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🏢 官网IRAGLCodex · 实盘可交易 · 做多市场:美股▼ 亏 -10.14% · 已结算把握 5/10
北京时间·🕒 发布 04:05:00(美东 08-05 16:05)·⟳ 抓取 04:10:47·⚡ 决策 08-06 04:21:39 +10m52s·82.6 天前

agilon health二季度扭亏并大幅上调2026年收入、医疗利润率和调整后EBITDA指引

AGL二季度收入14.95亿美元同比增长7%,净利润1800万美元、调整后EBITDA 7000万美元,较去年同期大幅扭亏。

📄 原文AGL↗ 原文
agilon health Reports Second Quarter 2026 Results
Revenue increase 7% to $1.49 billion Raises Full-Year 2026 Total Revenues, Medical Margin, and Adjusted EBITDA Guidance…
▲ 做多agilon healthAGL.US🇺🇸小仓
▼ 亏 -10.14%入场 08-05 盘后首笔 @111.55 → 离场 08-06 常规开盘 @100.59
80.00100.00120.00111.55做多 08-05离场 08-0607-1509-18
日 K 取自复盘打分切片 · 蓝点/蓝虚线 = 纸面入场价 · 灰虚线 = 纸面离场 · 持有期红底 = 赚(价格在入场线上方)、绿底 = 亏
💡 交易逻辑业绩扭亏且上修EBITDA,限价博转身确认
怎么买 限价买入 不高于 112.64、仅下一个交易日,不成交作废
怎么卖 止盈 +7%(半仓)/+14%(清仓) · 止损 -7% · 时间止损 3日
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

分时走势

做多 AGL.US agilon health

建仓日早于近 30 天,只有日线图

成交明细 · 纸面

做多 AGL.US agilon health

收益状态-10.14% 已平仓
进场成交2026-08-05 · 盘后首笔 · 08-06 04:08 北京 · @111.549 · 成交 45%
离场成交2026-08-06 · 常规开盘 · @100.59
毛收益-9.82%
成本+0.31%
净收益-10.14%
计入收益-4.55%
建仓日2026-08-05 · 进场不早于新闻时刻 + 2 分钟

收益口径 event_time_plus_2min_10min_walk_open_topup_to_next_open_exchange_calendar_fill_model_local_notional_v9 · method_id m8db1cbc8f2d · 截至 2026-10-27 19:49

研究档案

🔎 新鲜度:最早出现 2026-08-05 · 扩散 low · price-in 风险 medium ↗

消息传播链

  1. 2026-08-05 16:05 ET首发agilon health公司IR/Business Wire一手源原文 ↗
    公司正式披露Q2 2026财报并上调全年收入、医疗利润率和调整后EBITDA指引。
    市场反应:发布发生在美股收盘后,行情工具未返回可靠盘后成交价。
  2. 2026-08-05 15:53 ET市场反应stock_quote/alpaca+futu非一手
    公告前常规交易时段AGL已涨约13.8%,日内最高114.32美元、收盘约107.85美元,提示市场已有明显预期或抢跑。
    市场反应:AGL.US当日+13.79%,量比约3.3倍。

关键理由

  • AGL二季度收入14.95亿美元同比增长7%,净利润1800万美元、调整后EBITDA 7000万美元,较去年同期大幅扭亏。
  • 公司将2026年调整后EBITDA指引从1000万-4000万美元上调至7500万-9500万美元,中点增量约6000万美元,约占当前18.0亿美元市值的3.3%。
  • 高相似先例显示小市值医保/价值医疗公司在扭亏并上修指引后常有强次日反应,但AGL公告前已涨13.8%,剩余edge只适合限价小仓。

主要风险

  • AGL在财报发布前常规交易时段已上涨约13.8%且量比3.3倍,存在消息提前交易或高开回落风险。
  • 会员数同比下降10%,三季度调整后EBITDA指引仅为-500万至500万美元,且Q2部分医疗利润率改善来自一季度和以前年度索赔发展,持续性仍需电话会确认。
  • 高相似先例不足3条,且未能用event_study逐条量化真实超额收益,先例只能支持方向和收紧买点,不能支持追高重仓。

