Form 8-K

8-K — agilon health, inc.

Accession: 0001628280-26-053328

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001831097

SIC: 8090 (SERVICES-MISC HEALTH & ALLIED SERVICES, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — agl-20260805.htm (Primary)

EX-99.1 (agl-20260630xexx991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: agl-20260805.htm · Sequence: 1

agl-20260805

0001831097FALSE00018310972026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________________________

FORM 8-K

_____________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2026

_____________________________________________

agilon health, inc.

(Exact name of Registrant as Specified in Its Charter)

_____________________________________________

Delaware 001-40332 37-1915147

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

440 Polaris Parkway, Suite 550

Westerville, Ohio

43082

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: 562 256-3800

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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, par value $0.01 per share AGL The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company o

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

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, agilon health, inc. (the “Company”), a Delaware corporation, issued a press release setting forth its financial results for the three and six months ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

The information set forth in Item 2.02 of this Current Report on Form 8-K and the related information in Exhibits 99.1 attached hereto is being furnished herewith, and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing with, the Securities and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference therein.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

Exhibit

Number

Description

99.1

Press Release dated August 5, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

agilon health, inc.

Date: August 5, 2026 By: /s/ JEFFREY SCHWANEKE

Jeffrey Schwaneke

Chief Financial Officer

EX-99.1

Filename: agl-20260630xexx991.htm · Sequence: 2

Document

Exhibit 99.1

agilon health Reports Second Quarter 2026 Results

Revenue increase 7% to $1.49 billion

Raises Full-Year 2026 Total Revenues, Medical Margin, and Adjusted EBITDA Guidance

Westerville, O.H., August 5, 2026 – agilon health, inc. (NYSE: AGL), the trusted partner empowering physicians to transform health care in our communities, today announced results for the second quarter ended June 30, 2026. In addition, the company increased full-year 2026 guidance for total revenues, medical margin, and Adjusted EBITDA.

“Our second quarter results exceeded our expectations, demonstrating meaningful progress across agilon's strategic initiatives and reinforcing our confidence in the strength of our Total Care Model,” said Tim O’Rourke, Chief Executive Officer of agilon health. “We are raising our full-year 2026 outlook which reflects stronger burden of illness execution, favorable medical cost trends, and continued operating discipline. As I have engaged with our physician partners, payors, and the agilon team, I am even more convinced about the strength and long-term growth potential of the agilon model and its positioning at the center of where value-based care is going.”

Second Quarter 2026 Results:

•Total members on the agilon platform decreased to 549,000 as of June 30, 2026, including 437,000 Medicare Advantage members and 112,000 ACO model beneficiaries. Year-over-year changes to membership primarily reflect a disciplined approach to contracting focused on profitability, previously disclosed market exits, and a measured approach to growth.

•Total revenue of $1.49 billion in the second quarter 2026 increased 7% compared to $1.39 billion in the second quarter 2025. Revenue was favorable due to higher than expected burden of illness performance, payor contracting, and improved pricing partially offset by lower year-over-year membership.

•Gross profit was $107 million in the second quarter 2026 compared to gross loss of $52 million in the second quarter 2025. Net income was $18 million in the second quarter 2026 compared to net loss of $104 million in the second quarter 2025.

•Medical margin was $197 million during the second quarter 2026, compared to negative $53 million in the second quarter 2025. Medical margin includes favorable first quarter 2026 and prior year claims development.

•Adjusted EBITDA was $70 million in the second quarter 2026 compared to negative $83 million in the second quarter 2025.

Key Financial and Operating Metrics ($M):

(Second Quarter 2026 vs. 2025)

Three Months

Ended June 30,

Change

2026 2025 % YoY

Medicare Advantage Members1

437,000 498,000 (12%)

ACO Model Members1,2

112,000 116,000 (3%)

Total Members Live on Platform1,2

549,000 614,000 (10%)

Avg. Medicare Advantage Members 447,000 498,000 (10%)

Total Revenues $1,495 $1,395 7%

Gross Profit (Loss) $107 $(52) NM

Medical Margin $197 $(53) NM

Net Income (Loss) $18 $(104) NM

Adjusted EBITDA3

$70 $(83) NM

Geography Entry Costs $4 $5 (20%)

1.Membership metrics reflect end of period results.

