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Oct 31, 2025
Phreesia Q3 2026 Earnings Report
Phreesia reported a return to profitability with strong revenue growth and improved operating performance in Q3 2026.
Key Takeaways
Phreesia delivered solid financial performance in Q3 2026 with a return to positive net income, increased revenue, and improved adjusted EBITDA, supported by growth in healthcare client count and revenue per client.
Returned to profitability with $4.3M net income after a $14.4M loss in the prior year quarter.
Revenue reached $120.3M, driven by strong growth across all business segments.
Adjusted EBITDA tripled YoY to $29.1M, reflecting improved operating efficiency.
Growth in both AHSCs and revenue per AHSC underscored successful client expansion strategy.
Revenue by Segment
Forward Guidance
Phreesia updated its FY2026 guidance upward and introduced a robust FY2027 outlook with continued revenue and EBITDA growth.
Positive Outlook
- FY26 revenue guidance raised to $479M–$481M, up from prior midpoint.
- FY26 Adjusted EBITDA guidance raised to $99M–$101M.
- FY27 revenue outlook of $545M–$559M, implying 14–16% YoY growth.
- FY27 Adjusted EBITDA expected to grow to $125M–$135M.
- AccessOne acquisition expected to contribute ~6.5% of FY27 revenue.
Challenges Ahead
- Bridge loan of $110M used to finance AccessOne acquisition may introduce refinancing risk.
- FY26 guidance includes only partial year contribution from AccessOne.
- No FY26/FY27 GAAP net income forecast due to variability in expenses.
- Increased operating expenses from AccessOne integration and legal costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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