Corvel (CRVL) FY2026 results: revenue $959 million, up 7.0% on the year
Corvel Corp. (CRVL) reported revenue of $959 million for fiscal 2026, the year ended 31 March 2026, up 7.0% on the year before. Net income was $110 million, up 16.0%, and diluted earnings per share $2.14. The figures are the company's own, from the 10-K it filed with the SEC on 22 May 2026.
Revenue
$959 million
+7.0% on the year
FY2019FY2026
Operating margin
n/a
FY2019FY2026
Net income
$110 million
+16.0% on the year
FY2019FY2026
Diluted EPS
$2.14
+16.9% on the year
FY2019FY2026
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Quarterly revenue and EPS rose: Fourth quarter revenue was $249 million, up from $232 million. Diluted EPS was $0.61, up 20% from $0.51. Net income was $31.0 million, against $26.4 million a year earlier.
Multiple large payer sales reported: During the quarter the company reported multiple large payer sales with enterprise-scale implementations. Management said these provide increased revenue visibility as they are deployed and scaled over time.
CorVel Connected interface in Care MC: P&C services is advancing its technology-enabled, clinically integrated model through the CorVel Connected interface within the proprietary Care MC platform.
Quarterly gross margin about 25%: Gross profit was $63.0 million, up 9% from $58.0 million, at a 25% gross margin. Cost of revenues was $185.5 million, against $173.5 million a year earlier.
Cash rose with no borrowings: Cash was $233.1 million at March 31, 2026, against $170.6 million a year earlier. The company reported no borrowings at quarter end.
$ 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
FY2026
FY2025
FY2024
On the year
Last 8 years
Operating cash flow
156
127
99.2
+22.2%
Capital expenditure
45.4
35.8
29.2
+26.9%
Free cash flow
110
91.6
70.0
+20.4%
Free cash flow margin
11.5%
10.2%
8.8%
Cash from investing
-45.4
-35.8
-29.2
Cash from financing
-47.8
-26.5
-35.8
Depreciation and amortisation
31.8
29.5
26.3
+7.5%
Share-based compensation
5.4
5.7
5.0
-5.3%
Buybacks
56.2
37.6
45.7
+49.5%
Diluted shares, weighted
52m
52m
52m
-0.7%
Shares outstanding at period end
51m
51m
51m
-0.9%
Balance sheet
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Shareholders' equity
394
322
248
+22.4%
Operating lease liabilities
20.7
20.0
22.5
+3.7%
Other liabilities
228
204
184
+11.8%
Total liabilities and equity
643
546
455
+17.8%
Fixed assets
118
92.1
85.9
+28.1%
Goodwill
36.8
36.8
36.8
0.0%
Intangible assets
0.3
0.4
0.8
-40.0%
Cash and equivalents
233
171
106
+36.6%
Receivables
101
104
97.1
-2.7%
Other assets
154
142
128
+8.2%
Total assets
643
546
455
+17.8%
10-K for the year ended 31 March 2026, filed 22 May 2026: the filing.