Alignment Healthcare Q4 Earnings Call Highlights

Management emphasized the year-over-year shift in profitability: adjusted EBITDA rose to $110 million in 2025 from roughly breakeven ($1 million) in 2024. The adjusted EBITDA margin was 2.8%, representing 270 basis points of margin expansion, according to CFO Jim Head.For full-year 2025, total revenue was $3.9 billion, a 46% year-over-year increase, supported by the same 25% growth in membership. Adjusted gross profit was $495 million, producing an MBR of 87.5%—an improvement of 130 basis points year-over-y ...