Filing Flows › Health Catalyst (HCAT) › Q2 2025
Health Catalyst (HCAT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Health Catalyst (HCAT) reported revenue of $80.7M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +2% from the quarter before. Operating margin was -46.0%, net loss $41.0M (50.8% of revenue).
Health Catalyst, Q2 2025: revenue $80.7M (+6% year over year), operating margin -46.0%, net loss $41.0M, operating cash flow −$9.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $80.7M | +2% | +6% |
| Operating profit | −$37.1M | — | — |
| Net earnings | −$41.0M | — | — |
| Operating cash flow | −$9.0M | -3313% | — |
What changed
Revenue was $80.7M in Q2 2025, up 6% year over year and up 2% from the previous quarter. Technology was the largest line at 66% of revenue. Technology added $5.2M year over year (up 11%), 109% of the total change. Professional Services declined 1%.
Operating costs exceeded revenue by $37.1M, an operating margin of -46.0%. Total costs grew 28% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+289%). The quarter ended with a net loss of $41.0M, wider than the previous quarter's $23.7M loss.
Operating cash flow was −$9.0M. Non-cash charges added back $12.7M of depreciation and amortization and $8.3M of share-based compensation. Working capital and other items added $11.0M. Capital expenditures of −$230K exceeded it, leaving free cash flow of −$8.8M.
Questions
What was Health Catalyst's revenue in the second quarter 2025?
Health Catalyst (HCAT) reported revenue of $80.7M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +2% from the quarter before.
Was Health Catalyst profitable in the second quarter 2025?
Operating loss was $37.1M (-46.0% of revenue) and net loss $41.0M.
Source: Health Catalyst 10-Q on SEC EDGAR.