Fourth Quarter Fiscal Year 2026 Highlights
- Revenue increased 7% to
$249 million , compared to fourth quarter of fiscal year 2025. - Gross profit increased 9% to
$63.0 million , at 25% gross margin, compared to fourth quarter of fiscal year 2025 gross profit of$58.0 million . - Exited the quarter with
$233 million of cash, cash equivalents, and no borrowings. - The Company repurchased
$20.1 million of common stock during the quarter.
CERIS, CorVel’s health division, is benefiting from the healthcare industry’s shift toward proactive payment accuracy and cost management, with strong demand for its integrated prepay and post-pay platform that improves claims accuracy, reduces administrative burden, and enhances revenue visibility. During the quarter, multiple large payer sales with enterprise-scale implementations reflect the strength of the value proposition and provide increased revenue visibility as they are deployed and scaled over time. As adoption of prepay solutions expands, CERIS is accelerating revenue realization cycles while maintaining strong margin profiles, supported by ongoing investment in AI and automation.
Within workers’ compensation and risk management, P&C services are advancing its technology-enabled, clinically integrated model through the CorVel ConnectedTM interface within its proprietary CareMC platform. By combining AI, real-time data integration, and embedded clinical expertise,
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, improved productivity resulting from automation and augmentation across enterprise business systems. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement results of operations and financial condition is greater than our initial assessment. The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended
Quarterly Results – Income Statement Quarters and Fiscal Year Ended | ||||||||
| Quarter Ended | ||||||||
| Revenues | $ | 248,548,000 | $ | 231,514,000 | ||||
| Cost of revenues | 185,539,000 | 173,547,000 | ||||||
| Gross profit | 63,009,000 | 57,967,000 | ||||||
| General and administrative | 23,293,000 | 24,647,000 | ||||||
| Income from operations | 39,716,000 | 33,320,000 | ||||||
| Income tax provision | 8,687,000 | 6,901,000 | ||||||
| Net income | $ | 31,029,000 | $ | 26,419,000 | ||||
| Earnings Per Share: | ||||||||
| Basic | $ | 0.61 | $ | 0.51 | ||||
| Diluted | $ | 0.61 | $ | 0.51 | ||||
| Weighted Shares | ||||||||
| Basic | 51,150,000 | 51,366,000 | ||||||
| Diluted | 51,285,000 | 51,979,000 | ||||||
| Fiscal Year Ended | ||||||||
| Revenues | $ | 958,527,000 | $ | 895,589,000 | ||||
| Cost of revenues | 725,664,000 | 685,861,000 | ||||||
| Gross profit | 232,863,000 | 209,728,000 | ||||||
| General and administrative | 89,732,000 | 88,904,000 | ||||||
| Income from operations | 143,131,000 | 120,824,000 | ||||||
| Income tax provision | 32,787,000 | 25,659,000 | ||||||
| Net income | $ | 110,344,000 | $ | 95,165,000 | ||||
| Earnings Per Share: | ||||||||
| Basic | $ | 2.15 | $ | 1.85 | ||||
| Diluted | $ | 2.14 | $ | 1.83 | ||||
| Weighted Shares | ||||||||
| Basic | 51,283,000 | 51,379,000 | ||||||
| Diluted | 51,625,000 | 51,994,000 | ||||||
Quarterly Results – Condensed Balance Sheet | ||||||||
| Cash | $ | 233,072,000 | $ | 170,584,000 | ||||
| Customer deposits | 115,706,000 | 101,472,000 | ||||||
| Accounts receivable, net | 101,313,000 | 104,126,000 | ||||||
| Prepaid taxes and expenses | 12,206,000 | 10,507,000 | ||||||
| Property, net | 117,906,000 | 92,052,000 | ||||||
| 41,619,000 | 46,410,000 | |||||||
| Right-of-use asset, net | 21,164,000 | 20,825,000 | ||||||
| Total | $ | 642,986,000 | $ | 545,976,000 | ||||
| Accounts and taxes payable | $ | 24,550,000 | $ | 16,792,000 | ||||
| Accrued liabilities | 203,518,000 | 187,244,000 | ||||||
| Long-term lease liabilities | 20,687,000 | 19,953,000 | ||||||
| Paid-in capital | 268,518,000 | 250,412,000 | ||||||
| (887,716,000 | ) | (831,510,000 | ) | |||||
| Retained earnings | 1,013,429,000 | 903,085,000 | ||||||
| Total | $ | 642,986,000 | $ | 545,976,000 | ||||
Contact:
Phone: 949-851-1473
www.corvel.com
