Filing Flows › InnovAge Holding (INNV) › Q4 FY26 › vs Q3 FY26
InnovAge Holding (INNV) Q4 FY26 vs Q3 FY26 (quarter over quarter)
InnovAge Holding's revenue rose $10.0M (+4%) from $252M in Q3 FY26 to $262M in Q4 FY26. The biggest changes: Capitation revenue +$10.0M (+4%); Other service revenue −$1K (-0.2%). Gross margin 23.9% against 24.2% (-0.3 pts).
InnovAge Holding, Q4 FY26: revenue $262M (+18% year over year), operating margin 3.9%, net earnings $8.3M, operating cash flow $21.3M. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Gross margin | 23.9% | 24.2% | -0.3 pts |
| Operating margin | 3.9% | -11.5% | +15.4 pts |
| Net margin | 3.2% | -11.7% | +14.9 pts |
| Free cash flow margin | 6.5% | 5.8% | +0.7 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Capitation revenue | $262M | $252M | $10.0M | +4% |
| Other service revenue | $440K | $441K | −$1K | -0.2% |
| Revenue | $262M | $252M | $10.0M | +4% |
| Gross profit | $62.6M | $61.0M | $1.5M | +3% |
| Cost of revenue | $199M | $191M | $8.5M | +4% |
| Operating profit | $10.1M | −$29.1M | $39.2M | — |
| Operating expenses | $52.4M | $90.1M | −$37.7M | -42% |
| Pre-tax earnings | $9.7M | −$29.8M | $39.4M | — |
| Sales & marketing | $9.9M | $8.7M | $1.2M | +14% |
| General & admin | $33.1M | $76.5M | −$43.5M | -57% |
| Other operating costs | $9.4M | $4.8M | $4.6M | +95% |
| Income tax benefit | $116K | −$167K | $283K | — |
| Net earnings | $8.3M | −$29.5M | $37.7M | — |
| Minority interests | $1.5M | −$479K | $2.0M | — |
| Depreciation & amortization | $6.4M | $4.8M | $1.5M | +32% |
| Share-based compensation | $1.7M | $1.8M | −$56K | -3% |
| Working capital & other | $4.9M | $41.0M | −$36.1M | -88% |
| Operating cash flow | $21.3M | $18.1M | $3.1M | +17% |
| Free cash flow (OCF − capex) | $17.0M | $14.5M | $2.5M | +17% |
| Capital expenditures | $4.3M | $3.6M | $663K | +18% |
Questions
How much did InnovAge Holding's revenue grow quarter over quarter in Q4 FY26?
InnovAge Holding's revenue rose $10.0M (+4%) from $252M in Q3 FY26 to $262M in Q4 FY26.
What drove InnovAge Holding's revenue change in Q4 FY26?
Capitation revenue +$10.0M (+4%); Other service revenue −$1K (-0.2%).