Healthcare services company Agilon Health (NYSE:AGL) reported revenue ahead of Wall Street’s expectations in Q3 2026, with revenue up 5.9% year on year to $1.52 billion. The company’s full-year revenue guidance of $5.88 billion at the midpoint came in 0.9% above analysts’ consensus estimates. Its GAAP profit of $1.97 per share was significantly above analysts’ consensus estimates.
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agilon health (AGL) Q3 2026 highlights:
- Revenue $1.52 billion vs S&P analysts’ consensus estimates of $1.46 billion (5.9% year-on-year growth, 4.2% beat)
- EPS (GAAP) $1.97 vs analysts’ consensus estimates of -$1.47 (significant beat)
- Adjusted EBITDA $63.68 million vs analysts’ consensus estimates of $686,860 (4.2% margin, significant beat)
- Revenue guidance The company lifted its revenue guidance for the full year to $5.88 billion at the midpoint from $5.82 billion, a 1.1% increase
- EBITDA guidance $150 million at the midpoint for the full year, above analysts’ consensus estimates of $86.41 million
- Operating margin 1.6%, up from -9.1% in the same quarter last year
- Customers 566,000, up from 549,000 in the previous quarter
- Market capitalization $1.47 billion
“agilon’s third quarter results exceeded our expectations, reflecting the disciplined execution and operational progress our team has delivered this year,” said Tim O’Rourke, Chief Executive Officer of agilon health. “Central to that progress is our proximity to physicians and their patients, which differentiates our model and enables us to pair trusted relationships with actionable insights that help deliver better outcomes at the point of care. We believe this foundation positions agilon to create sustainable, long-term value for our shareholders, physician partners, and the patients we serve.”
Revenue growth
A company’s long-term revenue performance is one signal of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, agilon health grew its revenue at a strong 28.8% compounded annual growth rate. Its growth beat the average healthcare company and shows its offerings resonate with customers.
Long-term growth matters most, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. agilon health’s recent performance shows its demand has slowed significantly as its annualized revenue growth of 3.6% over the last two years was well below its five-year trend. 
The company’s customer count offers further insight into its revenue dynamics, reaching 566,000 in the latest quarter. Over the last two years, agilon health’s customer base averaged 2.8% year-on-year declines. Customer growth trailed revenue growth, indicating that the average customer spent more each year on the company’s products and services. 
This quarter, agilon health reported year-on-year revenue growth of 5.9%, and its $1.52 billion of revenue exceeded Wall Street’s consensus estimates by 4.2%.
Looking ahead, sell-side analysts expect revenue to grow 1.9% over the next 12 months, according to S&P, a slight deceleration versus the last two years. This projection is underwhelming and indicates its products and services will see some demand headwinds. Still, the company is performing well on other measures of financial health.
Adjusted operating margin
Although agilon health was profitable this quarter from an operational perspective, it has generally struggled over a longer period. Its expensive cost structure has contributed to an average adjusted operating margin of negative 3.2% over the last five years. Unprofitable healthcare companies warrant extra scrutiny because they can be vulnerable when conditions deteriorate.
On the positive side, agilon health’s adjusted operating margin rose by 1.4 percentage points over the last five years, as its revenue growth provided operating leverage. This performance was mostly driven by its recent improvements as the company’s margin has increased by 3.5 percentage points on a two-year basis.
This quarter, agilon health generated an adjusted operating margin of 1.6%, up 9.8 percentage points year on year. This increase was a positive development and shows it was more efficient.
Earnings per share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share, or EPS, points to the profitability of that growth – for example, a company could inflate its revenue through excessive spending on advertising and promotions.
agilon health’s full-year EPS turned positive over the last five years. This is a positive development and marks a critical point for the company.
In Q3, agilon health reported EPS of $1.97, up from negative $0.27 in the same quarter last year. This result easily cleared analysts’ consensus estimates, a positive for shareholders. Over the next 12 months, Wall Street expects agilon health to perform poorly. Analysts forecast its full-year EPS will turn negative, from $5.49 to negative $0.16, according to S&P.
Key takeaways from agilon health’s Q3 results
agilon health delivered a solid quarter, with EPS beating analysts’ consensus estimates and full-year EBITDA guidance coming in above Wall Street’s consensus. Shares rose 3.4% to $99.45 immediately after the report.
agilon health reported solid earnings, but one quarter doesn’t necessarily make the stock a buy. That decision should take into account valuation and business quality as well as the latest earnings. Read our full research report here (it’s free).