Filing Flows › Health Catalyst (HCAT) › Q4 2025
Health Catalyst (HCAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Health Catalyst (HCAT) reported revenue of $74.7M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -2% from the quarter before. Operating margin was -115.3%, net loss $91.0M (121.9% of revenue).
Health Catalyst, Q4 2025: revenue $74.7M (-6% year over year), operating margin -115.3%, net loss $91.0M, operating cash flow $9.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $74.7M | -2% | -6% |
| Operating profit | −$86.1M | — | — |
| Net earnings | −$91.0M | — | — |
| Operating cash flow | $9.9M | — | — |
| Free cash flow | $9.6M | — | — |
What changed
Revenue was $74.7M in Q4 2025, down 6% year over year and down 2% from the previous quarter. Technology was the largest line at 69% of revenue.
Operating costs exceeded revenue by $86.1M, an operating margin of -115.3%. Total costs grew 66% against a revenue fall of 6%. The fastest-growing cost line was Other operating costs (+819%). The quarter ended with a net loss of $91.0M, wider than the previous quarter's $22.2M loss.
Operating cash flow was $9.9M. Non-cash charges added back $12.9M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items added $83.9M. Capital expenditures of $273K left free cash flow of $9.6M.
Questions
What was Health Catalyst's revenue in the fourth quarter 2025?
Health Catalyst (HCAT) reported revenue of $74.7M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -2% from the quarter before.
Was Health Catalyst profitable in the fourth quarter 2025?
Operating loss was $86.1M (-115.3% of revenue) and net loss $91.0M.
Source: Health Catalyst 10-K on SEC EDGAR.