Q2 26 EPS
$0.17
MISS 16.05%
Est. $0.20
Q2 26 Revenue
$1.34B
BEAT +1.96%
Est. $1.31B
vs S&P Since Q2 26
-24.9%
TRAILING MARKET
ALHC -21.4% vs S&P +3.5%
Market Reaction
Did ALHC Beat Earnings? Q2 2026 Results
Alignment Healthcare posted a mixed second quarter for fiscal 2026, beating on revenue while falling short on the bottom line against Wall Street expectations. The Medicare Advantage insurer reported revenue of $1.34 billion, a 31.6% year-over-year i… Read more Alignment Healthcare posted a mixed second quarter for fiscal 2026, beating on revenue while falling short on the bottom line against Wall Street expectations. The Medicare Advantage insurer reported revenue of $1.34 billion, a 31.6% year-over-year increase that came in 1.96% above the $1.31 billion consensus estimate, driven by a 31.5% surge in health plan membership to approximately 294,100. Earnings per share of $0.17, however, missed the $0.20 consensus by 16.05%, even as GAAP net income more than doubled from $15.65 million to $36.56 million year over year. The standout operational story was an improved medical benefits ratio of 86.3%, down roughly 40 basis points from a year ago, reflecting tighter cost management relative to premium revenue. Adjusted EBITDA climbed 48.4% to $68.14 million, a figure that takes on added weight given an ongoing securities investigation into allegations that the company misclassified expenses to inflate that metric. Looking ahead, management raised full-year 2026 guidance midpoints, projecting revenue of $5.20 billion to $5.22 billion and adjusted EBITDA of $145 million to $163 million.
Key Takeaways
- • 31.5% year-over-year Medicare Advantage membership growth to approximately 294,100 members
- • Medical benefits ratio improvement of approximately 40 basis points year-over-year to 86.3%
- • Ongoing investments in clinical model, AI-enabled capabilities and operational infrastructure
- • Adjusted EBITDA grew 48.4% year-over-year to $68.1 million
- • Adjusted gross profit grew 35.3% year-over-year to $182.9 million
ALHC Forward Guidance & Outlook
The company raised the midpoint of all full-year 2026 guidance metrics. For Q3 2026: membership of 295,500–297,500, revenue of $1,300–$1,320 million, adjusted gross profit of $148–$158 million, and adjusted EBITDA of $20–$30 million. For full-year 2026: membership of 298,000–301,000, revenue of $5,195–$5,225 million, adjusted gross profit of $630–$650 million, and adjusted EBITDA of $145–$163 million.
ALHC YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
ALHC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our second quarter results underscore the strength of our purpose-built Medicare Advantage platform and place us in a strong position to deliver upon our full-year objectives.”
— John Kao, Q2 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.20 | $0.17 | -16.05% | $1.34B | +1.96% |
| 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% |