2.agilon’s ACO model entities are not included within its consolidated financial results.

3.agilon’s ACO model entities contributed $7 million and $10 million to Adjusted EBITDA during the second quarter 2026 and second quarter 2025, respectively.

Capital Position and Balance Sheet

agilon health’s balance sheet as of June 30, 2026 included cash, cash equivalents and marketable securities of $257 million and total debt of $32 million. At the end of the quarter, agilon health had $83 million of cash associated with the Company’s unconsolidated ACO model entities.

Third Quarter and Revised Fiscal Year 2026 Guidance and Assumptions

Guidance for Fiscal Year 2026 ($M):

Year Ended December 31, 2026

Updated Guidance Previous Guidance as of First Quarter 2026

Low High Low High

Medicare Advantage Members1

435,000 445,000 425,000 435,000

ACO REACH Members1,2

100,000 105,000 100,000 105,000

Total Members Live on Platform1

535,000 550,000 525,000 540,000

Avg. Medicare Advantage Members 438,000 443,000 430,000 437,000

Total Revenues $5,775 $5,860 $5,680 $5,805

Medical Margin $465 $505 $350 $400

Adjusted EBITDA3

$75 $95 $10 $40

Geography Entry Costs4

$15 $15 $15 $15

1.Membership reflects management’s outlook for end of period.

2.agilon’s partnered ACO model entities are not consolidated within its financial results.

3.Adjusted EBITDA contribution from ACO model entities is expected to be approximately $25-$30 million for fiscal year 2026.

4.Geography Entry Costs represent the corresponding expense included in the low-end and high-end of management’s outlook for Adjusted EBITDA.

Guidance for Third Quarter 2026 ($M):

Quarter Ended

September 30, 2026

Low High

Medicare Advantage Members1

433,000 443,000

ACO REACH Members1,2

106,000 109,000

Total Members Live on Platform1

539,000 552,000

Avg. Medicare Advantage Members 445,000 455,000

Total Revenues $1,445 $1,475

Medical Margin $105 $115

Adjusted EBITDA ($5) $5

Geography Entry Costs3

$6 $6

1.Membership reflects management’s outlook for end of period.

2.agilon’s partnered ACO model entities are not consolidated within its financial results.

3.Geography Entry Costs represent the corresponding expense included in the low-end and high-end of management’s outlook for Adjusted EBITDA.

Full-year revised guidance reflects:

•Second quarter 2026 performance;

•An expected increase year-over-year in member risk scores of 3% net of v28; and

•Estimated cost trends in the low 7% range for the remainder of the year.

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

Webcast and Conference Call

agilon health will host a conference call to discuss second quarter 2026 results on Wednesday, August 5, 2026, at 4:30 PM Eastern Time. The conference call can be accessed by dialing (833) 439-1904 for U.S. participants and +1 (585) 542-9983 for international participants and referencing participant code 372460207. A simultaneous listen-only, live webcast can be accessed by visiting the “Events & Presentations” section of agilon’s Investor Relations website at https://investors.agilonhealth.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.

About agilon health

agilon health is the trusted partner empowering physicians to transform health care in our communities. Through our partnerships and purpose-built platform, agilon is accelerating at scale how physician groups and health systems transition to a value-based Total Care Model for their senior patients. agilon provides the technology, people, capital, process, and access to a peer network of approximately 2,300 primary care physicians (PCPs) that allow its physician partners to maintain their independence and focus on the total health of their most vulnerable patients. Together, agilon and its physician partners are creating the healthcare system we need – one built on the value of care, not the volume of fees. The result: healthier communities and empowered doctors. agilon is the trusted partner in approximately 30 communities and is here to help more of our nation's leading physician groups and health systems have a sustained, thriving future. For more information visit www.agilonhealth.com and connect with us on LinkedIn.

