Alignment Healthcare narrows losses despite Medicare Advantage headwinds

Alignment Healthcare reported a fourth-quarter net loss of $11 million while health plan membership rose 25% year-over-year to 236,300 and fourth-quarter revenue increased about 44% to just over $1 billion.

Alignment Healthcare reported narrower losses and faster growth as it continues to sell Medicare Advantage plans amid industry cost pressures. The company announced a fourth-quarter net loss of $11 million and a full-year 2025 loss of $724,000, both smaller than the prior year. Membership climbed about 25% from a year earlier to 236,300, and fourth-quarter revenue rose roughly 44% to just over $1 billion. Company leaders described results as progress on profitability while emphasizing their care model and cost management. Key facts: - Alignment reported a fourth-quarter net loss of $11 million, or about 5 cents a share, versus a $31 million loss in the year-ago quarter. - Health plan membership was up 25% year-over-year to 236,300 at the end of the fourth quarter. - Fourth-quarter revenue increased about 44% to a little more than $1 billion, and full-year 2025 revenue losses narrowed to $724,000 compared with a $128 million loss in 2024. - The company reported a fourth-quarter medical benefits ratio (based on adjusted gross profit) of 87.7% and a full-year 2025 ratio of 87.5%, compared with 88.8% in 2024. - Alignment said it raised its midpoint membership guidance by 2,000 and provided 2026 revenue guidance of $5.14 billion to $5.19 billion and adjusted EBITDA guidance of $133 million to $163 million. Summary: The article reports that Alignment narrowed its losses while expanding membership and revenue, and attributes those results to its care-focused model and cost management. The company has issued 2026 financial guidance and modestly raised its membership outlook, indicating those forecasts are the next public benchmarks for performance.