Revenue growth has shifted to a contraction of -7.3% in 2026Q1, while gross margins remain highly unstable, fluctuating between positive 4.7% and negative 6.2% over the last two years.
| Sales/Revenue | 5.82B | 5.93B | 6.06B | 4.32B | 2.39B | 1.52B | 1.22B | 794.41M |
| Revenue Growth % | -2.82% | -2.11% | 40.41% | 80.74% | 56.97% | 24.88% | 53.36% | - |
| Cost of Goods Sold | 4.62B | 6.12B | 6.06B | 4.25B | 2.28B | 1.46B | 1.12B | 765.9M |
| COGS % of Revenue | - | 103.18% | 99.92% | 98.39% | 95.34% | 95.68% | 92.27% | 96.41% |
| Gross Profit | -217.71M | -188.61M | 4.84M | 69.67M | 111.36M | 65.74M | 94.15M | 28.51M |
| Gross Margin % | -3.74% | -3.18% | 0.08% | 1.61% | 4.66% | 4.32% | 7.73% | 3.59% |
| Gross Profit Growth % | - | -3996.2% | -93.05% | -37.44% | 69.38% | -30.17% | 230.22% | - |
| Operating Expenses | 239.58M | 232.46M | 296.97M | 301.8M | 216.74M | 437.99M | 150.82M | 135.09M |
| OpEx % of Revenue | - | 3.92% | 4.9% | 6.99% | 9.08% | 28.79% | 12.38% | 17% |
| Selling, General & Admin | 226.81M | 238.54M | 268.91M | 285.76M | 207.79M | 427.5M | 137.29M | 122.83M |
| SG&A % of Revenue | - | 4.02% | 4.44% | 6.62% | 8.7% | 28.1% | 11.27% | 15.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -6.08M | 28.06M | 16.04M | 8.95M | 10.48M | 13.53M | 12.25M |
| Operating Income | -399.06M | -421.08M | -292.13M | -232.13M | -105.38M | -372.24M | -56.67M | -106.57M |
| Operating Margin % | -6.86% | -7.1% | -4.82% | -5.38% | -4.41% | -24.47% | -4.65% | -13.42% |
| Operating Income Growth % | - | -44.14% | -25.85% | -120.29% | 71.69% | -556.82% | 46.82% | - |
| EBITDA | -370.56M | -392.48M | -267.67M | -211.97M | -91.61M | -357.57M | -42.57M | -65.16M |
| EBITDA Margin % | -6.37% | -6.62% | -4.42% | -4.91% | -3.84% | -23.5% | -3.49% | -8.2% |
| EBITDA Growth % | -31.6% | -46.63% | -26.27% | -131.4% | 74.38% | -739.88% | 34.66% | - |
| D&A (Non-Cash Add-back) | 28.5M | 28.59M | 24.46M | 20.16M | 13.77M | 14.67M | 14.1M | 41.41M |
| EBIT | -397.28M | -397.45M | -242.65M | -187.8M | -86.19M | -376.83M | -54.21M | -105.62M |
| Net Interest Income | -3.31M | -6.64M | -6.18M | -6.66M | -4.48M | -6.15M | -8.13M | -9.07M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.31M | 6.64M | 6.18M | 6.66M | 4.48M | 6.15M | 8.13M | 9.07M |
| Other Income/Expense | 26.6M | 16.98M | 43.3M | 37.67M | 14.71M | -10.73M | -5.67M | -8.11M |
| Pretax Income | -372.46M | -404.1M | -248.83M | -194.46M | -90.67M | -382.98M | -62.34M | -114.69M |
| Pretax Margin % | -6.4% | -6.81% | -4.11% | -4.51% | -3.8% | -25.17% | -5.12% | -14.44% |
| Income Tax | 1.03M | 1.25M | 1.45M | 791K | 1.64M | 886K | 865K | -232K |
| Effective Tax Rate % | -0.28% | -0.31% | -0.58% | -0.41% | -1.81% | -0.23% | -1.39% | 0.2% |
| Net Income | -373.49M | -405.35M | -260.15M | -262.6M | -106.55M | -406.49M | -60.05M | -282.59M |
| Net Margin % | -6.42% | -6.83% | -4.29% | -6.08% | -4.46% | -26.72% | -4.93% | -35.57% |
| Net Income Growth % | -54.35% | -55.81% | 0.93% | -146.45% | 73.79% | -576.89% | 78.75% | - |
| Net Income (Continuing) | -373.49M | -405.35M | -250.28M | -195.25M | -92.31M | -383.86M | -63.21M | -114.45M |
| Discontinued Operations | 0 | 0 | -9.82M | -67.55M | -14.55M | -22.93M | 3.16M | 0 |
| Minority Interest | 0 | 0 | 0 | -818K | -611K | -300K | 0 | 0 |
| EPS (Diluted) | -22.42 | -24.50 | -15.75 | -16.00 | -6.50 | -27.25 | -4.00 | -18.50 |
| EPS Growth % | -53.9% | -55.56% | 1.56% | -146.15% | 76.15% | -581.25% | 78.38% | - |
| EPS (Basic) | - | -24.50 | -15.75 | -16.00 | -6.50 | -27.25 | -4.00 | -18.50 |
| Diluted Shares Outstanding | 16.66M | 16.56M | 16.44M | 16.36M | 16.33M | 14.92M | 15.39M | 15.36M |
