Alignment Healthcare, Inc. reported a revenue of $3.95 billion for the year ended December 31, 2025, a 46.1% increase compared to $2.70 billion in 2024. The company experienced a significant improvement in profitability, with income from operations reaching $14.8 million, a stark contrast to the $101.6 million loss in the previous year. Despite this progress, Alignment Healthcare still reported a net loss of $978,000, a substantial reduction from the $128.1 million net loss in 2024. Adjusted EBITDA, a non-GAAP measure, surged to $109.9 million, compared to $1.3 million in the prior year, reflecting improved operational efficiency.
The company's growth was primarily driven by a 25% increase in health plan membership, reaching 236,300 members as of December 31, 2025, compared to 189,100 in the previous year. This expansion was supported by the company's presence in 45 markets across California, North Carolina, Nevada, Arizona, and Texas. The medical benefits ratio (MBR) stood at 87.5%, a slight decrease from 88.8% in 2024, indicating effective management of medical expenses relative to revenue. The company's strategic focus on proactive care and chronic condition management, facilitated by its proprietary AVA technology platform, contributed to these positive outcomes.
Operationally, Alignment Healthcare continued to emphasize its care management approach, investing in clinical excellence and data-driven decision-making. The company's clinical model is designed to proactively manage member care, particularly for those with chronic conditions, aiming to reduce avoidable hospital visits and improve post-discharge follow-up. As of January 1, 2026, 100% of Alignment Healthcare's members were enrolled in plans with a 4.0 Star rating or higher, reflecting the company's commitment to quality care and member satisfaction. The company's employee base consisted of 1,849 full-time employees as of December 31, 2025, with a focus on building a diverse and inclusive workforce.
Looking ahead, Alignment Healthcare plans to continue investing in its AVA platform, pursue new market expansion opportunities, and develop innovative product offerings. The company aims to capitalize on its existing market growth potential and drive consistent outcomes through new market expansion. The company also intends to assess strategic acquisitions, focusing on healthcare delivery groups, standalone Medicare Advantage plans, and other complementary risk-bearing assets. These strategic initiatives are expected to support the company's long-term growth and profitability objectives.
About Alignment Healthcare, Inc.
Alignment Healthcare, Inc. operates as a Medicare Advantage health plan focused on serving seniors in the United States. It offers integrated, data-driven healthcare solutions through proprietary technology and an in-house clinical model to improve outcomes and reduce costs. The company contracts directly with CMS, providing coordinated care via its AVA platform and Care Anywhere program, emphasizing personalized, proactive management of chronic conditions and a premium member experience.
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