividends paid
7.9
4.0
62.1
+95.4%
Diluted shares, weighted
49m
48m
47m
+2.9%
Shares outstanding at period end
49m
48m
n/a
+2.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
779
713
614
+9.3%
Non-controlling interest
14.0
4.0
2.4
+249.6%
Debt
1,039
435
278
+139.0%
Operating lease liabilities
31.6
30.7
36.3
+2.9%
Finance lease liabilities
n/a
0.6
1.0
Other liabilities
355
172
0.9
+106.1%
Total liabilities and equity
2,219
1,355
933
+63.8%
Fixed assets
57.3
14.3
n/a
+301.7%
Goodwill
865
419
279
+106.4%
Intangible assets
271
118
71.6
+129.3%
Investments
n/a
2.4
2.5
Securities held for sale or to maturity
0.1
n/a
n/a
Cash and equivalents
429
288
294
+48.9%
Receivables
374
276
n/a
+35.7%
Other assets
221
236
287
-6.5%
Total assets
2,219
1,355
933
+63.8%
10-K for the year ended 31 December 2025, filed 12 March 2026: the filing.