10-Q quarterly report · filed Feb 3, 2026

InnovAge Holding Corp. (INNV) Q4 2025 10-Q Quarterly Report

Short answer

InnovAge Holding Corp. (INNV) filed its Q4 2025 10-Q quarterly report on Feb 3, 2026 for the quarter ended Dec 31, 2025. Quarterly revenue was $240M (up 14.7% year over year) with net income of $11M.

Q4 2025 key financials · XBRL

Revenue
$240M
+14.7% YoY · +1.5% QoQ
Net income
$11M
+180.3% YoY · +32.4% QoQ
Operating margin
5.5%
Gross margin
22.0%
EPS (diluted)
$0.08
+188.9% YoY · +33.3% QoQ

Source: XBRL data from the InnovAge Holding Corp. (INNV) Q4 2025 10-Q on SEC EDGAR. USD.

InnovAge Holding Corp. Q4 2025 10-Q analysis

AI summary of MD&A and risk factor updates

Management Discussion & Analysis

  • Q2 revenue $239.7M, up 14.7% YoY from $209.0M, driven by capitation revenue growth
  • Operating income $13.3M vs $12.6M loss YoY; operating margin 5.5% vs (6.0)%
  • Capitation revenue $239.6M, up 14.8%; member months up 7.9% and capitation rates up 6.4%
  • External provider costs $112.0M, up 3.8%; cost per participant down 3.8%, strongest cost performance
  • Cost of care $74.9M, up 16.9%; near-term headwinds from wage inflation, labor shortages, Medicaid cuts, and higher provider costs

Risk Factors

  • Risk factors section not provided; submitted text contains exhibits and signatures only
  • No newly added, updated, regulatory, operational, competitive, or financial risks identifiable from provided text

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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