The Oncology Institute, Inc. (TOI) Earnings
The Oncology Institute, Inc. is expected to report next earnings on August 12, 2026 (in NaN days), with a consensus EPS estimate of $-0.07. TOI has beaten EPS estimates in 3 of its last 7 reported quarters (average surprise +36.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.07 | $-0.02 | +71.4% | $147M | +3.8% |
| Mar 12, 2026 | $-0.09 | $-0.01 | +91.8% | $142M | +1.6% |
| Nov 13, 2025 | $-0.12 | $-0.14 | -16.7% | $137M | -2.3% |
| Aug 13, 2025 | $-0.14 | $-0.14 | +0.0% | $120M | -2.2% |
| May 14, 2025 | — | $-0.17 | — | $104M | — |
| Mar 24, 2025 | $-0.08 | $-0.14 | -75.0% | $100M | -8.1% |
| Mar 9, 2023 | $-0.18 | $-0.16 | +11.1% | $71M | +10.3% |
| Nov 9, 2022 | $-0.16 | $-0.17 | -6.3% | $65M | -5.8% |
| Mar 10, 2022 | — | $0.26 | — | $52M | — |
| Aug 16, 2021 | — | $0.05 | — | $50M | — |
| May 28, 2021 | — | $-0.02 | — | $49M | — |
| Nov 13, 2020 | — | $-0.02 | — | $47M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Key Highlights - Strong start to 2026 with 41% revenue growth, driven by value-based contracts and pharmacy business. - Pharmacy revenue up 78% due to record Part B fills. - Saved nearly $2 million in Medicare spending via CMS program. - Florida market now profitable, with MLR performing slightly better than planned. - Anticipate expansion of capitation partnerships in Florida, opening 7 new clinics, and launching proprietary provider portal. - AI initiatives on track to save $2 million in operating expenses. - Welcomed new chief legal officer. ### Operations - Florida market is profitable, with MLR for 2025 effective contracts in South Florida meeting target. - Anticipate expanding capitation partnerships in 11 additional counties for Medicare Advantage members in Q3, covering ~200,000 MA lives. - Specialty pharmacy had exceptional quarter with 78% y-o-y revenue growth, 19.2% gross margin. - AI initiatives for revenue cycle, prior authorization, and call center on track.
Guidance
### Full-Year 2026 - Reiterated revenue outlook of $630M - $650M, capitated revenue ~$150M, gross profit $97M - $107M, adjusted EBITDA $0 to positive $9M. - Raised free cash flow outlook to positive $5M - $15M. ### Second Quarter - Anticipate adjusted EBITDA in range of loss $1M to positive $1M, reflecting seasonal improvement and ramp of Florida-delegated lives.
Segment performance
Total revenue for the first quarter was $147.4 million, up 41.2% year-over-year. Patient services revenue was $59.1 million (40.1% of total revenue), with capitated revenue growing 54% year-over-year to $26.9 million and fee-for-service down ~10% despite increasing visit volumes. Specialty pharmacy revenue was $87.5 million (59.4% of total revenue), up 77.6% year-over-year. Gross profit was $23.3 million, with patient services gross profit $5.7 million and specialty pharmacy gross profit $16.8 million. Overall gross margin 15.8%, patient services gross margin 9.7%, specialty pharmacy gross margin 19.2%.
Analyst Q&A
Q: Talk about delegated risk arrangements in Florida, MLR performance, and profitability.
A: By start of Q3, network adequate across 25 counties with ~200,000 MA lives in delegated capitation model. MLR for 2025 cohort slightly better than 85% target. Florida market profitable.
Q: Color on dispensary growth, attachment rate, provider education.
A: Attachment rate exceeded expectations, workflow changes driving growth. Provider education through portal and pathway integrations.
Q: Proprietary network portal, cadence of rollout, financial benefits.
A: Anticipated Q3 launch, accessible to 100% non-employed providers in delegated contract network. Could drive Part D fills, but not specifically guided.
Q: 200,000 live target in Florida, bridging difference.
A: Incremental 130,000 MA lives with major carriers.
Q: Color on free cash flow improvement, Florida clinics, specialty pharmacy dispensing.
A: Free cash flow improvement from supplier negotiations. Clinics underway for Florida expansion. Specialty pharmacy focuses on oncology-specific medications.
Q: CMS enhancing oncology model, savings perspective.
A: Savings in periods two and three, episodic total cost of care risk model.
Q: Portal impact on provider actions, cost savings.
A: Portal centralizes utilization management, helps with prior authorizations, drives formulary adherence, and offers access to ancillary services.
Q: AI beyond 2026, additional use cases.
A: Potential use cases in care navigation, far from maximizing savings in initial AI initiatives.