Phreesia (PHR) Q4 2026 earnings summary

Executive summary

• Fiscal year 2026 marked a pivotal year with $480.6M in revenue (up 14%), surpassing $100M in Adjusted EBITDA, $54.4M in free cash flow, and achieving positive GAAP net income of $2.3M for the first time.

• Major initiatives included the acquisition and integration of AccessOne, expansion of provider financing, and the launch of ProviderConnect for HCP marketing.

• The company leveraged AI to automate processes, reduce outsourcing, and drive efficiency, contributing to margin expansion.

Financial highlights

• Q4 FY26 revenue was $127.1M, up 16% year-over-year; full-year revenue was $480.6M, up 14%.

• Adjusted EBITDA for FY2026 was $101.5M, with Q4 Adjusted EBITDA of $29.4M (23% margin), up from $16.4M in the prior year.

• Free cash flow for FY2026 was $54.4M, with Q4 free cash flow at $28.5M, the strongest quarterly result to date.

• Cash and equivalents at year-end were $73.8M, down from $84.2M a year prior.

• Net income for FY2026 was $2.3M, with Q4 net income of $1.3M.

Outlook and guidance

• FY27 revenue guidance lowered to $510M–$520M from prior $545M–$559M, reflecting reduced visibility and lower commitments from certain pharma clients in Network Solutions.

• Adjusted EBITDA guidance maintained at $125M–$135M, demonstrating operating leverage and efficiency gains.

• AHSC growth expected in the mid-single digit percentage range; total revenue per AHSC now expected to grow in the low single-digit range.

• $37M of FY27 revenue expected from AccessOne.