ASTH earnings analysis
What we found in ASTH'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- $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.
- $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.
- 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.
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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.4
What they said about what is next.
The extracted 10-Q text does not provide quantitative revenue or EPS guidance. No filing-based guidance change can be determined.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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