反向证据

  • 做多前查反向 · 来源 kb_search · 日期 2026-05-13 · 影响 weakens
    KB旧研报提示AGL核心风险仍是医疗成本波动、利用率和上游医保计划利润率,当前Q2改善不能完全证明风险消失。
    检索:agilon health payer contract exits Medicare Advantage medical costs risk adjustment 2026 bearish 原文 ↗
  • 做多前查反向 · 来源 kb_search · 日期 2026-08-05 · 影响 weakens
    未发现足以否定本次指引上修的近期反向证据,但财报文本显示会员数同比下降10%、Q3 EBITDA指引弱于Q2。
    检索:agilon health Q2 2026 results raises guidance consensus expectations negative risk medical cost trends 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例没有改变做多方向,但因高相似样本不足3条且当前已抢跑,压低confidence、维持small,并把入场从追开盘改为112.64美元限价。

方向:高相似样本虽少但方向偏正:AGL Q1和ALHC Q2都显示医保小盘在扭亏/盈利超预期并上修指引后会被快速正向重定价。

涨幅量级:高相似公开报道给出的首日反应约+18%至+28%,但当前AGL公告前已涨13.8%,剩余可追空间应按低个位数至十来个百分点处理。

形态:先例共同特征是盘后利好次日容易跳空;CLOV Q2和AGL Q3反例说明只要医疗成本率或风险调整质量存疑,利好会被削弱甚至反转。

历史先例(按相似度)

  • 相似度 9/10 AGL 2026-05-06 AGL Q1 2026收入和利润超预期,并首次上调2026年三项核心指引。 原文 ↗
    事件后 +1日 +117.8% · +2日 +94.7% · +3日 +114.0% · +4日 +149.7% · +5日 +158.6%
    相似度依据:同一公司、同样是盘后财报超预期并上调全年收入/医疗利润率/调整后EBITDA指引。
    经验:同一公司Q1上修后股价次日大幅跳升,说明AGL在扭亏叙事被验证时弹性很强,但追高风险也同步放大。
  • 相似度 8/10 ALHC 2025-07-30 Alignment Healthcare Q2 2025收入10亿美元、意外盈利并上调全年会员、收入、毛利和调整后EBITDA展望。 原文 ↗
    事件后 +1日 +6.0% · +2日 -0.2% · +3日 +5.1% · +4日 +3.1% · +5日 +5.5%
    ⚠锚前1-2日已异动10.4%>锚定日6.0% — 该行涨幅别用来定止盈止损
    相似度依据:同为美股Medicare Advantage小中盘,Q2盈利超预期并上调全年关键指标,机制与当前非常接近。
    经验:同行在Q2利润转正且上调全年展望后盘后大涨,市场愿意为医保成本可控和盈利拐点快速重定价。
  • 相似度 7/10 ALHC 2026-04-30 Alignment Healthcare Q1 2026收入同比+33.3%、调整后EBITDA同比+87.6%,并上调全年会员、收入、调整后毛利和EBITDA中点。 原文 ↗
    事件后 +1日 -10.1% · +2日 -14.6% · +3日 -18.8% · +4日 -19.5% · +5日 -19.0%
    相似度依据:同业Q1业绩强、调整后EBITDA同比大增并上调全年全部指标中点,但公司成长性更顺、相位略不同。
