Here are the 10-K annual reports from InnovAge Holding Corp. (INNV) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow INNV and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full INNV filings page.
InnovAge Holding Corp. (INNV) reported strong top-line growth in its PACE-based senior care platform for the year ended June 30, 2026. Total revenues rose to $989.7 million from $853.7 million, driven mainly by capitation revenue of $988.4 million, while serving about 8,230 participants across 20 PACE centers in six states.
Operating performance improved markedly, shifting from a $29.8 million operating loss in 2025 to $2.6 million operating income in 2026, and net loss attributable to InnovAge narrowed to $2.5 million. Adjusted EBITDA increased to $94.6 million from $34.5 million, though this excludes significant litigation and one-time items. Cash and cash equivalents grew to $97.9 million, operating cash flow doubled to $64.7 million, and term debt declined to $48.8 million, with an additional $93.8 million of revolver capacity available. Auditors issued unqualified opinions on both the financial statements and internal control over financial reporting, highlighting estimated claims liability as a critical audit matter.
InnovAge Holding Corp. operates the largest PACE platform by participants, serving ~7,740 participants through 20 centers across six states and managing care under fully capitated contracts. The company receives virtually all revenue from PACE (99.8%), giving it recurring per-member payments and visibility into revenue; InnovAge estimates an average annual revenue opportunity of $115,000 per participant (or $9,600 PMPM) and reports an average Medicare RAF score of 2.42, reflecting a higher-acuity population. Clinical outcomes and operations highlights include approximately 93% of participants living safely at home and reported lower readmission rates versus comparable populations. Key financial and legal items disclosed include $60.0 million principal term loan, a $2.2 million convertible term loan classified as held for sale, and a securities class action settlement of $27.0 million with the company’s net share of $10.1 million. The filing emphasizes material regulatory, compliance and litigation risks, concentrated payor dependence on Medicare and Medicaid, cybersecurity and data privacy exposures, and ongoing investments and transformation initiatives that may affect future profitability.