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EarningsQ2 2026 Earnings Report
LFST Q2 2026 EPS Results
Actual EPS$0.06
Consensus EPS$0.03
Beat/MissBeat by +$0.03
One Year Ago EPS-$0.01
LFST Q2 2026 Revenue Results
Actual Revenue$435.35M
Expected Revenue$414.58M
Beat/MissBeat by +$20.77M
YoY Revenue Growth+26.08%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
LFST Upcoming Earnings
Lifestance Health Group's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
LFST Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial outperformance: material revenue growth (26%), sizable adjusted EBITDA and margin expansion (94% EBITDA growth; +500+ bps YoY), robust clinician additions and productivity gains, healthy cash generation and low leverage, plus raised full‑year guidance. Management is prioritizing disciplined reinvestment (tech, clinical excellence, marketing, compensation) and executing specialty rollouts and targeted tuck-in M&A while acknowledging near-term impacts to margins, free cash flow timing and potential EHR rollout disruption. Overall, the positives around growth, profitability, balance sheet strength and strategic investments materially outweigh the manageable near-term headwinds.Company Guidance
Strong Revenue Growth
Revenue grew 26% year-over-year to $435 million in Q2 2026, driven by higher visit volumes and increased total revenue per visit; raised full‑year revenue guidance midpoint by $45 million to a range of $1.685B–$1.725B (midpoint implies ~20% growth for the year).
Robust Profitability and Margin Expansion
Adjusted EBITDA increased 94% year-over-year to $66 million (15.2% margin), an improvement of over 500 basis points from prior-year Q2; Center Margin grew 41% to $153 million and represented 35.2% of revenue; full-year adjusted EBITDA guidance raised to $215M–$235M (midpoint implies 13.2% margin, +200+ bps YoY).
Visits and Clinician Productivity Gains
Visit volumes increased 19% to 2.6 million; visits per average clinician increased 7% year-over-year (third consecutive quarter of strong productivity); total clinician base expanded 11% with 193 net clinician adds in Q2 to 8,542 clinicians.
Strong Cash Generation and Balance Sheet Flexibility
Generated $88 million of free cash flow in Q2 (vs. $57M prior year); exited the quarter with $226 million cash and net long-term debt of $259 million, net leverage ~0.2x and gross leverage 1.3x; deployed $49M to share repurchases in the quarter and Board approved an additional $100M buyback authorization.
Revenue Per Visit Improvement Driven by Payer Contracting
Total revenue per visit (TRPV) increased 6% year-over-year to $167, with management attributing the gain primarily to favorable payer contracting and having good line-of-sight on mid-single-digit rate increases for the year.
Specialty Services Expansion (TMS & Spravato)
Specialty services (~$50M revenue last year) are growing rapidly (management guided ~40% growth this year), with additional TMS and Spravato rollouts to address treatment-resistant depression and to drive higher-acuity, higher-value visits.
Technology & Clinical Investments to Support Long-Term Growth
Investing in digital, AI-enabled and workflow automation tools to improve access, clinician experience and RCM efficiency; planning EHR transition (implementation activities in 2026, vendor change planned for 2027) expected to enable better outcomes, workflows and future scale.
Improved Revenue Cycle Performance
DSO performance in the low-20s and strong collections helped drive FCF and cash generation; management is leveraging RCM vendors, RPA and AI pilots to further strengthen collections and operational efficiency.
LFST Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed