LifeStance (LFST) Rises 7.2% on Q3 Results, Raised Outlook

LifeStance Health Group (NASDAQ: LFST) shares were up 7.2% in early regular trading on November 5, 2026, after the LifeStance Q3 2026 results and a higher full-year outlook. Revenue grew 25% to $455.9 million, and net income reached $22.4 million against $1.1 million a year earlier.

What LifeStance reported in Q3 2026

Metric	This period	A year earlier	Change
Revenue	$455.9M	$363.8M	+25%
Center Margin	$161.4M	$116.6M	+38%
Adjusted EBITDA	$68.4M	$40.2M	+70%
Net income	$22.4M	$1.1M	Not meaningful
Diluted earnings per share	$0.06	$0.00	Not meaningful

Center Margin is revenue minus the direct costs of running its clinics, before head-office costs. Adjusted EBITDA is profit before interest, tax, depreciation and amortisation, with items such as stock-based pay excluded. It reached 15.0% of revenue, up from 11.1%. The company credited more visits from a larger clinician base, better clinician productivity and higher revenue per visit. Clinicians rose 11% to 8,863, with a net 321 added in the quarter, and visits grew 17% to 2.7 million.

LifeStance raised its full-year 2026 guidance (its own forecast) to revenue of $1.741 billion to $1.761 billion, Center Margin of $599 million to $613 million and Adjusted EBITDA of $242 million to $250 million. For the fourth quarter it expects revenue of $446 million to $466 million. CEO Dave Bourdon said results "once again exceeded our expectations."

Why the stock rose 7.2%

The gain was more than three times the size of a typical day's swing for LifeStance. The most likely drivers were the jump in profitability, with Adjusted EBITDA up 70% on 25% revenue growth, and management raising its outlook across all financial metrics. Free cash flow, the cash left after equipment spending, was $22.4 million in the quarter.

What to watch next

Whether fourth-quarter results land within the $446 million to $466 million revenue range.
Progress on the new electronic health record (EHR) system management is implementing.
Further clinician hiring and its effect on visit volumes.

FAQ

What does LifeStance Health do?

It is one of the largest US providers of outpatient mental healthcare, offering virtual and in-person care. Its supported practices employ over 8,800 clinicians across 35 states and more than 575 centers.

Is LifeStance buying back its shares?

Yes. It repurchased $122.4 million of stock in the first nine months of 2026, and it ended September with $218.8 million in cash and $255.5 million of net long-term debt.

Sources

This article is for information only and is not investment advice.