agilon health (AGL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and agilon health published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• agilon health carried out a 1-for-25 reverse stock split on March 30, 2026. Per-share figures for earlier periods on this page are adjusted for it.
• agilon's ACO model entities are not consolidated, so their revenue ($429.1 million of medical services revenue in Q3 2026) is not in total revenues. agilon records its share of their results as income from equity method investments.
• Q3 2026 medical costs include favorable claims development from the first half of 2026.

Source: agilon health Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How agilon health splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• agilon health's Medical services revenue revenue was $1.5 billion in Q3 2026, up 6% from $1.4 billion in Q3 2025, 100% of total revenue.
• agilon health's Other operating revenue revenue was $1.7 million in Q3 2026, down 41% from $2.9 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

agilon's release gives its outlook in a table. Updated 2026 ranges: total revenues $5,870 to $5,890 million (was $5,775 to $5,860 million), medical services expense ratio 90.5% to 90.3% (was 91.9% to 91.4%), adjusted EBITDA $145 to $155 million (was $75 to $95 million), and 445,000 to 450,000 Medicare Advantage members at year end. It gives no net income or EPS guidance.

In its Q3 2026 release, agilon health said:

“Increases Full Year 2026 Guidance to Reflect Positive Third Quarter Results”

“Adjusted EBITDA contribution from ACO model entities is expected to be approximately $40-$45 million for fiscal year 2026.”

“The Company has not reconciled guidance for Adjusted EBITDA to net income (loss), the most comparable GAAP measure, and has not provided forward-looking guidance for net income (loss) because of the uncertainty around certain items that may impact net income (loss), including non-cash stock-based compensation, which cannot be predicted without unreasonable effort.”

Source: agilon health Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AGL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted EPS (net income or loss per share), adjusted for the 1-for-25 reverse stock split of March 30, 2026. As first reported before the split, Q4 2025 loss per share was $0.46 and Q3 2025 was $0.27. agilon has not published a split-adjusted Q4 2025 figure, so that cell is left blank; Q3 2025 is agilon's own restated figure. Q1 2026 EPS includes $1.14 per share from discontinued operations.

We do not hold a confirmed date for agilon health's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

agilon health's total revenues were $1,519.5 million in Q3 2026, up 6% from $1,435.3 million. Almost all of it is medical services revenue, $1,517.8 million, which comes from Medicare Advantage plans paying agilon's local risk-bearing entities a monthly amount to manage the total healthcare needs of the patients attributed to its partner physicians. (agilon health Q3 2026 release, Nov 4, 2026; agilon health Form 10-K, 2025, Feb 25, 2026)

agilon said medical services revenue rose $85.4 million because of higher premium yield from 2026 CMS rates, higher expected risk adjustment and a better percentage of premium from payor contract negotiations. Per member per month (PMPM) capitation rates rose 11%. Average Medicare Advantage membership fell 4% because of market exits finalized on January 1, 2026, payor exits in certain markets and what agilon calls a measured approach to growth. (agilon health Form 10-Q, Q3 2026, Nov 4, 2026)

Members on the agilon platform fell to 566,000 at September 30, 2026 from 618,000, made up of 454,000 Medicare Advantage members and 112,000 ACO model beneficiaries. The ACO model entities are not consolidated: they had $429.1 million of medical services revenue in the quarter that does not appear in agilon's total revenues. (agilon health Q3 2026 release, Nov 4, 2026)

Revenue is concentrated in a few insurers. Two payors, which agilon does not name in the 10-Q, accounted for 24% and 21% of total revenues in Q3 2026, against 17% and 15% a year earlier, and a third for 11%. The 10-K names Humana, Aetna and UnitedHealthcare as key payors. (agilon health Form 10-Q, Q3 2026, Nov 4, 2026; agilon health Form 10-K, 2025, Feb 25, 2026)

agilon health reports GAAP EPS only. Diluted EPS was $1.97 in Q3 2026, against a loss of $6.65 per share a year earlier, on net income of $34.9 million against a net loss of $110.2 million. Both periods reflect the 1-for-25 reverse stock split of March 30, 2026; diluted weighted average shares were 17,688 thousand. (agilon health Q3 2026 release, Nov 4, 2026; agilon health Form 10-Q, Q3 2026, Nov 4, 2026)

The swing came mainly from medical costs. The medical services expense ratio fell to 88.5% from 104.0%, and medical services expense dropped $146.0 million, or 10%, because of the 4% lower average membership and a 6% fall in cost per member, including favorable claims development from 2025 and the first half of 2026. Partner physician incentive expense, which rises when margins improve, increased by $73.1 million to $54.9 million. (agilon health Q3 2026 release, Nov 4, 2026; agilon health Form 10-Q, Q3 2026, Nov 4, 2026)

Adjusted EBITDA, agilon's main non-GAAP measure, was $64 million against negative $91 million. It adds back $18.9 million of stock-based compensation, $3.2 million of severance and $11.5 million of adjustments related to equity method investments, among other items. (agilon health Q3 2026 release, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

agilon health gives a full-year outlook in its release and raised it on November 4, 2026. It now expects 2026 total revenues of $5,870 to $5,890 million, against $5,775 to $5,860 million previously, and adjusted EBITDA of $145 to $155 million, against $75 to $95 million. It expects a medical services expense ratio of 90.5% to 90.3% and 445,000 to 450,000 Medicare Advantage members at year end. (agilon health Q3 2026 release, Nov 4, 2026)

agilon does not guide net income or EPS, citing items such as non-cash stock-based compensation that it cannot predict. It expects ACO model entities to contribute about $40-$45 million of the 2026 adjusted EBITDA. (agilon health Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover agilon health, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones agilon health's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AGL is on is AGL a buy or a sell?, what analysts expect next is on the AGL forecast, and what the company does is on the agilon health (AGL) stock page.

Every number on this page can be traced to a document agilon health published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.