Here are the 10-K annual reports from LifeStance Health Group, Inc. (LFST) 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 LFST 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 LFST filings page.
LifeStance Health Group provides a large outpatient mental health platform and describes its business model, scale and key risks in this annual report. As of December 31, 2025, it employed 8,040 licensed clinicians across 33 states, operating 572 centers and offering virtual care.
In 2025, clinicians treated more than 1.0 million unique patients through approximately 9.0 million visits, generating revenue primarily on a per‑visit basis. For the year, 90% of revenue came from commercial in‑network payors, 5% from government payors, 4% from self‑pay and 1% from non‑patient services.
The company highlights benefits for patients, clinicians, payors and physician partners, but also emphasizes risks, including dependence on reimbursement rates, concentration in major payors such as UnitedHealthcare and Elevance Health, clinician recruiting and retention challenges, regulatory complexity and competition in a fragmented mental health market.