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Financials · HCAT

Health Catalyst Inc (HCAT) financials

For the twelve months ended Sep 30, 2026, Health Catalyst Inc reported $272.20M of revenue and -$202.09M of net income.

Revenue, TTM
$272.20M
Revenue growth, YoY
-13.9%
Net income, TTM
-$202.09M
Net margin
-74.2%
Free cash flow, TTM
$25.71M
EPS, diluted, TTM
-$2.84
Cash
$53.75M
Total debt
$0
P/S
0.40
Market cap
$109.5M
Annual revenue$311.14M
FY2017FY2025
Annual net income-$177.97M
FY2017FY2025
Annual free cash flow-$237.0K
FY2017FY2025

HCAT revenue and earnings growth

HCAT revenueQ3 2026$56.28M

Quarter YoY
-26.3%
QoQ
-20.2%
FY YoY
+1.5%
5Y CAGR
+10.5%

HCAT revenue was $56.28M in fiscal Q3 2026 (ended Sep 30, 2026), down 26.3% from a year earlier and down 20.2% from the prior quarter. For the full fiscal 2025 it was $311.14M, up 1.5% from fiscal 2024. Compound annual growth was +10.5% over 5 years. It rose in each of the last 8 fiscal years. Fiscal 2025 is the highest of the 9 fiscal years on file.

HCAT net incomeQ3 2026$40.50M

HCAT net income was $40.50M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$22.23M a year earlier. For the full fiscal 2025 it was -$177.97M, compared with -$69.50M in fiscal 2024.

HCAT EPSQ3 2026$0.53

HCAT diluted EPS was $0.53 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.32 a year earlier. For the full fiscal 2025 it was -$2.55, compared with -$1.15 in fiscal 2024.