    经验:同业在收入增长和利润率同时改善时仍能获得正向定价,但它更像高质量成长确认,不完全等同AGL修复弹性。
  • 相似度 6/10 PRVA 2025-08-07 Privia Health Q2 2025强劲并将全年Practice Collections、GAAP收入、Platform Contribution和调整后EBITDA指引升至原区间上方。 原文 ↗
    事件后 +1日 -1.4% · +2日 +4.0% · +3日 +2.7% · +4日 +4.7% · +5日 +6.3%
    相似度依据:同为医生赋能/价值医疗公司,Q2经营指标强并上调全年多项指标,但PRVA盈利波动和医保风险敞口低于AGL。
    经验:价值医疗公司上调全年平台贡献和EBITDA时方向偏正,但非医保承保风险模型的涨幅通常不能直接套到AGL。
  • 相似度 6/10 CLOV 2025-05-06 Clover Health Q1 2025收入同比+33.3%、调整后EBITDA同比大增,并将2025调整后EBITDA和调整后净利润指引低端上调。 原文 ↗
    事件后 +1日 +12.5% · +2日 +11.9% · +3日 +4.8% · +4日 +3.6% · +5日 +1.5%
    相似度依据:同为小市值Medicare Advantage公司,Q1业绩改善并上调全年调整后EBITDA/调整后净利润区间低端,但上修幅度小于AGL本次。
    经验:医保小盘股只要成本控制与盈利路径改善,方向偏正;但若指引只是小幅修正,涨幅持续性会明显弱于大幅扭亏。
  • 相似度 5/10 AGL 2024-11-07 AGL Q3 2024因风险调整、Part D和医疗成本问题大幅下调医疗利润率及调整后EBITDA指引。 原文 ↗
    事件后 +1日 -34.0% · +2日 -22.6% · +3日 -33.0% · +4日 -32.6% · +5日 -38.7%
    相似度依据:同一公司同类财报/指引事件,但方向相反,作为AGL对医疗成本和风险调整变量高度敏感的反例。
    经验:AGL对风险调整和医疗成本假设非常敏感,一旦索赔发展或成本趋势反向,股价会快速重估,当前多头必须把电话会证伪放在价格止损之前。
  • 相似度 5/10 PRVA 2025-08-29 Privia因2024年MSSP共享节省2.331亿美元将全年调整后EBITDA指引上调至1.13亿-1.16亿美元。 原文 ↗
    事件后 +1日 +5.6% · +2日 +6.3% · +3日 +6.2% · +4日 +6.0% · +5日 +6.7%
    ⚠盘中首发但只有日线,混入首发前走势 — 该行涨幅别用来定止盈止损
    相似度依据:同为价值医疗盈利展望上修,但触发点是MSSP共享节省而非季度财报,机制较当前弱。
    经验:中途上调EBITDA展望也能带来约6%的盘中反应,但增量较小和非财报窗口限制了持续性。
  • 相似度 5/10 CLOV 2025-08-05 Clover Health Q2 2025会员和收入增长、更新全年指引,但Insurance BER上修且调整后EBITDA同比下降。 原文 ↗
    事件后 +1日 -20.7% · +2日 -22.5% · +3日 -23.5% · +4日 -13.3% · +5日 -12.3%
    相似度依据:同业Q2会员和收入强、部分费用指引改善,但医疗成本率和调整后EBITDA同比恶化,正负结构与AGL本次不同。
    经验:医保公司即使上调会员或费用指标,若医疗成本率恶化,市场容易削弱或反转利好反应。
工具调用 · 历史记录,结果未知(3 种)
  • search_processed_events · 结果未知
  • stock_quote · 结果未知
  • kb_search · 结果未知

