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Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Consolidated Asset and Liabilities Include VIE Assets and Liabilities

agilon health, inc.’s consolidated assets and liabilities include VIE assets and liabilities as follows (in thousands):


	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	59,378	$	78,650
Restricted cash equivalents	—		5,627
Receivables, net	946,571		1,015,753
Prepaid expenses and other current assets, net	33,296		17,725
Property and equipment, net	707		1,255
Intangible assets, net	54,021		49,406
Other assets, net	4,330		4,790
Liabilities
Medical claims and related payables	1,059,398		931,664
Accounts payable and accrued expenses	124,634		199,432
Other liabilities	1,351		2,270

Schedule of Equity Method Investments

The following table summarizes the Company’s equity method investees (in thousands):


	September 30, 2025		December 31, 2024
Equity method investments - Other(1)	$	9,369	$	9,365
Equity method investments - CMS ACO Models(1)	81,100		52,391
Equity method liabilities - CMS ACO Models(2)	(9,786)		(12,290)

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(1)Included in Other assets, net in the condensed consolidated balance sheets.

(2)Included in Other liabilities in the condensed consolidated balance sheets.

Schedule of Operating Results

The combined summarized operating results of the Company’s CMS ACO Models investments are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Medical services revenue	$	458,309	$	454,410	$	1,306,580	$	1,341,484
Medical services expense	(401,473)		(413,189)		(1,155,228)		(1,218,902)
Other medical expenses(1)	(33,660)		(23,817)		(87,750)		(71,490)
Income (loss) from operations(2)	15,321		3,786		37,930		24,643
Net income (loss)(3)	13,141		2,014		31,213		17,566

___________________________________________

(1)The three months ended September 30, 2025 and 2024, includes physician incentive expenses of $26.6 million and $16.5 million, respectively. The nine months ended September 30, 2025 and 2024, includes physician incentive expenses of $63.2 million and $47.0 million, respectively.

(2)The three months ended September 30, 2025 and 2024, includes operating expenses for services provided by the Company of $3.7 million and $9.1 million, respectively. The nine months ended September 30, 2025 and 2024, includes operating expenses for services provided by the Company of $12.1 million and $11.7 million, respectively.

(3)Included in Income (loss) from equity method investments in the condensed consolidated statements of operations.

Schedule of Balance Sheet

The combined summarized balance sheet of the Company’s CMS ACO Models investments are as follows (in thousands):


	September 30, 2025		December 31, 2024
Current assets	$	307,345	$	444,963
Noncurrent assets	1,894		1,894
Total assets	309,239		446,857
Current and total liabilities	237,926		406,756

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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