$ASTH

Astrana Health, Inc.

CIK:0001083446|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Capitation and other revenue, net	$ 972,520	$ 654,808	$ 1,937,620	$ 1,275,196
Operating expenses
Cost of services, excluding depreciation and amortization	868,498	576,839	1,727,855	1,125,900
General and administrative expenses	54,150	50,725	115,888	94,623
Depreciation and amortization	15,550	6,904	31,028	13,752
Total expenses	938,198	634,468	1,874,771	1,234,275
Income (loss) from operations	34,322	20,340	62,849	40,921
Other (expense) income
Income (loss) from equity method investments	548	381	2,268	(486)
Interest expense	(15,997)	(7,382)	(32,098)	(14,690)
Interest income	5,907	2,336	9,723	4,647
Unrealized gain (loss) on investments	4,732	14	5,816	(30)
Other (loss) income	(2,302)	1,136	(1,640)	(3,934)
Total other expense, net	(7,112)	(3,515)	(15,931)	(14,493)
Income before provision for income taxes	27,210	16,825	46,918	26,428
Provision for income taxes	8,758	6,609	15,335	9,991
Net income	18,452	10,216	31,583	16,437
Net (loss) income attributable to non-controlling interests	(1,287)	793	(2,592)	322
Net income attributable to Astrana Health, Inc.	$ 19,739	$ 9,423	$ 34,175	$ 16,115
Earnings per share - basic (in dollars per share)	$ 0.4	$ 0.19	$ 0.7	$ 0.33
Earnings per share - diluted (in dollars per share)	$ 0.4	$ 0.19	$ 0.69	$ 0.33
Capitation, net
Revenue
Capitation and other revenue, net	$ 905,804	$ 614,108	$ 1,798,712	$ 1,198,071
Risk pool settlements and incentives
Revenue
Capitation and other revenue, net	21,816	15,402	34,302	29,893
Management fee income
Revenue
Capitation and other revenue, net	13,211	2,577	28,896	4,887
FFS, net
Revenue
Capitation and other revenue, net	22,982	17,878	60,813	32,769
Other revenue
Revenue
Capitation and other revenue, net	$ 8,707	$ 4,843	$ 14,897	$ 9,576

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities

Net income

$ 31,583

$ 16,437

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

31,028

13,752

Amortization of debt issuance cost

2,280

1,740

Stock-based compensation

21,682

19,519

Non-cash lease expense

4,131

2,559

Deferred tax

2,734

(1,961)

Change in fair value of contingent consideration liabilities

(4,820)

3,351

Other

(6,735)

560

Changes in operating assets and liabilities, net of business combinations

18,921

51,571

Net cash provided by operating activities

100,804

107,528

Cash flows from investing activities

Payments for business and assets acquisition, net of cash acquired

(3,739)

Purchases of property and equipment

(7,878)

(4,490)

Other

2,545

1,019

Net cash used in investing activities

(9,072)

(3,471)

Cash flows from financing activities

Dividends paid

(199)

(6,233)

Borrowings on debt

412,000

Repayment of debt

(103,933)

(431,357)

Deferred financing cost

(17,241)

Payment of contingent liabilities

(2,864)

(3,631)

Taxes paid from net share settlement of restricted stock

(3,834)

(5,053)

Repurchase of treasury shares

(2,806)

Repurchase of subsidiary's shares

(1,558)

(1,316)

Other

(4,840)

Net cash used in financing activities

(120,034)

(52,808)

Net (decrease) increase in cash, cash equivalents, and restricted cash

(28,302)

51,249

Cash, cash equivalents, and restricted cash, beginning of period

434,045

289,101

Cash, cash equivalents, and restricted cash, end of period

405,743

340,350

Supplemental disclosures of cash flow information

Cash paid for income taxes

4,728

Cash paid for interest

29,348

13,535

Supplemental disclosures of non-cash investing and financing activities

Right-of-use assets obtained in exchange for operating lease liabilities

2,795

7,110

Dividend paid in the form of common stock

21,935

Reconciliation of cash, cash equivalents, and restricted cash

Cash and cash equivalents

400,792

339,703

Restricted cash

^[1]

4,951

647

Total cash, cash equivalents, and restricted cash, end of period shown in the statement of cash flows

$ 405,743

$ 340,350

[1]	Restricted cash is included in other assets on the condensed consolidated balance sheets.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 400,792

$ 429,474

Receivables, net (including amounts from related parties)

465,080

374,465

Income taxes receivable

1,799

Other receivables

24,113

26,385

Prepaid expenses and other current assets

25,857

26,264

Loans receivable

3,318

4,926

Total current assets

919,160

863,313

Non-current assets

Property and equipment, net

62,567

57,332

Intangible assets, net

243,312

270,968

Goodwill

886,995

865,305

Income taxes receivable, net of current portion

26,220

Loans receivable, net of current portion

49,273

48,724

Investments in other entities – equity method

27,805

25,637

Operating lease right-of-use assets

39,194

35,738

Other assets

27,554

25,424

Total non-current assets

1,362,920

1,355,348

Total assets

^[1]

2,282,080

2,218,661

Current liabilities

Accounts payable and accrued expenses

245,860

195,912

Fiduciary accounts payable

3,771

3,524

Income taxes payable

2,082

Medical liabilities

415,765

335,705

Operating lease liabilities

8,938

7,809

Current portion of long-term debt

53,848

47,865

Other liabilities

17,375

24,458

Total current liabilities

747,639

615,273

Non-current liabilities

Deferred tax liability

8,795

5,491

Operating lease liabilities, net of current portion

33,975

31,552

Long-term debt, net of current portion and deferred financing costs

882,650

990,904

Other long-term liabilities

10,442

17,107

Total non-current liabilities

935,862

1,045,054

Total liabilities

^[1]

1,683,501

1,660,327

Commitments and contingencies (Note 11)

Mezzanine deficit

Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")

(242,261)

(234,962)

Stockholders’ equity

Preferred stock, $0.001 par value per share; 5,000,000 shares authorized, and zero shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Common stock, $0.001 par value per share; 100,000,000 shares authorized, 49,226,943 and 48,885,358 shares issued and outstanding, excluding 10,695,758 and 10,571,011 treasury shares, as of June 30, 2026 and December 31,2025, respectively

Additional paid-in capital

487,820

470,863

Retained earnings

342,355

308,379

Total stockholders’ equity

830,224

779,291

Non-controlling interests

10,616

14,005

Total equity

840,840

793,296

Total liabilities, mezzanine deficit, and stockholders' equity

$ 2,282,080

$ 2,218,661

[1]

The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include (a) total assets of $1,268.9 million and $1,276.5 million as of June 30, 2026 and December 31, 2025, respectively, that can be used only to settle obligations of the Company’s consolidated VIEs and (b) total liabilities of the consolidated VIEs of $366.9 million and $376.0 million as of June 30, 2026 and December 31, 2025, respectively, for which creditors do not have recourse to the general credit of the Company, the VIE’s primary beneficiary. These VIE balances do not include $284.6 million of investment in affiliates and $25.1 million of amount due from affiliates as of June 30, 2026 and $152.2 million of investment in affiliates and $58.3 million of amount due from affiliates as of December 31, 2025, as these are eliminated upon consolidation and not presented within the condensed consolidated balance sheets. See Note 15 — “Variable Interest Entities (VIEs)” for further details.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.