Free cash flow was -$60.7M in 2026Q2 (a -4.1% margin), with operating cash flow of -$57.3M despite net income of $18.0M, reflecting a conversion ratio of -3.19 and significant working capital swings of -$114.0M, while stock-based compensation of $23.8M exceeded net income.
Agilon Health, Inc. (AGL) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -72.26M | -105.76M | -57.78M | -156.2M | -130.81M | -148.16M | -53.2M | -103.86M |
| Operating CF Margin % | - | -1.78% | -0.95% | -3.62% | -5.48% | -9.74% | -4.37% | -13.07% |
| Operating CF Growth % | -249.88% | -83.05% | 63.01% | -19.41% | 11.71% | -178.47% | 48.77% | - |
| Net Income | -251.16M | -391.35M | -260.1M | -262.8M | -106.86M | -406.79M | -60.05M | -282.74M |
| Depreciation & Amortization | 28.05M | 28.59M | 24.46M | 20.16M | 13.77M | 14.67M | 14.1M | 41.41M |
| Stock-Based Compensation | 47.1M | 49.12M | 50.66M | 69.33M | 28.38M | 292.39M | 6.69M | 5.22M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 532K | -3.23M | -2.81M | -16.18M |
| Other Non-Cash Items | 31.83M | 18.4M | -3.38M | 27.18M | -7.19M | 9.82M | -17.6M | 115.24M |
| Working Capital Changes | 52.97M | 189.47M | 130.59M | -10.07M | -59.44M | -55.02M | 6.47M | 33.18M |
| Change in Receivables | 0 | 344.58M | -74.58M | 0 | -204.17M | -149.04M | -59.38M | -23.28M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 149.04M | 0 | 0 |
| Change in Payables | 0 | -87.48M | 198.58M | 473.61M | 173.45M | 95.7M | 67.31M | 38.26M |
| Cash from Investing | 80.42M | 88.61M | 139.89M | -44.02M | -444.39M | -90.51M | 22.07M | -5.06M |
| Capital Expenditures | -28.73M | -13.24M | -13.25M | -15.83M | -15.43M | -13.43M | -2.35M | -3.91M |
| CapEx % of Revenue | 0.49% | 0.22% | 0.22% | 0.37% | 0.65% | 0.88% | 0.19% | 0.49% |
| Acquisitions | 0 | 0 | 0 | -43.06M | 500K | -1.34M | 26.2M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -19.35M | -31.87M | -41.77M | -34.51M | -23.75M | -75.74M | -1.79M | -1.15M |
| Cash from Financing | -769K | -2.99M | -2.58M | -193.13M | 28.06M | 1.15B | 24.62M | 176.3M |
| Debt Issued (Net) | -3.5M | 0 | -3.75M | -5M | -5M | -19.9M | -3.04M | -3.59M |
| Equity Issued (Net) | 4.34M | -2.99M | 1.17M | -200M | 33.06M | 1.19B | 27.66M | 180.19M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -253K | -2.99M | 0 | -200M | 0 | 0 | -6.74M | 0 |
| Other Financing | -1.61M | 0 | 0 | 11.87M | 0 | -14.74M | 0 | -303K |
| Net Change in Cash | 7.39M | -20.15M | 79.53M | -393.35M | -547.14M | 915.73M | -6.52M | 67.38M |
| Free Cash Flow | -99.02M | -119M | -71.03M | -187.01M | -163.47M | -161.59M | -55.55M | -107.77M |
| FCF Margin % | -1.67% | -2.01% | -1.17% | -4.33% | -6.84% | -10.62% | -4.56% | -13.57% |
| FCF Growth % | -40.35% | -67.55% | 62.02% | -14.4% | -1.17% | -190.86% | 48.45% | - |
| FCF per Share | -5.75 | -7.19 | -4.32 | -11.43 | -10.01 | -10.83 | -3.61 | -7.02 |
| FCF Conversion (FCF/Net Income) | 0.39x | 0.26x | 0.22x | 0.59x | 1.23x | 0.36x | 0.89x | 0.37x |
| Interest Paid | 0 | 0 | 4.6M | 5.8M | 3.67M | 4.82M | 7.09M | 0 |
| Taxes Paid | 0 | 0 | 1.8M | 5.36M | 5.31M | 1.82M | 2K | 0 |
Quick answers to the most common questions about buying AGL stock.
