Astrana Health, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $972.5 million for the three months ended June 30, 2026, a 49% increase from $654.8 million in the same period last year. For the first half of 2026, revenue surged to $1.94 billion, up 52% from $1.28 billion in the prior year. This growth was primarily driven by the acquisition of Prospect Medical Holdings, which contributed approximately $281.5 million in revenue for the quarter and $581.6 million for the six-month period. The company also saw a notable increase in capitation revenue, which rose by $45 million in the second quarter and $91.4 million in the first half, attributed to more enrollees transitioning to full risk through its Restricted Knox-Keene plans.
Operating expenses also increased, with total expenses for the second quarter amounting to $938.2 million, a 48% rise from $634.5 million in the previous year. The cost of services, excluding depreciation and amortization, accounted for a significant portion of this increase, rising by 51% to $868.5 million, largely due to the costs associated with the Prospect acquisition and higher medical costs linked to the company's risk-bearing models. General and administrative expenses increased by 7% to $54.2 million, reflecting the operational growth and integration costs from the acquisition.
Astrana's net income for the second quarter was $18.5 million, an 81% increase from $10.2 million in the same quarter of 2025. For the first half of 2026, net income reached $31.6 million, up 92% from $16.4 million year-over-year. The company attributed this growth to improved operational efficiencies and the successful integration of Prospect. Earnings per share for the second quarter were $0.40, compared to $0.19 in the prior year, while diluted earnings per share for the first half increased to $0.69 from $0.33.
Operationally, Astrana managed approximately 1.5 million patients as of June 30, 2026, an increase from 1.0 million a year earlier, and expanded its network to include 29 independent risk-bearing organizations. The company continues to focus on enhancing its integrated healthcare delivery model, which emphasizes value-based care and aims to improve patient outcomes while controlling costs. Looking ahead, Astrana remains optimistic about its growth trajectory, bolstered by its recent acquisitions and strategic initiatives aimed at expanding its market presence and operational capabilities.
Despite the positive financial performance, the company acknowledged a material weakness in its internal control over financial reporting related to business combinations, which it is actively working to remediate. As of June 30, 2026, Astrana's cash and cash equivalents totaled $400.8 million, down from $429.5 million at the end of 2025, reflecting ongoing investments and operational expenditures. The company believes it has sufficient liquidity to support its operations and growth plans in the foreseeable future.
About Astrana Health, Inc.
Astrana Health, Inc. operates an integrated, provider-centric healthcare delivery platform focused on value-based care. It manages a network of over 10,000 physicians across multiple states, serving approximately 1.1 million patients primarily covered by Medicare, Medicaid, and commercial insurers. Astrana’s business segments include Care Partners (provider networks), Care Delivery (clinics and ancillary services), and Care Enablement (technology and management services), enabling coordinated, cost-effective, high-quality care through risk-bearing arrangements.
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