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Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities
NOTE 12. Variable Interest Entities
Consolidated Variable Interest Entities
agilon health, inc.’s consolidated assets and liabilities as of March 31, 2026 and December 31, 2025 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to agilon health, inc.
agilon health, inc.’s consolidated assets and liabilities include VIE assets and liabilities as follows (in thousands):
 March 31,
2026		December 31,
2025
Assets
Cash and cash equivalents$61,419 $69,242 
Receivables, net898,947 672,773 
Prepaid expenses and other current assets, net43,627 37,831 
Property and equipment, net535 632 
Intangible assets, net52,561 55,482 
Other assets, net4,081 4,233 
Liabilities
Medical claims and related payables1,055,097 929,770 
Accounts payable and accrued expenses171,862 105,157 
Other liabilities1,175 1,285 
Risk-bearing Entities. At March 31, 2026, the Company operates 32 wholly-owned risk-bearing entities (“RBEs”) for the purpose of entering into risk-bearing contracts with payors. Each RBE’s equity at risk is considered insufficient to finance its activities without additional support, and, therefore, each RBE is considered a VIE. The Company consolidates the RBEs as it has determined that it is the primary beneficiary because it has: (i) the ability to control the activities that most significantly impact the RBEs’ economic performance; and (ii) the obligation to absorb losses or right to receive benefits that could potentially be significant to the RBEs. Specifically, the Company has the unilateral ability and authority, through the RBE governance and management agreements, to make significant decisions about strategic and operating activities of the RBEs, including negotiating and entering into risk-bearing contracts with payors, and approving the RBEs’ annual operating budgets. The Company also has the obligation to fund losses of the RBEs and the right to receive a significant percentage of any financial surplus generated by the RBEs. The assets of the RBEs primarily consist of cash and cash equivalents, receivables, net, intangible assets, net, and other assets. Its obligations primarily consist of medical claims and related payables as well as operating expenses of the RBEs (accounts payable and accrued expenses), including incentive compensation obligations to the Company’s physician partners. On February 18, 2021, the Company executed the Credit Facility, which is guaranteed by certain of the Company’s VIEs. Assets generated by the RBEs (primarily from medical services revenues) may be used, in certain limited circumstances, to settle the Company’s contractual debt obligations.
Unconsolidated Variable Interest Entities
As of March 31, 2026, the Company had 11 equity method investments (liabilities), including nine wholly-owned CMS ACO Models entities discussed below, that were deemed to be VIEs. The Company has determined that the activities that most significantly impact the performance of these VIEs consist of the allocation of resources to and other decisions related to clinical activities and provider contracting decisions. Because the Company does not have the ability to control these activities due to another party’s control of the VIEs’ board of directors, the Company has determined that it is not the primary beneficiary of and therefore does not consolidate these VIEs. The Company provided support to assist its CMS ACO Models investments in obtaining surety bonds related to risk-bearing capital contributions to CMS. As of March 31, 2026 and December 31, 2025, the CMS ACO Models investments had $96.3 million and $131.6 million, respectively, of outstanding surety bonds. The Company's maximum loss exposure as a result of the Company’s involvement with the unconsolidated VIEs cannot be quantified as the Company has the obligation to provide ongoing operational support to the unconsolidated VIEs, as needed.
Equity Method Investments
The following table summarizes the Company’s equity method investees (in thousands):
 March 31,
2026		December 31,
2025
Equity method investments - Other(1)
$9,428 $9,354 
Equity method investments - CMS ACO Models(1)
62,719 50,433 
Equity method liabilities - CMS ACO Models(2)
(12,782)(12,156)
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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.
At March 31, 2026, the Company is a partner in nine wholly-owned CMS ACO Models investments in collaboration with 12 of its physician group partners operating in 12 geographies. The combined summarized operating results of the Company’s CMS ACO Models investments are as follows (in thousands):
 Three Months Ended
March 31,
 20262025
Medical services revenue$439,845 $413,465 
Medical services expense(367,698)(351,853)
Other medical expenses(1)
(40,084)(36,242)
Income (loss) from operations(2)
14,836 16,213 
Net income (loss)(3)
11,659 12,677 
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(1)The three months ended March 31, 2026 and 2025, includes physician incentive expenses of $33.7 million and $27.8 million, respectively.
(2)The three months ended March 31, 2026 and 2025, includes operating expenses for services provided by the Company of $12.5 million and $4.2 million, respectively.
(3)Included in Income (loss) from equity method investments in the condensed consolidated statements of operations.
The combined summarized balance sheet of the Company’s CMS ACO Models investments are as follows (in thousands):
 March 31,
2026		December 31,
2025
Current assets$490,582 $222,398 
Noncurrent assets2,932 4,033 
Total assets493,514 226,431 
Current and total liabilities443,579 188,155