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Healthstream (HSTM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Healthstream (HSTM) Q3 2026 earnings results →
Q3 2026 Revenue up 9% year over year to $83.3M · 6¢ of every $1 of revenue kept as net profit · operating margin 7.9%
Healthstream made $83.3M in Q3 2026 (+9% Y/Y): Subscription Services $80.0M, Professional Services $3.3M. Operating margin 7.9%, net earnings $5.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $83.3M in Q3 2026, up 9% year over year and down 1% from the previous quarter. Subscription Services was the largest line at 96% of revenue. Subscription Services added $6.2M year over year (up 8%), 90% of the total change.
Operating profit was $6.6M, a 7.9% margin (down 2.0 points year over year). Operating profit fell $1.0M even though revenue rose $6.8M versus Q3 2025, so costs grew faster than sales. Total costs grew 11% against revenue growth of 9%. The fastest-growing cost line was Cost of revenue (+13%). Net earnings were $5.4M, down 12% year over year. The effective tax rate was 24.0%.
Operating cash flow was $17.4M (down 4% year over year), 324% of net earnings. Non-cash charges added back $11.3M of depreciation and amortization and $1.2M of share-based compensation. Capital expenditures of $330K left free cash flow of $17.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $83.3M | +9% | 7.9% | $5.4M | $17.4M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $83.7M | +12% | 9.9% | $6.7M | $13.4M |
| Q1 2026 | 10-Q | May 6, 2026 | $81.2M | +10% | 9.3% | $5.9M | $27.1M |
| Q4 2025 | 10-K | Feb 27, 2026 | $79.7M | +7% | 3.0% | $2.5M | $13.2M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $76.5M | +5% | 9.9% | $6.1M | $18.0M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $74.4M | +4% | 7.9% | $5.4M | $5.0M |
| Q1 2025 | 10-Q | May 9, 2025 | $73.5M | +1% | 6.0% | $4.3M | $27.1M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Healthstream
HealthStream’s focus is and has always been on improving the quality of healthcare through the development and support of the dedicated individuals who deliver care. Like healthcare itself, our mission remains constant, but how we accomplish that mission continues to evolve and improve over time. Originally, we pioneered the use of online learning to hospitals, which began with courses specifically tailored to educate healthcare professionals and meet hospitals' required regulatory needs, and we remain a leading innovator in those areas today. Since our inception, the scope of HealthStream’s Software-as-a-Service (SaaS) solutions has expanded well beyond our governance, risk, and compliance (GRC) offerings to include a diverse ecosystem of applications that optimize and support the healthcare workforce and the students preparing to enter that workforce.
In its own words, from its 10-K, filed Feb 27, 2026.
Healthstream against its Services-Computer Programming, Data Processing, Etc. peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +14%. Operating margin: 7.9% against the peers' median 19.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HSTM Healthstream | Q3 2026 | $83.3M | +9% | 7.9% |
| GOOGL Alphabet | Q3 2026 | $127.6B | +25% | 31.8% |
| META Meta Platforms | Q3 2026 | $64.6B | +26% | 20.1% |
| SPCX Space Exploration Technologies | Q3 2026 | $14.6B | +161% | 19.1% |
| FLUT Flutter Entertainment | Q3 2026 | $3.9B | +2% | -30.7% |
| APP AppLovin | Q3 2026 | $2.2B | +56% | 78.2% |
| SNAP Snap | Q3 2026 | $1.7B | +14% | 4.5% |
| ZM Zoom Communications | Q2 FY27 | $1.3B | +5% | 24.6% |
| PINS Pinterest | Q3 2026 | $1.2B | +12% | 2.6% |
Source: Healthstream 10-Q on SEC EDGAR · CIK 1095565 · Services-Computer Programming, Data Processing, Etc.
Guidance and outlook
13F: who owns HSTM and who is buying
More on HSTM
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Healthstream guidance history: guided vs reported
- Healthstream operating margin by quarter
- Healthstream net income by quarter
- Healthstream free cash flow by quarter
- Healthstream R&D spending by quarter
- Healthstream capital expenditures by quarter
- Healthstream Subscription Services revenue by quarter
- Healthstream Professional Services revenue by quarter