Jun 2026 (Q2 FY26) — Jul 30, 2026
Alignment Healthcare Q2 FY26 — Strong Performance Driven by Membership Growth and Margin Expansion
Read the full callAlignment Healthcare (ALHC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Alignment Healthcare earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,336 | +31.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 3.1 | +0.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 36.6 | +133.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
34 of 36 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $50 million to $60 million | Mar 2026 | Q2 adjusted EBITDA of $68 million produced an adjusted EBITDA margin of 5.1% and represents 60 basis points of margin expansion year-over-year. | Achieved |
| Adjusted EBITDA | $133 million to $163 million | Dec 2025 | adjusted EBITDA to be in the range of $145 million to $163 million. | Revised Up |
| Revenue | $1.21 billion to $1.23 billion | Dec 2025 | this supported total revenue of $1.2 billion, which increased 33% year-over-year. | Missed |
2 of Alignment Healthcare, Inc.'s 56 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 53 more targets are in the full ledger.
Claimed
- Health plan membership grew approximately 31% year-over-year to 294,100 members.
- Total revenue increased 32% year-over-year to $1.3 billion.
- Adjusted MBR improved by 40 basis points year-over-year to 86.3%, marking the lowest MBR as a public company.
- Adjusted EBITDA grew 48% year-over-year to $68 million, with a 5.1% margin, representing 60 basis points of expansion.
- First half adjusted EBITDA increased 60% versus prior year to $106 million, on track for full-year guidance.
Qualified
- Q3 FY26 adjusted EBITDA guidance of $20 million to $30 million reflects increased investments in clinical operations and SG&A, leading to a seasonally higher MBR compared to prior year.
- Unfavorable prior year development of approximately $6 million was recorded in Q2 FY26 to bolster reserves.
Price
$8.15 −0.97% · −$0.08
Performance −52.8% 1Y
1Y: $17.26 on 14 Oct 2025 → $8.15. High $24.56 (6 Jul 2026), low $7.55 (9 Oct 2026).
- Previous close
- $8.23
- 52-week range
- $7.55 – $24.56
- One year
- −52.92%
Overview
- Symbol
- ALHC
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
34 of 36 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $50 million to $60 million | Mar 2026 | Q2 adjusted EBITDA of $68 million produced an adjusted EBITDA margin of 5.1% and represents 60 basis points of margin expansion year-over-year. | Achieved |
| Adjusted EBITDA | $133 million to $163 million | Dec 2025 | adjusted EBITDA to be in the range of $145 million to $163 million. | Revised Up |
| Revenue | $1.21 billion to $1.23 billion | Dec 2025 | this supported total revenue of $1.2 billion, which increased 33% year-over-year. | Missed |
Claimed
- Health plan membership grew approximately 31% year-over-year to 294,100 members.
- Total revenue increased 32% year-over-year to $1.3 billion.
- Adjusted MBR improved by 40 basis points year-over-year to 86.3%, marking the lowest MBR as a public company.
- Adjusted EBITDA grew 48% year-over-year to $68 million, with a 5.1% margin, representing 60 basis points of expansion.
- First half adjusted EBITDA increased 60% versus prior year to $106 million, on track for full-year guidance.
Qualified
- Q3 FY26 adjusted EBITDA guidance of $20 million to $30 million reflects increased investments in clinical operations and SG&A, leading to a seasonally higher MBR compared to prior year.
- Unfavorable prior year development of approximately $6 million was recorded in Q2 FY26 to bolster reserves.