HCAT free cash flowQ3 2026-$2.03M

HCAT free cash flow was -$2.03M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$719.0K a year earlier. For the full fiscal 2025 it was -$237.0K, compared with $12.94M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Revenue$311.14M$306.58M$295.94M$276.24M$241.93M$188.84M$154.94M$112.57M$73.08M
Research and development$49.77M$57.95M$72.63M$75.68M$62.73M$53.52M$46.25M$38.59M$28.47M
Selling, general and admin$49.56M$56.82M$76.56M$61.70M$85.93M$59.24M$31.71M$22.69M$14.70M
Operating income-$160.85M-$69.81M-$126.90M-$140.00M-$143.65M-$96.13M-$54.87M-$60.09M-$45.54M
Pre-tax income-$177.26M-$69.17M-$117.79M------
Income tax$716.0K$333.0K$356.0K-$4.28M-$6.90M-$1.19M$142.0K-$135.0K$26.0K
Net income-$177.97M-$69.50M-$118.15M-$137.40M-$153.21M-$115.02M-$60.10M-$61.98M-$47.03M
EPS, basic-$2.55-$1.15-$2.09-$2.56-$3.23-$2.91-$12.86-$23.76-$12.13
EPS, diluted-$2.55-$1.15-$2.09-$2.63-$3.23-$2.91-$12.86-$23.76-$12.13
Diluted shares69.9M60.2M56.4M54.1M47.5M39.5M18.7M4.8M4.8M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Cash and equivalents$50.81M$249.65M$106.28M$116.31M$193.23M$91.95M$18.03M$28.43M$22.98M
Short-term investments$44.92M$142.35M$211.45M$247.18M$251.75M$178.92M$210.25M$4.76M-
Receivables$59.13M$57.18M$60.29M$47.97M$48.80M$48.30M$27.57M$27.70M-
Current assets$169.31M$465.65M$393.40M$427.80M$508.39M$329.80M$264.24M$66.86M-
Goodwill$209.07M$259.76M$190.65M$185.98M$169.97M$107.82M$3.69M$3.69M-
Total assets$502.64M$858.93M$701.81M$752.29M$832.10M$577.74M$302.36M$110.97M-
Current liabilities$89.57M$325.85M$89.03M$82.51M$93.05M$88.04M$48.22M$41.81M-
Short-term debt$1.63M$231.18M$0---$0$1.29M-
Long-term debt$151.62M$151.18M$228.03M$226.52M$180.94M$168.99M$48.20M$18.81M-
Total debt$153.25M$382.36M$228.03M$226.52M$180.94M$168.99M$48.20M$20.10M-
Total liabilities$256.86M$493.72M$334.89M$327.28M$310.00M$301.64M$101.72M$75.90M-
Shareholders' equity$245.78M$365.21M$366.92M$425.01M$522.10M$276.10M$200.64M-$374.77M-$259.48M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Operating cash flow$731.0K$14.56M-$33.08M-$35.27M-$23.12M-$26.15M-$32.18M-$40.30M-$36.83M
Capital expenditures$968.0K$1.62M$1.24M$2.17M$10.45M$7.78M$2.02M$2.08M$2.47M
Free cash flow-$237.0K$12.94M-$34.32M-$37.44M-$33.57M-$33.92M-$34.20M-$42.37M-$39.30M
Investing cash flow$36.19M-$22.90M$20.29M-$39.02M-$139.68M-$82.56M-$209.60M$21.40M$22.41M
Financing cash flow-$235.78M$151.75M$2.73M-$2.61M$264.08M$182.61M$231.38M$24.35M$24.87M
Share repurchases$5.00M$0$1.81M$8.39M$0$0$0$8.71M$0
Stock-based compensation$27.01M$40.13M$55.76M$72.10M$65.14M$37.96M$17.84M$4.20M$4.24M
Depreciation and amortization$50.50M$41.43M$42.22M$48.30M$37.53M$18.73M$9.21M$7.41M$5.89M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Revenue growth, YoY1.5%3.6%7.1%14.2%28.1%21.9%37.6%54.0%-
Operating margin-51.7%-22.8%-42.9%-50.7%-59.4%-50.9%-35.4%-53.4%-62.3%
Net margin-57.2%-22.7%-39.9%-49.7%-63.3%-60.9%-38.8%-55.1%-64.4%
Free cash flow margin-0.1%4.2%-11.6%-13.6%-13.9%-18.0%-22.1%-37.6%-53.8%
Return on equity-72.4%-19.0%-32.2%-32.3%-29.3%-41.7%-30.0%--
Return on assets-35.4%-8.1%-16.8%-18.3%-18.4%-19.9%-19.9%-55.9%-
Current ratio1.891.434.425.185.463.755.481.60-
Debt to equity0.621.050.620.530.350.610.24--

Source: XBRL data Health Catalyst Inc files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

HCAT peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
HCAT$272.20M-13.9%-$202.09M-74.2%$109.5M
GOOGL$471.10B+22.2%$235.69B50.0%$3.50T
GOOG$471.10B+22.2%$235.69B50.0%$3.49T
META$241.61B+27.5%$75.25B31.1%$1.56T
APP$7.61B+57.8%$5.01B65.9%$129.62B
NBIS$529.80M+479.0%$82.50M15.6%$35.20B
BIDUCN¥129.08B-3.0%CN¥5.59B4.3%$27.85B

HCAT FAQ

8 questions
  • What is HCAT revenue?
    Health Catalyst Inc (HCAT) reported $272.20M of revenue for the twelve months ended Sep 30, 2026. That is down 13.9% from the year before. Revenue for fiscal 2025 was $311.14M.
  • Is HCAT profitable?
    No. Health Catalyst Inc reported a net loss of $202.09M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does HCAT have?
    Health Catalyst Inc reported $53.75M in cash and cash equivalents and $0 of debt on its most recent balance sheet in SEC filings.
  • How fast is HCAT revenue growing?
    Health Catalyst Inc's revenue changed +1.5% in fiscal 2025, to $311.14M. Its compound annual growth rate was +10.5% over 5 years.
  • What is HCAT free cash flow?
    Health Catalyst Inc generated $25.71M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $26.82M less capital expenditures.
  • What is HCAT earnings per share?
    Diluted earnings per share were -$2.84 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did HCAT last report financial results?
    The latest statements here come from Health Catalyst Inc's 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this HCAT financial data come from?
    Quantisnow builds these statements from the structured XBRL data Health Catalyst Inc files with the SEC. It is provided for information only and is not investment advice.