原文全文

展开原文 · 27,678 字
Revenue increase 7% to $1.49 billion
Raises Full-Year 2026 Total Revenues, Medical Margin, and Adjusted EBITDA Guidance
WESTERVILLE, Ohio--(BUSINESS WIRE)--
agilon health, inc. (NYSE: AGL), the trusted partner empowering physicians to transform health care in our communities, today announced results for the second quarter ended June 30, 2026. In addition, the company increased full-year 2026 guidance for total revenues, medical margin, and Adjusted EBITDA.
“Our second quarter results exceeded our expectations, demonstrating meaningful progress across agilon's strategic initiatives and reinforcing our confidence in the strength of our Total Care Model,” said Tim O’Rourke, Chief Executive Officer of agilon health. “We are raising our full-year 2026 outlook which reflects stronger burden of illness execution, favorable medical cost trends, and continued operating discipline. As I have engaged with our physician partners, payors, and the agilon team, I am even more convinced about the strength and long-term growth potential of the agilon model and its positioning at the center of where value-based care is going.”
Second Quarter 2026 Results:
Total members on the agilon platform decreased to 549,000 as of June 30, 2026, including 437,000 Medicare Advantage members and 112,000 ACO model beneficiaries. Year-over-year changes to membership primarily reflect a disciplined approach to contracting focused on profitability, previously disclosed market exits, and a measured approach to growth.
Total revenue of $1.49 billion in the second quarter 2026 increased 7% compared to $1.39 billion in the second quarter 2025. Revenue was favorable due to higher than expected burden of illness performance, payor contracting, and improved pricing partially offset by lower year-over-year membership.
Gross profit was $107 million in the second quarter 2026 compared to gross loss of $52 million in the second quarter 2025. Net income was $18 million in the second quarter 2026 compared to net loss of $104 million in the second quarter 2025.
Medical margin was $197 million during the second quarter 2026, compared to negative $53 million in the second quarter 2025. Medical margin includes favorable first quarter 2026 and prior year claims development.
Adjusted EBITDA was $70 million in the second quarter 2026 compared to negative $83 million in the second quarter 2025.
Key Financial and Operating Metrics ($M):
(Second Quarter 2026 vs. 2025)
Three Months
Ended June 30,
Change
2026
2025
% YoY
Medicare Advantage Members
1
437,000
498,000
(12%)
ACO Model Members
1,2
112,000
116,000
(3%)
Total Members Live on Platform
1,2
549,000
614,000
(10%)
Avg. Medicare Advantage Members
447,000
498,000
(10%)
Total Revenues
$1,495
$1,395
7%
Gross Profit (Loss)
$107
$(52)
NM
Medical Margin
$197
$(53)
NM
Net Income (Loss)
$18
$(104)
NM
Adjusted EBITDA
3
$70
$(83)
NM
Geography Entry Costs
$4
$5
(20%)
Membership metrics reflect end of period results.
agilon’s ACO model entities are not included within its consolidated financial results.
agilon’s ACO model entities contributed $7 million and $10 million to Adjusted EBITDA during the second quarter 2026 and second quarter 2025, respectively.
Capital Position and Balance Sheet
agilon health’s balance sheet as of June 30, 2026 included cash, cash equivalents and marketable securities of $257 million and total debt of $32 million. At the end of the quarter, agilon health had $83 million of cash associated with the Company’s unconsolidated ACO model entities.
Third Quarter and Revised Fiscal Year 2026 Guidance and Assumptions
Guidance for Fiscal Year 2026 ($M):
Year Ended December 31, 2026
Updated Guidance
Previous Guidance as of First Quarter 2026
Low
High
Low
High
Medicare Advantage Members
1
435,000
445,000
425,000
435,000
ACO REACH Members
1,2
100,000
105,000
100,000
105,000
Total Members Live on Platform
1
535,000
550,000
525,000
540,000
Avg. Medicare Advantage Members
438,000
443,000
430,000
437,000
Total Revenues
$5,775
$5,860
$5,680
$5,805
Medical Margin
$465
$505
$350
$400
Adjusted EBITDA
3
$75
$95
$10
$40
Geography Entry Costs
4
$15
$15
$15
$15
Membership reflects management’s outlook for end of period.
agilon’s partnered ACO model entities are not consolidated within its financial results.
Adjusted EBITDA contribution from ACO model entities is expected to be approximately $25-$30 million for fiscal year 2026.
Geography Entry Costs represent the corresponding expense included in the low-end and high-end of management’s outlook for Adjusted EBITDA.
Guidance for Third Quarter 2026 ($M):
Quarter Ended
September 30, 2026
Low
High
Medicare Advantage Members
1
433,000
443,000
ACO REACH Members
1,2
106,000
109,000
Total Members Live on Platform
1
539,000
552,000
Avg. Medicare Advantage Members
445,000
455,000
Total Revenues
$1,445
$1,475
Medical Margin
$105
$115
Adjusted EBITDA
($5)
$5
Geography Entry Costs
3
$6
$6
Membership reflects management’s outlook for end of period.
agilon’s partnered ACO model entities are not consolidated within its financial results.
Geography Entry Costs represent the corresponding expense included in the low-end and high-end of management’s outlook for Adjusted EBITDA.
