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.