WELL Health Technologies (WELL) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of CAD 1.4 billion ($1.40B) in FY2025, up 52% year-over-year, with Adjusted EBITDA of CAD 203.7 million ($203.7M), up 336%, and Adjusted Net Income of CAD 126.5 million ($0.50 per share), up 1,479% year-over-year.

• Delivered 10.5 million care interactions, 4.3 million Canadian patient visits, and expanded to 252 clinics nationwide, adding 44 clinics and 307 providers in 2025 through M&A.

• WELLTRUST platform launched, enabling AI-powered patient identification for clinical research, with 30,000 patient consents and 56 clinics live.

• Strategic review of U.S. assets underway, with active divestiture discussions for WISP, Circle Medical, and CRH.

• WELLSTAR subsidiary delivered strong SaaS growth and is planned for a spin-out to unlock shareholder value.

Financial highlights

• Normalized 2025 revenue was CAD 1.35 billion ($1.35B), up 34% year-over-year, with Normalized Adjusted EBITDA of CAD 148.6 million ($148.6M), up 17%, and Normalized Adjusted Net Income of CAD 99 million, up 102%.

• Adjusted EBITDA margin improved to 14.5% from 5.1% in 2024; Adjusted Gross Margin reached 44.2% in 2025.

• Free cash flow attributable to shareholders was CAD 58.2 million ($58.2M), up 19% year-over-year.

• WELLSTAR revenue grew 63% to CAD 72.9 million ($72.9M), with 30% Adjusted EBITDA margin.

• HEALWELL contributed CAD 112.9 million in revenue, with Q4 revenue up 374% year-over-year and positive Adjusted EBITDA.

Outlook and guidance

• 2026 revenue guidance: CAD 1.55–1.65 billion ($1.55–$1.65B), with Adjusted EBITDA of CAD 175–185 million ($175–$185M), targeting at least 10% annual growth in Adjusted EBITDA and free cash flow.

• WELL Canada targeting over CAD 800 million ($800M) in revenue and CAD 100 million ($100M) in Adjusted EBITDA within 18 months.

• Guidance excludes unannounced M&A and is sensitive to timing of acquisitions and divestitures.

• Continued focus on Canadian M&A and planned WELLSTAR spin-out, subject to market conditions.