Monitor upcoming Q3 2026 earnings for progress toward raised Adjusted EBITDA guidance midpoint of $267.5M and continued G&A leverage. The presentation emphasizes organic growth algorithm and risk progression — watch for membership growth and full-risk conversion rates in subsequent quarters.
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Executive Summary
Astrana Health filed an updated corporate investor presentation (September 2026) under Item 7.01 Regulation FD. The presentation highlights Q2 2026 results with revenue of $972.5M and Adjusted EBITDA of $68.9M, and raises FY2026 Adjusted EBITDA guidance to $255-$280M (from prior range) while reaffirming revenue guidance of $3.8B-$4.1B and free cash flow guidance of $105-$132.5M. The filing is a routine investor materials update with no new material financial disclosures beyond previously reported Q2 results.
Key Facts
- Q2 2026 revenue: $972.5M (up from $654.8M in Q2 2025)
- Q2 2026 Adjusted EBITDA: $68.9M (up from $48.1M in Q2 2025)
- Q2 2026 Adjusted EPS Diluted EPS: $0.80 (up from $0.55 in Q2 2025)
- FY2026 Adjusted EBITDA guidance raised to $255M-$280M (from prior range); revenue guidance reaffirmed at $3.8B-$4.1B
- Free cash flow guidance for FY2026 reaffirmed at $105M-$132.5M; YTD FCF through Q2 2026 was $92.9M
- G&A as % of revenue improved 210 bps YoY to 5.6% in Q2 2026
- Approximately 1.5M members in value-based arrangements; 20,000+ providers; 20+ payer partners
- 81% of Q2 2026 capitation revenue from full-risk arrangements
Financial Impact
FY2026 Adjusted EBITDA guidance raised to $255M-$280M midpoint $267.5M; revenue guidance unchanged at $3.8B-$4.1B; free cash flow guidance unchanged at $105M-$132.5M
Risk Factors
- Medicare Advantage rate headwinds for 2027 (CMS rate announcement) could pressure revenue growth
- Medicaid/Exchange headwinds cited as a -7% drag on 2026E Adjusted EBITDA bridge
- Integration of Prospect Health acquisition and achievement of $12-15M synergy target
- Material weakness in internal control over financial reporting noted in forward-looking statements
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-109822 |
| Document: tm2625986d1_8k.htm | 0001104659-26-109822 |
| Document: 0001104659-26-109822-index-headers.html | 0001104659-26-109822 |
| Document: 0001104659-26-109822-index.html | 0001104659-26-109822 |
| Document: 0001104659-26-109822.txt | 0001104659-26-109822 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 23, 2026 4w ago | 8-K | $34.34 $37.35 | ▲ +8.77% | ▲ +8.08% | $36.94 (+7.57%) |
Sep 23, 2026 4w ago | 8-K | $34.34 $37.35 | ▼ −8.77% | ▼ −8.08% | $36.94 (−7.57%) |
Sep 15, 2026 6w ago | 8-K | $38.35 $37.87 | ▼ −1.25% | ▼ −4.23% | $36.94 (−3.68%) |
Jul 14, 2026 15w ago | Press Release | $47.04 $35.79 | ▼ −23.92% | ▼ −26.26% | $36.94 (−21.47%) |
Jul 13, 2026 15w ago | 8-K | $47.64 $37.47 | ▼ −21.35% | ▼ −24.53% | $36.94 (−22.46%) |
Jun 10, 2026 19w ago | 8-K | $39.85 $46.81 | ▲ +17.47% | ▲ +15.57% | $36.94 (−7.30%) |
Apr 17, 2026 27w ago | DEFA14A | $31.50 $39.16 | ▲ +24.32% | ▲ +18.95% | $36.94 (+17.27%) |
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