LifeStance Health Group, Inc. · NASDAQ:LFST
LifeStance Health — Q3 2026 Earnings Presentation
17 slides from LifeStance Health's earnings presentation, Nov 5, 2026
Slide 1: Reimagining Mental Health Q3 2026 Earnings Presentation
Reimagining Mental Health Q3 2026 Earnings Presentation • November 5, 2026 Exhibit 99.2
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: Building the Leading Outpatient Mental Health Platform
Building the Leading Outpatient Mental Health Platform Increasing access to trusted, affordable, and personalized mental healthcare A truly healthy society where mental and physical healthcare are unified to make lives better OUR VISION OUR MISSION Tech-enabled platform supporting hybrid model of vi
Slide 4: Q3 2026 Highlights
Q3 2026 Highlights Q3 Revenue of $455.9 million increased +25% year-over-year Total clinicians of 8,863 increased +11% year-over-year; 321 net clinician adds in Q3 Q3 visit volumes of 2.7 million increased +17% year-over-year Q3 Center Margin of $161.4 million, or 35.4% as a percentage of revenue Q3
Slide 5: Q3 2026 Results
Clinicians Q3 2026 Results Adjusted EBITDA (in $M) Center Margin (in $M) Revenue (in $M) 11.1% 15.0% 32.0% 35.4% Center Margin (% of total revenue) +38% +25% +11% +70% Adj. EBITDA (% of total revenue) Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation. Amounts
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Adjusted EBITDA (in $M) Adj. EBITDA (% of total revenue) Center Margin (in $M) Revenue (in $M) Center Margin (% of total revenue) 32.0% 33.0% 33.7% 35.2% 35.4% 11.1% 12.8% 12.7% 15.2% 15.0% Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this pres
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation *Long-Term Debt is Net of Current Portion and Unamortized Discount and Debt Issue Costs Balance Sheet & Cash Flow Capital Allocation Evolving from purely growth mindset to balanced set of objectives that include operational excellence, profitable grow
Slide 8: Guidance
2026 Guidance (All $ in M) FY 2026 Q4 2026 Revenue $1,741 – $1,761 (Raised from $1,685 - $1,725) $446 – $466 Center Margin $599 – $613 (Raised from $570 - $594) $149 – $163 Adj. EBITDA $242 – $250 (Raised from $215 - $235) $56 – $64 Note: Center Margin and Adjusted EBITDA anticipated for fourth quar
Slide 9: Appendix
HEALTH Appendix
Slide 10: Quarterly Statements of Operations
2026 2025 (in millions, except per share amounts) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $455.9 $435.4 $403.5 $382.2 $363.8 $345.3 $333.0 Operating expenses Center costs, excluding depreciation and amortization 294.5 282.3 267.5 255.9 247.2 236.9 223.2 General and administrative expenses 113.4 108.1 100
Slide 11: Quarterly GAAP to Non-GAAP Reconciliations – Center Margin
2026 2025 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Income (loss) from operations $33.1 $30.7 $22.3 $18.1 $7.4 ($3.0) $1.6 Adjusted for: Depreciation and amortization 14.9 14.2 13.3 13.4 13.6 14.0 13.8 General and administrative expenses (1) 113.4 108.1 100.3 94.8 95.6 97.4 94.4 Center Margin $161.4 $153.0 $135.9 $
Slide 12: Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
2026 2025 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net income (loss) $22.4 $23.6 $14.2 $11.7 $1.1 ($3.8) $0.7 Adjusted for: Interest expense, net 2.5 2.6 1.8 2.9 2.8 2.9 3.1 Depreciation and amortization 14.9 14.2 13.3 13.4 13.6 14.0 13.8 Income tax provision (benefit) 5.0 3.8 5.5 3.5 3.5 (2.2) (2.2) Loss on remea
Slide 13: Key Metrics
2026 2025 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 8,863 8,542 8,349 8,040 7,996 7,708 7,535 Total Revenue $455.9 $435.4 $403.5 $382.2 $363.8 $345.3 $333.0 Center costs, excluding depreciation and amortization 294.5 282.3 267.5 255.9 247.2 236.9 223.2 Center Margin (Non-GAAP) $161.4 $153.0 $
Slide 14: Quarterly Balance Sheets
2026 2025 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 218.8 225.9 194.8 248.6 203.9 188.9 134.3 Patient accounts receivable, net 120.9 111.0 122.9 95.7 121.1 129.5 140.4 Prepaid expenses and other current assets 37.0 41.1 38.2 71.8 35.4 40.4 29.9 Total current assets 376.8 378
Slide 15: Cash Flow Statements
($M) Nine Months Ended Q3’26 Six Months Ended Q2’26 Q1’26 Nine Months Ended Q3’25 Six Months Ended Q2’25 Q1’25 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $60.2 $37.9 $14.2 ($2.0) ($3.1) $0.7 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Slide 16: Free Cash Flow Reconciliation
2026 2025 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $37.0 $99.9 $33.1 $57.6 $27.3 $64.4 ($3.1) Purchases of property and equipment ($14.7) ($12.0) ($10.8) ($10.9) ($10.3) ($7.8) ($7.2) Free Cash Flow $22.4 $87.9 $22.3 $46.6 $17.0 $56.6 ($10.3) We define FCF, a non
Slide 17: Quarterly Visits and Total Revenue Per Visit
2026 2025 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $455.9 $435.4 $403.5 $382.2 $363.8 $345.3 $333.0 Total Visits (000s) 2,687 2,613 2,468 2,394 2,299 2,199 2,098 Total Revenue Per Visit (TRPV) $169.7 $166.6 $163.5 $159.6 $158.2 $157.0 $158.7 Subtotals in the schedule above may not foot or cross-foot
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