STOCK TITAN

agilon health swings to $35M profit in Q3 2026

Operating activities provided $16.3 million of cash in the first nine months of 2026, compared with $85.2 million used in the 2025 period.

Available on EDGAR Accepted by SEC EDGAR Learn about SEC filing dates
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Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

Form Type
8-K

Rhea-AI Filing Summary

agilon health, inc. reported third-quarter 2026 revenue of $1.52 billion, up 6% from $1.44 billion a year earlier. Net income was $35 million, compared with a $110 million net loss, and Adjusted EBITDA was $64 million, versus negative $91 million. The medical services expense ratio was 88.5%, compared with 104.0%. Total members live on the platform were 566,000 as of September 30, 2026, down 8% year over year, including 454,000 Medicare Advantage members and 112,000 ACO model beneficiaries.

The company raised fiscal 2026 guidance to revenue of $5.870 billion to $5.890 billion, compared with prior guidance of $5.775 billion to $5.860 billion, and Adjusted EBITDA of $145 million to $155 million, compared with $75 million to $95 million previously. As of September 30, 2026, agilon reported $312 million in cash, cash equivalents and marketable securities and $32 million in total debt; its unconsolidated ACO entities had $74 million in cash.

4 points · 3 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

  • Major pointThird-quarter net income was $35 million, versus a $110 million loss.
  • Major pointAdjusted EBITDA was $64 million, versus negative $91 million.
  • Major point. Forward-looking: it has not happened yet and may not happen.Fiscal 2026 Adjusted EBITDA guidance rose to $145 million to $155 million.
  • Moderate pointThird-quarter revenue rose 6% year over year to $1.52 billion.

Negative

  • Moderate pointPlatform membership declined 8% year over year to 566,000.

Filing Explained

The updated Adjusted EBITDA outlook has no net-income reconciliation in this release.

The November 4 earnings release reports completed third-quarter results; for the nine months ended September 30, 2026, operating activities provided $16,303 thousand, compared with $85,226 thousand used in the same 2025 period.

The release says it did not reconcile full-year 2026 Adjusted EBITDA guidance to net income because certain items, including non-cash stock-based compensation, cannot be predicted without unreasonable effort; the outlook therefore has no supplied GAAP bridge.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenue $1.52 billion Third quarter 2026; up 6% from $1.44 billion in third quarter 2025.
Net income $35 million Third quarter 2026; compared with a net loss of $110 million in third quarter 2025.
Adjusted EBITDA $64 million Third quarter 2026; compared with negative $91 million in third quarter 2025.
Total members live on platform 566,000 members As of September 30, 2026; down 8% year over year.
Medical services expense ratio 88.5% Third quarter 2026, compared with 104.0% in third quarter 2025.
Fiscal 2026 revenue guidance $5.870 billion to $5.890 billion Updated guidance; previous range was $5.775 billion to $5.860 billion.
Fiscal 2026 Adjusted EBITDA guidance $145 million to $155 million Updated guidance; previous range was $75 million to $95 million.
Cash, cash equivalents and marketable securities $312 million As of September 30, 2026.
Medical services expense ratio financial
"dividing total medical services expense by total medical services revenue"
Adjusted EBITDA financial
"Adjusted EBITDA as net income (loss) adjusted to exclude"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
equity method investments financial
"income (loss) from equity method investments"
An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.
incurred but not reported claims financial
"estimates of our members’ risk adjustment factors, medical services expense, incurred but not reported claims"
Total revenue $1.52 billion Up 6% from $1.44 billion in third quarter 2025
Net income $35 million Compared with a net loss of $110 million in third quarter 2025
Adjusted EBITDA $64 million Compared with negative $91 million in third quarter 2025
Total members live on platform 566,000 Down 8% year over year
Guidance

Fiscal 2026 revenue of $5.870 billion to $5.890 billion and Adjusted EBITDA of $145 million to $155 million; previous ranges were $5.775 billion to $5.860 billion and $75 million to $95 million, respectively.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What revenue did AGL report for Q3 2026?

agilon reported third-quarter 2026 total revenue of $1.52 billion, up 6% from $1.44 billion in third-quarter 2025. The company attributed revenue favorability to higher-than-expected burden of illness performance, payor contracting and improved pricing, partly offset by lower year-over-year membership.

Are AGL's ACO model entities included in consolidated results?

