Filing Flows › Astrana Health (ASTH) › Q1 2026
Astrana Health (ASTH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Astrana Health (ASTH) reported revenue of $965M for the first quarter 2026 (Q1 2026), +56% from a year earlier and +2% from the quarter before. Operating margin was 3.0%, net earnings $14.4M (1.5% of revenue).
Astrana Health, Q1 2026: revenue $965M (+56% year over year), operating margin 3.0%, net earnings $14.4M, operating cash flow $68.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $965M | +2% | +56% |
| Operating profit | $28.5M | +55% | +39% |
| Net earnings | $14.4M | +141% | +116% |
| Operating cash flow | $68.1M | — | +309% |
| Free cash flow | $64.1M | — | +372% |
What changed
Revenue was $965.1M in Q1 2026, up 56% year over year and up 2% from the previous quarter. Health Care Capitation Revenue was the largest line at 93% of revenue. Health Care Capitation Revenue added $308.9M year over year (up 53%), 90% of the total change. Health Care Other declined 14%.
Operating profit was $28.5M, a 3.0% margin (down 0.4 points year over year). Of the extra revenue versus Q1 2025, 2% reached operating profit, below the 3% margin then. Total costs grew 56% against revenue growth of 56%. The fastest-growing cost line was Other operating costs (+126%). Net earnings were $14.4M, up 116% year over year ($13.1M including minority interests, which bore $1.3M of losses). The effective tax rate was 33.4%.
Operating cash flow was $68.1M (up 309% year over year), 518% of net income including minority interests. Non-cash charges added back $15.5M of depreciation and amortization and $9.9M of share-based compensation. Working capital and other items added $29.6M. After purchases of property and equipment ($4.0M), free cash flow as the company reports it was $64.1M.
Questions
What was Astrana Health's revenue in the first quarter 2026?
Astrana Health (ASTH) reported revenue of $965M for the first quarter 2026 (Q1 2026), +56% from a year earlier and +2% from the quarter before.
Was Astrana Health profitable in the first quarter 2026?
Operating profit was $28.5M (3.0% of revenue) and net earnings $14.4M.
Source: Astrana Health 10-Q on SEC EDGAR.