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InnovAge Holding (INNV) earnings and revenue breakdown
Latest: Q1 FY27 · 10-Q filed Nov 3, 2026 · InnovAge Holding (INNV) Q1 FY27 earnings results →
Q1 FY27 Revenue up 12% year over year to $265M · 7¢ of every $1 of revenue kept as net profit · operating margin 7.6%
InnovAge Holding made $265M in Q1 FY27 (+12% Y/Y). Operating margin 7.6%, net earnings $19.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $264.8M in Q1 FY27, up 12% year over year and up 1% from the previous quarter.
Gross margin was 24.0%, up 2.3 points from Q1 FY26. Operating profit was $20.1M, a 7.6% margin (up 4.1 points year over year). Of the extra revenue versus Q1 FY26, 41% reached operating profit, above the 4% margin then. Operating expenses grew 1% against revenue growth of 12%. The fastest-growing cost line was Sales & marketing (+13%). Net earnings were $19.6M, up 144% year over year. The effective tax rate was -4.2%.
Operating cash flow was $28.7M (up 632% year over year), 138% of net income including minority interests. Non-cash charges added back $5.7M of depreciation and amortization and $1.7M of share-based compensation. Capital expenditures of $3.0M left free cash flow of $25.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 FY27 | 10-Q | Nov 3, 2026 | $265M | +12% | 7.6% | $19.6M | $28.7M |
| Q4 FY26 | 10-K | Sep 9, 2026 | $262M | +18% | 3.9% | $8.3M | $21.3M |
| Q3 FY26 | 10-Q | May 8, 2026 | $252M | +16% | -11.5% | −$29.9M | $18.1M |
| Q2 FY26 | 10-Q | Feb 3, 2026 | $240M | +15% | 5.5% | $10.6M | $21.4M |
| Q1 FY26 | 10-Q | Nov 4, 2025 | $236M | +15% | 3.5% | $8.0M | $3.9M |
| Q4 FY25 | 10-K | Sep 9, 2025 | $221M | +11% | -1.0% | −$5.0M | $9.0M |
| Q3 FY25 | 10-Q | May 6, 2025 | $218M | +13% | -4.7% | −$11.1M | $24.6M |
Charts
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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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Customers and suppliers named in filings
Sells to
- Medicare & Medicaid — 70% of its revenue · Stated in 10-K (sentence) · source
About InnovAge Holding
InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, seniors, many of whom are dual-eligible. Our programs are designed to address two of the most pressing challenges facing the U.S. healthcare industry: rising costs and poor outcomes. The purpose of our participant-centered care delivery approach is to improve the quality of care our participants receive, while keeping them in their homes for as long as safely possible and reducing over-utilization of high-cost care settings such as hospitals and nursing homes.
In its own words, from its 10-K, filed Sep 9, 2026.
InnovAge Holding against its Services-Health Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +13%. Operating margin: 7.6% against the peers' median 5.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| INNV InnovAge Holding | Q1 FY27 | $265M | +12% | 7.6% |
| PRVA Privia Health Group | Q3 2026 | $657M | +13% | 3.1% |
| LFST LifeStance Health Group | Q3 2026 | $456M | +25% | 7.3% |
| PIII P3 Health Partners | Q2 2026 | $386M | +9% | 10.7% |
| PNTG Pennant Group | Q3 2026 | $302M | +32% | 5.5% |
| USPH U S Physical Therapy | Q3 2026 | $223M | +13% | 11.3% |
| WGS GeneDx Holdings | Q2 2026 | $114M | +11% | -15.3% |
| OMDA Omada Health | Q3 2026 | $91.3M | +34% | 5.3% |
| DCGO DocGo | Q2 2026 | $73.4M | -9% | -24.4% |
Source: InnovAge Holding 10-Q on SEC EDGAR · CIK 1834376 · Services-Health Services
Guidance and outlook
13F: who owns INNV and who is buying
More on INNV
History
Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results