Alignment Healthcare, Inc. reported robust financial results for its third quarter ended September 30, 2025, surpassing the high-end of guidance across all key metrics. Total revenue for Q3 2025 reached $993.7 million, a 43.5% increase year-over-year from Q3 2024, with health plan membership growing nearly 26% to 228,600.
The company achieved an adjusted gross profit of $128.5 million, up 45.5% year-over-year, and reported positive adjusted EBITDA of $25.5 million, compared to a loss of $2.5 million in Q3 2024. The Medical Benefits Ratio improved to 87.2% from 88.4% in the prior year period, demonstrating effective cost management.
Notably, Alignment Healthcare reported GAAP net income of $3.7 million, or $0.02 per share, marking its second consecutive profitable quarter as a publicly traded company. This sustained profitability underscores the efficacy of its care management model.
Building on this performance, the company significantly raised its full-year 2025 financial guidance, now expecting revenue between $3.93 billion and $3.95 billion, adjusted gross profit between $474 million and $483 million, and adjusted EBITDA between $90 million and $98 million. This updated outlook reflects strong confidence in continued growth and margin expansion.
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