Astrana Health (NASDAQ:ASTH) delivered a year of explosive scale in 2025, according to financial results released Monday, with total revenue reaching $3.18 billion.
The 56% year-over-year surge was largely driven by the successful integration of Prospect Health and the expansion of the company's "Care Partners" segment, which now serves a rapidly growing network of risk-bearing provider groups.
The company’s profitability also trended upward, with full-year adjusted EBITDA rising 21% to $205.4 million.
For the fourth quarter, Astrana posted revenue of $950.5 million and adjusted EBITDA of $52.5 million—a 50% increase over the same period in 2024.
This growth came despite a challenging regulatory environment and a strategic shift in the timing of several full-risk payer contracts that are now set to contribute in early 2026.
However, the record financial performance was partially overshadowed by a regulatory hurdle.
Astrana filed a Form 12b-25 with the SEC, seeking a 15-day extension to file its 2025 Annual Report.
Management disclosed a "material weakness" in internal controls over financial reporting, specifically related to the complex purchase accounting required for its recent string of acquisitions.
The company stated it expects to remediate the issue but requires more time to finalize the audit of its 10-K.
Looking ahead, Astrana provided 2026 guidance that forecasts a continuation of its aggressive expansion.
The company expects total revenue between $3.8 billion to $4.1 billion (approx. 24% growth at midpoint).