The ACO model entities are not consolidated in agilon's financial results. They contributed $11 million to Adjusted EBITDA in third-quarter 2026 and $18 million in third-quarter 2025, and held $74 million of cash at quarter-end.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001831097FALSE00018310972026-11-042026-11-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2026
_____________________________________________
agilon health, inc.
(Exact name of Registrant as Specified in Its Charter)
_____________________________________________
Delaware001-4033237-1915147
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
440 Polaris Parkway, Suite 550
Westerville, Ohio
43082
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: 562 256-3800
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per shareAGLThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, agilon health, inc. (the “Company”), a Delaware corporation, issued a press release setting forth its financial results for the three and nine months ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information set forth in Item 2.02 of this Current Report on Form 8-K and the related information in Exhibits 99.1 attached hereto is being furnished herewith, and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing with, the Securities and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference therein.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit
Number
Description
99.1
Press Release dated November 4, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
agilon health, inc.
Date:November 4, 2026By: /s/ JEFFREY SCHWANEKE
Jeffrey Schwaneke
Chief Financial Officer


Exhibit 99.1

agilon health Reports Third Quarter 2026 Results
Revenue increased 6% to $1.52 billion Compared to the Same Period in the Prior Year
Increases Full Year 2026 Guidance to Reflect Positive Third Quarter Results
Westerville, O.H., November 4, 2026 – agilon health, inc. (NYSE: AGL), the trusted partner empowering physicians to transform health care in our communities, today announced results for the third quarter ended September 30, 2026.
“agilon’s third quarter results exceeded our expectations, reflecting the disciplined execution and operational progress our team has delivered this year,” said Tim O’Rourke, Chief Executive Officer of agilon health. “Central to that progress is our proximity to physicians and their patients, which differentiates our model and enables us to pair trusted relationships with actionable insights that help deliver better outcomes at the point of care. We believe this foundation positions agilon to create sustainable, long-term value for our shareholders, physician partners, and the patients we serve.”
Third Quarter 2026 Results:
•Total members on the agilon platform decreased to 566,000 as of September 30, 2026, including 454,000 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 $1.52 billion in the third quarter 2026 increased 6% compared to $1.44 billion in the third 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.
•Medical services expense ratio (“MSER”)1 was 88.5% in the third quarter 2026 compared to 104.0% in the third quarter 2025. MSER includes favorable claims development in the first half of 2026.
•Net income was $35 million in the third quarter 2026 compared to net loss of $110 million in the third quarter 2025.
•Adjusted EBITDA was $64 million in the third quarter 2026 compared to negative $91 million in the third quarter 2025.
______________________________________________________________
1.Medical services expense ratio is calculated by dividing total medical services expense by total medical services revenue in a given period. Medical services expense represents costs incurred for medical services provided directly to our members.



Key Financial and Operating Metrics ($M):
(Third Quarter 2026 vs. 2025)

Three Months
Ended September 30,
Change
20262025% YoY
Medicare Advantage Members1
454,000503,000(10%)
ACO Model Members1,2
112,000115,000(3%)
Total Members Live on Platform1,2
566,000618,000(8%)
Avg. Medicare Advantage Members488,000510,000(4%)
Total Revenues $1,519$1,4356%
Medical services expense ratio88.5%104.0%(15%)
Net Income (Loss) $35$(110)NM
Adjusted EBITDA3
$64$(91)NM
Geography Entry Costs $2$7(64%)
1.Membership metrics reflect end of period results.
2.agilon’s ACO model entities are not included within its consolidated financial results.
3.agilon’s ACO model entities contributed $11 million and $18 million to Adjusted EBITDA during the third quarter 2026 and third quarter 2025, respectively.
Capital Position and Balance Sheet
agilon health’s balance sheet as of September 30, 2026 included cash, cash equivalents and marketable securities of $312 million and total debt of $32 million. At the end of the quarter, agilon’s unconsolidated ACO model entities had $74 million of cash.
Revised Fiscal Year 2026 Guidance and Assumptions
Guidance for Fiscal Year 2026 ($M):
Year Ended December 31, 2026
Updated GuidancePrevious Guidance as of Second Quarter 2026
LowHighLowHigh
Medicare Advantage Members1
445,000450,000435,000445,000
ACO Model Members1,2
108,000112,000100,000105,000
Total Members Live on Platform1
553,000562,000535,000550,000
Avg. Medicare Advantage Members451,000453,000438,000443,000
Total Revenues$5,870$5,890$5,775$5,860
MSER90.5%90.3%91.9%91.4%
Adjusted EBITDA3
$145$155$75$95
Geography Entry Costs4
$15$15$15$15
1.Membership reflects management’s outlook for end of period.
2.agilon’s partnered ACO model entities are not consolidated within its financial results.
3.Adjusted EBITDA contribution from ACO model entities is expected to be approximately $40-$45 million for fiscal year 2026.
4.Geography Entry Costs represent the corresponding expense included in the low-end and high-end of management’s outlook for Adjusted EBITDA.



