Omada Health (OMDA) Q4 2025 earnings summary

Executive summary

• Achieved 53% revenue growth in 2025, reaching $260M, with Q4 revenue up 58% to $76M and GAAP profitability in Q4; total members grew 55% to 886,000.

• Expanded GLP-1 leadership, supporting over 150,000 members, and launched new programs including GLP-1 prescribing, Flex Care, and cholesterol management.

• Launched AI-powered tools such as OmadaSpark and Meal Map, strengthening the multi-condition platform.

• Demonstrated strong commercial momentum with improved marketing effectiveness and significant multi-condition adoption.

• Achieved positive net income of $5M in Q4 and positive adjusted EBITDA for the year, reversing prior year losses.

Financial highlights

• Full-year revenue reached $260M, up 53% from $170M in 2024; Q4 revenue was $76M, up 58% year-over-year.

• Q4 GAAP gross profit was $54M (71% margin); full-year GAAP gross profit was $171M (66% margin); non-GAAP gross margin was 73% in Q4 and 68% for the year.

• Adjusted EBITDA improved to $6M for the year, with Q4 adjusted EBITDA of $8M and margin of 11.2%.

• Cash and cash equivalents stood at $222M at year-end, with positive free cash flow of $12.4M for the year.

• Non-GAAP operating expense as a percentage of revenue decreased to 65% for the year from 80% in 2024.

Outlook and guidance

• 2026 revenue guidance: $312M–$322M (22% growth at midpoint); adjusted EBITDA guidance: $7M–$15M.

• Guidance excludes material contributions from new programs or further improvements in enrollment conversion.

• Expect sequential revenue growth through 2026, with Q1 flat to Q4 due to seasonality and a one-time Q4 adjustment.

• Planned commercial launch of GLP-1 Flex Care in Q3 2026 and full rollout of cholesterol program in 2027.

• Ongoing investment in AI to optimize funnel conversion and engagement.