Agilon Health Swings to $34.9 Million Q3 Profit, Raises 2026 Outlook

agilon health swung to $34.9 million in third-quarter net income and raised its 2026 revenue and Adjusted EBITDA outlook, while revenue grew 6% and platform membership declined.

For the quarter ended Sept. 30, 2026, revenue reached $1.519 billion, up from $1.435 billion a year earlier. Net income was $34.9 million, compared with a net loss of $110.2 million in the year-earlier quarter.

Diluted GAAP earnings per share were $1.97, compared with a loss of $6.65 per diluted share a year earlier. Adjusted EBITDA, a non-GAAP measure, was $63.7 million, versus a loss of $91.5 million.

Agilon raised its revenue outlook for the year ending Dec. 31, 2026, to $5.870 billion to $5.890 billion, from $5.775 billion to $5.860 billion. Its Adjusted EBITDA outlook increased to $145 million to $155 million, compared with the previous range of $75 million to $95 million.

The medical services expense ratio was 88.5%, down from 104% a year earlier. Favorable development of claims from the first half of 2026 benefited the quarter’s expense ratio.

Agilon had 566,000 members on its platform at quarter-end, down 8% from a year earlier. The total included 454,000 Medicare Advantage members, down 10%, and 112,000 ACO model beneficiaries, down 3%. The company’s ACO model entities are not included in its consolidated financial results.

Better pricing, payor contracts and burden-of-illness performance lifted revenue despite fewer members.

“agilon’s third quarter results exceeded our expectations, reflecting the disciplined execution and operational progress our team has delivered this year,” CEO Tim O’Rourke said.