Forward-Looking Statements

Statements in this release that are not historical factual statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of words such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “plans,” “estimates,” “anticipates” or the negative versions of these words or other comparable terms. Examples of forward-looking statements include, among other things: statements regarding our expectations related to our strategic plan and its benefits, our growth trajectory, expected revenue, medical costs, net income and gross profit, total and average membership, Adjusted EBITDA, Medical Margin, geography entry costs and other financial projections and assumptions, including our third quarter of fiscal year 2026 and full-year 2026 guidance. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control. These risks and uncertainties that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, but are not limited to: our history of net losses and the expectation that our expenses will increase in the future; failure to identify and develop successful new geographies, physician partners and payors, or execute upon our growth initiatives; success in executing our operating strategies or achieving results consistent with our historical performance; medical expenses incurred on behalf of our members may exceed revenues we receive; our ability to maintain and secure additional contracts with Medicare Advantage payors on favorable terms, if at all; our ability to grow new physician partner relationships sufficient to recover startup costs; availability of additional capital, on acceptable terms or at all, to support our business in the future; significant reduction in our membership; transition to a Total Care Model may be challenging for physician partners; inaccuracy in estimates of our members’ risk adjustment factors, medical services expense, incurred but not reported claims, and earnings pursuant to payor contracts; public health crises, such as pandemics or epidemics, could adversely affect us; the impact of restrictive clauses or exclusivity provisions in some of our contracts with physician partners; our ability to hire and retain qualified personnel; our ability to realize the full value of our intangible assets; security breaches, cybersecurity attacks, loss of data and other disruptions to our information systems; our ability to protect the confidentiality of our know-how and other proprietary and internally developed information; our reliance on our subsidiaries to perform and fund their operations; our use of algorithms, artificial intelligence and machine learning in our business and challenges with properly managing the development and use of these technologies; our reliance on a limited number of key payors; the limited terms of contracts with our payors and our ability to renew them upon expiration; our ability to navigate the changing healthcare payor market; our reliance on our payors, physician partners and other providers to operate our business; our ability to obtain accurate and complete diagnosis data; our reliance on third-party software, data, infrastructure and bandwidth; consolidation and competition in the healthcare industry; the impact of changes to, and dependence on, federal government healthcare programs; uncertain or adverse economic and macroeconomic conditions, including a downturn or decrease in government expenditures; regulation of the healthcare industry and our and our physician partners’ ability to comply with such laws and regulations; federal and state investigations, audits and enforcement actions; repayment obligations arising out of payor audits; negative publicity regarding the managed healthcare industry generally; our use, disclosure and processing of personally identifiable information, protected health information, and de-identified data; failure to obtain or maintain an insurance license, a certificate of authority or an equivalent authorization; changes in tax laws and regulations, or changes in related judgments or assumptions; our indebtedness and our potential to incur more debt; our dependence on our subsidiaries for cash to fund all of our operations and expenses; provisions in our governing documents; our ability to achieve a return on investment depends on appreciation in the price of our common stock; lawsuits not covered by insurance and securities class action litigation; sustainability issues; our stock price may be volatile; non-compliance with the New York Stock Exchange could result in a delisting of our securities; risks related to management transitions, including the transition of our new Chief Executive Officer, and our ability to effectively manage leadership changes; and risks related to other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”), including the factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which can be found at the SEC’s website at www.sec.gov. Additionally, ongoing implementation of performance initiatives, leadership changes, and dynamic market conditions create additional uncertainty regarding our future operating and financial performance. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.

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

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 16,535

Diluted 17,213 16,553 16,884 16,535

agilon health, inc.

Condensed Consolidated Statements of Cash Flows

In thousands

(unaudited)

Six Months Ended June 30,

2026 2025

Cash flows from operating activities:

Net income (loss) $ 66,872 $ (92,258)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization 13,651 14,195

Stock-based compensation expense 30,087 32,101

Loss (income) from equity method investments (4,137) (18,084)

Adjustments on sale of assets, net (19,000) (14,000)

Other, net 1,377 (3,107)

Changes in operating assets and liabilities (122,419) 14,081

Net cash provided by (used in) operating activities (33,569) (67,072)

Cash flows from investing activities:

Purchases of property, equipment, and capitalized software (6,548) (7,099)

