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Q4 25 EPS
$-0.05
BEAT +37.50%
Est. $-0.08
Q4 25 Revenue
$1.01B
BEAT +0.94%
Est. $1.00B
vs S&P Since Q4 25
+18.0%
BEATING MARKET
ALHC +26.4% vs S&P +8.4%
Full Year 2025 Results
FY 25 EPS
$0.00
MISS 100.00%
Est. $0.23
FY 25 Revenue
$3.95B
BEAT +0.24%
Est. $3.94B
Market Reaction
Did ALHC Beat Earnings? Q4 2025 Results
Alignment Healthcare closed out fiscal 2025 on a high note, delivering a fourth quarter that beat expectations on both the top and bottom lines and signaled a meaningful profitability inflection for the Medicare Advantage-focused insurer. The company… Read more Alignment Healthcare closed out fiscal 2025 on a high note, delivering a fourth quarter that beat expectations on both the top and bottom lines and signaled a meaningful profitability inflection for the Medicare Advantage-focused insurer. The company posted Q4 earnings per share of -$0.05, well ahead of the -$0.16 consensus estimate by 68.75%, while revenue of $1.01 billion edged past the $1.00 billion forecast and grew 44.4% year-over-year. The results were underpinned by health plan membership surging 25.0% to roughly 236,300 members, as the company's care delivery model continued to drive both growth and cost discipline. Full-year adjusted EBITDA expanded dramatically to $109.94 million from just $1.34 million in the prior year, and the company generated positive free cash flow for the first time. Looking ahead, management raised its 2026 membership guidance by 2,000 at the midpoint and introduced full-year revenue guidance of $5.14 billion to $5.19 billion, representing 30-31% growth, with adjusted EBITDA guided between $133.00 million and $163.00 million.
Key Takeaways
- • Health plan membership growth of 25.0% year-over-year to approximately 236,300
- • Revenue growth of 44.4% year-over-year in Q4 and 46.1% for the full year
- • Adjusted EBITDA expanded to $11.4 million in Q4 from $1.4 million a year ago
- • Full-year adjusted EBITDA grew to $109.9 million from $1.3 million in the prior year
- • Medical benefits ratio of 87.7% in Q4 and 87.5% for the full year
- • Generated positive free cash flow on a full-year basis for the first time
ALHC YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
ALHC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our fourth quarter and full-year 2025 results show what Medicare Advantage done right looks like. We once again exceeded industry expectations and delivered continued momentum on revenue growth while taking a positive step forward in profitability and margin expansion, including producing free cash flow on a full-year basis.”
— John Kao, Q4 2025 Earnings Press Release
ALHC Earnings Trends
ALHC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ALHC EPS Trend
Earnings per share: estimate vs actual
ALHC Revenue Trend
Quarterly revenue: estimate vs actual
ALHC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.09 | $0.05 | -42.86% | $1.24B | +1.42% |
| Q4 25 BEAT FY | $-0.08 | $-0.05 | +37.50% | $1.01B | +0.94% |
| FY Full Year | $0.23 | $0.00 | -100.00% | $3.95B | +0.24% |
| Q3 25 BEAT | $-0.01 | $0.02 | +300.00% | $993.7M | +1.26% |
| Q2 25 BEAT | $-0.02 | $0.07 | +566.67% | $1.02B | +5.70% |
| Q1 25 BEAT | $-0.07 | $-0.05 | +30.56% | $926.9M | +4.35% |