SCOTTSDALE, Ariz., Feb. 25, 2026 (GLOBE NEWSWIRE) -- LifeStance Health Group, Inc. (Nasdaq: LFST), one of the nation's largest providers of outpatient mental healthcare, today announced financial results for the fourth quarter and full year ended December 31, 2025.

(All results compared to prior-year comparative period, unless otherwise noted)

2025 Highlights and 2026 Outlook

   -- Fourth quarter revenue of $382.2 million increased 17% and full year 
      revenue of $1,424.3 million increased 14% 
 
   -- Clinician base increased 9% to 8,040 clinicians, a sequential net 
      increase of 44 in the fourth quarter and 657 for the full year 
 
   -- Fourth quarter visit volumes increased 18% to 2.4 million and full year 
      visit volumes increased 14% to 9.0 million 
 
   -- Net income of $11.7 million in the fourth quarter and $9.7 million for 
      the full year 
 
   -- Adjusted EBITDA of $48.8 million in the fourth quarter and $157.7 million 
      for the full year 
 
   -- Net cash provided by operations of $57.6 million in the fourth quarter 
      and $146.2 million for the full year 
 
   -- Free Cash Flow generation of $46.6 million in the fourth quarter and 
      $110.0 million for the full year 
 
   -- For full year 2026, expecting revenue of $1.615 billion to $1.655 billion, 
      Center Margin of $526 million to $550 million, and Adjusted EBITDA of 
      $185 million to $205 million 

"2025 was an exceptional year for LifeStance and reflects sustained execution across the organization," said Dave Bourdon, CEO of LifeStance. "For the full year, we delivered mid-teens revenue growth, positive net income, double-digit Adjusted EBITDA margins and strong cash flow from operations. We closed the year with more than 8,000 clinicians and strong productivity improvement. As we enter 2026, we do so with operating and clinical momentum made possible by the dedication of our employees across the organization. I'm also pleased to announce that our Board of Directors has approved a $100 million share repurchase program, reflecting our strong cash generation and healthy balance sheet which allow us to continue investing for long-term growth while returning capital to shareholders."

 
Financial 
Highlights 
                   Q4          Q4 
                  2025        2024       Y/Y      FY 2025       FY 2024       Y/Y 
                 ------      ------      ---      --------      --------      --- 
(in millions) 
Total revenue    $382.2      $325.5       17%     $1,424.3      $1,251.0       14% 
Income (loss) 
 from 
 operations        18.1         1.1       NM          24.1         (31.6)      NM 
Center Margin     126.3       109.4       15%        461.1         402.4       15% 
Net income 
 (loss)            11.7        (7.1)      NM           9.7         (57.4)      NM 
Adjusted EBITDA    48.8        32.8       49%        157.7         119.7       32% 
As % of Total 
revenue: 
-------------- 
  Income (loss) 
   from 
   operations       4.7%        0.3%                   1.7%         (2.5%) 
  Center Margin    33.0%       33.6%                  32.4%         32.2% 
  Net income 
   (loss)           3.1%       (2.2%)                  0.7%         (4.6%) 
  Adjusted 
   EBITDA          12.8%       10.1%                  11.1%          9.6% 
 

NM - not meaningful

(All results compared to prior-year period, unless otherwise noted)

   -- In the fourth quarter, revenue grew 17% to $382.2 million, and for the 
      full year, revenue grew $173.3 million or 14% to $1,424.3 million 
      compared to revenue of $1,251.0 million. Revenue growth in the fourth 
      quarter was driven primarily by higher visit volumes from net clinician 
      growth and improved clinician productivity. 
 
   -- In the fourth quarter, income from operations was $18.1 million, and for 
      the full year, income from operations was $24.1 million. In the fourth 
      quarter, net income was $11.7 million, and for the full year, net income 
      was $9.7 million. 
 
   -- In the fourth quarter, Center Margin grew 15% to $126.3 million, or 33.0% 
      of total revenue. For the full year, Center Margin grew 15% to $461.1 
      million, or 32.4% of total revenue. 
 
