Filing Flows › Healthstream (HSTM) › Q2 2026 › vs Q2 2025
Healthstream (HSTM) Q2 2026 vs Q2 2025 (year over year)
Healthstream's revenue rose $9.3M (+13%) from $74.4M in Q2 2025 to $83.7M in Q2 2026. The biggest changes: Subscription Services +$8.0M (+11%); Professional Services +$1.3M (+53%). Operating margin 9.9% against 7.9% (+2.0 pts).
Healthstream, Q2 2026: revenue $83.7M (+12% year over year), operating margin 9.9%, net earnings $6.7M, operating cash flow $13.4M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.9% | 7.9% | +2.0 pts |
| Net margin | 8.0% | 7.2% | +0.7 pts |
| Free cash flow margin | 15.0% | 3.6% | +11.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Subscription Services | $80.0M | $71.9M | $8.0M | +11% |
| Professional Services | $3.7M | $2.5M | $1.3M | +53% |
| Revenue | $83.7M | $74.4M | $9.3M | +13% |
| Other income, net | $375K | $981K | −$606K | -62% |
| Operating profit | $8.3M | $5.9M | $2.4M | +41% |
| Costs & expenses | $75.4M | $68.5M | $6.9M | +10% |
| Pre-tax earnings | $8.7M | $6.9M | $1.8M | +27% |
| Cost of revenue | $29.0M | $26.4M | $2.7M | +10% |
| Research & development | $13.6M | $12.1M | $1.5M | +12% |
| Sales & marketing | $13.5M | $11.8M | $1.7M | +14% |
| Other operating costs | $19.3M | $18.3M | $1.0M | +6% |
| Net earnings | $6.7M | $5.4M | $1.3M | +24% |
| Income tax | $2.0M | $1.5M | $549K | +37% |
| Depreciation & amortization | $11.3M | $10.9M | $408K | +4% |
| Share-based compensation | $1.1M | $836K | $270K | +32% |
| Working capital & other | $5.6M | $12.1M | −$6.5M | -53% |
| Operating cash flow | $13.4M | $5.0M | $8.4M | +167% |
| Free cash flow (OCF − capex) | $12.5M | $2.7M | $9.8M | +363% |
| Capital expenditures | $910K | $2.3M | −$1.4M | -61% |
Questions
How much did Healthstream's revenue grow year over year in Q2 2026?
Healthstream's revenue rose $9.3M (+13%) from $74.4M in Q2 2025 to $83.7M in Q2 2026.
What drove Healthstream's revenue change in Q2 2026?
Subscription Services +$8.0M (+11%); Professional Services +$1.3M (+53%).