InnovAge Holding Corp. (INNV) Q4 2026 Financial Results Summary
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InnovAge Holding Corp. (INNV) Q4 2026: Strong Revenue Growth, Reduced Losses — Positive Outlook
InnovAge Holding Corp. (INNV) reported its financial results for the fourth quarter and fiscal year ended June 30, 2026, showcasing significant improvements compared to the previous year. The company achieved total revenues of $261.0 million, an increase of $39.6 million or 17.9% from $221.4 million in Q4 2025. This growth reflects the company's ongoing efforts to expand its healthcare services for seniors.
Key Financial Metrics
- Total Revenues: $261.0 million (Q4 2026) vs. $221.4 million (Q4 2025) — +17.9% YoY
- Net Income: $9.8 million (Q4 2026) vs. a net loss of $5.0 million (Q4 2025) — Positive turnaround
- Net Loss: $0.7 million for the fiscal year 2026, a decrease of 98% from a net loss of $35.3 million in 2025.
- Adjusted EBITDA: $24.2 million (Q4 2026) vs. $11.3 million (Q4 2025) — +114.2% YoY
- Adjusted EBITDA Margin: 9.3% (Q4 2026) vs. 5.1% (Q4 2025) — +4.2 percentage points
Analyst View
This quarter represents a significant improvement for InnovAge shareholders. The company not only achieved revenue growth but also turned around its net income position, moving from a loss to a profit in the fourth quarter. The substantial increase in adjusted EBITDA indicates that the company is effectively managing its costs while expanding its services. The net loss for the fiscal year has also decreased dramatically, suggesting that InnovAge is on a path to profitability.
Additional Highlights
- Census Growth: The company reported a census of approximately 8,230 participants, up from 7,740 in 2025, indicating a growing demand for its services.
- Center-level Contribution Margin: Increased to $227.8 million, up 48.3% from $153.6 million in 2025.
- Total Member Months: Approximately 96,050 in 2026 compared to 89,130 in 2025.
Guidance for Fiscal Year 2027
InnovAge has provided guidance for fiscal year 2027, projecting:
- Total Revenues: Between $1,050 million and $1,085 million.
- Adjusted EBITDA: Between $105 million and $115 million.
- Census: Expected to grow to between 8,625 and 8,850 participants.
- Total Member Months: Projected to be between 101,000 and 102,500.
Conclusion and Forward Catalyst
Investors should watch for the continued execution of InnovAge's growth strategy in the upcoming quarters. The company’s focus on expanding its participant base and improving operational efficiencies will be critical as it aims to achieve its revenue and EBITDA targets for fiscal year 2027. The positive trajectory in financial performance and the strategic guidance provided suggest that InnovAge is well-positioned for sustainable growth in the healthcare sector for seniors.
Here are the extracted tables from the press release:
Note: All amounts in the following tables are in thousands.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE DATA)
| Three Months Ended | June 30, 2026 | June 30, 2025 | Year Ended | June 30, 2026 | June 30, 2025 |
|---|---|---|---|---|---|
| Revenue | $261,000 | $221,000 | $988,000 | $852,000 | |
| Other service revenue | 440 | 357 | 1,300 | 1,300 | |
| Total revenue | 261,440 | 221,357 | 989,300 | 853,300 | |
| Expenses | |||||
| Operating costs | 115,000 | 108,000 | 449,000 | 431,000 | |
| Cost of care | 83,000 | 71,000 | 312,000 | 268,000 | |
| Selling, general, and administrative | 9,900 | 7,100 | 34,000 | 28,000 | |
| Depreciation and amortization | 6,300 | 3,300 | 21,000 | 19,000 | |
| Impairments and loss on assets | 3,000 | 5,100 | 3,100 | 13,000 | |
| Total expenses | 251,000 | 223,000 | 987,000 | 883,000 | |
| Operating income | 10,440 | -2,000 | 2,600 | -29,000 | |
| Other income | -772 | -893 | -4,000 | -4,000 | |
| Loss on cost and equity method investments | — | -1,000 | — | -1,000 | |
| Other net income | 293 | 250 | 1,900 | 1,700 | |
| Total other income | -479 | -2,000 | -2,000 | -4,000 | |
| Income (loss) before income taxes | 9,667 | -4,000 | 266 | -34,000 | |
| Provision for income tax | -116 | 807 | 949 | 1,300 | |
| Net income (loss) | 9,783 | -5,000 | -683 | -35,000 | |
| Net income (loss) attributable to InnovAge Holding Corp. | $8,287 | -785 | $-2,537 | -30,000 | |
| Weighted-average shares used to compute net income per share, basic | 135,000,000 | 135,000,000 | 13,000,000 | 13,000,000 | |
| Net loss per share—basic | $0.06 | -$0.01 | -$0.02 | -$0.22 | |
| Net loss per share—diluted | $0.06 | -$0.01 | -$0.02 | -$0.22 |
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
| June 30, 2026 | June 30, 2025 | |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | $97,891 | $64,129 |
| Short-term investments | 43,435 | 41,775 |
| Restricted cash | 10 | 11 |
| Accounts receivable | 42,390 | 36,373 |
| Prepaid expenses and other | 27,311 | 24,472 |
| Income tax receivable | 3,276 | 3,310 |
| Assets held for sale | — | 6,038 |
| Total current assets | 214,313 | 176,108 |
| Noncurrent Assets | ||
| Property and equipment, net | 166,086 | 168,044 |
| Operating lease assets | 21,412 | 26,901 |
| Deposits and other | 10,318 | 9,875 |
| Goodwill | 142,046 | 142,046 |
| Other intangible assets, net | 3,218 | 3,877 |
| Total noncurrent assets | 343,080 | 350,743 |
| Total assets | $557,393 | $526,851 |
| Liabilities and Stockholders' Equity | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | $115,358 | $76,750 |
| Reported and estimated claims | 56,864 | 58,971 |
| Due to Medicaid and Medicare | 18,266 | 14,382 |
| Current portion of long-term debt | 2,536 | 2,250 |