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How Corvel (CRVL) makes money

Corvel (CRVL) made $267M of revenue in the second quarter fiscal 2027 (Q2 FY27), +11% from a year earlier. Patient Management Services brought in $168M (63%); Network Solutions Services brought in $99.5M (37%). Of every dollar of revenue, 27¢ was left as gross profit, 17¢ was left as operating profit, 13¢ was left as net earnings.

Drawing the Sankey…

Corvel revenue by segment, Q2 FY27Corvel revenue by segment, Q2 FY27Patient Management Services$168MNetwork Solutions Services$99.5M
Corvel: revenue by line, Q4 FY25 to Q2 FY27Corvel: revenue by line, Q4 FY25 to Q2 FY27Patient Management Se…Network Solutions Ser…Patient Management Services: $168M latest$168MNetwork Solutions Services: $99.5M latest$99.5MQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
The mix barely moved between Q4 FY25 and Q2 FY27.
Corvel revenue by quarterCorvel revenue by quarter$232MQ4 FY25$235MQ1 FY26$240MQ2 FY26$236MQ3 FY26$249MQ4 FY26$260MQ1 FY27$267MQ2 FY27
Corvel: where each dollar of revenue goesCorvel: where each dollar of revenue goesCost of revenue73¢Gross profit27¢Operating expenses10¢Operating profit17¢Income tax4¢Net earnings13¢Operating cash flow15¢Free cash flow11¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Patient Management Services$168M62.7%+5%+11%
Network Solutions Services$99.5M37.3%-1%+12%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$267M100.0%
Cost of revenue$195M72.9%
Gross profit$72.3M27.1%
Operating expenses$26.5M9.9%
Operating profit$45.8M17.2%
Income tax$11.8M4.4%
Net earnings$34.1M12.8%
Operating cash flow$39.6M14.8%
Free cash flow$29.3M11.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$267M+12%
Q1 FY27$260M+11%
Q4 FY26$249M+7%
Q3 FY26$236M+3%
Q2 FY26$240M+7%
Q1 FY26$235M+11%
Q4 FY25$232M+12%

From Corvel's 10-Q filed Nov 5, 2026 (on EDGAR).

Questions

How does Corvel make money?

Corvel (CRVL) made $267M of revenue in the second quarter fiscal 2027 (Q2 FY27), +11% from a year earlier. Patient Management Services brought in $168M (63%); Network Solutions Services brought in $99.5M (37%). Of every dollar of revenue, 27¢ was left as gross profit, 17¢ was left as operating profit, 13¢ was left as net earnings.

What is Corvel's biggest business?

Patient Management Services: $168M in the second quarter fiscal 2027, 63% of revenue, +11% from a year earlier.

What is Corvel's profit margin?

Net earnings were $34.1M, 12.8% of revenue, in the second quarter fiscal 2027; the operating margin was 17.2%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.