Earnings

LifeStance Posts $455.9 Million In Revenue As Visit Growth Expands Its Earnings

Net income reached $22.4 million, and the mental healthcare provider raised its full-year revenue and adjusted earnings forecasts.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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LifeStance Posts $455.9 Million In Revenue As Visit Growth Expands Its Earnings

LifeStance Health Group, which provides outpatient mental healthcare in person and virtually, increased third-quarter revenue 25% to $455.9 million and raised its annual outlook Thursday. Its earnings release, accompanying an SEC filing, attributed the expansion to more clinicians, greater clinician productivity and higher revenue per visit.

More Visits, More Earnings

The quarter produced net income of $22.4 million, or $0.06 per diluted share, against $1.1 million a year earlier. Operating income reached $33.1 million, compared with $7.4 million, while prior-year revenue was $363.8 million.

Patient visits increased 17% year over year to 2.7 million. LifeStance finished the quarter with 8,863 clinicians, an 11% increase from a year earlier and a net addition of 321 during the quarter.

Adjusted earnings before interest, taxes, depreciation and amortization rose 70% to $68.4 million from $40.2 million. That measure accounted for 15.0% of revenue, versus 11.1% a year earlier; LifeStance credited higher revenue per visit, lower relative center costs and administrative expenses growing more slowly than revenue.

Center-level earnings, which exclude corporate administrative expenses and depreciation and amortization, increased 38% to $161.4 million. Their share of revenue reached 35.4%, versus 32.0%.

A Larger Clinician Network

The expansion builds on earlier quarterly growth: first-quarter revenue was $403.5 million with 8,349 clinicians, while the second quarter produced $435.4 million with 8,542 clinicians. Revenue per visit reached $169.70 in the third quarter, compared with $158.20 a year earlier.

LifeStance treats children, adolescents and adults, offering psychiatric care, psychological testing and individual, family and group therapy. Its revenue comes primarily from insurance payments for patient visits, alongside management fees from supported practices; commercial in-network insurance accounted for 90% of revenue in 2025.

The company opened eight centers during the third quarter, bringing openings to 20 for the first nine months of 2026. It also completed one small acquisition during the quarter and four during those nine months.

CEO Dave Bourdon pointed to technology investment, saying the company's platform spending includes “the implementation of our new EHR.” The electronic health records system is intended to support further expansion.

Higher Targets, Cash For Expansion

The annual revenue forecast now stands at $1.741 billion to $1.761 billion, replacing $1.685 billion to $1.725 billion. Management raised its adjusted earnings forecast to $242 million–$250 million from $215 million–$235 million, and its center-level earnings target to $599 million–$613 million from $570 million–$594 million.

Operations generated $37.0 million in cash during the quarter. Free cash flow—the amount remaining after property and equipment spending—was $22.4 million. Operating cash flow for the first nine months totaled $170.0 million.

Quarter-end cash was $218.8 million, alongside net long-term debt of $255.5 million. LifeStance spent $122.4 million repurchasing shares during the first nine months, and its market value was $5.1 billion as of Friday at 5:24 p.m. ET.

For the fourth quarter, LifeStance expects revenue of $446 million–$466 million, adjusted earnings before interest, taxes, depreciation and amortization of $56 million–$64 million, and center-level earnings of $149 million–$163 million.

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