LifeStance Health Group, Inc.

investor.lifestance.com

What Do They Do?

Provides psychiatric care, psychological testing and therapy to patients through virtual and in-person outpatient services.

How Do They Make Money?

Patients and health insurers pay for outpatient care per visit; the company bills them several days after care is delivered. For supported practices, it also earns management fees under management-services contracts.

FY2025 revenue

Who Are Their Customers?

Patients book appointments online or receive referrals from primary care and specialist physicians; they can receive care virtually or at centers, often using in-network benefits. Insurers contract for member access.

Customers above 10% of revenue, FY2025

of revenue from two customers (14%, 15%)

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$31.6M, −3%)

Net income, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$57.4M, −5%)

Free cash flow, FY2025

8% of revenue

▲ +28% vs FY2024 ($85.7M, 7%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +26%; vs $345.3M in Q2 FY2025
Net income: ▲ Now profitable; vs −$3.8M in Q2 FY2025

Aug 6, 2026 Raised full-year revenue, Center Margin and Adjusted EBITDA outlook The updated 2026 ranges were revenue of $1.685 billion to $1.725 billion, Center Margin of $570 million to $594 million, and Adjusted EBITDA of $215 million to $235 million.
May 7, 2026 Raised full-year revenue, Center Margin and Adjusted EBITDA outlook The updated 2026 ranges were revenue of $1.640 billion to $1.680 billion, Center Margin of $547 million to $571 million, and Adjusted EBITDA of $200 million to $220 million.

Growing. Revenue grew 2.1x in 4 years, from $667.5M in FY2021 to $1.4B in FY2025, about 21% a year.

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