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Jun 30, 2025
Alignment Healthcare Q2 2025 Earnings Report
Alignment Healthcare reported strong second quarter 2025 results, exceeding guidance across key metrics and raising its full-year outlook.
Key Takeaways
Alignment Healthcare delivered a robust second quarter in 2025, with total revenue reaching $1.015 billion, a 49% increase year-over-year, and health plan membership growing by 27.8% to 223,700. The company surpassed its Q2 guidance for membership, revenue, adjusted gross profit, and adjusted EBITDA, demonstrating strong financial performance and operational efficiency.
Total revenue for Q2 2025 reached $1.015 billion, marking a significant 49.0% increase compared to the same period last year.
Health plan membership grew to approximately 223,700 as of June 30, 2025, representing a 27.8% year-over-year increase.
Adjusted gross profit was reported at $135.2 million, and adjusted EBITDA reached $45.9 million, both exceeding Q2 guidance.
The company achieved a net income of $15.7 million, a substantial improvement from a net loss in the prior year period.
Revenue by Segment
Forward Guidance
Alignment Healthcare has raised its full-year outlook across all key metrics, including health plan membership, revenue, adjusted gross profit, and adjusted EBITDA, reflecting confidence in continued growth and profitability.
Positive Outlook
- Full-year 2025 health plan membership is projected to be between 229,000 and 234,000.
- Full-year 2025 revenue is expected to range from $3.885 billion to $3.910 billion.
- Full-year 2025 adjusted gross profit is forecasted to be between $452 million and $469 million.
- Full-year 2025 adjusted EBITDA is anticipated to be between $69 million and $83 million.
- The company expects continued strong performance into Q3 2025, with revenue guidance of $970 million to $985 million.
Challenges Ahead
- The company cannot provide estimated ranges for comparable GAAP measures for forward guidance without unreasonable efforts due to uncertainties.
- Equity-based compensation expense and depreciation and amortization are not within the company's control or reasonably predictable for GAAP reconciliation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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