The Company has not reconciled guidance for Adjusted EBITDA to net income (loss), the most comparable GAAP measure, and has not provided forward-looking guidance for net income (loss) because of the uncertainty around certain items that may impact 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 third quarter 2026 results on Wednesday, November 4, 2026, at 4:30 PM Eastern Time. The conference call can be accessed by dialing (833) 461-5787 for U.S. participants and +1 (585) 542-9983 for international participants and referencing participant code 585 254 225. 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, total and average membership, Adjusted EBITDA, MSER, geography entry costs and other financial projections and assumptions, including our 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
September 30,
2026
December 31,
2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$174,399 $173,713 
Restricted cash and equivalents71,980 — 
Marketable securities65,361 111,429 
Receivables, net1,017,120 673,793 
Prepaid expenses and other current assets, net70,929 137,762 
Total current assets1,399,789 1,096,697 
Property, equipment, and capitalized software, net24,038 25,417 
Intangible assets, net56,853 65,725 
Other assets84,841 83,451 
Total assets$1,565,521 $1,271,290 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Medical claims and related payables$892,342 $929,770 
Accounts payable and accrued expenses325,956 127,477 
Current debt15,021 19,238 
Total current liabilities1,233,319 1,076,485 
Long-term debt15,512 15,750 
Other liabilities35,813 52,321 
Total liabilities1,284,644 1,144,556 
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.01 par value: 2,000,000 shares authorized; 16,795 and 16,589 shares issued and outstanding, respectively168 166 
Additional paid-in capital2,157,392 2,103,976 
Accumulated deficit(1,876,540)(1,978,324)
Accumulated other comprehensive income (loss)(143)916 
Total stockholders’ equity (deficit)280,877 126,734 
Total liabilities and stockholders’ equity (deficit)$1,565,521 $1,271,290 



agilon health, inc.
Condensed Consolidated Statements of Operations
In thousands, except per share data
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Revenues:
Medical services revenue$1,517,831 $1,432,437 $4,429,301 $4,354,355 
Other operating revenue1,655 2,884 5,388 8,730 
Total revenues1,519,486 1,435,321 4,434,689 4,363,085 
Expenses:
Medical services expense1,343,519 1,489,479 3,909,382 4,336,591 
Other medical expenses77,984 13,488 255,170 95,845 
General and administrative67,133 56,198 209,869 178,435 
Depreciation and amortization6,741 7,430 20,392 21,625 
Total expenses1,495,377 1,566,595 4,394,813 4,632,496 
Income (loss) from operations24,109 (131,274)39,876 (269,411)
Other income (expense):
Income (loss) from equity method investments(979)13,133 3,158 31,217 
Other income (expense), net17,524 9,441 48,564 26,581 
Interest expense(1,744)(1,838)(5,163)(4,925)
Income (loss) before income taxes38,910 (110,538)86,435 (216,538)
Income tax benefit (expense)(3,998)331 (3,651)73 
Income (loss) from continuing operations34,912 (110,207)82,784 (216,465)
Discontinued operations:
Adjustments on sale of assets, net— — 19,000 14,000 
Net income (loss) $34,912 $(110,207)$101,784 $(202,465)
Basic earnings per common share:
Continuing operations$2.08 $(6.65)$4.96 $(13.08)
Discontinued operations— — 1.14 0.85 
Net income (loss)$2.08 $(6.65)$6.10 $(12.23)
Diluted earnings per common share:
Continuing operations$1.97 $(6.65)$4.81 $(13.08)
Discontinued operations— — 1.11 0.85 
Net income (loss)$1.97 $(6.65)$5.92 $(12.23)
Weighted average shares outstanding
Basic16,79316,57816,69816,550
Diluted17,68816,57817,19916,550



