LifeStance Health Group (NASDAQ:LFST) reported a decisive turn to profitability for fiscal year 2025, a landmark result for the nation’s largest provider of outpatient mental healthcare.
The Scottsdale-based company posted full-year revenue of $1.42 billion, a 14% increase over 2024, and achieved positive net income of $9.7 million—successfully emerging from the net losses that characterized its early years as a public entity.
The performance was punctuated by a robust fourth quarter, where revenue grew 17% year-over-year to $382.2 million.
Growth was primarily fueled by an 18% increase in patient visit volumes, totaling 2.4 million for the quarter, as the company’s clinician base grew to more than 8,000 professionals.
Operating leverage continued to improve as revenue growth outpaced general and administrative expenses.
Adjusted EBITDA for the full year reached $157.7 million, a 32% increase, representing a margin of 11.1%.
In the fourth quarter alone, adjusted EBITDA surged 49% to $48.8 million, or 12.8% of revenue.
Looking ahead to 2026, LifeStance issued guidance projecting total revenue between $1.615 billion and $1.655 billion, representing roughly 15% growth at the midpoint.