Purchase of intangible assets (885) (9,717)

Investment in loans receivable and other — (1,000)

Investments in marketable securities — (60,154)

Proceeds from maturities of marketable securities and other 46,616 125,339

Net cash provided by (used in) investing activities 39,183 47,369

Cash flows from financing activities:

Proceeds from (payments for) equity issuances, net 4,596 (2,741)

Debt issuance costs (1,612) —

Repayments of long-term debt (3,500) —

Net cash provided by (used in) financing activities (516) (2,741)

Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents 5,098 (22,444)

Cash, cash equivalents and restricted cash and equivalents, beginning of period 173,713 193,860

Cash, cash equivalents and restricted cash and equivalents, end of period $ 178,811 $ 171,416

agilon health, inc.

Key Operating Metrics

In thousands

(unaudited)

GROSS PROFIT (LOSS)

Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Total revenues $ 1,494,743 $ 1,394,982 $ 2,915,203 $ 2,927,764

Medical services expense (1,296,235) (1,445,245) (2,565,863) (2,847,112)

Other medical expenses(1)

(91,369) (2,164) (177,186) (82,357)

Gross profit (loss) $ 107,139 $ (52,427) $ 172,154 $ (1,705)

______________________________________________________________

(1)Represents physician incentive expense related to surplus sharing and other care management expenses that help to create medical cost efficiency. Includes costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets. For the three months ended June 30, 2026 and 2025, costs incurred in implementing geographies were $0.7 million and $0.2 million, respectively. For the six months ended June 30, 2026 and 2025, costs incurred in implementing geographies were $1.3 million and $(1.0) million, respectively.

GENERAL AND ADMINISTRATIVE COSTS, INCLUDING PLATFORM SUPPORT COSTS

Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Platform support costs $ 42,733 $ 37,423 $ 80,348 $ 81,661

Geography entry costs(1)

2,880 4,248 4,539 10,810

Severance and related costs 7,637 119 13,751 644

Stock-based compensation expense 23,832 15,381 30,087 32,101

Other(2)

11,423 (890) 14,011 (2,979)

General and administrative $ 88,505 $ 56,281 $ 142,736 $ 122,237

______________________________________________________________

(1)Represents direct geography entry costs, including investments to develop and expand our platform and costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets.

(2)Includes transaction-related costs.

Our platform support costs, which include regionally-based support personnel and other operating costs to support our geographies, are expected to decrease over time as a percentage of revenue as our physician partners add members and our revenue grows. Our operating expenses at the enterprise level include resources and technology to support payor contracting, clinical program development, quality, data management, finance, and legal and compliance functions.

agilon health, inc.

Non-GAAP Financial Measures

In thousands

(unaudited)

MEDICAL MARGIN

Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Gross profit (loss)(1)

$ 107,139 $ (52,427) $ 172,154 $ (1,705)

Other operating revenue (1,822) (2,943) (3,733) (5,846)

Other medical expenses 91,369 2,164 177,186 82,357

Medical margin $ 196,686 $ (53,206) $ 345,607 $ 74,806

______________________________________________________________

(1)Gross profit (loss) is defined as total revenues less medical services expense and other medical expenses.

ADJUSTED EBITDA

Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Net income (loss)(1)

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

(Income) loss from discontinued operations, net of income taxes — — (19,000) (14,000)

Interest expense 1,608 1,572 3,419 3,087

Income tax expense (benefit) (375) 62 (347) 258

Depreciation and amortization 6,864 7,319 13,651 14,195

Severance and related costs 7,637 119 13,751 644

Stock-based compensation expense 23,832 15,381 30,087 32,101

EBITDA adjustments related to equity method investments(2)

14,783 4,366 29,666 11,209

Other(3)

(2,734) (7,782) (14,689) (18,002)

Adjusted EBITDA $ 69,571 $ (83,333) $ 123,410 $ (62,766)

______________________________________________________________

(1)Includes direct geography entry costs, including investments to develop and expand our platform and costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets. For the three months ended June 30, 2026 and 2025, (i) $0.7 million and $0.2 million, respectively, are included in other medical expenses and (ii) $2.9 million and $4.2 million, respectively, are included in general and administrative expenses. For the six months ended June 30, 2026 and 2025, (i) $1.3 million and $(1.0) million, respectively, are included in other medical expenses and (ii) $4.6 million and $10.8 million, respectively, are included in general and administrative expenses.

