CorVel posts higher FY 2026 revenue and EPS

CorVel Corporation reported solid growth for the quarter and fiscal year ended March 31, 2026.

Rhea-AI Filing Summary

CorVel Corporation reported solid growth for the quarter and fiscal year ended March 31, 2026. Fiscal year revenues rose to $958.5 million, up from $895.6 million, while diluted earnings per share increased to $2.14 from $1.83, a 17% gain. Quarterly revenues reached $248.5 million versus $231.5 million a year earlier, and diluted EPS grew to $0.61 from $0.51, a 20% increase.

Fourth-quarter gross profit was $63.0 million at a 25% margin, and net income for the quarter was $31.0 million. The company ended the period with $233.1 million in cash and cash equivalents and no borrowings, and it repurchased $20.1 million of common stock during the quarter. Management highlighted strong demand in its CERIS health division and ongoing technology and AI investments across payment accuracy, workers’ compensation, and risk management services.

Positive

• Strong earnings growth: Fiscal 2026 diluted EPS rose 17% to $2.14, with quarterly diluted EPS up 20% to $0.61 compared to the prior-year quarter.
• Healthy balance sheet: CorVel ended March 31, 2026 with $233.1 million in cash and cash equivalents and no borrowings.
• Revenue expansion with margin gains: Fiscal year revenue increased to $958.5 million (up 7%), while quarterly gross profit grew 9% to $63.0 million at a 25% margin.

Negative

• None.

Insights

Equity research analyst

CorVel delivered mid-single-digit revenue growth with stronger EPS gains and a net cash position.

CorVel posted fiscal 2026 revenue of $958.5M, up 7%, while diluted EPS rose to $2.14 from $1.83 as operating income increased. The March quarter showed similar trends with revenue of $248.5M and diluted EPS of $0.61, up 20% year over year.

Profitability benefited from higher gross profit of $63.0M at a 25% margin in the quarter and income from operations of $39.7M. The balance sheet shows $233.1M in cash and no borrowings as of March 31, 2026, alongside ongoing share repurchases of $20.1M in the quarter.

The release notes strong demand for CERIS prepay and post-pay platforms and continued AI and automation investment across healthcare payment integrity and P&C services. Actual future performance will depend on execution of these large payer implementations and the broader healthcare and workers’ compensation spending environment.

8-K Event Classification

2 items: 2.02, 9.01

2 items

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.

Key Figures

Quarterly revenue: $248,548,000 Quarterly diluted EPS: $0.61 Fiscal year revenue: $958,527,000 +5 more

8 metrics

Quarterly revenue $248,548,000 Revenue for quarter ended March 31, 2026

Quarterly diluted EPS $0.61 Diluted earnings per share, quarter ended March 31, 2026

Fiscal year revenue $958,527,000 Revenue for fiscal year ended March 31, 2026

Fiscal year diluted EPS $2.14 Diluted earnings per share, fiscal year ended March 31, 2026

Quarterly gross profit $63,009,000 Gross profit for quarter ended March 31, 2026 at 25% margin

Quarterly net income $31,029,000 Net income for quarter ended March 31, 2026

Cash balance $233,072,000 Cash and cash equivalents as of March 31, 2026

Share repurchases $20,100,000 Common stock repurchased during the quarter

Key Terms

gross profit, earnings per share, treasury stock, right-of-use asset, +2 more

6 terms

gross profit financial

"Gross profit increased 9% to $63.0 million, at 25% gross margin"

Gross profit is the amount a business keeps from sales after subtracting the direct costs to make or buy the products or services sold — like the money left from a lemonade stand after paying for lemons, sugar and cups. Investors watch gross profit to judge how well a company’s core operations and pricing cover those direct costs, revealing its basic profitability and whether margins are improving or shrinking over time.

earnings per share financial

"Earnings per share for the fiscal year ended March 31, 2026 were $2.14"

Earnings per share represent the amount of profit a company makes for each share of its stock, similar to how a pie’s total size can be divided into slices for each person. It helps investors understand how profitable the company is on a per-share basis, making it easier to compare its performance over time or against other companies. Higher earnings per share generally indicate better profitability and can influence a company's stock value.

treasury stock financial

"Treasury stock | | | (887,716,000 | ) | | | (831,510,000 | )"

Treasury stock is shares that a company has bought back from the public and kept in its own control rather than retiring them. Think of it like a company holding its own tickets in a drawer: those shares no longer vote or receive dividends while held, but the company can reissue or retire them later; this reduces the number of shares available to outside investors and can boost per‑share earnings and influence ownership and stock price.

