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agilon health
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Latest analysis
Updated Nov 4, 2026
agilon health Q3 2026: raised FY guidance to $5.88B revenue, $150M adj. EBITDA on clinical gains
agilon health beat Q3 guidance across all key metrics, raising full-year 2026 revenue guidance to $5.88 billion and Adjusted EBITDA to $150 million, driven by better-than-expected burden of illness revenue from higher risk scores, favorable first-half medical cost trends in the low 6% range, and strong ACO REACH performance. Medicare Advantage membership declined 10% year-over-year to 454,000 due to disciplined market exits, while ACO membership of 112,000 is expected to grow 40%-50% to approximately 160,000 in 2027 through MSSP expansion. The company is taking a measured approach to external growth, targeting new markets and physician groups for 2028 impact with 12-18 month onboarding timelines.
Tone: bullishRevenue
$5.9B
AGL 10-K · FY 2025
Employees
856
Revenue FY2024
$6.1B
Founded
2016
Profile
AGL 10-K Item 1 · Feb 25, 2026agilon health partners with community-based primary care physician groups to transition them into a Medicare-centric, globally capitated Total Care Model through its proprietary platform, long-term partnership agreements, and physician network. The company forms risk-bearing entities in local geographies that contract with MA payors to manage the total healthcare costs of attributed members on a per-member per-month basis. As of year-end 2025, agilon served approximately 511,000 Medicare Advantage members across 30 geographies and 28 anchor physician groups.
Read filing description ↓ Collapse description ↑
Our business is transforming healthcare by empowering the primary care physicians ('PCP') to be the agents for change in the communities they serve. We believe that PCPs, with their intimate patient-physician relationships, are best positioned to drive meaningful change in quality, cost and patient experience when provided with the right infrastructure and payment model. Through our combination of the agilon platform, a long-term partnership model with existing physician groups and a growing network of like-minded physicians, we believe we are poised to revolutionize healthcare for seniors across communities throughout the United States. We believe our purpose-built model provides the necessary capabilities, capital and business model for existing physician groups to create a Medicare-centric, globally capitated line of business. Our model operates by primarily forming risk-bearing entities ('RBEs') within local geographies, that enter into arrangements with payors providing for monthly payments to manage the total healthcare needs of our physician partners' attributed patients (or global capitation arrangements). The RBEs also contract with agilon to perform certain functions and enter into long-term professional service agreements with one or more anchor physician groups pursuant to which the anchor physician groups receive a base compensation rate and share in the savings from successfully improving quality of care and reducing costs. Our company was formed in 2016, and we established our inaugural partnership with an anchor physician group in 2017. Our ability to rapidly build scaled positions in local communities has allowed us to grow to 28 anchor physician groups and 30 geographies as of December 31, 2025.
Primary products
- agilon platform
- Total Care Model
- CORE technology platform
- HCC Manager risk adjustment software
- Minerva clinical data platform
- Senior Health Connect (local brand)
End markets
Geographies
Named customers
“Although some of our competitors utilize elements of our MA multi-payor, globally capitated risk model deployed with community-based physician groups, including in certain of the geographies we serve, we do not believe any of our competitors offer a model that captures all elements of the agilon model.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue of $5.93 billion decreased 2% from 2024, driven primarily by a 3% decline in MA membership attributable to partnership exits during 2024.
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