agilon health, inc.

agilonhealth.com

What Do They Do?

Supports community-based physician groups with technology, people, processes and capital to manage Medicare patients’ care, and contracts with health plan payors to arrange a defined range of their care.

How Do They Make Money?

Health plan payors pay agilon monthly fees for each eligible member in exchange for arranging a defined range of healthcare services; the fees are set as a percentage of the premiums payors receive.

revenue

Segment	Share	Revenue	How money arrives
Medical services revenue Recurring	100% FY2022: 100%		Recurring
Other operating revenue	0.2% FY2022: 0.1%

Who Are Their Customers?

Health plan payors contract directly with agilon for care arrangements; community-based physician groups enter long-term service agreements and join its platform. Payors market Medicare plans to members.

Do Revenues Turn Into Profits?

No. It lost $391.3M in FY2025.

Operating income, FY2025

−8% of revenue

▲ +59% (Loss) vs FY2024 (−$292.1M, −5%)

Net income, FY2025

−7% of revenue

▲ +50% (Loss) vs FY2024 (−$260.2M, −4%)

Free cash flow, FY2025

−2% of revenue

▲ +68% (Loss) vs FY2024 (−$71M, −1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +7%; vs $1.4B in Q2 FY2025
Net income: ▲ Now profitable; vs −$104.4M in Q2 FY2025

Medical services revenue share of revenue vs 99.8% in Q2 FY2025

Apr 27, 2026 Tim O’Rourke was appointed CEO and President He was expected to start May 7 and succeeded Ronald A. Williams, who continued as Board Chair.

Growing. Revenue grew 3.9x in 4 years, from $1.5B in FY2021 to $5.9B in FY2025, about 41% a year.

Revenue over time

Medical services revenue Other operating revenue

$10B$5B$0

FY2022 FY2023 FY2024 FY2025

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