right-of-use asset financial

"Right-of-use asset, net | | | 21,164,000 | | | | 20,825,000 |"

A right-of-use asset is the value a company records on its balance sheet for the practical use of something it leases — like the benefit of living in a rented office or using leased equipment for a set period. Investors care because it turns many leases into on-balance-sheet assets and matching liabilities, which can change reported leverage, asset base and performance metrics much like taking on a loan would.

forward-looking statements regulatory

"All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Private Securities Litigation Reform Act of 1995 regulatory

"Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995"

Earnings Snapshot

Fiscal year revenue: $958,527,000

Fiscal year and quarter ended March 31, 2026

Fiscal year revenue $958,527,000 +7% vs prior fiscal year

Fiscal year diluted EPS $2.14 +17% vs prior fiscal year

Quarterly revenue $248,548,000 Increase vs March 2025 quarter

Quarterly diluted EPS $0.61 +20% vs March 2025 quarter

FAQ

How did CorVel (CRVL) perform financially in fiscal year 2026?

CorVel reported fiscal 2026 revenue of $958.5 million, up from $895.6 million in 2025. Diluted earnings per share increased to $2.14 from $1.83, reflecting 17% EPS growth on 7% higher revenue and stronger operating income.

What were CorVel’s (CRVL) results for the quarter ended March 31, 2026?

For the March 31, 2026 quarter, CorVel generated $248.5 million in revenue versus $231.5 million a year earlier. Diluted earnings per share were $0.61, up from $0.51, with net income of $31.0 million and gross profit of $63.0 million.

How strong is CorVel’s (CRVL) balance sheet as of March 31, 2026?

CorVel ended March 31, 2026 with $233.1 million in cash and cash equivalents and no borrowings. Total assets were $643.0 million, supported by significant retained earnings of $1.01 billion and ongoing share repurchases recorded in treasury stock.

Did CorVel (CRVL) repurchase shares during the quarter ended March 31, 2026?

Yes. CorVel repurchased $20.1 million of its common stock during the quarter. These buybacks reduce outstanding shares over time and are reflected in the company’s treasury stock balance on the condensed balance sheet as of March 31, 2026.

Which business segments are driving growth for CorVel (CRVL)?

CorVel highlighted its CERIS health division, benefiting from demand for proactive payment accuracy solutions, and P&C services in workers’ compensation and risk management, which leverage AI, automation, and the CareMC platform to improve claims accuracy and operational efficiency.

What was CorVel’s gross margin in the March 31, 2026 quarter?

In the March 31, 2026 quarter, CorVel generated gross profit of $63.0 million on revenue of $248.5 million, representing a 25% gross margin. This compares to $58.0 million of gross profit in the prior-year quarter, indicating improved profitability.

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

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Accepted by SEC EDGAR 05/19/2026 - 07:30 PM Learn about SEC filing dates

0000874866falseCORVEL CORPORATION00008748662026-05-202026-05-20

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): May 20, 2026

CORVEL CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware			000-19291	33-0282651
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
5128 Apache Plume Road Suite 400
Fort Worth, Texas				76109
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (817) 390-1416

(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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-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 $0.0001 Per Share		CRVL		Nasdaq Global Select Market

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 ☐

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 20, 2026, CorVel Corporation (the "Company") issued a press release announcing its financial results for the three months and fiscal year ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

The information contained in this Item 2.02 and in the exhibit attached to this report as Exhibit 99.1 is being furnished to the Securities and Exchange Commission 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 liability of that section, or incorporated by reference in any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release, dated May 20, 2026, announcing CorVel Corporation’s financial results for the three months and fiscal year ended March 31, 2026 (furnished herewith but not filed pursuant to Item 2.02).
104		Cover 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 hereunto duly authorized.

			CORVEL CORPORATION, a Delaware corporation (Registrant)
Date:	May 20, 2026	By:	/s/ Brian S. Nichols
			Brian S. Nichols Chief Financial Officer

Exhibit 99.1

Date: May 20, 2026			CorVel Corporation
			5128 Apache Plume Road
			Suite 400
			Fort Worth, TX 76109
FOR IMMEDIATE RELEASE			Contact: Melissa Storan
			Phone: 949-851-1473
			www.corvel.com

CorVel Announces Revenues and Earnings

FORT WORTH, Texas, May 20, 2026 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2026. Revenues for the fiscal year ended March 31, 2026 were $959 million, a 7% increase from $896 million during the fiscal year ended March 31, 2025. Earnings per share for the fiscal year ended March 31, 2026 were $2.14, up 17% compared to $1.83 during the fiscal year ended March 31, 2025. Revenues for the quarter were $249 million, an increase from $232 million in the March quarter of 2025. Earnings per share for the quarter were $0.61, up 20% compared to $0.51 in the same quarter of the prior year.