| Basic Shares Outstanding | 16.6M | 16.56M | 16.44M | 16.36M | 16.33M | 14.92M | 15.39M | 15.36M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Medical cost utilization volatility
As reported in recent financial filings, Agilon Health's top-line trajectory has shifted from double-digit expansion to a contraction, with the most recent quarterly revenue growth rate falling to -7.3%, signaling a potential saturation or strategic pruning of membership panels within their core Medicare Advantage risk-bearing contracts.
The transition from rapid growth to negative revenue performance suggests that the company's reliance on new physician partner onboarding may be insufficient to offset churn or regulatory-driven revenue adjustments. Investors should monitor whether this contraction reflects a deliberate effort to improve risk-pool quality or a fundamental loss of competitive momentum in key geographic markets.
Based on historical income statements, Agilon Health's gross margin has exhibited significant instability, swinging from a positive 4.7% in early 2024 to a negative 6.2% by late 2025, illustrating the company's extreme sensitivity to medical utilization spikes and the inherent difficulty of managing total cost of care.
The persistent inability to maintain positive gross margins suggests that the company's capitation revenue is currently failing to cover the underlying medical claims costs. This margin compression appears to be exacerbated by the maturation curve of new physician partners, who may require more time to align their clinical workflows with value-based care incentives.
According to the provided income statement data, Agilon Health has struggled to achieve meaningful operating leverage, as SG&A expenses remain relatively sticky while gross profits have turned negative, resulting in operating margins that have consistently languished in negative territory throughout the most recent four quarters.
The lack of scalability in the operating model implies that the company's administrative overhead is not currently being offset by sufficient medical margin generation. Without a clear path to positive gross profit, the company's ability to leverage its platform infrastructure remains theoretical rather than realized.
While management characterizes the business as a scalable platform, the financial data suggests a risk-bearing entity with high volatility, as evidenced by the -12.0% net margin reported in 2025Q4, which challenges the assumption that the company can achieve profitability through simple scale and long-term physician contracts.
Short-sellers may focus on the disconnect between the company's 'platform' valuation and its actual performance as a re-insurer of medical risk. If the company cannot demonstrate a consistent ability to manage medical utilization below capitation revenue, the long-term viability of its exclusive 20-year physician contracts may be called into question.
Quick answers to the most common questions about buying AGL stock.
For fiscal year 2025, Agilon Health, Inc. (AGL) reported total revenue of $5.93B. This represents a 646.8% increase compared to $794.4M in 2019.
Agilon Health, Inc. (AGL) reported a net loss of $405.3M for the fiscal year ending 2025.
Agilon Health, Inc. (AGL) reported an operating income of $-421.1M, resulting in an operating profit margin of -7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Agilon Health, Inc. (AGL) generated $-188.6M in gross profit for the year, representing a gross profit margin of -3.2%. This demonstrates the company's core pricing power and production efficiency.