Companies /Healthcare

Phreesia Inc

NYSE: PHR Health Information Services
$11.86
â–² $0.26 (+2.24%) today
Markets closed · 3:36am ET

Q2 2026 Earnings

Reported Sep 4, 2025, 4:06pm ET · SEC source
$0.01
Miss −94.81%
EPS · est. $0.19
$117.3M
Beat +0.75%
Revenue · est. $116.4M
−20.2%
Trailing market
PHR vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−5%0+5%Sep 4Sep 5report 4:06pm ETearnings−0.3%−4.6%
−5%0+5%Sep 4Sep 5earnings−0.3%−4.6%
PHR −4.6%S&P 500 −0.3%
−5%0+5%Sep 4Sep 5report 4:06pm ETearnings+0.1%−4.6%
−5%0+5%Sep 4Sep 5earnings+0.1%−4.6%
PHR −4.6%NASDAQ +0.1%
−8%0+8%Sep 3Sep 12report 4:06pm ETearnings+1.3%−12.0%
−8%0+8%Sep 3Sep 12earnings+1.3%−12.0%
PHR −12.0%S&P 500 +1.3%
−8%0+8%Sep 3Sep 12report 4:06pm ETearnings+1.9%−12.0%
−8%0+8%Sep 3Sep 12earnings+1.9%−12.0%
PHR −12.0%NASDAQ +1.9%
−9.87%
Day of report
−4.80%
Next session
−14.01%
One week
−16.78%
30 days

S&P 500 over the same 30 days: +3.38%.

Did PHR Beat Earnings? Q2 2026 Results

Phreesia delivered a mixed fiscal second quarter for 2026, posting revenue of $117.25 million, up 14.8% year-over-year and edging past the $116.38 million consensus by 0.75%, while earnings came in far short of expectations, with GAAP diluted EPS of $0.01 against a consensus of $0.19, a miss of 94.81%. The earnings shortfall, however, obscures a meaningful underlying shift: Phreesia swung to GAAP net income of $654,000 from a net loss of $18.01 million a year ago, driven by sharply improving operating leverage and a discrete deferred tax benefit. Adjusted EBITDA more than tripled to $22.13 million from $6.53 million in Q2 FY2025, reflecting disciplined cost controls including a $4.80 million reduction in sales and marketing expense. The quarter's headline strategic move was Phreesia's announced $160 million cash acquisition of AccessOne, a healthcare financing platform expected to add roughly $35 million in annualized revenue and expand the company's total addressable market by approximately $6 billion. Looking ahead, management raised its FY2026 Adjusted EBITDA guidance to $87 million to $92 million while maintaining its revenue outlook of $472 million to $482 million, with at least one analyst lifting their price target following the results.

Key Takeaways
  • 15% year-over-year total revenue growth driven by network solutions (25%), payment processing (12%) and subscription services (10%)
  • 7% year-over-year growth in AHSCs to 4,467
  • 7% year-over-year growth in total revenue per AHSC to $26,249
  • 14% increase in patient payment volume year-over-year to $1.25 billion
  • Operating leverage improvements across all expense categories, particularly sales and marketing expense declining $4.8 million year-over-year
  • Discrete deferred tax benefit contributed to achieving first GAAP net income positive quarter

“I am proud to share that Phreesia has had many noteworthy developments over the past quarter. In addition to delivering another solid set of financial results, including achieving our first-ever net income positive quarter, we have expanded our reach and capabilities, positioning us well for the future. I am also excited to share that we entered into a definitive agreement to acquire AccessOne, a market leader in providing financing solutions for healthcare receivables.”

Phreesia CEO, on the earnings call

Forward Guidance & Outlook

Phreesia maintained its FY2026 revenue outlook of $472 million to $482 million, excluding any contribution from the AccessOne acquisition or other potential future acquisitions. The company raised its Adjusted EBITDA outlook to $87 million–$92 million from the previous range of $85 million–$90 million, reflecting continued improvements in operating leverage. AHSCs are expected to reach approximately 4,500 in FY2026, and total revenue per AHSC is expected to increase from FY2025 levels. The AccessOne acquisition is expected to contribute approximately $35 million in annualized revenue and $11 million in annualized Adjusted EBITDA. Phreesia expects to update its FY2026 outlook following the close of the AccessOne acquisition.

PHR YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$40.0M$80.0M$120.0M$102.1M$117.3MRevenue$-787,974$-1,507,000Operating Income$321,171$654,000Net Income
$0$40.0M$80.0M$120.0MRevenueOperating IncomeNet Income

PHR Revenue by Segment

Subscription and Related Services$53.7M+10.0%
Payment Solutions$28.4M+12.0%
Network Solutions$35.2M+25.0%

Figures from SEC filings and company reports. Not investment advice.