Filing Flows › Astrana Health (ASTH) › Q4 2025
Astrana Health (ASTH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Astrana Health (ASTH) reported revenue of $951M for the fourth quarter 2025 (Q4 2025), +43% from a year earlier and -0.6% from the quarter before. Operating margin was 1.9%, net earnings $6.0M (0.6% of revenue).
Astrana Health, Q4 2025: revenue $951M (+43% year over year), operating margin 1.9%, net earnings $6.0M, operating cash flow −$2.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $951M | -0.6% | +43% |
| Operating profit | $18.4M | -4% | 26× |
| Net earnings | $6.0M | 16× | — |
| Operating cash flow | −$2.9M | -129% | — |
What changed
Revenue was $950.5M in Q4 2025, up 43% year over year and down 1% from the previous quarter. Health Care Capitation Revenue was the largest line at 91% of revenue.
Operating profit was $18.4M, a 1.9% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 6% reached operating profit, above the 0% margin then. Total costs grew 40% against revenue growth of 43%. The fastest-growing cost line was Other operating costs (+102%). Net earnings were $6.0M. The effective tax rate was 12.6%.
Operating cash flow was −$2.9M. Non-cash charges added back $16.4M of depreciation and amortization and $11.4M of share-based compensation. Working capital and other items used $37.2M. Capital expenditures of $3.1M exceeded it, leaving free cash flow of −$6.0M.
Questions
What was Astrana Health's revenue in the fourth quarter 2025?
Astrana Health (ASTH) reported revenue of $951M for the fourth quarter 2025 (Q4 2025), +43% from a year earlier and -0.6% from the quarter before.
Was Astrana Health profitable in the fourth quarter 2025?
Operating profit was $18.4M (1.9% of revenue) and net earnings $6.0M.
Source: Astrana Health 10-K on SEC EDGAR.