InnovAge Holding Corp
innovage.comWhat Do They Do?
Provides coordinated medical and support services to frail, nursing-home-eligible seniors, while contracting directly with Medicare and Medicaid to manage participants’ care.
10-K for FY2026, filed Sep 9, 2026
How Do They Make Money?
Medicare, Medicaid, the VA, and private-pay sources pay monthly per participant for comprehensive care. InnovAge receives the monthly payments while participants are entitled to care during the contract term.
10-K for FY2026, filed Sep 9, 2026Our capitation revenue relates to contracts with participants in which our performance obligation is to provide healthcare services to the…View ↗
Our revenues are based on the estimated PMPM amounts we expect to be entitled to receive from the capitated fees per participant that are…View ↗
The capitation revenues are recognized based on the estimated PMPM transaction price to transfer the service for a distinct increment of…View ↗
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10-K for FY2026, filed Sep 9, 2026
FY2026 revenue by product or service ↗
$989.7M
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10-K for FY2026, filed Sep 9, 2026
$989.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Capitation revenue
Recurring
10-K for FY2026, filed Sep 9, 2026 |
100%
FY2023: 100%
|
Capitation revenue, FY2026
$988.4M Sources
|
Recurring |
|
Other service revenue
|
0.1%
FY2023: 0.2%
|
Other service revenue, FY2026
$1.3M Sources
|
Who Are Their Customers?
Frail seniors enrolled in PACE receive coordinated medical and support services. InnovAge contracts directly with Medicare and Medicaid, and also receives payments from the VA and private-pay sources.
10-K for FY2026, filed Sep 9, 2026InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to…View ↗
PACE is a fully-capitated managed care program, which serves the frail elderly, and predominantly dual-eligible, population in a…View ↗
Our revenues are based on the estimated PMPM amounts we expect to be entitled to receive from the capitated fees per participant that are…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $2.5M in FY2026, but brought in more cash than it spent: $50.4M of free cash flow.
10-K for FY2026, filed Sep 9, 2026
$2.6MView ↗
10-K for FY2026, filed Sep 9, 2026
−$2.5MView ↗
10-K for FY2026, filed Sep 9, 2026
$50.4MView ↗
How Are They Changing?
Growing. Revenue grew 42% in 4 years, from $698.6M in FY2022 to $989.7M in FY2026, about 9% a year.
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