EX-99.1 2 crvl-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

Date: February 3, 2026

 

CorVel Corporation

 

 

5128 Apache Plume Road

 

 

Suite 400

 

 

Fort Worth, TX 76109

 

 

 

FOR IMMEDIATE RELEASE

 

Contact: Melissa Storan

 

 

Phone: 949-851-1473

 

 

www.corvel.com

 

CorVel Announces Revenues and Earnings

FORT WORTH, Texas, February 3, 2026 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and year ended December 31, 2025. Revenues for the nine months ended December 31, 2025 were $710 million, a 7% increase from $664 million during the nine months ended December 31, 2024. Earnings per share for the nine months ended December 31, 2025 were $1.53, up 16% compared to $1.32 during the nine months ended December 31, 2024. Revenues for the quarter were $236 million, an increase from $228 million in the December quarter of 2024. Earnings per share for the quarter were $0.47, compared to $0.46 in the same quarter of the prior year.

 

Third Quarter Fiscal Year 2026 Highlights

 

Revenue increased 3% to $236 million, compared to third quarter of fiscal year 2025.
Gross profit increased 4% to $54.9 million, at 23% gross margin, compared to third quarter of fiscal year 2025 gross profit of $52.9 million.
Diluted earnings per share increased 2% to $0.47, compared to third quarter of fiscal year 2025 diluted earnings per share of $0.46.
Exited the quarter with $230 million of cash, cash equivalents, and no borrowings.
The Company repurchased $13.4 million of common stock during the quarter.

During the quarter, AI initiatives advanced materially across the organization, delivering tangible benefits across products, services, and internal development processes. AI is augmenting operations by improving efficiency, shifting team capacity away from lower-value activities, and enhancing outcomes for partners. In parallel, CorVel is leveraging emerging technologies, including agentic AI, to transform the software development lifecycle from ideation through deployment, increasing velocity and productivity. Our 2026 software development roadmap is robust, and integration of the recent strategic acquisition is progressing ahead of plan, accelerating innovation and expanding our technology capabilities.

Across the Property & Casualty and CERIS businesses, these investments align well with customer priorities that continue to shift toward efficiency, transparency, and measurable outcomes. In P&C, the intentional application of intelligence, automation, and modernized data exchange is delivering a simpler, more accurate claims experience across the care continuum. In CERIS, ongoing technology enhancements address rising medical costs, increased regulatory scrutiny, and vendor consolidation by combining deep clinical expertise with AI-enabled workflows to prevent improper payments earlier in the claims process.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

 

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, improved productivity resulting from automation and augmentation across enterprise business systems. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement results of operations and financial condition is greater than

 


 

our initial assessment. The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2025 and September 30, 2025. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

 

 

 

 

 

 


 

CorVel Corporation

Quarterly Results – Income Statement

Quarters and Nine Months Ended December 31, 2025 (unaudited) and December 31, 2024 (unaudited)

 

Quarter Ended

 

December 31, 2025

 

 

December 31, 2024

 

Revenues

 

$

235,625,000

 

 

$

227,973,000

 

Cost of revenues

 

 

180,709,000

 

 

 

175,115,000

 

Gross profit

 

 

54,916,000

 

 

 

52,858,000

 

General and administrative

 

 

22,684,000

 

 

 

22,058,000

 

Income from operations

 

 

32,232,000

 

 

 

30,800,000

 

Income tax provision

 

 

8,058,000

 

 

 

7,029,000

 

Net income

 

$

24,174,000

 

 

$

23,771,000

 

Earnings Per Share:

 

 

 

 

 

 

Basic

 

$

0.47

 

 

$

0.46

 

Diluted

 

$

0.47

 

 

$

0.46

 

Weighted Shares

 

 

 

 

 

 

Basic

 

 

51,317,000

 

 

 

51,388,000

 

Diluted

 

 

51,582,000

 

 

 

52,038,000

 

 

Nine Months Ended

 

December 31, 2025

 

 

December 31, 2024

 

Revenues

 

$

709,979,000

 

 

$

664,075,000

 

Cost of revenues

 

 

540,125,000

 

 

 

512,528,000

 

Gross profit

 

 

169,854,000

 

 

 

151,547,000

 

General and administrative

 

 

66,439,000

 

 

 

64,043,000

 

Income from operations

 

 

103,415,000

 

 

 

87,504,000

 

Income tax provision

 

 

24,100,000

 

 

 

18,758,000

 

Net income

 

$

79,315,000

 

 

$

68,746,000

 

Earnings Per Share:

 

 

 

 

 

 

Basic

 

$

1.55

 

 

$

1.34

 

Diluted

 

$

1.53

 

 

$

1.32

 

Weighted Shares

 

 

 

 

 

 

Basic

 

 

51,328,000

 

 

 

51,384,000

 

Diluted

 

 

51,739,000

 

 

 

51,999,000

 

 

 


 

CorVel Corporation

Quarterly Results – Condensed Balance Sheet

December 31, 2025 (unaudited) and March 31, 2025

 

 

 

December 31, 2025

 

 

March 31, 2025

 

Cash

 

$

230,033,000

 

 

$

170,584,000

 

Customer deposits

 

 

115,427,000

 

 

 

101,472,000

 

Accounts receivable, net

 

 

102,100,000

 

 

 

104,126,000

 

Prepaid taxes and expenses

 

 

16,363,000

 

 

 

10,507,000

 

Property, net

 

 

114,122,000

 

 

 

92,052,000

 

Goodwill and other assets

 

 

47,293,000

 

 

 

46,410,000

 

Right-of-use asset, net

 

 

19,447,000

 

 

 

20,825,000

 

Total

 

$

644,785,000

 

 

$

545,976,000

 

Accounts and taxes payable

 

$

29,998,000

 

 

$

16,792,000

 

Accrued liabilities

 

 

220,449,000

 

 

 

187,244,000

 

Long-term lease liabilities

 

 

18,616,000

 

 

 

19,953,000

 

Paid-in capital

 

 

260,840,000

 

 

 

250,412,000

 

Treasury stock

 

 

(867,518,000

)

 

 

(831,510,000

)

Retained earnings

 

 

982,400,000

 

 

 

903,085,000

 

Total

 

$

644,785,000

 

 

$

545,976,000