LifeStance Health Group (LFST) FY2025 results: revenue $1.4 billion, up 13.9% on the year
LifeStance Health Group, Inc. (LFST) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 13.9% on the year before. Net income was $10 million, and diluted earnings per share $0.02. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$1.4 billion
+13.9% on the year
FY2019FY2025
Operating margin
1.7%
-2.5% a year earlier
FY2019FY2025
Net income
$10 million
FY2019FY2025
Diluted EPS
$0.02
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 7 new.
Fourth quarter revenue rose 17%: Fourth quarter revenue was $382.2 million, up from $325.5 million in the prior-year quarter.
Clinician base reached 8,040: Clinicians rose 9% to 8,040 at year end, with 44 net added in the fourth quarter and 657 for the year.
Center Margin rose 15% in both periods: Fourth quarter Center Margin was $126.3 million, 33.0% of revenue; full year was $461.1 million, 32.4% of revenue.
Operating cash flow of $146.2 million: Net cash provided by operations was $146.2 million for the full year, including $57.6 million in the fourth quarter.
$100 million buyback authorized: The Board approved repurchases of up to $100 million of outstanding common stock.
$ 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
146
107
-16.9
+36.3%
Capital expenditure
36.1
21.6
40.5
+67.5%
Free cash flow
110
85.7
-57.4
+28.4%
Free cash flow margin
7.7%
6.9%
-5.4%
Cash from investing
-36.1
-21.6
-60.3
Cash from financing
-16.0
-9.9
47.4
Depreciation and amortisation
41.6
40.7
37.4
+2.3%
Share-based compensation
74.7
76.2
99.4
-1.9%
Diluted shares, weighted
391m
379m
367m
+3.2%
Shares outstanding at period end
388m
383m
379m
+1.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,521
1,446
1,429
+5.2%
Debt
283
290
289
-2.5%
Operating lease liabilities
149
149
181
-0.1%
Other liabilities
252
233
210
+7.8%
Total liabilities and equity
2,204
2,118
2,110
+4.0%
Fixed assets
162
166
188
-2.7%
Goodwill
1,293
1,293
1,293
0.0%
Intangible assets
178
191
221
-6.9%
Cash and equivalents
249
155
78.8
+60.9%
Receivables
95.7
132
125
-27.4%
Other assets
227
182
203
+24.9%
Total assets
2,204
2,118
2,110
+4.0%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.