Filing Flows › InnovAge Holding (INNV) › Q1 FY26
InnovAge Holding (INNV) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Nov 4, 2025
InnovAge Holding (INNV) reported revenue of $236M for the first quarter fiscal 2026 (Q1 FY26), +15% from a year earlier and +7% from the quarter before. Operating margin was 3.5%, net earnings $8.0M (3.4% of revenue).
InnovAge Holding, Q1 FY26: revenue $236M (+15% year over year), operating margin 3.5%, net earnings $8.0M, operating cash flow $3.9M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $236M | +7% | +15% |
| Gross profit | $51.4M | +24% | +49% |
| Operating profit | $8.3M | — | — |
| Net earnings | $8.0M | — | — |
| Operating cash flow | $3.9M | -56% | — |
What changed
Revenue was $236.1M in Q1 FY26, up 15% year over year and up 7% from the previous quarter. Capitation revenue was the largest line at 100% of revenue. Capitation revenue added $31.0M year over year (up 15%), 100% of the total change.
Gross margin was 21.8%, up 4.9 points from a year earlier. Operating profit was $8.3M, a 3.5% margin (up 5.9 points year over year). Operating expenses grew 9% against revenue growth of 15%. The fastest-growing cost line was Sales & marketing (+17%). Net earnings were $8.0M ($7.7M including minority interests, which bore $350K of losses). The effective tax rate was 3.1%.
Operating cash flow was $3.9M, 51% of net income including minority interests. Non-cash charges added back $5.1M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $11.1M. Capital expenditures of $4.1M exceeded it, leaving free cash flow of −$153K.
Questions
What was InnovAge Holding's revenue in the first quarter fiscal 2026?
InnovAge Holding (INNV) reported revenue of $236M for the first quarter fiscal 2026 (Q1 FY26), +15% from a year earlier and +7% from the quarter before.
Was InnovAge Holding profitable in the first quarter fiscal 2026?
Operating profit was $8.3M (3.5% of revenue) and net earnings $8.0M.
Source: InnovAge Holding 10-Q on SEC EDGAR.