Lifestance Health Group (LFST) Q1 2026 earnings summary

Executive summary

• Revenue rose 21% year-over-year to $403.5 million in Q1 2026, driven by higher visit volumes and clinician growth, with adjusted EBITDA up 48% to $51.1 million and net income rising to $14.2 million from $0.7 million.

• Clinician base expanded by 309 in Q1 to 8,349, supporting an 18% increase in visit volumes to 2.5 million and 7% higher productivity per clinician.

• Raised full-year 2026 guidance across all key metrics due to outperformance in Q1 and strong demand.

• Continued focus on technology, AI, and operational excellence to drive efficiency and patient access, including Care Matching 2.0 and EHR upgrades.

• Outcomes data showed about 75% of 180,000 patients reported significant improvement in anxiety and depression.

Financial highlights

• Q1 2026 revenue grew 21% to $403.5 million, with visit volumes up 18% to 2.5 million and total revenue per visit at $163.5.

• Center Margin increased 24% to $135.9 million (33.7% of revenue); adjusted EBITDA margin reached 12.7%.

• Net income was $14.2 million, up from $0.7 million last year; income from operations was $22.3 million.

• Free cash flow was $22.3 million, with cash and equivalents at $194.8 million after $49.1 million in share repurchases.

• Net long-term debt stood at $262.5 million, with no outstanding revolving credit balance.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $1.64–$1.68 billion, Center Margin to $547–$571 million, and adjusted EBITDA to $200–$220 million.

• Q2 2026 revenue expected at $405–$425 million, Center Margin at $135–$147 million, and adjusted EBITDA at $50–$60 million.

• Long-term targets include mid-teens annual revenue growth and adjusted EBITDA margins by 2028.

• Plans to open 20–30 new centers in 2026, with continued investment in technology and operations.

• Management believes existing cash is sufficient to fund operations for at least the next 12 months.