Fourth Quarter Fiscal Year 2026 Highlights

•Revenue increased 7% to $249 million, compared to fourth quarter of fiscal year 2025.

•Gross profit increased 9% to $63.0 million, at 25% gross margin, compared to fourth quarter of fiscal year 2025 gross profit of $58.0 million.

•Exited the quarter with $233 million of cash, cash equivalents, and no borrowings.

•The Company repurchased $20.1 million of common stock during the quarter.

CERIS, CorVel’s health division, is benefiting from the healthcare industry’s shift toward proactive payment accuracy and cost management, with strong demand for its integrated prepay and post-pay platform that improves claims accuracy, reduces administrative burden, and enhances revenue visibility. During the quarter, multiple large payer sales with enterprise-scale implementations reflect the strength of the value proposition and provide increased revenue visibility as they are deployed and scaled over time. As adoption of prepay solutions expands, CERIS is accelerating revenue realization cycles while maintaining strong margin profiles, supported by ongoing investment in AI and automation.

Within workers’ compensation and risk management, P&C services are advancing its technology-enabled, clinically integrated model through the CorVel ConnectedTM interface within its proprietary CareMC platform. By combining AI, real-time data integration, and embedded clinical expertise, CorVel is improving decision-making support, operational efficiency, and claim outcomes across the lifecycle of a claim. Ongoing investments in automation, telemedicine, cybersecurity, and API-driven connectivity further strengthen scalability and the Company’s ability to deliver consistent clinical and financial results for its partners in environments where reliability, control, and measurable outcomes are critical.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, improved productivity resulting from automation and augmentation across enterprise business systems. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement results of operations and financial condition is greater than our initial assessment. The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not

limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2025, September 30, 2025, and December 31, 2025. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

CorVel Corporation

Quarterly Results – Income Statement

Quarters and Fiscal Year Ended March 31, 2026 and March 31, 2025

Quarter Ended		March 31, 2026				March 31, 2025
Revenues		$	248,548,000			$	231,514,000
Cost of revenues			185,539,000				173,547,000
Gross profit			63,009,000				57,967,000
General and administrative			23,293,000				24,647,000
Income from operations			39,716,000				33,320,000
Income tax provision			8,687,000				6,901,000
Net income		$	31,029,000			$	26,419,000
Earnings Per Share:
Basic		$	0.61			$	0.51
Diluted		$	0.61			$	0.51
Weighted Shares
Basic			51,150,000				51,366,000
Diluted			51,285,000				51,979,000

Fiscal Year Ended		March 31, 2026				March 31, 2025
Revenues		$	958,527,000			$	895,589,000
Cost of revenues			725,664,000				685,861,000
Gross profit			232,863,000				209,728,000
General and administrative			89,732,000				88,904,000
Income from operations			143,131,000				120,824,000
Income tax provision			32,787,000				25,659,000
Net income		$	110,344,000			$	95,165,000
Earnings Per Share:
Basic		$	2.15			$	1.85
Diluted		$	2.14			$	1.83
Weighted Shares
Basic			51,283,000				51,379,000
Diluted			51,625,000				51,994,000

CorVel Corporation

Quarterly Results – Condensed Balance Sheet

March 31, 2026 and March 31, 2025

		March 31, 2026				March 31, 2025
Cash		$	233,072,000			$	170,584,000
Customer deposits			115,706,000				101,472,000
Accounts receivable, net			101,313,000				104,126,000
Prepaid taxes and expenses			12,206,000				10,507,000
Property, net			117,906,000				92,052,000
Goodwill and other assets			41,619,000				46,410,000
Right-of-use asset, net			21,164,000				20,825,000
Total		$	642,986,000			$	545,976,000
Accounts and taxes payable		$	24,550,000			$	16,792,000
Accrued liabilities			203,518,000				187,244,000
Long-term lease liabilities			20,687,000				19,953,000
Paid-in capital			268,518,000				250,412,000
Treasury stock			(887,716,000	)			(831,510,000	)
Retained earnings			1,013,429,000				903,085,000
Total		$	642,986,000			$	545,976,000

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 172.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 24.3 KB