Revenue grew 12.1% year over year to $264.8M and gross margin reached 21.9%, but operating margin of 7.6% follows a series of losses and rests on a single quarter, so sustainability remains to be demonstrated.
InnovAge Holding Corp. (INNV) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 |
|---|
| Sales/Revenue | 1.02B | 989.71M | 853.7M | 763.86M | 688.09M | 698.64M | 637.8M | 567.19M | 465.63M |
| Revenue Growth % | 15.54% | 15.93% | 11.76% | 11.01% | -1.51% | 9.54% | 12.45% | 21.81% | - |
| Cost of Goods Sold | 800.08M | 783.09M | 268.91M | 631.79M | 586.8M | 563.27M | 476.01M | 425.89M | 355M |
| COGS % of Revenue | - | 79.12% | 31.5% | 82.71% | 85.28% | 80.62% | 74.63% | 75.09% | 76.24% |
| Gross Profit | 218.28M | 206.62M | 584.79M | 132.06M | 101.29M | 135.37M | 161.79M | 141.3M | 110.63M |
| Gross Margin % | 21.43% | 20.88% | 68.5% | 17.29% | 14.72% | 19.38% | 25.37% | 24.91% | 23.76% |
| Gross Profit Growth % | - | -64.67% | 342.81% | 30.38% | -25.18% | -16.33% | 14.49% | 27.73% | - |
| Operating Expenses | 143.2M | 140.34M | 614.55M | 155.24M | 150.68M | 139.78M | 86.96M | 90.37M | 70.95M |
| OpEx % of Revenue | - | 14.18% | 71.99% | 20.32% | 21.9% | 20.01% | 13.63% | 15.93% | 15.24% |
| Selling, General & Admin | 200.75M | 200.85M | 150.28M | 136.29M | 135.26M | 125.85M | 154.57M | 77.48M | 64.71M |
| SG&A % of Revenue | - | 20.29% | 17.6% | 17.84% | 19.66% | 18.01% | 24.23% | 13.66% | 13.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -3M | -60.51M | 464.28M | 18.95M | 15.42M | 13.92M | -67.61M | 12.89M | 6.24M |
| Operating Income | 75.08M | 66.28M | -29.76M | -23.18M | -49.4M | -4.41M | 74.82M | 50.93M | 39.67M |
| Operating Margin % | 7.37% | 6.7% | -3.49% | -3.03% | -7.18% | -0.63% | 11.73% | 8.98% | 8.52% |
| Operating Income Growth % | - | 322.7% | -28.39% | 53.07% | -1021.08% | -105.89% | 46.9% | 28.38% | - |
| EBITDA | 96.79M | 87.42M | -10.25M | -4.23M | -33.98M | 9.52M | 87.12M | 62.22M | 48.67M |
| EBITDA Margin % | 9.5% | 8.83% | -1.2% | -0.55% | -4.94% | 1.36% | 13.66% | 10.97% | 10.45% |
| EBITDA Growth % | 1893.09% | 952.79% | -142.34% | 87.55% | -456.97% | -89.07% | 40.01% | 27.85% | - |
| D&A (Non-Cash Add-back) | 21.71M | 21.14M | 19.51M | 18.95M | 15.42M | 13.92M | 12.29M | 11.29M | 9M |
| EBIT | 21.12M | 66.28M | -16.15M | -17.8M | -49.27M | -4.71M | -18.18M | 50.25M | 36.92M |
| Net Interest Income | -3.22M | -4.26M | -4.61M | -4.02M | -1.52M | -2.53M | -16.79M | -14.62M | -9.59M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.22M | 4.26M | 4.61M | 4.02M | 1.52M | 2.53M | 16.79M | 14.62M | 9.59M |
| Other Income/Expense | -62.69M | -66.01M | -4.27M | 1.36M | -1.4M | -2.83M | -109.79M | -15.3M | -14.29M |
| Pretax Income | 12.39M | 266K | -34.03M | -21.82M | -50.79M | -7.24M | -34.97M | 35.63M | 25.39M |
| Pretax Margin % | 1.22% | 0.03% | -3.99% | -2.86% | -7.38% | -1.04% | -5.48% | 6.28% | 5.45% |
| Income Tax | -139K | 949K | 1.32M | 1.4M | -7.24M | 723K | 9.77M | 9.87M | 6.32M |
| Effective Tax Rate % | -1.12% | 356.77% | -3.87% | -6.43% | 14.26% | -9.99% | -27.94% | 27.69% | 24.88% |
| Net Income | 9M | -2.54M | -30.31M | -21.34M | -40.67M | -6.52M | -43.99M | 26.28M | 19.58M |
| Net Margin % | 0.88% | -0.26% | -3.55% | -2.79% | -5.91% | -0.93% | -6.9% | 4.63% | 4.2% |
| Net Income Growth % | 132.18% | 91.63% | -42.06% | 47.54% | -523.72% | 85.17% | -267.39% | 34.22% | - |
| Net Income (Continuing) | 12.53M | -683K | -35.34M | -23.22M | -43.55M | -7.96M | -44.74M | 25.77M | 19.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 33.88M | 33.17M | 27.94M | 30.55M | 30.55M | 21.38M | 23.41M | 6.74M | 7.25M |
| EPS (Diluted) | 0.07 | -0.02 | -0.22 | -0.16 | -0.30 | -0.05 | -0.33 | 0.20 | 0.15 |
| EPS Growth % | 128.35% | 91.5% | -37.5% | 46.67% | -500% | 84.85% | -265% | 33.33% | - |
| EPS (Basic) | - | -0.02 | -0.22 | -0.16 | -0.30 | -0.05 | -0.33 | 0.20 | 0.15 |
| Diluted Shares Outstanding | 137.07M | 135.7M | 135.39M | 135.9M | 135.59M | 135.52M | 135.52M | 133.19M | 133.19M |
| Basic Shares Outstanding | 136.41M | 135.7M | 135.39M | 135.9M | 135.59M | 135.52M | 135.52M | 133.19M | 133.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 339.7% |
Quick answers to the most common questions about buying INNV stock.
