Exhibit 99.1
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Date: November 3, 2026 |
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CorVel Corporation |
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5128 Apache Plume Road |
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Suite 400 |
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Fort Worth, TX 76109 |
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FOR IMMEDIATE RELEASE |
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Contact: Melissa Storan |
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Phone: 949-851-1473 |
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www.corvel.com |
CorVel Announces Revenues and Earnings
FORT WORTH, Texas, November 3, 2026 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended September 30, 2026. Revenues for the quarter were $267 million, an increase from $240 million in the September quarter of 2025. Earnings per share for the quarter were $0.67, compared to $0.54 in the same quarter of the prior year. Revenues for the six months ended September 30, 2026 were $527 million, an increase from $474 million for the six months ended September 30, 2025. Earnings per share for the six months ended September 30, 2026 were $1.31, compared to $1.06 during the six months ended September 30, 2025.
Second Quarter Fiscal Year 2027 Highlights
•Revenue increased 11% to $267 million, compared to second quarter of fiscal year 2026.
•Gross profit increased 24% to $72.3 million, at 27% gross margin, compared to second quarter of fiscal year 2026 gross profit of $58.2 million.
•Diluted earnings per share increased 24% to $0.67, compared to second quarter of fiscal year 2026 diluted earnings per share of $0.54.
•The Company exited the quarter with $270 million of cash, cash equivalents, and no borrowings.
•The Company repurchased $18.1 million of common stock during the quarter.
CorVel generated strong momentum in its workers' compensation and liability businesses through new customer wins and deeper relationships with existing clients. As employers and insurers face greater claim complexity, rising medical costs, and increasing administrative demands, the Company's integrated claims management and managed care model brings together clinical expertise, technology, and cost containment solutions to improve patient outcomes and manage total claim costs.
Technology innovation remains central to CorVel's efforts to modernize claims administration and increase operational capacity. The integration of artificial intelligence into core claims workflows is reducing manual processes and providing adjusters with more timely, actionable information. Recent developments within CareMC and MyCare, a digital self-service portal, are improving communication and access to claim information. Within Network Solutions, the introduction of Marketwise RepricingTM provides a more sophisticated approach to out-of-network medical repricing, while investments in pharmacy benefits management strengthen pricing, network access, and clinical oversight.
CERIS gained further traction among the nation's largest healthcare payers with the implementation of an additional Top 10 national health plan and a strategic partnership providing access to the Blue Cross Blue Shield market. Product development efforts include new Hospital Bill Audit and Professional Claims solutions, extending the scope of CERIS' prepayment services to address complex reimbursement challenges. Together, these initiatives position CERIS to deepen customer relationships, reach new markets, and deliver greater value to health plans seeking improved payment accuracy and control over healthcare expenditures.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the
Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, improved payment accuracy and reducing costs, improving program performance and achieving better outcomes with operational expertise combined with advanced technology. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement. The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026, and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
CorVel Corporation
Quarterly Results – Income Statement
Quarters and Six Months Ended September 30, 2026 (unaudited) and September 30, 2025 (unaudited)
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Quarter Ended |
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September 30, 2026 |
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September 30, 2025 |
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Revenues |
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$ |
267,129,000 |
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$ |
239,643,000 |
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Cost of revenues |
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194,830,000 |
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181,466,000 |
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Gross profit |
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72,299,000 |
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58,177,000 |
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General and administrative |
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26,454,000 |
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22,277,000 |
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Income from operations |
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45,845,000 |
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35,900,000 |
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Income tax provision |
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11,758,000 |
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7,994,000 |
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Net income |
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$ |
34,087,000 |
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$ |
27,906,000 |
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Earnings Per Share: |
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Basic |
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$ |
0.67 |
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$ |
0.54 |
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Diluted |
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$ |
0.67 |
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$ |
0.54 |
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Weighted Shares |
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Basic |
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50,545,000 |
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51,314,000 |
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Diluted |
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50,690,000 |
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51,723,000 |
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Six Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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Revenues |
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$ |
527,054,000 |
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$ |
474,354,000 |
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Cost of revenues |
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386,961,000 |
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359,552,000 |
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Gross profit |
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140,093,000 |
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114,802,000 |
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General and administrative |
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50,907,000 |
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43,619,000 |
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Income from operations |
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89,186,000 |
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71,183,000 |
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Income tax provision |
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22,874,000 |
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16,042,000 |
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Net income |
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$ |
66,312,000 |
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$ |
55,141,000 |
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Earnings Per Share: |
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Basic |
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$ |
1.31 |
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$ |
1.07 |
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Diluted |
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$ |
1.31 |
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$ |
1.06 |
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Weighted Shares |
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Basic |
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50,675,000 |
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51,333,000 |
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Diluted |
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50,809,000 |
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51,817,000 |
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CorVel Corporation
Quarterly Results – Condensed Balance Sheet
September 30, 2026 (unaudited) and March 31, 2026
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September 30, 2026 |
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March 31, 2026 |
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Cash |
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$ |
269,988,000 |
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$ |
233,072,000 |
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Customer deposits |
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130,464,000 |
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115,706,000 |
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Accounts receivable, net |
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108,396,000 |
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101,313,000 |
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Prepaid taxes and expenses |
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11,860,000 |
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12,206,000 |
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Property, net |
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124,418,000 |
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117,906,000 |
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Goodwill and other assets |
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42,779,000 |
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41,619,000 |
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Right-of-use asset, net |
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25,692,000 |
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21,146,000 |
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Total |
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$ |
713,597,000 |
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$ |
642,968,000 |
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Accounts and taxes payable |
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$ |
23,563,000 |
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$ |
24,550,000 |
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Accrued liabilities |
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233,889,000 |
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203,518,000 |
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Long-term lease liabilities |
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25,643,000 |
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20,687,000 |
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Paid-in capital |
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279,042,000 |
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268,518,000 |
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Treasury stock |
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(928,281,000 |
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(887,716,000 |
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Retained earnings |
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1,079,741,000 |
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1,013,429,000 |
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Total |
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$ |
713,597,000 |
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$ |
642,986,000 |
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