Filing Flows › InnovAge Holding (INNV) › Q2 FY26
InnovAge Holding (INNV) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Feb 3, 2026
InnovAge Holding (INNV) reported revenue of $240M for the second quarter fiscal 2026 (Q2 FY26), +15% from a year earlier and +2% from the quarter before. Operating margin was 5.5%, net earnings $10.6M (4.4% of revenue).
InnovAge Holding, Q2 FY26: revenue $240M (+15% year over year), operating margin 5.5%, net earnings $10.6M, operating cash flow $21.4M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $240M | +2% | +15% |
| Gross profit | $52.8M | +3% | +43% |
| Operating profit | $13.3M | +60% | — |
| Net earnings | $10.6M | +32% | — |
| Operating cash flow | $21.4M | +444% | +216% |
| Free cash flow | $19.0M | — | +251% |
What changed
Revenue was $239.7M in Q2 FY26, up 15% year over year and up 2% from the previous quarter. Capitation revenue was the largest line at 100% of revenue. Capitation revenue added $30.9M year over year (up 15%), 101% of the total change. Other service revenue declined 73%.
Gross margin was 22.0%, up 4.3 points from a year earlier. Operating profit was $13.3M, a 5.5% margin (up 11.5 points year over year). Operating expenses fell 20% while revenue rose 15%. Net earnings were $10.6M. The effective tax rate was 5.2%.
Operating cash flow was $21.4M (up 216% year over year), 181% of net income including minority interests. Non-cash charges added back $4.9M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items added $3.5M. Capital expenditures of $2.4M left free cash flow of $19.0M.
Questions
What was InnovAge Holding's revenue in the second quarter fiscal 2026?
InnovAge Holding (INNV) reported revenue of $240M for the second quarter fiscal 2026 (Q2 FY26), +15% from a year earlier and +2% from the quarter before.
Was InnovAge Holding profitable in the second quarter fiscal 2026?
Operating profit was $13.3M (5.5% of revenue) and net earnings $10.6M.
Source: InnovAge Holding 10-Q on SEC EDGAR.