Executive Summary
Phreesia Inc delivered a Q4 2025 result set that shows robust gross margins and improving cash generation, underscoring the strength of its SaaS-based patient intake and payments platform in the healthcare sector. Revenue for QQ4 2025 reached $109.7 million, up 15.5% year-over-year and 2.7% quarter-over-quarter, while gross profit rose to $76.1 million, yielding a gross margin of approximately 69.4%. Despite the top-line momentum, the company reported a net loss of $6.39 million and negative operating income of $7.61 million, reflecting sustained investment in R&D and go-to-market initiatives. EBITDA was positive at $2.14 million with an EBITDA margin around 1.95%, suggesting early profitability momentum at the operating level but ongoing SG&A and development investments weigh on the bottom line.
Key Performance Indicators
QoQ: -116.92% | YoY:80.36%
Key Insights
Revenue: $109.681 million in Q4 2025, up 15.5% YoY and 2.7% QoQ. Gross profit: $76.115 million; gross margin: ~69.4%. Operating income: -$7.612 million; operating margin: -6.94%. EBITDA: $2.142 million; EBITDA margin: ~1.95%. Net income: -$6.39 million; net margin: -5.83%. EPS (diluted): -$0.11. Weighted average shares: 58.278 million. Cash from operating activities: $16.256 million; capital expenditures: -$7.058 million; free cash flow: $9.198 million. Cash and cash equivalents: $84.22 million;...
Financial Highlights
Revenue: $109.681 million in Q4 2025, up 15.5% YoY and 2.7% QoQ. Gross profit: $76.115 million; gross margin: ~69.4%. Operating income: -$7.612 million; operating margin: -6.94%. EBITDA: $2.142 million; EBITDA margin: ~1.95%. Net income: -$6.39 million; net margin: -5.83%. EPS (diluted): -$0.11. Weighted average shares: 58.278 million. Cash from operating activities: $16.256 million; capital expenditures: -$7.058 million; free cash flow: $9.198 million. Cash and cash equivalents: $84.22 million; total assets: $388.42 million; total liabilities: $123.61 million; stockholders’ equity: $264.81 million. Net debt: -$66.42 million (net cash position). Current ratio: 1.78; quick ratio: 1.78. Days sales outstanding (DSO): 60.41 days; days payables outstanding: 12.49 days; cash conversion cycle: 47.91 days. Valuation snapshots include price-to-sales ~15.14x and enterprise value multiple ~744.40x (as of 2025).
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
109.68M |
15.45% |
2.70% |
| Gross Profit |
76.12M |
38.95% |
5.33% |
| Operating Income |
-7.61M |
74.27% |
45.01% |
| Net Income |
-6.39M |
79.15% |
55.63% |
| EPS |
-0.11 |
80.36% |
-116.92% |
Key Financial Ratios
operatingProfitMargin
-6.94%
operatingCashFlowPerShare
$0.28
freeCashFlowPerShare
$0.23
priceEarningsRatio
-64.98
Management Commentary
No earnings transcript data provided in the supplied dataset. Consequently, there are no management quotes or transcript-derived themes to summarize under 'transcriptHighlights'.
Forward Guidance
There is no explicit forward guidance in the provided data. Given the quarterly trajectory, investors should monitor: (i) revenue growth sustainability and mix across product modules (core SaaS vs. adjacent solutions), (ii) trajectory toward operating profitability as scale benefits accrue and marketing/R&D investments normalize, and (iii) cash flow durability, including the cadence of free cash flow generation and any changes in working capital. Industry dynamics in healthcare IT and the ongoing digitization of patient intake and payments favor Phreesia’s platform, but profitability hinges on achieving higher operating leverage as the business scales. Key indirect indicators to watch include ARR growth, net retention, and the pace of new customer acquisitions as well as the company’s ability to convert EBITDA leverage into sustained net income.