0001628280-26-012545 | 10-K | XBRL Viewer

Print Document

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property Plant and Equipment [Line Items]
Subtotal	$ 243,383	$ 216,526
Less accumulated depreciation	(179,132)	(149,387)
Property and equipment-net	64,251	67,139
Computers and equipment
Property Plant and Equipment [Line Items]
Subtotal	13,815	12,569
Office equipment and furniture
Property Plant and Equipment [Line Items]
Subtotal	4,338	4,341
Software
Property Plant and Equipment [Line Items]
Subtotal	218,023	179,336
Leasehold improvements
Property Plant and Equipment [Line Items]
Subtotal	6,224	6,231
Construction in progress
Property Plant and Equipment [Line Items]
Subtotal	$ 983	$ 14,049

Organization	12 Months Ended
Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Alignment Healthcare, Inc. (collectively, “we” or “us” or “our” or the “Company”), is a next generation, consumer-centric and clinically focused platform designed to improve the healthcare experience for seniors enrolled in Medicare who choose a private Medicare Advantage plan. Our goal is to provide seniors with easier access to care, better coordination among providers, fewer gaps in care and avoidable hospital visits, and support that meets them where they are—at home, online, or in their community. We deliver this experience through our wide variety of Medicare Advantage plans, which offer varied benefits tailored to the diverse needs, preferences, and lifestyles of seniors. The Company’s operations primarily consist of Medicare Advantage Plans in the states of California, North Carolina, Nevada, Arizona and Texas.

Equity-Based Compensation - Schedule of Earned PSUs in Volume Weighted Average Price Per Share (Details) - Performance-based Restricted Stock Units - Subsequent Event	Feb. 24, 2026 $ / shares shares
First Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Price Per Share Goals (in dollars per share) \| $ / shares	$ 33.75
Number of shares available for issuance (in shares) \| shares	333,333
Second Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Price Per Share Goals (in dollars per share) \| $ / shares	$ 44
Number of shares available for issuance (in shares) \| shares	333,333
Third Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Price Per Share Goals (in dollars per share) \| $ / shares	$ 55.25
Number of shares available for issuance (in shares) \| shares	333,334

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Leases - Schedule of Total Fixed Operating Lease Costs and Variable Operating Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Fixed operating lease costs	$ 2,661	$ 2,592	$ 2,817
Variable operating lease costs	234	404	431
Total operating leases costs	$ 2,895	$ 2,996	$ 3,248

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Intangible assets consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Life
Goodwill	$	32,060	$	—	$	32,060	—
License (indefinite lived)	4,550		—		4,550		—
Plan member relationships	2,700		(2,700)		—		9 years
Other	633		(633)		—		2 - 10 years
Total	$	39,943	$	(3,333)	$	36,610


	December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Life
Goodwill	$	34,826	$	—	$	34,826	—
License (indefinite lived)	4,550		—		4,550		—
Plan member relationships	2,700		(2,700)		—		9 years
Other	633		(633)		—		2- 10 years
Total	$	42,709	$	(3,333)	$	39,376

Amortization expense relating to intangible assets for the years ended December 31, 2025, 2024, and 2023, was $634, $702, and $226, respectively. Included within the amortization balance for the years ended December 31, 2025 was $634 in impairment charges related to intangible assets that were written off related to an inactive Medicare license that was terminated during the period.

During the year ended December 31, 2025, the Company derecognized goodwill of $2,132 related to the sale of a subsidiary.

There were $645 impairment charges related to goodwill and intangible assets for the year ended December 31, 2024 and no impairment charges related to goodwill and intangible assets for the year ended December 31, 2023.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
NOL carryforwards indefinite life	$ 95,332	$ 95,332
Unrecognized tax benefits	1,211	0
UNITED STATES
Operating Loss Carryforwards [Line Items]
NOL carryforwards	617,001	565,838
UNITED STATES \| Alignment Health Plan Inc
Operating Loss Carryforwards [Line Items]
NOL carryforwards	19,031
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
NOL carryforwards	531,012	$ 543,513
Annual carryforward limit	870
State and Local Jurisdiction \| Alignment Health Plan Inc
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 13,221

Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

Certain subsidiaries are subject to state regulatory restrictions which set minimum capitalization requirements and require us to maintain certain deposits in the form of cash, certificates of deposit and Treasury bills as protection in the event of insolvency. Refer to Note 11 Regulatory Requirements and Restricted Funds for more information. Since the restricted net assets of our subsidiaries exceed 25% of our consolidated net assets, the accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X. This information should be read in conjunction with our consolidated financial statements.