The full ledger
Open Alignment Healthcare, Inc.’s full ledger
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Call summaries
Dec 2025 (Q4 FY25) — Feb 26, 2026
Alignment Healthcare Q4 FY25 — Strong Profitability and Ex-California Growth
Read the full callEvery analysed call
Alignment Healthcare earnings calls (ALHC)
Financials
What the filings say
Net profit, year on year: +133% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 692 | 701 | 927 | 1,015 | 994 | 1,013 | 1,235 | 1,336 |
| Operating profit | -20 | -23 | -5 | 23 | 8 | -10 | 16 | 42 |
| Operating margin | −2.8% | −3.2% | −0.6% | 2.2% | 0.8% | −1.0% | 1.3% | 3.1% |
| Other income | -7 | -9 | -4 | -4 | -4 | -4 | -4 | -4 |
| Interest | 7 | 5 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before tax | -26 | -31 | -9 | 19 | 4 | -14 | 11 | 38 |
| Tax rate | 0.0% | −0.0% | −0.2% | 17.1% | 0.1% | 22.7% | 0.2% | 3.4% |
| Net profit | -26 | -31 | -9 | 16 | 4 | -11 | 11 | 37 |
| EPS ($ per share) | -0.14 | — | -0.05 | 0.08 | 0.02 | — | 0.06 | 0.18 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | -380 | -583 | -732 | -880 | -1,008 | -1,009 |
| Total liabilities | — | 308 | 325 | 395 | 434 | 681 | 887 |
| Fixed assets | — | 27 | 30 | 37 | 52 | 67 | 64 |
| Investments | — | — | — | 0 | 116 | 38 | 28 |
| Total assets | — | 339 | 631 | 634 | 592 | 782 | 1,066 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 9 | 8 | -79 | -45 | -59 | 35 | 140 |
| Cash from investing | -10 | -16 | -21 | -28 | -147 | 39 | -15 |
| Cash from financing | 53 | 130 | 360 | 17 | 0 | 156 | 18 |
| Net cash flow | — | — | — | -57 | -206 | 230 | 143 |
| Capital expenditure | — | — | — | -24 | -36 | -41 | -27 |
| Free cash flow | — | — | — | -69 | -95 | -7 | 113 |
ALHC revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +31.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
105 filings between Oct 28, 2025 and Oct 6, 2026.
Open market
decisions to buy or sellPurchases
$197.6K
1 purchase by 1 insider
Sales
$521.09M
80 sales by 11 insiders
61% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 20
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| GENERAL ATLANTIC, L.P. | — | $206.49M | Dec 12, 2025 |
| General Atlantic (ALN HLTH), L.P. | — | $206.49M | Dec 12, 2025 |
| KAO JOHN E | — | $72.74M | Sep 14, 2026 |
| Maroney Dawn Christine | — | $24.75M | Sep 11, 2026 |
| KONOWIECKI JOSEPH S | — | $3.46M | Sep 17, 2026 |
| Kim Hyong | — | $1.90M | Oct 6, 2026 |
| JOYCE CHRISTOPHER J | — | $1.67M | Apr 1, 2026 |
| Scavo Robert L. | — | $1.58M | Mar 18, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 6, 2026 | Kim Hyong Chief Medical Officer | Sale | 32,479 | $269.6K |
| Sep 17, 2026 | KONOWIECKI JOSEPH S EVP, Corporate Affairs | Sale | 23,511 | $202.4K |
| Sep 14, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 27,400 | $356.2K |
| Sep 11, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 385,270 | $4.89M |
| Sep 11, 2026 | Maroney Dawn Christine President | Sale | 122,707 | $1.56M |
| Sep 10, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 172,600 | $2.24M |
| Aug 14, 2026 | Maroney Dawn Christine President | Sale 10b5-1 plan | 5,000 | $70.0K |
| Aug 10, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 298,000 | $4.14M |
| Jul 15, 2026 | Maroney Dawn Christine President | Sale 10b5-1 plan | 177,068 | $3.69M |
| Jul 15, 2026 | Maroney Dawn Christine President | Option exercise 10b5-1 plan | 152,068 | $1.38M |
| Jul 10, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 18,356 | $379.0K |