Agilon Health, Inc. (AGL) generated $-105.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Agilon Health, Inc. (AGL) reported negative free cash flow of $119.0M in 2025, indicating capital requirements exceeded cash from operations.
Agilon Health, Inc. (AGL) spent $13.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Agilon Health, Inc. (AGL) spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
In 2026Q2, Agilon reported net income of $18.0M but operating cash flow of -$57.3M, a conversion ratio of -3.19, according to the cash flow statement. This divergence suggests earnings quality is heavily influenced by non-cash items and working capital timing.
The negative OCF/NI ratio in 2026Q2, despite positive net income, indicates that accruals and working capital changes are dominating cash generation. The $114.0M working capital outflow in that quarter, likely tied to medical claims timing, more than offset the reported profit. Investors should monitor whether this pattern persists, as it suggests reported earnings may not translate into cash flow in the near term.
Free Cash Flow Remains Elusive
Agilon's free cash flow has been negative in eight of the last ten quarters, with 2026Q2 FCF at -$60.7M and a -4.1% FCF margin, as per the cash flow data. This persistent cash burn underscores the gap between operational losses and any potential for shareholder returns.
Despite a brief positive FCF in 2026Q1 ($20.6M), the overall trajectory is one of recurring cash outflows, with cumulative FCF over the period deeply negative. The company's capital intensity is low (CapEx/Rev ~0.2%), so the cash drain is driven by operating losses and working capital needs, not investment. This suggests that without a fundamental improvement in medical margins, FCF generation is unlikely to turn sustainably positive.
Working Capital Volatility Signals Claims Timing Risk
Working capital changes swung from +$82.7M in 2025Q4 to -$114.0M in 2026Q2, according to the cash flow statement, indicating significant volatility in claims payables and receivables. This pattern may reflect the lumpy nature of medical claims settlement and IBNR adjustments.
The large positive working capital inflows in late 2025 (2025Q3 and Q4) were reversed in 2026Q2, suggesting that the company may have delayed payments or received advances that are now being paid out. This volatility complicates the interpretation of operating cash flow, as it may not reflect underlying business performance. Investors should focus on the trend in medical claims payable days to assess whether this is a timing issue or a structural strain on liquidity.
Minimal Capital Deployment Beyond Operations
Agilon has paid no dividends and repurchased only negligible amounts of stock over the past ten quarters, with buybacks totaling less than $3M, as reported in the cash flow data. This indicates that all available cash is being consumed by operations and working capital needs.
The absence of shareholder returns is consistent with a company in a cash-burn phase, where preserving liquidity is paramount. The small buyback activity in 2025Q2 and 2025Q3 is immaterial and likely reflects employee stock plan transactions rather than strategic capital return. Given the negative FCF, any future capital deployment would require a significant improvement in cash generation or external financing.
Cumulative Losses Outpace Cash Burn
Over the ten quarters, Agilon's cumulative net loss is approximately -$583.6M, while cumulative operating cash flow is -$196.0M, based on the cash flow data. This divergence suggests that non-cash charges, such as stock-based compensation and depreciation, are significant, but also that working capital has provided a temporary cushion.
The gap between net income and operating cash flow is largely explained by non-cash expenses (SBC and D&A totaling over $150M) and favorable working capital swings in some quarters. However, the underlying cash burn is still substantial, indicating that the business is not yet self-sustaining. The cumulative FCF of -$260M highlights the need for external capital or a major operational turnaround to avoid future dilution.
What the Cash Flow Statement Obscures
Stock-based compensation of $23.8M in 2026Q2 exceeded net income, and while it is a non-cash expense, it represents real dilution to shareholders, as per the cash flow data. Additionally, the timing of medical claims payments can distort operating cash flow, masking the true cost of care.
The cash flow statement does not fully capture the economic cost of SBC, which is a recurring and growing expense that reduces the value of existing shares. Furthermore, the volatility in working capital changes suggests that management may have discretion in timing payments to providers, which could smooth or exacerbate reported cash flows. Investors should adjust for these factors when assessing the company's true cash-generating ability and the sustainability of any reported improvements.