Alignment Healthcare, Inc.

(Parent Company Only)

Condensed Balance Sheets


	December 31, 2025		December 31, 2024
Assets
Investment in subsidiary	$	520,283	$	425,033
Total assets	$	520,283	$	425,033
Liabilities and Stockholders' Equity
Due to subsidiary	16,061		1,762
Accrued expenses	1,769		1,992
Long-term debt, net of debt issuance costs	323,176		321,428
Total liabilities	$	341,006	$	325,182
Commitments and Contingencies (Note 14)
Stockholders' Equity:
Preferred stock, $.001 par value; 100,000,000 shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024	—		—
Common stock, $.001 par value; 1,000,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 204,153,619 and 191,778,639 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	205		192
Additional paid-in-capital	1,188,089		1,107,952
Accumulated deficit	(1,009,017)		(1,008,293)
Total Alignment Healthcare, Inc. stockholders' equity	179,277		99,851
Total liabilities and stockholders' equity	$	520,283	$	425,033

Alignment Healthcare, Inc.

(Parent Company Only)

Condensed Statements of Operations


	Year Ended December 31,
	2025		2024		2023
Revenues:
Total revenues	$	—	$	—	$	—
Expenses:
Selling, general, and administrative expenses	530		443		488
Total expenses	530		443		488
Loss from operations	(530)		(443)		(488)
Other expenses:
Interest expense	15,786		1,700		—
Total other expenses	15,786		1,700		—
Loss before income taxes	(16,316)		(2,143)		(488)
Provision for income taxes	16		—		—
Net loss of Parent Company	(16,332)		(2,143)		(488)
Subsidiary's Net income (loss)	15,354		(125,928)		(147,685)
Net loss	(978)		(128,071)		(148,173)
Less: Net loss attributable to noncontrolling interest	(254)		(36)		(156)
Net loss attributable to Alignment Healthcare, Inc.	$	(724)	$	(128,035)	$	(148,017)

Alignment Healthcare, Inc.

(Parent Company Only)

Condensed Statements of Cash Flows


	Year Ended December 31,
	2025		2024		2023
Operating Activities:
Net loss attributable to Alignment Healthcare, Inc.	$	(724)	$	(128,035)	$	(148,017)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in loss of subsidiary	(15,100)		125,892		147,529
Amortization of debt issuance costs	1,761		220		—

Due to subsidiary	14,063		1,923		488
Net cash provided by operating activities	—		—		—
Investing Activities:
Investment in Subsidiary	(18,068)		(321,525)		—
Net cash used in investing activities	(18,068)		(321,525)		—
Financing Activities:
Shares withheld net of restricted stock	—		(350)		—
Stock options exercised	18,068		155		—
Proceeds from long-term debt	—		330,000		—
Debt issuance costs	—		(8,280)		—
Net cash provided by financing activities	18,068		321,525		—
Net (decrease) increase in cash	—		—		—
Cash, cash equivalents and restricted cash at beginning of period	—		—		—
Cash, cash equivalents and restricted cash at end of period	$	—	$	—	$	—
Supplemental non-cash financing and investing activities:
Contribution of equity to subsidiary related to equity-based compensation	$	62,082	$	71,132	$	66,835


Debt issuance costs in accounts payable	$	26	$	512	$	—

Basis of Presentation

Alignment Healthcare, Inc's. (the "Parent") parent company financial information has been derived from our consolidated financial statements and have been presented on a "parent-only" basis. Under a parent-only presentation, the investment in subsidiaries is presented under the equity method of accounting. The accounting policies for the parent company are the same as those described in Note 2 Summary of Significant Accounting Policies. The Parent is a holding company with no material operations of its own that conducts substantially all of its activities through its subsidiaries. The Parent has no cash and, as a result, expenses and obligations of the Parent are allocated to and paid by its subsidiaries. The accompanying condensed financial information of the Parent should be read in conjunction with the consolidated financial statements and accompanying notes.

