10-Q · May 8, 2026
Astrana Health, Inc. reported a strong Q1 2026 with total revenue of $965.1 million, a notable 56% increase year-over-year. Despite missing EPS estimates at $0.29 against expectations of $0.58, adjusted EBITDA rose…
Earnings analysis · 10-Q
ASTH earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Q2 reported revenue was $972.52 million and EPS was $0.40, with EPS below the provided $0.65 consensus estimate. The filing provides no gross-margin, operating-margin, cash-flow, free-cash-flow, or segment data in the…
Read full summary
Q2 reported revenue was $972.52 million and EPS was $0.40, with EPS below the provided $0.65 consensus estimate. The filing provides no gross-margin, operating-margin, cash-flow, free-cash-flow, or segment data in the extracted text, limiting assessment of operating trends. The most material filing concern is the continuing material weakness in business-combination accounting, which left disclosure controls ineffective as of June 30, 2026, alongside $948.3 million of term-loan and revolver borrowings.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.4
What stood out
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$972.5M Revenue; EPS Misses Estimate
Reported Q2 revenue was $972.52 million and reported EPS was $0.40. EPS was below the provided consensus estimate of $0.65, while revenue was modestly below the $984.45 million estimate.
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$83.1M Repurchase Capacity Remains
The company had $83.1 million remaining under its share-repurchase authorization as of June 30, 2026. No shares were repurchased under the announced program during the quarter.
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Debt Hedging Limits Rate Exposure
Astrana had $906.3 million of term-loan borrowings and $42.0 million drawn on its revolver at June 30, 2026. An interest-rate swap fixes the rate at 3.179% on the first $200.0 million of aggregate debt through the stated termination framework.
What to watch
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Unremediated Accounting Control Weakness
Management again identified disclosure controls as ineffective as of June 30, 2026 because the material weakness in accounting for business combinations, previously disclosed in the 2025 Form 10-K, had not been remediated. Prospect operations were also excluded from the internal-control assessment while evaluation continues.
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Meaningful Floating-Rate Debt Exposure
A hypothetical 1% change in interest rates would increase or decrease annual interest expense by $7.5 million based on current borrowings. The company had $906.3 million of term loans and $42.0 million of revolver borrowings outstanding at June 30, 2026.
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Legal and Regulatory Uncertainty
The company states that there have been no material changes in risk factors from the 2025 Form 10-K, but notes that legal proceedings remain inherently uncertain and that a particular matter or combination of matters could be material for a period.
Management's outlook
The extracted 10-Q text does not provide quantitative revenue or EPS guidance. No filing-based guidance change can be determined.
Earlier filings 4
10-K · March 12, 2026
Astrana completed the strategic Prospect acquisition on July 1, 2025 for a purchase price of $674.9 million and now operates an integrated, physician-centric platform across three reportable segments (Care Partners,…
10-Q · November 10, 2025
Astrana reported Q3 revenue of $956,048,000, up 99.7% year-over-year from $478,710,000, driven by capitation (Q3 capitation $863,380,000 vs $431,401,000). Profitability deteriorated: income from operations fell to…
10-Q · August 7, 2025
Astrana reported strong top-line growth in Q2 with total revenue of $654,808,000 versus $486,265,000 in Q2 2024 (up $168,543,000 or ~34.7%), driven primarily by capitation revenue. Profitability and EPS weakened:…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.