Omada Health (OMDA) Q4 2025 earnings summary

Executive summary

• Achieved 53% revenue growth in 2025, reaching $260M, and first-ever GAAP profitability in Q4, with 58% Q4 revenue growth and positive net income of $5M.

• Ended 2025 with 886,000 members, up 55% year-over-year, and expanded covered lives by over 5 million to 25 million.

• Strong adoption of GLP-1 programs, multi-condition platform, and AI-driven innovations fueled growth, with over 150,000 members supported on GLP-1s.

• Launched new offerings including GLP-1 prescribing, GLP-1 Flex Care, and a cholesterol program, plus AI-powered tools like OmadaSpark and Meal Map.

• Completed IPO in 2025, resulting in a significant increase in cash position.

Financial highlights

• Q4 revenue was $76M, up 58% year-over-year; full-year revenue reached $260M, up 53%.

• Q4 GAAP net income was $5M, first positive quarter, compared to a net loss of $8M in Q4 2024; full-year adjusted EBITDA was $6M.

• Q4 adjusted gross margin reached 73%, up 320 basis points year-over-year; full-year adjusted gross margin was 68%.

• Adjusted EBITDA margin reached 11.2% in Q4 and 2.5% for the year, with free cash flow for the year at $12.4M.

• Ended 2025 with $222M in cash and no debt, after repaying credit facility and raising $160.5M net from IPO.

Outlook and guidance

• 2026 revenue guidance: $312–$322M, midpoint reflects 22% growth over 2025.

• 2026 adjusted EBITDA guidance: $7–$15M, midpoint $5M above 2025.

• Guidance excludes material contributions from new products and assumes no significant improvement in enrollment or engagement rates.

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

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