(2)Includes elimination of certain administrative services provided by agilon health, inc. to equity method investments.

(3)Includes interest income, transaction-related costs and elimination of certain administrative charges by agilon health, inc. for trademark licensing fees and other service arrangements to its equity method investees.

agilon health, inc.

Supplemental Financial Information

In thousands

(unaudited)

Three Months Ended

June 30, 2026 Six Months Ended

June 30, 2026

Medicare Advantage (Consolidated) CMS ACO Models (Unconsolidated) Medicare Advantage (Consolidated) CMS ACO Models (Unconsolidated)

Medical services revenue $ 1,492,921 $ 379,268 $ 2,911,470 $ 819,113

Other operating revenue 1,822 — 3,733 —

Total revenues 1,494,743 379,268 2,915,203 819,113

Medical services expense (1,296,235) (352,441) (2,565,863) (720,139)

Other medical expenses (91,369) (14,525) (177,186) (54,609)

Gross profit (loss) 107,139 12,302 172,154 44,365

Other operating revenue (1,822) — (3,733) —

Other medical expenses 91,369 14,525 177,186 54,609

Medical margin $ 196,686 $ 26,827 $ 345,607 $ 98,974

Certain of our operations are not consolidated for the period presented because we do not have the ability to control certain activities due to another party’s control of the entities’ board of directors. Although revenues of the unconsolidated operations are not recorded as revenues by us, income (loss) from equity method investments is nonetheless a significant portion of our overall earnings. See Note 12 to the Condensed Consolidated Financial Statements in the Quarterly Report on Form 10-Q for the period ended June 30, 2026 for additional discussion on our equity method investments.

In addition to providing results that are determined in accordance with GAAP, we present Medical Margin and Adjusted EBITDA, which are non-GAAP financial measures.

We define Medical Margin as medical services revenue after medical services expense is deducted. Medical services expense represents costs incurred for medical services provided to our members. As our platform matures over time, we expect Medical Margin to increase in absolute dollars. However, Medical Margin per member per month (PMPM) may vary as the percentage of new members brought onto our platform fluctuates. New membership added to the platform is typically dilutive to Medical Margin PMPM. We believe this metric provides insight into the economics of our capitation arrangements as it includes all medical services expense directly associated with our members’ care.

We define Adjusted EBITDA as net income (loss) adjusted to exclude: (i) income (loss) from discontinued operations, net of income taxes, (ii) interest expense, (iii) income tax expense (benefit), (iv) depreciation and amortization, (v) stock-based compensation expense, (vi) severance and related costs, and (vii) certain other items that are not considered by us in the evaluation of ongoing operating performance. We reflect our share of Adjusted EBITDA for equity method investments by applying our actual ownership percentage for the period to the applicable reconciling items on an entity-by-entity basis.

Gross profit (loss) is the most directly comparable GAAP measure to Medical Margin. Net income (loss) is the most directly comparable GAAP measure to Adjusted EBITDA.

We believe Medical Margin and Adjusted EBITDA help identify underlying trends in our business and facilitate evaluation of period-to-period operating performance of our operations by eliminating items that are variable in nature and not considered by us in the evaluation of ongoing operating performance, allowing comparison of our recurring core business operating results over multiple periods. We also believe Medical Margin and Adjusted EBITDA provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We believe Medical Margin and Adjusted EBITDA or similarly titled non-GAAP measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance. Other companies may calculate Medical Margin and Adjusted EBITDA or similarly titled non-GAAP measures differently from the way we calculate these metrics. As a result, our presentation of Medical Margin and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, limiting their usefulness as comparative measures.

Contacts

Investor Contacts

Evan Smith, CFA

SVP Investor Relations

evan.smith@agilonhealth.com

Megan Cagle

investors@agilonhealth.com

Media Contacts

Stephanie Law

Corporate Communications

media@agilonhealth.com

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