Filing Flows › Astrana Health (ASTH) › Q3 2025
Astrana Health (ASTH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Astrana Health (ASTH) reported revenue of $956M for the third quarter 2025 (Q3 2025), +100% from a year earlier and +46% from the quarter before. Operating margin was 2.0%, net earnings $373K (0.0% of revenue).
Astrana Health, Q3 2025: revenue $956M (+100% year over year), operating margin 2.0%, net earnings $373K, operating cash flow $10.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $956M | +46% | +100% |
| Operating profit | $19.2M | -6% | -32% |
| Net earnings | $373K | -96% | -98% |
| Operating cash flow | $10.0M | -89% | -71% |
| Free cash flow | $7.4M | -92% | -77% |
What changed
Revenue was $956.0M in Q3 2025, up 100% year over year and up 46% from the previous quarter. Health Care Capitation Revenue was the largest line at 90% of revenue. Health Care Capitation Revenue added $432.0M year over year (up 100%), 90% of the total change.
Operating profit was $19.2M, a 2.0% margin (down 3.9 points year over year). Operating profit fell $9.2M even though revenue rose $477.3M versus a year earlier, so costs grew faster than sales. Total costs grew 108% against revenue growth of 100%. The fastest-growing cost line was Other operating costs (+115%). Net earnings were $373K, down 98% year over year. The effective tax rate was 81.0%.
Operating cash flow was $10.0M (down 71% year over year), 924% of net income including minority interests. Non-cash charges added back $15.6M of depreciation and amortization and $7.7M of share-based compensation. Working capital and other items used $14.4M. Capital expenditures of $2.6M left free cash flow of $7.4M.
Questions
What was Astrana Health's revenue in the third quarter 2025?
Astrana Health (ASTH) reported revenue of $956M for the third quarter 2025 (Q3 2025), +100% from a year earlier and +46% from the quarter before.
Was Astrana Health profitable in the third quarter 2025?
Operating profit was $19.2M (2.0% of revenue) and net earnings $373K.
Source: Astrana Health 10-Q on SEC EDGAR.