Alignment Healthcare Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +4.66%.
Did ALHC Beat Earnings? Q1 2026 Results
Alignment Healthcare posted a mixed first quarter for 2026, delivering a revenue beat but falling short on the bottom line as investors weighed strong membership growth against a softer-than-expected profit result. The value-based care company reported revenue of $1.24 billion, up 33.3% year over year and modestly ahead of the $1.22 billion consensus, while earnings per share of $0.05 missed the $0.09 analyst estimate by 42.86%, snapping a four-consecutive-quarter streak of EPS beats. The headline profit figure, however, obscured meaningful operational progress; GAAP net income came in at $11.42 million compared to a net loss of $9.35 million a year ago, supported by Medicare Advantage membership climbing 30.9% to roughly 284,800 and a medical benefits ratio that improved 25 basis points to 88.2%. Adjusted EBITDA nearly doubled to $37.85 million, up 87.6% from the prior-year period. Looking ahead, management raised the midpoint of all full-year 2026 guidance metrics, projecting revenue of $5.16 billion to $5.21 billion and adjusted EBITDA of $138 million to $163 million, signaling confidence in sustained growth as the company expands its technology-enabled care model beyond its California base.
- Medicare Advantage membership grew 30.9% year-over-year to approximately 284,800 members
- Medical benefits ratio improved 25 basis points year-over-year to 88.2%
- Adjusted EBITDA grew 87.6% year-over-year to $37.9 million
- Disciplined execution across sales, clinical operations and cost management
- Operating cash flow surged to $128.7 million from $16.6 million in Q1 2025
“Our first-quarter performance demonstrates that Alignment continues to grow with discipline. We expanded our profitability by executing across sales, clinical operations and cost management, even as the Medicare Advantage environment continues to change. We delivered strength within our results even while we are investing in our people, processes and technologies. The improvements we are making across each of these areas will position us to scale the business and achieve our embedded earnings potential.”
Alignment Healthcare CEO, on the earnings call
Forward Guidance & Outlook
Alignment Healthcare raised the midpoint of all full-year 2026 guidance metrics. For Q2 2026, the company expects health plan membership of 288,000–290,000, revenue of $1,295–$1,315 million, adjusted gross profit of $167–$177 million, and adjusted EBITDA of $50–$60 million. For full-year 2026, guidance calls for membership of 294,000–299,000, revenue of $5,160–$5,205 million, adjusted gross profit of $620–$650 million, and adjusted EBITDA of $138–$163 million.
ALHC YoY Financials
ALHC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.