agilon health inc 2025年度报告

FORM 10-K (Mark One) oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files). YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reportingcompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).o State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to theprice at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of theregistrant’s most recently completed second fiscal quarter: $709.4 million. As of February 19, 2026, there were 414,869,759 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders have been incorporated byreference into Part III of this Report. agilon health, inc.Form 10-K For the Fiscal Year Ended December 31, 2025 Table of Contents All references in this report to “agilon,” “the Company”, “we,” “us” or “our” mean agilon health, inc., together with itsconsolidated subsidiaries. Unless the context suggests otherwise, references to “agilon health, inc.” mean the parentcompany without its subsidiaries. Cautionary Language Regarding Forward-Looking Statements Statements in this Annual Report on Form 10-K (the “Report”) that are not historical factual statements are“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Some of theforward-looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,”“will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “plans,” “estimates,”“anticipates” or the negative versions of these words or other comparable terms. Forward-looking statements include,without limitation, all matters that are not historical facts. They appear in several places throughout this Report and include,without limitation, statements regarding our intentions, beliefs, assumptions or current expectations concerning, amongother things, our financial position, results of operations, cash flows, prospects, growth strategies, and the impact of thenew CMS LEAD Model (each as defined below). Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may beoutside our control. Although we believe that we have a reasonable basis for each forward-looking statement contained inthis Report, we caution you that forward-looking statements are not guarantees of future performance or outcomes and thatactual performance and outcomes, including, without limitation, our actual results of operations, financial condition andliquidity, and the development of the market in which we operate, may differ materially from those made in or suggestedby the forward-looking statements contained in this Report. In addition, even if our results of operations, financialcondition, and cash flows, and the development of the market in which we operate, are consistent with the forward-lookingstatements contained in this Report, those results or developments may not be indicative of results or developments insubsequent periods. You are therefore cautioned not to place undue reliance on the forward-looking statements included inthis report. A number of important factors, including, without limitation, the risks and uncertainties discussed under “Item1A, Risk Factors” in this Report,