Full-year revised guidance reflects:
Second quarter 2026 performance;
An expected increase year-over-year in member risk scores of 3% net of v28; and
Estimated cost trends in the low 7% range for the remainder of the year.
The Company has not reconciled guidance for medical margin to gross profit (loss) or Adjusted EBITDA to net income (loss), the most comparable GAAP measures, and has not provided forward-looking guidance for gross profit (loss) or net income (loss) in each case because of the uncertainty around certain items that may impact gross profit (loss) or net income (loss), including non-cash stock-based compensation, which cannot be predicted without unreasonable effort.
Webcast and Conference Call
agilon health will host a conference call to discuss second quarter 2026 results on Wednesday, August 5, 2026, at 4:30 PM Eastern Time. The conference call can be accessed by dialing (833) 439-1904 for U.S. participants and +1 (585) 542-9983 for international participants and referencing participant code 372460207. A simultaneous listen-only, live webcast can be accessed by visiting the “Events & Presentations” section of agilon’s Investor Relations website at
https://investors.agilonhealth.com
. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.
About agilon health
agilon health is the trusted partner empowering physicians to transform health care in our communities. Through our partnerships and purpose-built platform, agilon is accelerating at scale how physician groups and health systems transition to a value-based Total Care Model for their senior patients. agilon provides the technology, people, capital, process, and access to a peer network of approximately 2,300 primary care physicians (PCPs) that allow its physician partners to maintain their independence and focus on the total health of their most vulnerable patients. Together, agilon and its physician partners are creating the healthcare system we need – one built on the value of care, not the volume of fees. The result: healthier communities and empowered doctors. agilon is the trusted partner in approximately 30 communities and is here to help more of our nation's leading physician groups and health systems have a sustained, thriving future. For more information visit
www.agilonhealth.com
and connect with us on
LinkedIn
.
Forward-Looking Statements
Statements in this release that are not historical factual statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of words such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “plans,” “estimates,” “anticipates” or the negative versions of these words or other comparable terms. Examples of forward-looking statements include, among other things: statements regarding our expectations related to our strategic plan and its benefits, our growth trajectory, expected revenue, medical costs, net income and gross profit, total and average membership, Adjusted EBITDA, Medical Margin, geography entry costs and other financial projections and assumptions, including our third quarter of fiscal year 2026 and full-year 2026 guidance. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control. These risks and uncertainties that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, but are not limited to: our history of net losses and the expectation that our expenses will increase in the future; failure to identify and develop successful new geographies, physician partners and payors, or execute upon our growth initiatives; success in executing our operating strategies or achieving results consistent with our historical performance; medical expenses incurred on behalf of our members may exceed revenues we receive; our ability to maintain and secure additional contracts with Medicare Advantage payors on favorable terms, if at all; our ability to grow new physician partner relationships sufficient to recover startup costs; availability of additional capital, on acceptable terms or at all, to support our business in the future; significant reduction in our membership; transition to a Total Care Model may be challenging for physician partners; inaccuracy in estimates of our members’ risk adjustment factors, medical services expense, incurred but not reported claims, and earnings pursuant to payor contracts; public health crises, such as pandemics or epidemics, could adversely affect us; the impact of restrictive clauses or exclusivity provisions in some of our contracts with physician partners; our ability to hire and retain qualified personnel; our ability to realize the full value of our intangible assets; security breaches, cybersecurity attacks, loss of data and other disruptions to our information systems; our ability to protect the confidentiality of our know-how and other proprietary and internally developed information; our reliance on our subsidiaries to perform and fund their operations; our use of algorithms, artificial intelligence and machine learning in our business and challenges with properly managing the development and use of these technologies; our reliance on a limited