Filing Flows › Astrana Health (ASTH) › Q2 2025
Astrana Health (ASTH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Astrana Health (ASTH) reported revenue of $655M for the second quarter 2025 (Q2 2025), +35% from a year earlier and +6% from the quarter before. Operating margin was 3.1%, net earnings $9.4M (1.4% of revenue).
Astrana Health, Q2 2025: revenue $655M (+35% year over year), operating margin 3.1%, net earnings $9.4M, operating cash flow $90.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $655M | +6% | +35% |
| Operating profit | $20.3M | -1% | -32% |
| Net earnings | $9.4M | +41% | -51% |
| Operating cash flow | $90.9M | +447% | +292% |
| Free cash flow | $89.5M | +560% | +340% |
What changed
Revenue was $654.8M in Q2 2025, up 35% year over year and up 6% from the previous quarter. Health Care Capitation Revenue was the largest line at 94% of revenue. Health Care Capitation Revenue added $171.5M year over year (up 39%), 102% of the total change. Health Care Other declined 16%.
Operating profit was $20.3M, a 3.1% margin (down 3.1 points year over year). Operating profit fell $9.7M even though revenue rose $168.5M versus a year earlier, so costs grew faster than sales. Total costs grew 39% against revenue growth of 35%. The fastest-growing cost line was General & admin (+41%). Net earnings were $9.4M, down 51% year over year. The effective tax rate was 39.3%.
Operating cash flow was $90.9M (up 292% year over year), 890% of net income including minority interests. Non-cash charges added back $6.9M of depreciation and amortization and $11.7M of share-based compensation. Working capital and other items added $62.1M. Capital expenditures of $1.4M left free cash flow of $89.5M.
Questions
What was Astrana Health's revenue in the second quarter 2025?
Astrana Health (ASTH) reported revenue of $655M for the second quarter 2025 (Q2 2025), +35% from a year earlier and +6% from the quarter before.
Was Astrana Health profitable in the second quarter 2025?
Operating profit was $20.3M (3.1% of revenue) and net earnings $9.4M.
Source: Astrana Health 10-Q on SEC EDGAR.