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Jan 31
Phreesia Q4 2025 Earnings Report
Phreesia reported strong revenue growth and a significant reduction in net loss in Q4 2025.
Key Takeaways
Phreesia Inc. delivered strong revenue growth of 15% year-over-year in Q4 2025, reaching $109.7 million. The company significantly reduced its net loss to $6.4 million, compared to $30.6 million in the same period last year. Adjusted EBITDA turned positive at $16.4 million, reflecting improved operational efficiency and cost management. The company continues to grow its client base and expand revenue per healthcare services client.
Revenue grew 15% year-over-year to $109.7 million.
Net loss improved to $6.4 million from $30.6 million last year.
Adjusted EBITDA turned positive at $16.4 million, up from -$3.5 million last year.
Free cash flow reached $9.2 million, reflecting improved liquidity.
Phreesia
Phreesia
Phreesia Revenue by Segment
Revenue by Segment
Subscription Services Revenue
CapyFin.comPayment Processing Revenue
CapyFin.com Forward Guidance
Phreesia expects continued revenue growth and improved profitability in FY 2026, driven by client expansion and operational efficiencies.
Positive Outlook
- Revenue expected to reach $472 million to $482 million in FY 2026.
- Adjusted EBITDA projected to improve significantly, ranging from $78 million to $88 million.
- Client base (AHSCs) expected to reach approximately 4,500.
- Total revenue per AHSC expected to increase from FY 2025 levels.
- Strong cash position of $84.2 million provides financial flexibility for growth.
Challenges Ahead
- Net losses are still a concern despite improvement in profitability.
- Operating costs remain high, requiring continued efficiency improvements.
- Dependence on revenue per AHSC growth to drive top-line expansion.
- Market competition in digital healthcare solutions remains intense.
- Potential macroeconomic risks could impact client expansion and spending.
Revenue & Expenses
Visualization of income flow from segment revenue to net income