Phreesia (PHR) Q4 2025 earnings summary

Executive summary

• Platform facilitated approximately 170 million U.S. patient visits in fiscal 2025, serving over 4,300 average healthcare services clients (AHSCs).

• Fiscal 2025 revenue grew 18% year-over-year to $419.8 million, with Q4 revenue up 15% to $109.7 million.

• Adjusted EBITDA for fiscal 2025 was $36.8 million, turning positive from negative $35.4 million in the prior year; Q4 Adjusted EBITDA was $16.4 million.

• Net loss narrowed to $58.5 million for fiscal 2025 from $136.9 million in fiscal 2024; Q4 net loss was $6.4 million.

• Introduced new products to improve medication adherence and patient/provider experience, with broader rollout planned.

Financial highlights

• Fiscal 2025 total revenue was $419.8 million, up 18% year-over-year; Q4 revenue reached $109.7 million, up 15%.

• Adjusted EBITDA improved to $36.8 million in FY2025; Q4 adjusted EBITDA was $16.4 million, with a 15% margin.

• Free cash flow turned positive in FY2025, with $8.3 million for the year and $9.2 million in Q4.

• Cash and cash equivalents stood at $84.2 million as of January 31, 2025.

• Payment processing fees reached $101.7 million in FY2025, with a stable take rate of 3.08%.

Outlook and guidance

• Fiscal 2026 revenue guidance is $472 million to $482 million, with adjusted EBITDA expected between $78 million and $88 million.

• AHSCs projected at approximately 4,500 for FY2026, with total revenue per AHSC expected to increase.

• Cash position and available credit facility deemed sufficient to support growth and outlook.