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Corvel (CRVL) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Corvel (CRVL) Q2 FY27 earnings results →

Q2 FY27 Revenue up 12% year over year to $267M · 13¢ of every $1 of revenue kept as net profit · operating margin 17.2%

Corvel made $267M in Q2 FY27 (+12% Y/Y): Patient Management Services $168M, Network Solutions Services $99.5M. Operating margin 17.2%, net earnings $34.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$267M
Year over year+12%
Operating margin17.2%
Net earnings$34.1M
Operating cash flow$39.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $267.1M in Q2 FY27, up 11% year over year and up 3% from the previous quarter. Patient Management Services was the largest line at 63% of revenue. Patient Management Services added $16.8M year over year (up 11%), 61% of the total change.

Gross margin was 27.1%, up 2.8 points from Q2 FY26. Operating profit was $45.8M, a 17.2% margin (up 2.2 points year over year). Of the extra revenue versus Q2 FY26, 36% reached operating profit, above the 15% margin then. Operating expenses grew 19% against revenue growth of 11%. Net earnings were $34.1M, up 22% year over year. The effective tax rate was 25.6%.

Operating cash flow was $39.6M (up 58% year over year), 116% of net earnings. Non-cash charges added back $9.2M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items used $4.9M. Capital expenditures of $10.3M left free cash flow of $29.3M.

Quarterly history

Corvel revenue by quarterCorvel revenue by quarter$232MQ4 FY25$235MQ1 FY26$240MQ2 FY26$236MQ3 FY26$249MQ4 FY26$260MQ1 FY27$267MQ2 FY27
Corvel net earnings by quarterCorvel net earnings by quarter$26.4MQ4 FY25$27.2MQ1 FY26$27.9MQ2 FY26$24.2MQ3 FY26$31.0MQ4 FY26$32.2MQ1 FY27$34.1MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$267M+12%17.2%$34.1M$39.6M
Q1 FY2710-QAug 6, 2026$260M+11%16.7%$32.2M$49.9M
Q4 FY2610-KMay 22, 2026$249M+7%16.0%$31.0M$29.5M
Q3 FY2610-QFeb 5, 2026$236M+3%13.7%$24.2M$46.1M
Q2 FY2610-QNov 6, 2025$240M+7%15.0%$27.9M$25.0M
Q1 FY2610-QAug 7, 2025$235M+11%15.0%$27.2M$55.0M
Q4 FY2510-KMay 23, 2025$232M+12%14.4%$26.4M$22.9M

Charts

Corvel: revenue growth, year over year and quarter over quarterCorvel: revenue growth, year over year and quarter over quarterY/YQ/Q+12%Q4 FY25+11%+1%Q1 FY26+7%+2%Q2 FY26+3%-2%Q3 FY26+7%+5%Q4 FY26+11%+5%Q1 FY27+12%+3%Q2 FY27
Latest (Q2 FY27): Y/Y +12%, Q/Q +3%.
Corvel: where the cash came from (+) and went (−), TTM to Q2 FY27Corvel: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$165MBuybacks−$74.3MCash drawn (+) / kept (−)−$62.5MCapital spending−$37.3MShares issued$8.1MOther financing$848K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Corvel: profit against cash, quarter by quarterCorvel: profit against cash, quarter by quarterNet incomeOperating cash flow$23.8M$41.6MQ3 FY25$26.4M$22.9MQ4 FY25$27.2M$55.0MQ1 FY26$27.9M$25.0MQ2 FY26$24.2M$46.1MQ3 FY26$31.0M$29.5MQ4 FY26$32.2M$49.9MQ1 FY27$34.1M$39.6MQ2 FY27
Latest (Q2 FY27): Net income $34.1M, Operating cash flow $39.6M.
Corvel: diluted shares by fiscal year (split-adjusted)Corvel: diluted shares by fiscal year (split-adjusted)54MFY2154MFY2253MFY2352MFY2452MFY2552MFY26
-5.3% since FY21: buybacks shrank the count; earlier years scaled for the 3-for-1 split before FY23.
Corvel in its industry: growth against margin (24 companies, SIC 6411)Corvel in its industry: growth against margin (24 companies, SIC 6411)revenue growth, year over year →↑ operating marginmedian +8%median 17%MRSHAONAJGEQHWTWBROERIERYANBWINARXHGTYCRD-AACTSLQTLIFEGSHDTWFGNPEHTHRDZNQDMIHITEZRACRVL (+12%, 17%)
Insurance Agents, Brokers & Service; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Corvel against its Insurance Agents, Brokers & Service peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +8%. Operating margin: 17.2% against the peers' median 17.8%.

CompanyQuarterRevenueY/YOp. margin
CRVL CorvelQ2 FY27$267M+12%17.2%
MRSH Marsh & McLennan CompaniesQ3 2026$6.9B+8%17.7%
AON AonQ3 2026$4.1B+3%19.7%
AJG Arthur J. GallagherQ3 2026$4.0B+18%13.0%
EQH Equitable HoldingsQ3 2026$3.9B+168%35.8%
WTW Willis Towers WatsonQ3 2026$2.5B+8%17.4%
BRO Brown & BrownQ3 FY27$1.7B+7%18.6%
ERIE Erie IndemnityQ3 2026$1.1B+0.3%19.4%
RYAN Ryan Specialty HoldingsQ3 2026$790M+5%17.8%

Source: Corvel 10-Q on SEC EDGAR · CIK 874866 · Insurance Agents, Brokers & Service

13F: who owns CRVL and who is buying

Largest holders of CRVL (13F)Largest holders of CRVL (13F)BlackRock$321MKayne Anderson Rudnick Investment…$285MVanguard Group$219MVanguard Portfolio Management LLC$108MRenaissance Technologies LLC$95.6MVanguard Capital Management LLC$81.2MState Street$80.6MDimensional Fund Advisors LP$71.0MGeode Capital Management, LLC$63.4MMorgan Stanley$41.0M
Funds' net buying of CRVL by quarter (13F)Funds' net buying of CRVL by quarter (13F)$6.2M2024-09−$17.7M2024-12−$7.1M2025-03$18.2M2025-06$5.9M2025-09−$39.7M2025-12$16.6M2026-03$43.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CRVL

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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