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LifeStance Health Group Inc. Common Stock Earnings Recaps

LFST Health Care 3 recaps
Next earnings: November 5, 2026 (estimated) · full calendar
Q2 2026 Aug 8, 2026

LifeStance Health’s Q2 results surpassed expectations, driving a 4.5% stock increase as revenue growth, clinician productivity, and margin expansion outpaced projections.

Key takeaways
  • Revenue grew 26% year-over-year to $435 million, led by 19% higher visit volumes and a 6% rise in revenue per visit.
  • Clinician base increased 11% to 8,542, with visits per clinician up 7%, sustaining strong productivity gains.
  • Adjusted EBITDA nearly doubled, rising 94% to $66 million, lifting EBITDA margin by over 500 basis points to 15.2%.
  • Center Margin improved 41% to $153 million, reaching 35.2% of revenue, driven primarily by revenue strength.
  • Free cash flow of $88 million reflects solid collections and favorable payroll timing, supporting a healthy balance sheet with $226 million in cash.
Full recap
Q3 2025 Nov 6, 2025

LifeStance Health reported a standout third quarter with 17% organic visit growth and record-high adjusted EBITDA margins, reinforcing its robust operational model and strategic positioning in the mental health sector.

Key takeaways
  • Revenue reached $364 million, reflecting a 16% year-over-year increase driven by strong visit volumes.
  • Achieved adjusted EBITDA of $40 million, marking an 11% margin, the highest since going public in 2021.
  • Added a record 288 organic clinicians, bringing the total to nearly 8,000, enhancing patient access and service quality.
  • Partnership with Calm expands referral capabilities, enhancing patient pathways to care.
  • Full-year guidance for adjusted EBITDA raised, indicating strong confidence in ongoing growth momentum.
Full recap
Q2 2025 Aug 8, 2025

LifeStance Health delivered strong second-quarter performance with 11% revenue growth, achieving double-digit margins and improved clinician productivity, prompting an increase in full-year adjusted EBITDA guidance.

Key takeaways
  • Revenue grew to $345 million, up 11% year-over-year, driven by a 12% increase in visit volume.
  • Added 173 clinicians, totaling 7,780, contributing to enhanced service capacity and productivity.
  • Achieved adjusted EBITDA of $34 million, with margins expected to remain in the double digits for the year.
  • Implemented a clinician cash incentive program and advanced tech initiatives, including AI solutions to improve operational efficiency.
  • Strong free cash flow of $57 million, the highest in company history, supports future growth investments.
Full recap

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