CORVEL CORPCRVLEarnings & Financial Report
Corvel Corp is a U.S.-headquartered provider of integrated workers’ compensation, healthcare management, and risk mitigation solutions. It serves insurance carriers, self-insured employers, and public sector clients, delivering services to control healthcare costs, improve care outcomes, and optimize administrative operations.
Revenue
$239.6M
Gross Profit
$58.2M
Operating Profit
$35.9M
Net Profit
$27.9M
Gross Margin
24.3%
Operating Margin
15.0%
Net Margin
11.6%
YoY Growth
6.8%
EPS
$0.54
Financial Flow
CORVEL CORP Q3 2025 Financial Summary
CORVEL CORP reported revenue of $239.6M (up 6.8% YoY) for Q3 2025, with a net profit of $27.9M (up 19.3% YoY) (11.6% margin). Cost of goods sold was $181.5M, operating expenses totaled $22.3M.
Key Financial Metrics
| Total Revenue | $239.6M |
|---|---|
| Net Profit | $27.9M |
| Gross Margin | 24.3% |
| Operating Margin | 15.0% |
| Report Period | Q3 2025 |
Revenue Breakdown
CORVEL CORP Q3 2025 revenue of $239.6M breaks down across 2 segments, led by Patient Management Services at $150.8M (62.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Patient Management Services | $150.8M | 62.9% |
| Network Solutions Services | $88.8M | 37.1% |
CORVEL CORP Revenue by Segment — Quarterly Trend
CORVEL CORP revenue by segment across the last 4 reported quarters, showing how each business line (such as Patient Management Services and Network Solutions Services) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Patient Management Services | $146.1M | $150.8M | $146.8M | $149.0M |
| Network Solutions Services | $89.6M | $88.8M | $87.9M | $82.5M |
CORVEL CORP Annual Revenue by Year
CORVEL CORP annual revenue history includes year-by-year totals (for example, 2025 revenue was $941.5M).
| Year | Annual Revenue |
|---|---|
| 2025 | $941.5M |
| 2024 | $871.3M |
| 2023 | $773.5M |
| 2022 | $704.5M |
CORVEL CORP Quarterly Revenue & Net Profit History
CORVEL CORP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $235.6M | +3.4% | $24.2M | 10.3% |
| Q3 2025 | $239.6M | +6.8% | $27.9M | 11.6% |
| Q2 2025 | $234.7M | +10.9% | $27.2M | 11.6% |
| Q1 2025 | $231.5M | +11.7% | $26.4M | 11.4% |
| Q4 2024 | $228.0M | +12.7% | $23.8M | 10.4% |
| Q3 2024 | $224.4M | +14.8% | $23.4M | 10.4% |
| Q2 2024 | $211.7M | +11.3% | $21.6M | 10.2% |
| Q1 2024 | $207.2M | +11.8% | $19.5M | 9.4% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $207.2M | $211.7M | $224.4M | $228.0M | $231.5M | $234.7M | $239.6M | $235.6M |
| YoY Growth | 11.8% | 11.3% | 14.8% | 12.7% | 11.7% | 10.9% | 6.8% | 3.4% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $454.7M | $486.2M | $518.6M | $538.8M | $546.0M | $597.4M | $611.7M | $644.8M |
| Liabilities | $207.0M | $222.3M | $235.8M | $237.9M | $224.0M | $254.9M | $248.9M | $269.1M |
| Equity | $247.6M | $263.9M | $282.8M | $300.9M | $322.0M | $342.5M | $362.8M | $375.7M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $15.2M | $40.4M | $22.3M | $41.6M | $22.9M | $55.0M | $25.0M | $46.1M |