Astrana Health Posts 56% Revenue Surge in 2025, Eyes 24% Growth in 2026
Event summary
- Astrana Health reported $3.2B in 2025 revenue, up 56% YoY, with adjusted EBITDA growing 21% to $205.4M.
- Fourth-quarter revenue hit $950.5M, a 43% YoY increase, with adjusted EBITDA up 50% to $52.5M.
- The company seeks a 15-day extension for its 2025 Form 10-K due to material weakness in internal controls.
- Board doubled share repurchase program to $100M, with $35.9M remaining as of December 31, 2025.
The big picture
Astrana Health's strong 2025 performance underscores the scalability of its physician-centric, AI-powered care model. The company's ability to sustain growth hinges on seamless integration of Prospect Health and addressing internal control weaknesses. With over 20,000 providers and 1.6M patients in value-based care arrangements, Astrana is positioning itself as a key player in the shift toward technology-enabled, risk-bearing healthcare management.
What we're watching
- Integration Execution
- How the ahead-of-schedule Prospect Health integration will impact 2026 guidance.
- Regulatory Compliance
- Whether Astrana can remediate material weakness in internal controls within the extension period.
- Capital Allocation
- The pace at which Astrana will deploy its expanded $100M share repurchase program.
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