Health Catalyst, Inc. (HCAT) Revenue History
Annual and quarterly revenue from 2017 to present
HCAT Revenue Over Time (2017–2025)
HCAT Revenue Growth History
8 of 8 years with positive growth- FY2017 revenue growth
- N/A
- FY2018 revenue growth
- +54.0%
- FY2019 revenue growth
- +37.6%
- FY2020 revenue growth
- +21.9%
- FY2021 revenue growth
- +28.1%
- FY2022 revenue growth
- +14.2%
- FY2023 revenue growth
- +7.1%
- FY2024 revenue growth
- +3.6%
- FY2025 revenue growth
- +1.5%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $70.8M | -10.9% |
| Q4 2025 | $74.7M | -6.2% |
| Q3 2025 | $76.3M | -0.0% |
| Q2 2025 | $80.7M | +6.3% |
| Q1 2025 | $79.4M | +6.3% |
| Q4 2024 | $79.6M | +6.0% |
| Q3 2024 | $76.4M | +3.5% |
| Q2 2024 | $75.9M | +3.7% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
HCAT's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
HCAT Revenue Analysis (2017–2025)
Current Revenue & Growth
As of June 23, 2026, Health Catalyst, Inc. (HCAT) generated trailing twelve-month (TTM) revenue of $302.5 million, reflecting significant decline in growth of -10.9% year-over-year. The most recent quarter (Q1 2026) recorded $70.8 million in revenue, down 5.3% sequentially.
Historical Growth Trajectory
HCAT's 5-year compound annual growth rate (CAGR) stands at +10.5%, indicating consistent double-digit revenue growth. The 3-year CAGR of +4.0% is below the 5-year average, signalling a growth deceleration in recent years. Health Catalyst, Inc.'s highest annual revenue of $311.1 million was recorded in 2025, an all-time high.
Revenue by Segment
HCAT's revenue is primarily driven by Recurring Technology (100%). With over half of revenue concentrated in Recurring Technology, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including HIMS (+32.8% YoY), DOCS (+13.1% YoY), and INVA (+13.6% YoY) — HCAT has underperformed the peer group in revenue growth. Compare HCAT vs HIMS →
HCAT Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HCATCurrent | $302M | -10.9% | +10.5% | -11.6% | |
 HIMS | $2.3B | +32.8% | +73.6% | 4.5% | |
 DOCS | $645M | +13.1% | +25.5% | 33.3% | |
 INVA | $425M | +13.6% | +4.8% | 38.5% | |
 TDOC | $2.5B | -1.5% | +18.3% | -10.4% | |
 PINC | $1.0B | -16.2% | -4.9% | 0.1% |
HCAT Historical Revenue Data (2017–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $311.1M | +1.5% | $104.1M | 33.5% | $-36,104,000 | -11.6% |
| 2024 | $306.6M | +3.6% | $140.8M | 45.9% | $-69,806,000 | -22.8% |
| 2023 | $295.9M | +7.1% | $131.8M | 44.5% | $-126,897,000 | -42.9% |
| 2022 | $276.2M | +14.2% | $133.2M | 48.2% | $-140,005,000 | -50.7% |
| 2021 | $241.9M | +28.1% | $117.6M | 48.6% | $-143,650,000 | -59.4% |
| 2020 | $188.8M | +21.9% | $90.8M | 48.1% | $-96,125,000 | -50.9% |
| 2019 | $154.9M | +37.6% | $79.6M | 51.4% | $-54,865,000 | -35.4% |
| 2018 | $112.6M | +54.0% | $52.7M | 46.8% | $-60,095,000 | -53.4% |
| 2017 | $73.1M | - | $29.4M | 40.3% | $-45,540,000 | -62.3% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
9+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
HCAT — Frequently Asked Questions
Quick answers to the most common questions about buying HCAT stock.
Is HCAT's revenue growth accelerating or slowing?
HCAT revenue is declining -10.9% year-over-year. TTM revenue fell to $302M, contrasting with the 5-year CAGR of +10.5%. The reversal reflects either macro headwinds or company-specific challenges.
What is HCAT's revenue history from 2017 to 2026?
Health Catalyst, Inc. (HCAT) revenue history spans 2017 to 2026. TTM revenue as of 2026 is $302M, growing at -10.9% YoY. The 5-year CAGR is +10.5%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is HCAT's long-term revenue growth rate (CAGR)?
Health Catalyst, Inc.'s 5-year revenue CAGR of +10.5% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -10.9% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for HCAT.
Why does HCAT's quarterly revenue fluctuate?
HCAT quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Health Catalyst, Inc.'s revenue data from 2017 to 2026 shows full historical quarterly detail on this page.
How is HCAT's revenue distributed by segment?
HCAT reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does HCAT's revenue compare to industry peers?
Health Catalyst, Inc. (HCAT) with TTM revenue of $302M and -10.9% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.