TOI
The Oncology Institute, Inc.
Price as of Jul 20, 2026
TOI earnings
The Oncology Institute, Inc. earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| 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 | — |
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.
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-08-12.