number of key payors; the limited terms of contracts with our payors and our ability to renew them upon expiration; our ability to navigate the changing healthcare payor market; our reliance on our payors, physician partners and other providers to operate our business; our ability to obtain accurate and complete diagnosis data; our reliance on third-party software, data, infrastructure and bandwidth; consolidation and competition in the healthcare industry; the impact of changes to, and dependence on, federal government healthcare programs; uncertain or adverse economic and macroeconomic conditions, including a downturn or decrease in government expenditures; regulation of the healthcare industry and our and our physician partners’ ability to comply with such laws and regulations; federal and state investigations, audits and enforcement actions; repayment obligations arising out of payor audits; negative publicity regarding the managed healthcare industry generally; our use, disclosure and processing of personally identifiable information, protected health information, and de-identified data; failure to obtain or maintain an insurance license, a certificate of authority or an equivalent authorization; changes in tax laws and regulations, or changes in related judgments or assumptions; our indebtedness and our potential to incur more debt; our dependence on our subsidiaries for cash to fund all of our operations and expenses; provisions in our governing documents; our ability to achieve a return on investment depends on appreciation in the price of our common stock; lawsuits not covered by insurance and securities class action litigation; sustainability issues; our stock price may be volatile; non-compliance with the New York Stock Exchange could result in a delisting of our securities; risks related to management transitions, including the transition of our new Chief Executive Officer, and our ability to effectively manage leadership changes; and risks related to other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”), including the factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which can be found at the SEC’s website at
www.sec.gov
. Additionally, ongoing implementation of performance initiatives, leadership changes, and dynamic market conditions create additional uncertainty regarding our future operating and financial performance. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.
agilon health, inc.
Condensed Consolidated Balance Sheets
In thousands, except per share data
June 30,
2026
December 31,
2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
107,184
$
173,713
Restricted cash and equivalents
71,627
—
Marketable securities
78,443
111,429
Receivables, net
1,059,786
673,793
Prepaid expenses and other current assets, net
101,494
137,762
Total current assets
1,418,534
1,096,697
Property, equipment, and capitalized software, net
24,513
25,417
Intangible assets, net
60,132
65,725
Other assets
88,157
83,451
Total assets
$
1,591,336
$
1,271,290
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Medical claims and related payables
$
1,022,506
$
929,770
Accounts payable and accrued expenses
274,928
127,477
Current debt
14,915
19,238
Total current liabilities
1,312,349
1,076,485
Long-term debt
15,377
15,750
Other liabilities
36,083
52,321
Total liabilities
1,363,809
1,144,556
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.01 par value: 2,000,000 shares authorized; 16,785 and 16,589 shares issued and outstanding, respectively
168
166
Additional paid-in capital
2,138,657
2,103,976
Accumulated deficit
(1,911,452
)
(1,978,324
)
Accumulated other comprehensive income (loss)
154
916
Total stockholders’ equity (deficit)
227,527
126,734
Total liabilities and stockholders’ equity (deficit)
$
1,591,336
$
1,271,290
agilon health, inc.
Condensed Consolidated Statements of Operations
In thousands, except per share data
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenues:
Medical services revenue
$
1,492,921
$
1,392,039
$
2,911,470
$
2,921,918
Other operating revenue
1,822
2,943
3,733
5,846
Total revenues
1,494,743
1,394,982
2,915,203
2,927,764
Expenses:
Medical services expense
1,296,235
1,445,245
2,565,863
2,847,112
Other medical expenses
91,369
2,164
177,186
82,357
General and administrative
88,505
56,281
142,736
122,237
Depreciation and amortization
6,864
7,319
13,651
14,195
Total expenses
1,482,973
1,511,009
2,899,436
3,065,901
Income (loss) from operations
11,770
(116,027
)
15,767
(138,137
)
Other income (expense):
Income (loss) from equity method investments
(7,596
)
5,412
4,137
18,084
Other income (expense), net
15,015
7,879
31,040
17,140
Interest expense
(1,608
)
(1,572
)
(3,419
)
(3,087
)
Income (loss) before income taxes
17,581
(104,308
)
47,525
(106,000
)
Income tax benefit (expense)
375
(62
)
347
(258
)
Income (loss) from continuing operations
17,956
(104,370
)
47,872
(106,258
)
Discontinued operations:
Adjustments on sale of assets, net
—
—
19,000
14,000
Net income (loss)
$
17,956
$
(104,370
)
$
66,872
$
(92,258
)
Basic earnings per common share:
Continuing operations
$
1.07
$
(6.31
)
$
2.88
$
(6.43
)
Discontinued operations
