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Phreesia
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Latest analysis
Updated Sep 3, 2026
Phreesia Q2 FY2027: Payment solutions surge 36% on AccessOne, but subscription revenue declines 2% and restructuring signals cost structure reset
Phreesia's Q2 FY2027 results reveal a business in structural transition: AccessOne drove payment solutions revenue up 36% to $38.5 million while core subscription revenue declined 2% to $52.7 million on one-time adjustments and license delivery headwinds. Adjusted EBITDA expanded to $32.9 million from $22.1 million a year ago, reflecting the early payoff of a May 2026 restructuring that eliminated 220 positions. The simultaneous subscription softness and payment strength indicate Phreesia is reweighting its revenue mix toward transaction-based and financing revenue streams, creating near-term durability questions for its highest-margin recurring segment.
Tone: mixedRevenue
$480.6M
PHR 10-K · FY 2026
Employees
1,789
Revenue growth YoY
+14%
Founded
2005
Profile
PHR 10-K Item 1 · Mar 31, 2026Phreesia provides an integrated software, payments, and patient engagement platform serving ambulatory practices, health systems, hospitals, and life sciences companies. Its platform spans the patient journey from care discovery and scheduling through intake, payment, and post-visit follow-up. In fiscal year 2026, the platform facilitated approximately 180 million patient visits, representing approximately one in six ambulatory patient visits in the United States.
Read filing description ↓ Collapse description ↑
Phreesia, Inc. provides an integrated software, payments, and engagement platform designed to address three foundational challenges in healthcare delivery: access to care, affordability of care, and patient health outcomes. Our platform is embedded directly into provider workflows and patient interactions, enabling healthcare organizations to activate patients, streamline administrative processes, and improve financial performance across the care continuum. We serve a diverse group of healthcare organizations including ambulatory practices, health systems, and hospitals, as well as life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations. Our solutions support the patient journey from care discovery and scheduling through intake, payment, and post-visit follow-up. In fiscal year 2026, our platform facilitated approximately 180 million patient visits, representing approximately one in six ambulatory patient visits in the United States. We generate revenue through a diversified model that includes three revenue streams: subscription and related services; payment solutions, which include payment processing fees and financing fees; and Network Solutions, which provides a channel for life sciences companies and other organizations to deliver compliant, personalized engagement to patients and providers who use our solutions. Our integrated platform is designed to address challenges patients and healthcare providers face in three core areas: Access, Affordability, and Outcomes.
Primary products
- MediFind (online provider directory and care discovery)
- Self-scheduling tools
- Appointment optimization and referral management
- AI-based smart answering solution
- Eligibility and cost transparency tools
- Integrated payment solutions
Business segments
End markets
Geographies
Named competitors
“We believe we compete effectively based on the breadth of our platform, interoperability, scale of our provider and patient network, compliance-first engagement model, and ability to deliver measurable value.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenue increased 14% to $480.6 million in fiscal 2026, compared to $419.8 million in fiscal 2025, driven primarily by organic growth and the addition of new healthcare services clients.
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