   -- In the fourth quarter, Adjusted EBITDA increased 49% to $48.8 million, or 
      12.8% of total revenue. Adjusted EBITDA as a percentage of revenue 
      increased in the fourth quarter as a result of improved operating 
      leverage from revenue growing faster than general and administrative 
      expenses. For the full year, Adjusted EBITDA grew 32% to $157.7 million, 
      or 11.1% of total revenue. 

Balance Sheet, Cash Flow, and Capital Allocation

For the year ended December 31, 2025, LifeStance generated $146.2 million cash flow from operations, including $57.6 million during the fourth quarter of 2025. The Company ended the fourth quarter with cash of $248.6 million and net long-term debt of $265.9 million.

2026 Guidance

LifeStance is providing the following outlook for 2026:

   -- The Company expects full year revenue of $1.615 billion to $1.655 billion, 
      Center Margin of $526 million to $550 million, and Adjusted EBITDA of 
      $185 million to $205 million. 
 
   -- For the first quarter of 2026, the Company expects total revenue of $380 
      million to $400 million, Center Margin of $118 million to $132 million, 
      and Adjusted EBITDA of $39 million to $45 million. 

Share Repurchase Program

The Company's Board of Directors has approved a share repurchase program authorizing the repurchase of up to $100 million of the Company's outstanding common stock. Repurchases may be made from time to time at the Company's discretion in the open market or through privately negotiated transactions, including accelerated share repurchase programs, subject to market conditions and other relevant factors.

Conference Call, Webcast Information, and Presentations

LifeStance will hold a conference call today, February 25, 2026 at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2025 results. Investors who wish to participate in the call should dial 1-800-715-9871, domestically, or 1-646-307-1963, internationally, approximately 10 minutes before the call begins and provide conference ID number 3993891 or ask to be joined into the LifeStance call. A real-time audio webcast can be accessed via the Events and Presentations section of the LifeStance Investor Relations website , where related materials will be posted prior to the conference call.

About LifeStance Health Group, Inc.

Founded in 2017, LifeStance (Nasdaq: LFST) is reimagining mental health. We are one of the nation's largest providers of virtual and in-person outpatient mental healthcare for children, adolescents and adults experiencing a variety of mental health conditions. Our mission is to help people lead healthier, more fulfilling lives by improving access to trusted, affordable, and personalized mental healthcare. LifeStance and its supported practices employ approximately 8,000 psychiatrists, advanced practice nurses, psychologists and therapists and operates across 33 states and more than 550 centers. To learn more, please visit www.LifeStance.com.

We routinely post information that may be important to investors on the "Investor Relations" section of our website at investor.lifestance.com. We encourage investors and potential investors to consult our website regularly for important information about us.

Forward-Looking Statements

Statements in this press release and on the related teleconference that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements. These statements include, but are not limited to, statements with respect to: full year and first quarter guidance and management's related assumptions; business plans and objectives; our share repurchase authorization and repurchases thereunder; and other statements contained in this press release that are not historical facts. When used in this press release and on the related teleconference, words such as "may," "will," "should, " "could," "intend," "potential," "continue," "anticipate," "believe," "estimate," "expect," "plan," "target," "predict," "project," "seek" and similar expressions as they relate to us are intended to identify forward-looking statements. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: if reimbursement rates paid by third-party payors are reduced or if third-party payors otherwise restrain our ability to obtain or deliver care to patients, our business could be materially harmed; we may not grow at the rates we historically have achieved or at all, even if our key metrics may imply future growth, including if we are unable to successfully execute on our growth initiatives and business strategies; if we fail to manage our growth effectively, our expenses could increase more than expected, our revenue may not increase proportionally or at all, and we may be unable to execute on our business strategy; our ability to recruit new clinicians and retain existing clinicians; we conduct business in a heavily regulated industry and if we fail to comply with these laws and government regulations, we could incur penalties or be required to make significant changes to our operations or experience adverse publicity, which could have a material adverse effect on our business, results of operations and financial condition; we are dependent on our relationships with supported practices, which we do not own, to provide healthcare services, and our business would be harmed if those relationships were disrupted or if our arrangements with these entities became subject to legal challenges; we operate in a competitive industry, and if we are not able to compete effectively, our business and financial performance would be harmed; the

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