Agilon Health, Inc.

Agilon helps independent doctors manage healthcare for seniors. It provides tools for doctors to focus on patient health. This model helps seniors get better care at lower costs.

The Business of Care

• Medicare Advantage Partnerships: Subscription-like monthly payments from insurers to manage total senior care; includes 511,000 members as of late 2025.
• Accountable Care Organizations: Participation in government programs that share savings for improving traditional Medicare care; covers 114,000 beneficiaries.
• The agilon Platform: Technology suite including the CORE platform and clinical data tools; supports doctors in moving to a total care model.

Expanding the Network

• Agilon launched its first partnership with an anchor physician group in 2017.
• Grew the platform to include 28 anchor physician groups and 30 geographies by December 31, 2025.
• Participated in the CMS ACO REACH model and established plans to transition to the LEAD model in 2027.
• Pursued a reverse stock split in early 2026 to regain compliance with NYSE listing requirements.

What Sets Agilon Apart?

Agilon uses 20-year partnership contracts to create long-term stability with community doctors. The business operates through local entities that take on the financial risk for patient medical costs.

The Scorecard

• Revenue reached $1.6 billion in Q4 2025, up 3.1% from Q4 2024.
• Net loss deepened to $188.9 million in Q4 2025, compared to a loss of $105.8 million in Q4 2024.
• Operating cash flow turned negative at -$20.5 million in Q4 2025, a 225.1% decrease year-over-year.
• Free cash flow fell to -$37.6 million in Q4 2025, worsening from $4.0 million in the previous year.

Bottom Line

Agilon has evolved from a startup into a large network managing healthcare for over 600,000 seniors. While revenue continues to grow, the company is working to address deepening financial losses and regulatory listing requirements.