Filing Flows › Corvel (CRVL) › Q2 FY26
Corvel (CRVL) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 6, 2025
Corvel (CRVL) reported revenue of $240M for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +2% from the quarter before. Operating margin was 15.0%, net earnings $27.9M (11.6% of revenue).
Corvel, Q2 FY26: revenue $240M (+7% year over year), operating margin 15.0%, net earnings $27.9M, operating cash flow $25.0M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $240M | +2% | +7% |
| Gross profit | $58.2M | +2% | +15% |
| Operating profit | $35.9M | +2% | +25% |
| Net earnings | $27.9M | +2% | +19% |
| Operating cash flow | $25.0M | -55% | +12% |
| Free cash flow | $15.3M | -61% | +23% |
What changed
Revenue was $239.6M in Q2 FY26, up 7% year over year and up 2% from the previous quarter. Patient Management Services was the largest line at 63% of revenue. Network Solutions Services added $11.6M year over year (up 15%), 76% of the total change.
Gross margin was 24.3%, up 1.7 points from a year earlier. Operating profit was $35.9M, a 15.0% margin (up 2.2 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 13% margin then. Operating expenses grew 1% against revenue growth of 7%. Net earnings were $27.9M, up 19% year over year. The effective tax rate was 22.3%.
Operating cash flow was $25.0M (up 12% year over year), 90% of net earnings. Non-cash charges added back $7.8M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items used $12.1M. Capital expenditures of $9.8M left free cash flow of $15.3M.
Questions
What was Corvel's revenue in the second quarter fiscal 2026?
Corvel (CRVL) reported revenue of $240M for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +2% from the quarter before.
Was Corvel profitable in the second quarter fiscal 2026?
Operating profit was $35.9M (15.0% of revenue) and net earnings $27.9M.
Source: Corvel 10-Q on SEC EDGAR.