Phreesia (PHR -9.96%) reported second quarter fiscal 2026 results on September 4, 2025, highlighted by its first-ever net income positive quarter and a landmark $160 million cash acquisition of AccessOne. Revenue rose 15% year over year to $117.3 million, adjusted EBITDA reached $22 million with a 19% margin, and free cash flow (non-GAAP) increased by $6 million year over year, while AccessOne will expand Phreesia’s payment solutions total addressable market (TAM) by $6 billion.

Phreesia executes transformative AccessOne acquisition

AccessOne is expected to add $35 million in annualized revenue and $11 million in annualized adjusted EBITDA, while expanding Phreesia’s payment solutions TAM by $6 billion and positioning the company for broader entry into health system markets. The deal, Phreesia’s largest to date, will be financed with balance sheet cash and a committed bridge loan, and is anticipated to close by early Q4 FY2026.

"Earlier today, Phreesia announced a definitive agreement to acquire AccessOne for $160 million. AccessOne is a market leader in healthcare provider financing, serving many of the nation's largest health systems. We have followed AccessOne's progress over many years and admired its approach to addressing a critical gap in care that is consistent with our mission of making care easier every day. AccessOne will expand our addressable market by roughly $6 billion and strengthen our ability to help providers improve collections while preserving patient trust. We believe this acquisition is a natural extension of our payment strategy and will complement Phreesia's existing products."
-- Chaim Indig, CEO

The acquisition is expected to scale Phreesia’s payments platform following its close. It is also expected to add profitable growth.

Phreesia achieves first net income positive quarter

Net income (GAAP) reached $700,000 compared to recurring losses in prior years, with adjusted EBITDA (non-GAAP) up $16 million year over year and adjusted EBITDA margin expanded to 19%. Positive operating cash flow and free cash flow (non-GAAP) were achieved for four consecutive quarters, supported by a 56 net increase in average healthcare services clients (AHSCs) quarter over quarter and a 7% year-over-year rise in revenue per AHSC to $26,249.

"I am also proud to share that Phreesia achieved an important milestone in the second quarter. For the first time in our history, we were net income positive. As with all of our milestones, achieving positive net income does not represent a finish line. However, this milestone does give us all a great sense of pride and accomplishment in that it captures the power of our unique business and financial model and our team's ongoing commitment to being good stewards of capital."
-- Chaim Indig, CEO

This milestone captures the power of Phreesia’s unique business and financial model.

AI product momentum accelerates network solutions growth

These offerings are being monetized and are rapidly gaining traction, driven by tangible productivity benefits for providers.

"The feedback we're getting from this product from the provider network is like nothing I've seen ever before. So we're really excited. And the investments we're making in it, a lot of these are investments we've been making for quite some time, and now we feel more comfortable talking about them as this product's been forthright across the network."
-- Chaim Indig, CEO

Looking Ahead

For FY2026, Phreesia maintained its revenue outlook of $472 million to $482 million, raised its adjusted EBITDA guidance to $87 million to $92 million, and reaffirmed expectations for approximately 4,500 AHSCs and continued revenue per AHSC growth. Management indicated that updated financial guidance will be provided following the close of the AccessOne transaction, with the acquisition expected to close in Q3 or early Q4.