agilon health (AGL) investor relations material

Executive summary

• Q2 2026 revenue grew 7% year-over-year to $1.5 billion, with net income of $18 million, gross profit of $107 million, and adjusted EBITDA of $70 million, all reversing prior year losses.

• Medicare Advantage membership declined 12% year-over-year to 437,000–437,500, reflecting disciplined contracting and strategic exits.

• Transformation initiatives, including investments in AI, clinical pathways, and quality programs, are driving improved patient outcomes and cost management.

• ACO REACH delivered $229 million in gross savings, a 96% quality score, and contributed $7 million to adjusted EBITDA in Q2 2026.

• CEO transition occurred in May 2026, with Tim O'Rourke focusing on physician partnerships and operational execution.

Financial highlights

• Q2 2026 revenue was $1.495–$1.5 billion, up from $1.4 billion year-over-year.

• Medical margin for Q2 2026 was $197 million, compared to -$53 million in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $70 million, up from -$83 million in Q2 2025.

• Gross profit for Q2 2026 was $107 million, versus a $52 million loss in Q2 2025.

• Cash, cash equivalents, and marketable securities totaled $257 million as of June 30, 2026.

Outlook and guidance

• Full-year 2026 guidance raised: revenue expected at $5.775–$5.86 billion, medical margin at $465–$505 million, and adjusted EBITDA at $75–$95 million.

• Q3 2026 guidance: revenue of $1.445–$1.475 billion, medical margin of $105–$115 million, and adjusted EBITDA of ($5)–$5 million.

• ACO REACH adjusted EBITDA expected between $25 million and $30 million for the year.

• Year-end 2026 cash expected to be at least $125 million.

• Guidance reflects stronger risk score execution and favorable medical cost trends.