agilon health, inc.
Condensed Consolidated Statements of Cash Flows
In thousands
(unaudited)
Nine Months Ended September 30,
20262025
Cash flows from operating activities:
Net income (loss)$101,784 $(202,465)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization20,392 21,625 
Stock-based compensation expense48,946 39,599 
Loss (income) from equity method investments(3,158)(31,217)
Adjustments on sale of assets, net(19,000)(14,000)
Other, net1,739 (5,571)
Changes in operating assets and liabilities(134,400)106,803 
Net cash provided by (used in) operating activities16,303 (85,226)
Cash flows from investing activities:
Purchases of property, equipment, and capitalized software(9,805)(10,274)
Purchase of intangible assets(885)(23,076)
Investment in loans receivable and other— (1,000)
Investments in marketable securities— (60,154)
Proceeds from maturities of marketable securities and other67,693 160,531 
Net cash provided by (used in) investing activities57,003 66,027 
Cash flows from financing activities:
Proceeds from (payments for) equity issuances, net4,472 (2,977)
Debt issuance costs(1,612)— 
Repayments of long-term debt(3,500)— 
Net cash provided by (used in) financing activities(640)(2,977)
Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents72,666 (22,176)
Cash, cash equivalents and restricted cash and equivalents, beginning of period173,713 193,860 
Cash, cash equivalents and restricted cash and equivalents, end of period$246,379 $171,684 



agilon health, inc.
Key Operating Metrics
In thousands
(unaudited)

GENERAL AND ADMINISTRATIVE COSTS, INCLUDING PLATFORM SUPPORT COSTS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Platform support costs$44,382 $38,652 $124,730 $120,313 
Geography entry costs(1)
1,815 4,807 6,354 15,617 
Severance and related costs3,180 4,092 16,931 4,736 
Stock-based compensation expense18,859 7,498 48,946 39,599 
Other(2)
(1,103)1,149 12,908 (1,830)
General and administrative$67,133 $56,198 $209,869 $178,435 
______________________________________________________________
(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)
ADJUSTED EBITDA
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Net income (loss)(1)
$34,912 $(110,207)$101,784 $(202,465)
(Income) loss from discontinued operations, net of income taxes— — (19,000)(14,000)
Interest expense1,744 1,838 5,163 4,925 
Income tax expense (benefit)3,998 (331)3,651 (73)
Depreciation and amortization6,741 7,430 20,392 21,625 
Severance and related costs3,180 4,092 16,931 4,736 
Stock-based compensation expense18,859 7,498 48,946 39,599 
EBITDA adjustments related to equity method investments(2)
11,541 4,969 41,207 16,178 
Other(3)
(17,291)(6,781)(31,980)(24,783)
Adjusted EBITDA$63,684 $(91,492)$187,094 $(154,258)
______________________________________________________________
(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 September 30, 2026 and 2025, (i) $0.6 million and $1.9 million, respectively, are included in other medical expenses and (ii) $1.8 million and $4.8 million, respectively, are included in general and administrative expenses. For the nine months ended September 30, 2026 and 2025, (i) $1.9 million and $0.9 million, respectively, are included in other medical expenses and (ii) $6.4 million and $15.6 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.

In addition to providing results that are determined in accordance with GAAP, we present Adjusted EBITDA, which is a non-GAAP financial measure.
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. Net income (loss) is the most directly comparable GAAP measure to Adjusted EBITDA.
We believe Adjusted EBITDA helps 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 Adjusted EBITDA provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects, and allows for greater transparency with respect to key metrics we use for financial and operational decision-making. We believe 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 Adjusted EBITDA or similarly titled non-GAAP measures differently from the way we calculate this metric. As a result, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, limiting their usefulness as comparative measures.







agilon health, inc.
Supplemental Financial Information
In thousands
(unaudited)

Three Months Ended
September 30, 2026
Nine Months Ended
September 30, 2026
Medicare Advantage (Consolidated)CMS ACO Models (Unconsolidated)Medicare Advantage (Consolidated)CMS ACO Models (Unconsolidated)
Medical services revenue$1,517,831 $429,125 $4,429,301 $1,248,238 
Medical services expense$1,343,519 $392,333 $3,909,382 $1,112,472 
Medical services expense ratio88.5 %91.4 %88.3 %89.1 %

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 September 30, 2026 for additional discussion on our equity method investments.



Contacts
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



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