—
—
1.14
0.85
Net income (loss)
$
1.07
$
(6.31
)
$
4.02
$
(5.58
)
Diluted earnings per common share:
Continuing operations
$
1.04
$
(6.31
)
$
2.84
$
(6.43
)
Discontinued operations
—
—
1.12
0.85
Net income (loss)
$
1.04
$
(6.31
)
$
3.96
$
(5.58
)
Weighted average shares outstanding
Basic
16,705
16,553
16,653
16,535
Diluted
17,213
16,553
16,884
16,535
agilon health, inc.
Condensed Consolidated Statements of Cash Flows
In thousands
(unaudited)
Six Months Ended June 30,
2026
2025
Cash flows from operating activities:
Net income (loss)
$
66,872
$
(92,258
)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization
13,651
14,195
Stock-based compensation expense
30,087
32,101
Loss (income) from equity method investments
(4,137
)
(18,084
)
Adjustments on sale of assets, net
(19,000
)
(14,000
)
Other, net
1,377
(3,107
)
Changes in operating assets and liabilities
(122,419
)
14,081
Net cash provided by (used in) operating activities
(33,569
)
(67,072
)
Cash flows from investing activities:
Purchases of property, equipment, and capitalized software
(6,548
)
(7,099
)
Purchase of intangible assets
(885
)
(9,717
)
Investment in loans receivable and other
—
(1,000
)
Investments in marketable securities
—
(60,154
)
Proceeds from maturities of marketable securities and other
46,616
125,339
Net cash provided by (used in) investing activities
39,183
47,369
Cash flows from financing activities:
Proceeds from (payments for) equity issuances, net
4,596
(2,741
)
Debt issuance costs
(1,612
)
—
Repayments of long-term debt
(3,500
)
—
Net cash provided by (used in) financing activities
(516
)
(2,741
)
Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents
5,098
(22,444
)
Cash, cash equivalents and restricted cash and equivalents, beginning of period
173,713
193,860
Cash, cash equivalents and restricted cash and equivalents, end of period
$
178,811
$
171,416
agilon health, inc.
Key Operating Metrics
In thousands
(unaudited)
GROSS PROFIT (LOSS)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Total revenues
$
1,494,743
$
1,394,982
$
2,915,203
$
2,927,764
Medical services expense
(1,296,235
)
(1,445,245
)
(2,565,863
)
(2,847,112
)
Other medical expenses
(1)
(91,369
)
(2,164
)
(177,186
)
(82,357
)
Gross profit (loss)
$
107,139
$
(52,427
)
$
172,154
$
(1,705
)
(1)
Represents physician incentive expense related to surplus sharing and other care management expenses that help to create medical cost efficiency. Includes costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets. For the three months ended June 30, 2026 and 2025, costs incurred in implementing geographies were $0.7 million and $0.2 million, respectively. For the six months ended June 30, 2026 and 2025, costs incurred in implementing geographies were $1.3 million and $(1.0) million, respectively.
GENERAL AND ADMINISTRATIVE COSTS, INCLUDING PLATFORM SUPPORT COSTS
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Platform support costs
$
42,733
$
37,423
$
80,348
$
81,661
Geography entry costs
(1)
2,880
4,248
4,539
10,810
Severance and related costs
7,637
119
13,751
644
Stock-based compensation expense
23,832
15,381
30,087
32,101
Other
(2)
11,423
(890
)
14,011
(2,979
)
General and administrative
$
88,505
$
56,281
$
142,736
$
122,237
(1)
Represents direct geography entry costs, including investments to develop and expand our platform and costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets.
(2)
Includes transaction-related costs.
Our platform support costs, which include regionally-based support personnel and other operating costs to support our geographies, are expected to decrease over time as a percentage of revenue as our physician partners add members and our revenue grows. Our operating expenses at the enterprise level include resources and technology to support payor contracting, clinical program development, quality, data management, finance, and legal and compliance functions.
agilon health, inc.
Non-GAAP Financial Measures
In thousands
(unaudited)
MEDICAL MARGIN
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Gross profit (loss)
(1)
$
107,139
$
(52,427
)
$
172,154
$
(1,705
)
Other operating revenue
(1,822
)
(2,943
)
(3,733
)
(5,846
)
Other medical expenses
91,369
2,164
177,186
82,357
Medical margin
$
196,686
$
(53,206
)
$
345,607
$
74,806
(1)
Gross profit (loss) is defined as total revenues less medical services expense and other medical expenses.
ADJUSTED EBITDA
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net income (loss)
(1)
$
17,956
$
(104,370
)
$
66,872
$
(92,258
)
(Income) loss from discontinued operations, net of income taxes
—
—
(19,000
)
(14,000
)
Interest expense
1,608
1,572
3,419
3,087
Income tax expense (benefit)
(375
)
62
(347
)
258
Depreciation and amortization
6,864
7,319
13,651
14,195
Severance and related costs
7,637
119
13,751
644
Stock-based compensation expense
23,832
15,381
30,087
32,101
EBITDA adjustments related to equity method investments
(2)
14,783
4,366
29,666
11,209
Other
(3)
(2,734
)
(7,782
)
(14,689
)
(18,002
)
Adjusted EBITDA
$
69,571
$
(83,333
)
$
123,410
$
(62,766
)
(1)
