Astrana Health, Inc. (ASTH) · Nov 5, 2026 · Earnings

Astrana earnings miss adjusted EPS, narrows 2026 guidance

Miss — Adjusted EPS $0.71 vs ~$0.79 consensus

Astrana’s Q3 earnings were mixed: revenue met expectations and guidance narrowed, but adjusted EPS fell short of consensus.

Astrana is scaling a physician-centered, risk-bearing healthcare platform serving roughly 1.5 million value-based-care patients, while shifting more revenue and members into full-risk contracts and integrating technology and acquisitions. That strategy was already established before this release; the new information is how the model performed in Q3 and how management reset the range for the finish.

The quarter was operationally solid but missed the cleanest earnings benchmark. Revenue of $1.024 billion was essentially in line with the published consensus of about $1.02 billion, while adjusted EBITDA reached $77.2 million, near the top of the company’s prior $72.5 million–$77.5 million quarterly range. But adjusted EPS of $0.71 trailed the published consensus of roughly $0.79, making this an earnings miss despite strong year-over-year growth.

	Q3 2026	Q3 2025	Consensus / prior guide
Revenue (Financial Highlights)	$1,023.6M (+7.1%)	$956.0M	~$1,020M
Adjusted EPS (Selected Financial Results)	$0.71 (+4.4%)	$0.68	~$0.79
Adjusted EBITDA (Adjusted EBITDA reconciliation)	$77.2M (+12.7%)	$68.5M	$72.5M–$77.5M
Free cash flow, YTD (Cash Flow statement)	$105.4M (-4.6%)	$110.4M	—

The more important business signal is tighter, not higher, full-year guidance. Astrana narrowed revenue to $3.9 billion–$4.0 billion from $3.8 billion–$4.1 billion, adjusted EBITDA to $261 million–$274 million from $255 million–$280 million, and free cash flow to $107.5 million–$130 million from $105 million–$132.5 million. This removes both ends of the previous ranges rather than raising the midpoint meaningfully; it signals greater confidence in the landing zone, not a material change in the growth story. The prior framework was already public after Q2. The filing states that the company is “narrowing guidance for total revenue, Adjusted EBITDA, and free cash flow for the year ending December 31, 2026.” 〔0〕

Underlying execution still supports the full-risk transition. Care Partners revenue rose 8%, Care Delivery rose 5%, and Care Enablement rose 5%; consolidated operating income more than doubled to $39.9 million. Management also said year-to-date medical-cost trend was below its roughly 5.2% full-year assumption, while 82% of expected 2026 capitation revenue is now tied to full-risk arrangements. The caveat is that free cash flow declined year over year and cash fell to $396.2 million from $429.5 million at year-end, so the stronger operating result has not translated into stronger cash generation yet.

The strategic story is advancing, but this filing does not rewrite it. Astrana continues to add Care Enablement clients, move members toward full-risk contracts, and expand through tuck-in acquisitions; the Georgia physician-association acquisition closed October 1, 2026. 〔1〕 The company’s operating platform is gaining scale, but the quarter’s adjusted-EPS miss and softer year-to-date free cash flow keep the release from being a clean upside surprise.

Bottom line: Astrana’s business remains on track, and tighter guidance adds confidence around execution, but the quarter itself missed adjusted-EPS expectations. This is a mixed update with modestly positive strategic progress, not a story-changing beat.

What to watch next

Q4 results and 2027 outlook

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Astrana earnings miss adjusted EPS, narrows 2026 guidance

What to watch next

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