Filing Flows › Health Catalyst (HCAT) › Q3 2025
Health Catalyst (HCAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Health Catalyst (HCAT) reported revenue of $76.3M for the third quarter 2025 (Q3 2025), 0% from a year earlier and -5% from the quarter before. Operating margin was -22.9%, net loss $22.2M (29.1% of revenue).
Health Catalyst, Q3 2025: revenue $76.3M (0% year over year), operating margin -22.9%, net loss $22.2M, operating cash flow −$464K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $76.3M | -5% | 0% |
| Operating profit | −$17.5M | — | — |
| Net earnings | −$22.2M | — | — |
| Operating cash flow | −$464K | — | — |
What changed
Revenue was $76.3M in Q3 2025, roughly flat year over year and down 5% from the previous quarter. Technology was the largest line at 68% of revenue. Professional Services lost $3.4M year over year (down 12%), 11427% of the total change.
Gross margin was 52.6%, up 5.1 points from a year earlier. Operating costs exceeded revenue by $17.5M, an operating margin of -22.9%. Operating expenses grew 15% against flat revenue. The fastest-growing cost line was General & admin (+32%). The quarter ended with a net loss of $22.2M, narrower than the previous quarter's $41.0M loss.
Operating cash flow was −$464K. Non-cash charges added back $12.6M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $2.1M. Capital expenditures of $255K exceeded it, leaving free cash flow of −$719K.
Questions
What was Health Catalyst's revenue in the third quarter 2025?
Health Catalyst (HCAT) reported revenue of $76.3M for the third quarter 2025 (Q3 2025), 0% from a year earlier and -5% from the quarter before.
Was Health Catalyst profitable in the third quarter 2025?
Operating loss was $17.5M (-22.9% of revenue) and net loss $22.2M.
Source: Health Catalyst 10-Q on SEC EDGAR.