Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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 $264.8 million in revenue for the quarter ended September 30, 2026, up 12.1% year over year. GAAP net income was $20.9 million versus $7.7 million; operating cash flow was $28.7 million versus $3.9 million.
TCO Group Holdings, L.P., InnovAge’s controlling shareholder, sold 10 million shares at $9.25 per share in a September underwritten offering; underwriters exercised in full an option for 1.5 million additional shares at that price in October. InnovAge sold no shares, received no proceeds and paid $1.7 million in offering expenses.
In October, InnovAge executed settlement agreements with the United States through the DOJ and separately California, Colorado, New Mexico and Virginia relating to civil investigative demands concerning its PACE program; approximately $36.9 million in payments were made at month-end. California paused applications for new PACE organizations and service-area expansions until at least November 19, 2027; the pause excludes the ongoing Bakersfield application, whose review may resume after remediation of deficiencies at Sacramento and San Bernardino and completion of the San Bernardino medical review. Colorado’s pause runs until October 31, 2028, or until otherwise notified.
InnovAge Holding Corp. reported higher revenue but a larger quarterly loss for the period ended March 31, 2026. Total revenue rose to $251.9 million from $218.1 million a year earlier, driven by capitation payments. Net loss attributable to InnovAge widened to $29.5 million, or $0.22 per share, compared with a $11.4 million loss, largely reflecting higher corporate, general and administrative expenses.
For the first nine months of fiscal 2026, revenue increased to $727.8 million from $632.3 million, while net loss attributable to InnovAge narrowed to $10.8 million from $29.5 million. Operating cash flow improved to $43.4 million, and cash, cash equivalents and restricted cash reached $95.5 million. The company ended the quarter with $58.8 million of total debt and remained in compliance with its credit agreement covenants, while also recording substantial litigation-related accruals.
InnovAge Holding Corp. returned to profitability while growing revenue. For the quarter ended December 31, 2025, revenue rose to $239.7 million from $209.0 million, driven mainly by higher capitation revenue. Net income attributable to InnovAge was $10.6 million, versus a $13.2 million loss a year earlier, with diluted EPS improving to $0.08 from a loss of $0.10.
For the first half of fiscal 2026, revenue reached $475.8 million, up from $414.1 million, and net income attributable to InnovAge was $18.6 million compared with a $18.2 million loss. Operating cash flow improved to $25.3 million. The company ended the period with $83.2 million in cash and cash equivalents and $59.4 million of total debt, after refinancing its term loan and extending the maturity of its credit facilities.
InnovAge served about 8,010 PACE participants across 20 centers and continues to focus on managing external provider and care costs, which represented roughly 78% of revenue for the six-month period. Management highlights ongoing labor cost pressures, potential Medicaid changes under the One Big Beautiful Bill Act, and a California moratorium on most new PACE applications. The company is also responding to multiple civil investigative demands from federal and state agencies and is involved in several legal matters, including a securities class action settlement approved by the court and an arbitration and court case with a former pharmacy vendor.
InnovAge Holding Corp. (INNV) reported Q1 FY26 results with total revenue of $236.1 million, up from $205.1 million a year ago, driven by capitation revenue of $235.8 million. The company generated operating income of $8.3 million versus a $4.9 million loss last year, and net income of $8.0 million, or $0.06 per diluted share, compared to a $0.04 loss.
Center-Level Contribution Margin rose to $51.4 million from $34.5 million, reflecting improved care economics despite higher cost of care and sales and marketing expenses. Cash from operating activities was $3.9 million versus a $7.5 million use last year; cash and equivalents ended at $67.1 million, with short-term investments of $42.3 million.
Long-term debt totaled $60.1 million, including $50.7 million under the Term Loan A Facility and $9.4 million drawn on the revolver. An August 2025 amendment extended both facilities’ maturities to August 8, 2028; the term loan rate was 6.63% at quarter end. InnovAge served about 7,890 PACE participants across 20 centers and consolidated a new Tampa JV after a $3.2 million partner contribution.