agl-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________

FORM 10-Q

_______________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-40332

_______________________________________________________

agilon health, inc.

(Exact name of registrant as specified in its charter)


Delaware			37-1915147
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

440 Polaris Parkway, Suite 550

Westerville, Ohio 43082

(Address of principal executive offices)

(562) 256-3800

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	AGL	New York Stock Exchange

_______________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x NO o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES o NO x

At July 30, 2026, there were 16,791,210 shares of the registrant’s $0.01 par value common stock outstanding.

Table of Contents

agilon health, inc.

INDEX


PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements:

	Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025	3

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025	5

	Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three and Six Months Ended June 30, 2026 and 2025	6

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025	8

	Notes to the Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39

Item 4.	Controls and Procedures	39

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	40

Item 1A.	Risk Factors	40



Item 5.	Other Information	40

Item 6.	Exhibits	40

Signatures		42

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

agilon health, inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)


	June 30, 2026		December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	107,184	$	173,713
Restricted cash and equivalents	71,627		—
Marketable securities	78,443		111,429
Receivables, net	1,059,786		673,793
Prepaid expenses and other current assets, net	101,494		137,762
Total current assets	1,418,534		1,096,697
Property, equipment, and capitalized software, net	24,513		25,417
Intangible assets, net	60,132		65,725

Other assets	88,157		83,451
Total assets	$	1,591,336	$	1,271,290
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Medical claims and related payables	$	1,022,506	$	929,770
Accounts payable and accrued expenses	274,928		127,477
Current debt	14,915		19,238
Total current liabilities	1,312,349		1,076,485
Long-term debt	15,377		15,750
Other liabilities	36,083		52,321
Total liabilities	1,363,809		1,144,556

Commitments and contingencies

Stockholders' equity (deficit):
Common stock, $0.01 par value: 2,000,000 shares authorized; 16,785 and 16,589 shares issued and outstanding, respectively	168		166
Additional paid-in capital	2,138,657		2,103,976
Accumulated deficit	(1,911,452)		(1,978,324)
Accumulated other comprehensive income (loss)	154		916


Total stockholders’ equity (deficit)	227,527		126,734
Total liabilities and stockholders’ equity (deficit)	$	1,591,336	$	1,271,290

The condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as agilon health, inc., together with its consolidated subsidiaries and VIEs (the “Company”), is the primary beneficiary of these VIEs. As of June 30, 2026 and December 31, 2025, the condensed consolidated balance sheets included total assets of the Company’s consolidated VIEs totaling $1.19 billion and $840.2 million, respectively, and total liabilities totaling $1.26 billion and $1.04 billion, respectively. See Note 12 for additional details.

See accompanying Notes to the Condensed Consolidated Financial Statements.

Table of Contents

agilon health, inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues:
Medical services revenue	$	1,492,921	$	1,392,039	$	2,911,470	$	2,921,918
Other operating revenue	1,822		2,943		3,733		5,846
Total revenues	1,494,743		1,394,982		2,915,203		2,927,764
Expenses:
Medical services expense	1,296,235		1,445,245		2,565,863		2,847,112
Other medical expenses	91,369		2,164		177,186		82,357
General and administrative	88,505		56,281		142,736		122,237
Depreciation and amortization	6,864		7,319		13,651		14,195
Total expenses	1,482,973		1,511,009		2,899,436		3,065,901
Income (loss) from operations	11,770		(116,027)		15,767		(138,137)
Other income (expense):
Income (loss) from equity method investments	(7,596)		5,412		4,137		18,084
Other income (expense), net	15,015		7,879		31,040		17,140

Interest expense	(1,608)		(1,572)		(3,419)		(3,087)
Income (loss) before income taxes	17,581		(104,308)		47,525		(106,000)
Income tax benefit (expense)	375		(62)		347		(258)
Income (loss) from continuing operations	17,956		(104,370)		47,872		(106,258)
Discontinued operations:

Adjustments on sale of assets, net	—		—		19,000		14,000



Net income (loss)	$	17,956	$	(104,370)	$	66,872	$	(92,258)

Basic earnings per common share:
Continuing operations	$	1.07	$	(6.31)	$	2.88	$	(6.43)
Discontinued operations	—		—		1.14		0.85
Net income (loss)	$	1.07	$	(6.31)	$	4.02	$	(5.58)

Diluted earnings per common share:
Continuing operations	$	1.04	$	(6.31)	$	2.84	$	(6.43)
Discontinued operations	—		—		1.12		0.85
Net income (loss)	$	1.04	$	(6.31)	$	3.96	$	(5.58)

Weighted average shares outstanding
Basic	16,705		16,553		16,653