Phreesia Inc
Q3 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.77%.
Did PHR Beat Earnings? Q3 2026 Results
Phreesia posted a mixed fiscal third quarter for the period ended October 31, 2025, beating its revenue target while falling well short on the bottom line. The healthcare technology company reported revenue of $120.33 million, up 12.7% year-over-year and just ahead of the $120.03 million consensus, but earnings per share of $0.07 missed the $0.24 estimate by 71.31%, weighed in part by integration costs and the timing of its $160 million AccessOne acquisition, which closed November 12. The company did swing to GAAP net income of $4.27 million from a net loss of $14.40 million a year ago, and adjusted EBITDA nearly tripled to $29.15 million, reflecting meaningful operating leverage. Analysts maintaining buy ratings noted both companies in the healthcare technology space looked oversold relative to their growth profiles. Looking ahead, Phreesia raised and narrowed its FY2026 revenue guidance to $479 to $481 million and significantly lifted its adjusted EBITDA outlook to $99 to $101 million, while introducing FY2027 revenue guidance of $545 to $559 million, representing 14% to 16% growth.
- 13% year-over-year total revenue growth driven by all three revenue streams
- 7% growth in average healthcare services clients (AHSCs) to 4,520
- 6% increase in total revenue per AHSC to $26,622
- Strong operating leverage with sales and marketing expense declining $5.9 million year-over-year
- Patient payment volume increased 9% to $1.181 billion
- Payment facilitator volume percentage increased to 85% from 81% year-over-year
- Adjusted EBITDA nearly tripled to $29.1 million from $9.8 million year-over-year
“I am very proud of our team's strong execution in the fiscal third quarter, which is reflected throughout this letter from our revenue and profit results to product updates and client stories.”
Phreesia CEO, on the earnings call
Forward Guidance & Outlook
For FY2026, Phreesia updated its revenue outlook to $479-$481 million (from $472-$482 million), including approximately $7.5 million from AccessOne between the November 12 closing and January 31, 2026. FY2026 Adjusted EBITDA guidance was raised to $99-$101 million (from $87-$92 million), including AccessOne contributions and reflecting continued operating leverage improvements. AHSCs are expected to be approximately 4,515 for FY2026 (from ~4,500). For FY2027, the company introduced revenue guidance of $545-$559 million (14-16% growth), with AccessOne expected to represent approximately 6.5% of total revenue. FY2027 Adjusted EBITDA is expected to be $125-$135 million. AHSCs and total revenue per AHSC are expected to grow in the mid-single-digit and low-double-digit percent ranges, respectively, in FY2027.
PHR YoY Financials
PHR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.