Filing Flows › Corvel (CRVL) › Q1 FY26
Corvel (CRVL) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 7, 2025
Corvel (CRVL) reported revenue of $235M for the first quarter fiscal 2026 (Q1 FY26), +11% from a year earlier and +1% from the quarter before. Operating margin was 15.0%, net earnings $27.2M (11.6% of revenue).
Corvel, Q1 FY26: revenue $235M (+11% year over year), operating margin 15.0%, net earnings $27.2M, operating cash flow $55.0M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $235M | +1% | +11% |
| Gross profit | $56.8M | -2% | +18% |
| Operating profit | $35.3M | +6% | +26% |
| Net earnings | $27.2M | +3% | +26% |
| Operating cash flow | $55.0M | +140% | +36% |
| Free cash flow | $39.5M | +177% | +21% |
What changed
Revenue was $234.7M in Q1 FY26, up 11% year over year and up 1% from the previous quarter. Patient Management Services was the largest line at 63% of revenue. Network Solutions Services added $15.4M year over year (up 21%), 67% of the total change.
Gross margin was 24.2%, up 1.4 points from a year earlier. Operating profit was $35.3M, a 15.0% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, above the 13% margin then. Operating expenses grew 7% against revenue growth of 11%. Net earnings were $27.2M, up 26% year over year. The effective tax rate was 22.8%.
Operating cash flow was $55.0M (up 36% year over year), 202% of net earnings. Non-cash charges added back $7.6M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $18.8M. Capital expenditures of $15.5M left free cash flow of $39.5M.
Questions
What was Corvel's revenue in the first quarter fiscal 2026?
Corvel (CRVL) reported revenue of $235M for the first quarter fiscal 2026 (Q1 FY26), +11% from a year earlier and +1% from the quarter before.
Was Corvel profitable in the first quarter fiscal 2026?
Operating profit was $35.3M (15.0% of revenue) and net earnings $27.2M.
Source: Corvel 10-Q on SEC EDGAR.