For fiscal year 2026, InnovAge Holding Corp. (INNV) reported total revenue of $989.7M. This represents a 112.6% increase compared to $465.6M in 2019.
InnovAge Holding Corp. (INNV) reported a net loss of $2.5M for the fiscal year ending 2026.
InnovAge Holding Corp. (INNV) reported an operating income of $66.3M, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
InnovAge Holding Corp. (INNV) generated $206.6M in gross profit for the year, representing a gross profit margin of 20.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical labor cost pressure
Metrics are mathematically derived from official filings.
Revenue Re-Accelerating After Enrollment Recovery
According to reported quarterly figures, INNV's revenue grew 12.1% year over year to $264.8M in the most recent quarter, extending a rebound that began after enrollment restrictions eased and suggesting the top line is recovering on a durable basis.
The sequence of year-over-year growth rates, moving from 9.4% in late 2025 to 20.1% in the subsequent fourth quarter, points to a recovery in participant census rather than a one-time pricing benefit. Investors should still confirm that this growth reflects new enrollment rather than acuity-driven rate adjustments, since risk-adjusted capitation can produce revenue gains that do not repeat. Growth durability therefore hinges on sustaining census gains into the next fiscal year.
Gross Margin Stabilizes Near Twenty-Two Percent
As reported in the quarterly income statements, INNV's gross margin reached 21.9% in the latest quarter, up from a trough near 16.8%, indicating better spread between capitated revenue and medical cost but still a thin structural buffer.
The recovery in gross margin suggests improved management of medical claims relative to capitated payments, which is the central economic lever of the PACE model. However, a gross margin in the low twenties leaves little room for error if external provider costs or clinical labor rates rise faster than reimbursement. The margin trajectory warrants continued monitoring rather than being treated as a settled structural improvement.
Operating Leverage Remains Unproven
Based on INNV's reported figures, operating margin improved to 7.6% in the latest quarter, yet SG&A of $37.8M absorbed most of the gross profit gain, suggesting overhead has not yet been scaled efficiently against the revenue base.
Operating income moved from negative territory into positive, but the cost structure shows that a large share of incremental gross profit is being consumed by corporate and center-level overhead. This pattern is consistent with a business still carrying fixed center costs ahead of full utilization. Sustained operating leverage would require SG&A growing well below revenue growth over the next several quarters.
Net Income Swings Obscure Underlying Trend
As reported in the filings, INNV's diluted EPS swung from -$0.08 to $0.14 across recent quarters, and the latest net income of $19.6M exceeded operating income of $20.1M only marginally, implying limited non-operating distortion.
Quarterly EPS volatility, including a loss in the third quarter of the period, makes single-period comparisons unreliable and suggests timing of medical cost recognition or reserve adjustments may be influencing results. Stock-based compensation remained modest at roughly $1.7M, so dilution from equity awards does not appear to be a material driver of the earnings pattern. Analysts should weight trailing multi-quarter earnings over any individual quarter.
Margin Recovery May Prove Fragile
Based on reported figures, INNV's operating margin of 7.6% rests on a single strong quarter following periods of losses, and the more cautious view is that this improvement could reverse if labor costs or claims trends deteriorate.
A skeptical reading would note that the positive operating result follows several quarters of operating losses and that gross margin remains in the low twenties, leaving the business exposed to cost shocks. Clinical labor wage pressure and risk-adjustment true-ups could compress the spread quickly, which may indicate the recovery is more cyclical than structural. This warrants further investigation into whether the improvement is repeatable over a full year.