Companies · LFST
LifeStance Health
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Latest analysis
Updated Nov 5, 2026
LifeStance Q3 2026: 25% revenue growth and $68M Adjusted EBITDA signal behavioral health platform inflection to sustained profitability.
LifeStance Health delivered Q3 2026 revenue of $455.9 million, up 25% year-over-year, driven by a net addition of 867 clinicians and a 17% increase in patient visits to 2.7 million for the quarter. Adjusted EBITDA of $68.4 million and net income of $22.4 million represent a decisive break from the prior-year near-breakeven profile, with nine-month net income of $60.2 million versus a $2.0 million loss in the same period of 2025. Center Margin expanded to $161.4 million in Q3 2026 from $116.6 million in Q3 2025, confirming that incremental visit volume is flowing through to profitability at the unit level.
Tone: bullishRevenue
$1.4B
LFST 10-K · FY 2025
Employees
10,961
Revenue FY2024
$1.3B
Founded
2017
Profile
LFST 10-K Item 1 · Feb 25, 2026LifeStance Health is one of the nation's largest outpatient mental health platforms, employing 8,040 licensed clinicians across 33 states as of December 31, 2025. The company delivers psychiatric and therapeutic services through a hybrid in-person and virtual care model, operating 572 centers and generating revenue on a per-visit, fee-for-service basis. Nearly all revenue flows through in-network commercial insurance relationships.
Read filing description ↓ Collapse description ↑
We are dedicated to improving the lives of our patients by reimagining mental health through a tech-enabled in-person and virtual care delivery model built to expand access and affordability, improve outcomes and lower overall healthcare costs. We combine a personalized, digitally powered patient experience with differentiated, multidisciplinary clinical capabilities and in-network insurance relationships to fundamentally transform patient access to mental health treatment. By revolutionizing the way mental healthcare is delivered, we believe we have an opportunity to improve the lives and health of millions of individuals. We employed 8,040 licensed mental health clinicians through our subsidiaries and supported practices in 33 states as of December 31, 2025. Our clinicians offer patients a comprehensive, multidisciplinary suite of mental health services, spanning psychiatric evaluations and treatment, psychological and neuropsychological testing, and individual, family and group therapy. We treat a broad range of mental health conditions, including anxiety, depression, bipolar disorder, eating disorders, psychotic disorders and post-traumatic stress disorder. Patients can receive care virtually through our online delivery platform or in-person at one of our conveniently located centers. Through our payor relationships, including national agreements with multiple payors, patients can utilize their in-network benefits when they receive care from one of our clinicians, enhancing access and affordability. We generate revenue on a per-visit basis when a patient receives care from one of our clinicians.
Primary products
- psychiatric evaluations and treatment
- psychological and neuropsychological testing
- individual, family and group therapy
- virtual care delivery platform
- in-person center-based care
End markets
Geographies
Named customers
Two payors individually exceeded 10% of our total revenue for the year ended December 31, 2025: UnitedHealthcare and Elevance Health, Inc., comprising 14% and 15%, respectively.
“We believe that we compete favorably with our competitors on the basis of these factors and we believe the offerings of competitors inadequately simultaneously address the needs of key stakeholders or fail to do so at scale.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $1.25 billion in 2024 to $1.42 billion in 2025, reflecting continued growth in patient visits and clinician headcount.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.