ALHC earnings analysis
What we found in ALHC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Alignment Healthcare reported significant growth in Q1 2026 with revenues of $1,235.2 million, a 33.3% increase from $926.9 million in Q1 2025, alongside a net income of $11.4 million, reversing the prior year’s loss of $9.4 million. Their health plan membership increased by 30.9% to approximately 284,800 members, highlighting robust operational momentum and a growing market share.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenues increased by 33.3% to $1,235.2 million compared to $926.9 million in Q1 2025.
- Profitable Quarter
- Net income reached $11.4 million, a significant recovery from the loss of $9.4 million in the previous year.
- Increased Membership
- Health plan membership hit 284,800, representing a 30.9% growth year-over-year.
- Reduced Medical Benefits Ratio
- Medical benefits ratio improved to 88.2%, down from 88.4% a year earlier.
- Improved Operational Efficiency
- Selling, general and administrative expenses as a percentage of revenue decreased from 11.2% to 9.8%.
- Significant Cash Flow Net Increase
- Operating cash flow showed substantial growth to $128.7 million, up from $16.6 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating Loss Risk
- Potential for future operating losses due to continued investments in growth and technology development.
- Market Competitive Pressure
- Competition from large established players may hinder market share growth despite current successes.
- Regulatory Compliance Risk
- Dependency on compliance with state and federal regulations, which can impact operational flexibility.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.05
- Gross margin
- 11.4%
- Operating margin
- 1.3%
What they said about what is next.
Guidance raised for revenue to $1,295 - $1,315 million for 2026.
The filing reads better than the one before it.
What came before.
- 10-K · February 27, 2026
- Alignment Healthcare positions itself as a clinically driven Medicare Advantage plan that combines a proprietary platform (AVA) and an in‑house Care Anywhere clinical model to drive member growth and reduce medical…
- 10-Q · July 30, 2025
- Alignment Healthcare reported strong Q2 results with total revenues of $1,015,288,000 (Q2 2025) versus $681,286,000 in Q2 2024, a $334,002,000 (+49.0%) increase. The company turned to profitability on an operating and…
- 10-Q · August 1, 2024
- Alignment Healthcare reported strong Q2 top-line growth with total revenues of $681,286,000 (three months ended June 30, 2024), up $218,907,000 (47.3%) versus Q2 2023 revenue of $462,379,000. Gross profit was…
- 10-Q · May 2, 2024
- Alignment Healthcare reported strong top-line growth in Q1 2024 with total revenue of $628,601,000 (earned premiums $621,556,000), up $189,446,000 (+43.1%) versus Q1 2023. Despite revenue upside, the company recorded a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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