Health Catalyst (HCAT) financial statements
Health Catalyst reported revenue of $311M in fiscal 2025, up 19.9% a year over 8 years.
Net income was -$178M and the operating margin -51.7%, against -62.3% in 2017.
Free cash flow was -$237,000, and the company returned $5M in net buybacks.
The diluted share count rose 1342% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Health Catalyst's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $73M | $113M | $155M | $189M | $242M | $276M | $296M | $307M | $311M |
| Cost of revenue | $44M | $60M | $75M | $98M | $124M | $143M | $164M | $166M | $159M |
| Gross profit | $29M | $53M | $80M | $91M | $118M | $133M | $132M | $141M | $152M |
| Research and development | $28M | $39M | $46M | $54M | $63M | $76M | $73M | $58M | $50M |
| Selling, general and admin | $41M | $67M | $79M | $115M | $161M | $149M | $144M | $111M | $102M |
| Operating income | -$46M | -$60M | -$55M | -$96M | -$144M | -$140M | -$127M | -$70M | -$161M |
| Pre-tax income | — | — | — | — | — | — | -$118M | -$69M | -$177M |
| Income tax | $26,000 | -$135,000 | $142,000 | -$1M | -$7M | -$4M | $356,000 | $333,000 | $716,000 |
| Net income | -$47M | -$62M | -$60M | -$115M | -$153M | -$137M | -$118M | -$70M | -$178M |
| EPS (diluted) | -$12.13 | -$23.76 | -$12.86 | -$2.91 | -$3.23 | -$2.63 | -$2.09 | -$1.15 | -$2.55 |
| Diluted shares | 5M | 5M | 19M | 40M | 47M | 54M | 56M | 60M | 70M |
| Gross margin | 40.3% | 46.8% | 51.4% | 48.1% | 48.6% | 48.2% | 44.5% | 45.9% | 48.7% |
| Operating margin | -62.3% | -53.4% | -35.4% | -50.9% | -59.4% | -50.7% | -42.9% | -22.8% | -51.7% |
| Net margin | -64.4% | -55.1% | -38.8% | -60.9% | -63.3% | -49.7% | -39.9% | -22.7% | -57.2% |
Balance sheet
Fiscal years, from Health Catalyst's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $23M | $33M | $228M | $271M | $445M | $363M | $318M | $392M | $96M |
| Receivables | — | $28M | $28M | $48M | $49M | $48M | $60M | $57M | $59M |
| Total current assets | — | $67M | $264M | $330M | $508M | $428M | $393M | $466M | $169M |
| Property, plant and equipment | — | $5M | $4M | $13M | $23M | $26M | $26M | $29M | $34M |
| Goodwill | — | $4M | $4M | $108M | $170M | $186M | $191M | $260M | $209M |
| Total assets | — | $111M | $302M | $578M | $832M | $752M | $702M | $859M | $503M |
| Total current liabilities | — | $42M | $48M | $88M | $93M | $83M | $89M | $326M | $90M |
| Long-term debt | — | $19M | $48M | $169M | $181M | $227M | $228M | $151M | $152M |
| Total liabilities | — | $76M | $102M | $302M | $310M | $327M | $335M | $494M | $257M |
| Shareholders' equity | -$259M | -$375M | $201M | $276M | $522M | $425M | $367M | $365M | $246M |
| Net debt | -$23M | -$8M | $30M | $77M | -$12M | $110M | $122M | $133M | $102M |
Cash flow
Fiscal years, from Health Catalyst's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$37M | -$40M | -$32M | -$26M | -$23M | -$35M | -$33M | $15M | $731,000 |
| Capital spending | $2M | $2M | $2M | $8M | $10M | $2M | $1M | $2M | $968,000 |
| Free cash flow | -$39M | -$42M | -$34M | -$34M | -$34M | -$37M | -$34M | $13M | -$237,000 |
| Stock-based compensation | $4M | $4M | $18M | $38M | $65M | $72M | $56M | $40M | $27M |
| Share buybacks (net) | $0 | -$9M | $0 | $0 | $0 | -$8M | -$2M | $0 | -$5M |
| Net borrowing | — | — | — | — | — | — | $0 | $152M | $0 |
| Free cash flow margin | -53.8% | -37.6% | -22.1% | -18.0% | -13.9% | -13.6% | -11.6% | 4.2% | -0.1% |
Questions
What was Health Catalyst's revenue in 2025?
$311M in fiscal 2025, from its 10-K filing.
How much free cash flow does Health Catalyst generate?
-$237,000 in fiscal 2025 (operating cash flow minus capital spending).
From Health Catalyst's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.