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Health Catalyst (HCAT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Health Catalyst (HCAT) reported revenue of $70.8M for the first quarter 2026 (Q1 2026), -11% from a year earlier and -5% from the quarter before. Operating margin was -150.5%, net loss $111M (156.9% of revenue).
Health Catalyst, Q1 2026: revenue $70.8M (-11% year over year), operating margin -150.5%, net loss $111M, operating cash flow $18.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $70.8M | -5% | -11% |
| Operating profit | −$106M | — | — |
| Net earnings | −$111M | — | — |
| Operating cash flow | $18.5M | +87% | 66× |
| Free cash flow | $18.2M | +89% | — |
What changed
Revenue was $70.8M in Q1 2026, down 11% year over year and down 5% from the previous quarter. Technology was the largest line at 70% of revenue. Professional Services lost $6.6M year over year (down 24%), 77% of the total change.
Operating costs exceeded revenue by $106.5M, an operating margin of -150.5%. Total costs grew 78% against a revenue fall of 11%. The fastest-growing cost line was Other operating costs (+774%). The quarter ended with a net loss of $111.0M, wider than the previous quarter's $91.0M loss.
Operating cash flow was $18.5M (up 6511% year over year). Non-cash charges added back $12.1M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $113.7M. Capital expenditures of $338K left free cash flow of $18.2M.
Questions
What was Health Catalyst's revenue in the first quarter 2026?
Health Catalyst (HCAT) reported revenue of $70.8M for the first quarter 2026 (Q1 2026), -11% from a year earlier and -5% from the quarter before.
Was Health Catalyst profitable in the first quarter 2026?
Operating loss was $106M (-150.5% of revenue) and net loss $111M.
Source: Health Catalyst 10-Q on SEC EDGAR.