Omada Health Q2 2026 Earnings Recap

Omada Health’s Q2 earnings drove a +23.9% stock rally, fueled by notable revenue growth, margin expansion, and strong membership gains that clearly outpaced expectations.

Key Takeaways

• Revenue grew 43% year-over-year, marking a record quarter for the company.
• Gross margin expanded significantly by 700 basis points on a GAAP basis to 73%, and by 600 basis points on a non-GAAP basis to 74%.
• Membership surged 45% year-over-year to 1.1 million active members, demonstrating strong program adoption.
• The company turned profitable with $5 million in net income and $11 million in adjusted EBITDA, reversing losses from the prior year.
• Commercial momentum continued with new customer wins across diverse sectors and expansion with a major health plan adding 1.5 million covered lives starting in 2027.