Includes direct geography entry costs, including investments to develop and expand our platform and costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets. For the three months ended June 30, 2026 and 2025, (i) $0.7 million and $0.2 million, respectively, are included in other medical expenses and (ii) $2.9 million and $4.2 million, respectively, are included in general and administrative expenses. For the six months ended June 30, 2026 and 2025, (i) $1.3 million and $(1.0) million, respectively, are included in other medical expenses and (ii) $4.6 million and $10.8 million, respectively, are included in general and administrative expenses.
(2)
Includes elimination of certain administrative services provided by agilon health, inc. to equity method investments.
(3)
Includes interest income, transaction-related costs and elimination of certain administrative charges by agilon health, inc. for trademark licensing fees and other service arrangements to its equity method investees.
agilon health, inc.
Supplemental Financial Information
In thousands
(unaudited)
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2026
Medicare Advantage (Consolidated)
CMS ACO Models (Unconsolidated)
Medicare Advantage (Consolidated)
CMS ACO Models (Unconsolidated)
Medical services revenue
$
1,492,921
$
379,268
$
2,911,470
$
819,113
Other operating revenue
1,822
—
3,733
—
Total revenues
1,494,743
379,268
2,915,203
819,113
Medical services expense
(1,296,235
)
(352,441
)
(2,565,863
)
(720,139
)
Other medical expenses
(91,369
)
(14,525
)
(177,186
)
(54,609
)
Gross profit (loss)
107,139
12,302
172,154
44,365
Other operating revenue
(1,822
)
—
(3,733
)
—
Other medical expenses
91,369
14,525
177,186
54,609
Medical margin
$
196,686
$
26,827
$
345,607
$
98,974
Certain of our operations are not consolidated for the period presented because we do not have the ability to control certain activities due to another party’s control of the entities’ board of directors. Although revenues of the unconsolidated operations are not recorded as revenues by us, income (loss) from equity method investments is nonetheless a significant portion of our overall earnings. See Note 12 to the Condensed Consolidated Financial Statements in the Quarterly Report on Form 10-Q for the period ended June 30, 2026 for additional discussion on our equity method investments.
In addition to providing results that are determined in accordance with GAAP, we present Medical Margin and Adjusted EBITDA, which are non-GAAP financial measures.
We define Medical Margin as medical services revenue after medical services expense is deducted. Medical services expense represents costs incurred for medical services provided to our members. As our platform matures over time, we expect Medical Margin to increase in absolute dollars. However, Medical Margin per member per month (PMPM) may vary as the percentage of new members brought onto our platform fluctuates. New membership added to the platform is typically dilutive to Medical Margin PMPM. We believe this metric provides insight into the economics of our capitation arrangements as it includes all medical services expense directly associated with our members’ care.
We define Adjusted EBITDA as net income (loss) adjusted to exclude: (i) income (loss) from discontinued operations, net of income taxes, (ii) interest expense, (iii) income tax expense (benefit), (iv) depreciation and amortization, (v) stock-based compensation expense, (vi) severance and related costs, and (vii) certain other items that are not considered by us in the evaluation of ongoing operating performance. We reflect our share of Adjusted EBITDA for equity method investments by applying our actual ownership percentage for the period to the applicable reconciling items on an entity-by-entity basis.
Gross profit (loss) is the most directly comparable GAAP measure to Medical Margin. Net income (loss) is the most directly comparable GAAP measure to Adjusted EBITDA.
We believe Medical Margin and Adjusted EBITDA help identify underlying trends in our business and facilitate evaluation of period-to-period operating performance of our operations by eliminating items that are variable in nature and not considered by us in the evaluation of ongoing operating performance, allowing comparison of our recurring core business operating results over multiple periods. We also believe Medical Margin and Adjusted EBITDA provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We believe Medical Margin and Adjusted EBITDA or similarly titled non-GAAP measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance. Other companies may calculate Medical Margin and Adjusted EBITDA or similarly titled non-GAAP measures differently from the way we calculate these metrics. As a result, our presentation of Medical Margin and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, limiting their usefulness as comparative measures.
Investor Contacts
Evan Smith, CFA
SVP Investor Relations
evan.smith@agilonhealth.com
Megan Cagle
investors@agilonhealth.com
Media Contacts
Stephanie Law
Corporate Communications
media@agilonhealth.com
Source: agilon health, inc.

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