| Jul 10, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 279,644 | $5.54M |
| Jul 1, 2026 | Hochradel Shane J. Chief Operations Officer | Award | 87,719 | $0 |
| Jul 1, 2026 | KONOWIECKI JOSEPH S EVP, Corporate Affairs | Sale 10b5-1 plan | 25,000 | $600.0K |
| Jun 26, 2026 | KONOWIECKI JOSEPH S EVP, Corporate Affairs | Sale 10b5-1 plan | 25,000 | $575.0K |
| Jun 18, 2026 | KONOWIECKI JOSEPH S EVP, Corporate Affairs | Sale 10b5-1 plan | 25,000 | $550.0K |
| Jun 15, 2026 | Maroney Dawn Christine President | Sale 10b5-1 plan | 30,000 | $586.4K |
| Jun 12, 2026 | Kim Hyong Chief Medical Officer | Sale 10b5-1 plan | 35,951 | $713.9K |
| Jun 11, 2026 | KONOWIECKI JOSEPH S EVP, Corporate Affairs | Sale 10b5-1 plan | 25,000 | $525.0K |
| Jun 10, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 74,936 | $1.47M |
| Jun 10, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 223,064 | $4.59M |
| Jun 3, 2026 | KONOWIECKI JOSEPH S EVP, Corporate Affairs | Award | 122,807 | $0 |
| Jun 3, 2026 | Kent Mark D. President - MSO | Award | 87,719 | $0 |
| Jun 2, 2026 | Kent Mark D. President - MSO | Purchase | 14,848 | $197.6K |
| May 18, 2026 | Maroney Dawn Christine President | Gift 10b5-1 plan | 20,000 | $0 |
| May 15, 2026 | Maroney Dawn Christine President | Sale 10b5-1 plan | 30,000 | $482.6K |
| May 15, 2026 | Maroney Dawn Christine President | Gift 10b5-1 plan | 1,500 | $0 |
| May 11, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 280,893 | $4.73M |
| May 11, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 17,107 | $300.0K |
| Apr 15, 2026 | Maroney Dawn Christine President | Sale 10b5-1 plan | 30,000 | $626.2K |
| Apr 13, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 82,299 | $1.71M |
| Apr 10, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 13,801 | $295.0K |
| Apr 10, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 201,900 | $4.16M |
| Apr 7, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 132,241 | $2.73M |
| Apr 7, 2026 | Head James M Chief Financial Officer | Sale | 11,100 | $234.0K |
| Apr 7, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 117,759 | $2.52M |
| Apr 1, 2026 | JOYCE CHRISTOPHER J Chief Legal and Admin. Officer | Sale 10b5-1 plan | 18,013 | $320.5K |
| Mar 23, 2026 | KAO JOHN E Chief Executive Officer | Sale 10b5-1 plan | 118,000 | $2.06M |
| Mar 19, 2026 | Wagner Andreas P. Chief Human Resources Officer | Sale 10b5-1 plan | 11,602 | $211.4K |
| Mar 18, 2026 | Wagner Andreas P. Chief Human Resources Officer | Sale 10b5-1 plan | 12,000 | $214.1K |
| Mar 18, 2026 | Maroney Dawn Christine President | Sale | 36,749 | $655.6K |
| Mar 18, 2026 | Burzacchi Sebastian COO - Mgmt Services Org | Sale | 15,361 | $274.0K |
| Mar 18, 2026 | Kim Hyong Chief Medical Officer | Sale | 18,404 | $328.3K |
| Mar 18, 2026 | JOYCE CHRISTOPHER J Chief Legal and Admin. Officer | Sale | 25,125 | $448.2K |
| Mar 18, 2026 | KAO JOHN E Chief Executive Officer | Sale | 73,046 | $1.30M |
| Mar 18, 2026 | Scavo Robert L. Chief Information Officer | Sale | 11,285 | $201.3K |
| Mar 16, 2026 | Maroney Dawn Christine President | Sale 10b5-1 plan | 30,000 | $524.4K |
| Mar 13, 2026 | McClellan Mark B. Director | Award | 13,096 | $0 |
| Mar 13, 2026 | McCarthy Margaret M Director | Award | 14,273 | $0 |
| Mar 13, 2026 | KOSECOFF JACQUELINE B Director | Award | 13,096 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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