Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q4 2025 Earnings Presentation
18 slides from Lifestance Health's earnings presentation, Feb 25, 2026
Slide 1: Reimagining Mental Health
Reimagining Mental Health Q 4 2 0 2 5 E a r n i n g s P re s e n t a t i o n • F e b r u a r y 2 5 , 2 0 2 6
Slide 2: Forward-Looking Statements
Forward-Looking Statements DISCLAIMERS Cautionary Note Regarding Forward-Looking Statements This presentation and related oral statements, including during any question and answer portion of the presentation, contain forward-looking statements about LifeStance Health Group, Inc. and its subsidiaries
Slide 3: LifeStance: Reimagining Mental Healthcare
LifeStance: Reimagining Mental Healthcare 8,040 Clinicians 9% Y/Y Growth OUR MISSION Increasing access to trusted, affordable, and personalized mental healthcare OUR VISION A truly healthy society where mental and physical healthcare are unified to make lives better $1,424M Revenue 14% Y/Y Growth Bu
Slide 4: Q4 and FY 2025 Highlights
Q4 and FY 2025 Highlights • Q4 Revenue of $382.2 million increased 17% year-over-year FY Revenue of $1,424.3 million increased 14% year-over-year • Total clinicians of 8,040 increased +9% Y/Y; 657 net clinician adds in 2025 and 44 net clinician adds in Q4 • Q4 visit volumes of 2.4 million increased
Slide 5: Q4 2025 Results
Q4 2025 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +9% +17% +15% +49% 8,040 $382.2 $48.8 $126.3 $109.4 7,383 $325.5 $32.8 Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 33.6% 33.0% 10.1% 12.8%
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) $382.2 7,996 8,040 $126.3 $48.8 $363.8 7,708 $116.6 7,535 $345.3 7,383 $333.0 $109.4 $109.8 $108.4 $325.5 $40.2 $34.6 $34.0 $32.8 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $249M $266M Cash & Cash Equivalents Net Long-term Debt* New Centers Acquisitions $146M $36M Selective deployment Potential for disciplined to enable clinician and M&A in 2026 market growth Operating Cash Fl
Slide 8: 2026 Guidance
2026 Guidance (All $ in M) FY 2026 Q1 2026 Planning Assumptions Revenue $1,615 – $1,655 $380 – $400 • Assumes 20 to 30 new center openings Center Margin $526 – $550 $118 – $132 Adj. EBITDA $185 – $205 $39 – $45 Note: Center Margin and Adjusted EBITDA anticipated for first quarter of 2026 and full ye
Slide 9: Appendix
HEALTH Appendix
Slide 10: Quarterly Statements of Operations and Comprehensive Income
Quarterly Statements of Operations and Comprehensive Income (Loss) 2025 2024 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $382.2 $363.8 $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Operating expenses Center costs, excluding depreciation and amortization 255.9 247.2 236.9 223.2 216.0 212.3 214.5 205.7 Gen
Slide 11: Quarterly GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2025 2024 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Income (loss) from operations $18.1 $7.4 ($3.0) $1.6 $1.1 $0.0 ($15.9) ($16.8) Adjusted for: Depreciation and amortization 13.4 13.6 14.0 13.8 14.7 15.1 18.6 22.6 (1) General and administrative expenses
Slide 12: Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2025 2024 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net income (loss) $11.7 $1.1 ($3.8) $0.7 ($7.1) ($6.0) ($23.3) ($21.1) Adjusted for: Interest expense, net 2.9 2.8 2.9 3.1 9.4 5.4 5.8 5.9 Depreciation and amortization 13.4 13.6 14.0 13.8 14.7 15.1 1
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2025 2024 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 8,040 7,996 7,708 7,535 7,383 7,232 6,960 6,836 Total Revenue $382.2 $363.8 $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Center costs, excluding depreciation and amortization 255.9 247.2 236.9 223.2 216.0 212.3 214
Slide 14: Quarterly Balance Sheets
Quarterly Balance Sheets 2025 2024 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 248.6 203.9 188.9 134.3 154.6 102.6 87.0 49.5 Patient accounts receivable, net 95.7 121.1 129.5 140.4 131.8 158.2 167.2 175.9 Prepaid expenses and other current assets 71.8 35.4 40.4 29.9 26.1 26
Slide 15: Statements of Cash Flows
Statements of Cash Flows ($M) 2025 FY 2024 FY CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $9.7 ($57.4) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 54.8 71.0 Non-cash operating lease costs 41.9 39.5 Stock-based comp
Slide 16: Clinician Count
Clinician Count 2025 2024 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Prior Reported Ending Clinicians 8,040 7,996 7,708 7,535 7,424 7,269 6,984 6,866 Updated Ending Clinicians 8,040 7,996 7,708 7,535 7,383 7,232 6,960 6,836 Adjustment — — — — (41) (37) (24) (30) In the first quarter of 2025, and in conjunction with it
Slide 17: Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2025 2024 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $57.6 $27.3 $64.4 ($3.1) $62.3 $22.7 $44.0 ($21.8) Purchases of property and equipment ($10.9) ($10.3) ($7.8) ($7.2) ($6.3) ($5.1) ($5.1) ($5.1
Slide 18: Quarterly Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2025 2024 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $382.2 $363.8 $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Total Visits (000s) 2,394 2,299 2,199 2,098 2,033 1,973 1,969 1,912 Total Revenue Per Visit (TRPV) $159.6 $158.2 $157.0 $158.7 $160.1 $158.5 $158.
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