Investment in Subsidiary

For purposes of these condensed financial statements, our wholly owned subsidiaries are recorded using the equity method of accounting. Investment in subsidiary represents capital contributions to subsidiaries and return of capital from our subsidiaries to us.

The Parent and its subsidiaries are included in the consolidated federal and state income tax returns filed by the Parent. Income taxes are allocated to each subsidiary in an amount equivalent to the amount which would be recognized by the subsidiary if it filed a separate tax return.

Commitments and Contingencies

Alignment Healthcare, Inc., along with certain other subsidiaries, is a guarantor of the Term Loans discussed in Note 8 Long-Term Debt. The Terms Loans were repaid in full in November 2024.

For a summary of additional commitments and contingencies, see Note 14 Commitments and Contingencies.

Long-Term Debt

On November 22, 2024, Alignment Healthcare Inc. completed the sale of $330,000 of its 4.25% Convertible Senior Notes. See Note 8 Long-Term Debt for further discussion.

Equity-Based Compensation - Schedule of RSA and RSU Transactions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Awards
Performance-based restricted stock units
Unvested and outstanding, beginning balance (in shares)	50,192	683,953	4,690,441
Vested (in shares)	(49,915)	(627,491)	(3,916,030)
Forfeited (in shares)	(277)	(6,270)	(90,458)
Unvested and outstanding, ending balance (in shares)	0	50,192	683,953
Weighted-Average Grant Date Fair Value
Unvested and outstanding, beginning balance (in dollars per share)	$ 16.86	$ 5.86	$ 10.85
Vested (in dollars per share)	18.00	4.91	11.82
Forfeited (in dollars per share)	18.00	12.22	6.58
Unvested and outstanding, ending balance (in dollars per share)	$ 0	$ 16.86	$ 5.86
RSUs
Performance-based restricted stock units
Unvested and outstanding, beginning balance (in shares)	13,344,685	10,541,625	8,728,936
Granted (in shares)	2,987,921	6,994,001	4,425,771
Vested (in shares)	(5,527,208)	(2,993,372)	(1,875,329)
Forfeited (in shares)	(1,448,709)	(1,197,569)	(737,753)
Unvested and outstanding, ending balance (in shares)	9,356,689	13,344,685	10,541,625
Weighted-Average Grant Date Fair Value
Unvested and outstanding, beginning balance (in dollars per share)	$ 9.05	$ 11.25	$ 13.93
Granted (in dollars per share)	15.52	5.30	6.76
Vested (in dollars per share)	10.05	8.37	12.59
Forfeited (in dollars per share)	9.29	8.17	12.57
Unvested and outstanding, ending balance (in dollars per share)	$ 10.49	$ 9.05	$ 11.25

Summary of Significant Accounting Policies - Schedule of Earned Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Earned premiums	$ 3,911,718	$ 2,671,931	$ 1,800,933
Premium
Disaggregation of Revenue [Line Items]
Earned premiums	3,906,651	2,666,813	1,668,131
Capitation
Disaggregation of Revenue [Line Items]
Earned premiums	$ 5,067	$ 5,118	$ 132,802

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-15

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479838/944-20-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(13)(c))
-SubTopic 220
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(1))
-SubTopic 220
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

+ Details

Fair Value - Additional Information (Details) - USD ($)	12 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 514,164,000
Long term debt	323,176,000	$ 321,428,000
Impairment charges	634,000	645,000	$ 0
Money market funds	216,155,000
US Treasury Bill Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted investments	1,043,000	1,033,000
Certificate of Deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted investments	2,345,000	2,321,000
Short-Term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Treasury securities investments	$ 28,413,000	37,791,000
Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Treasury securities investments		$ 32,296,000

Medical Expenses Payable - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Remaining claim amounts payment (in years)	3 years
Favorable prior year development in claims reserve estimates, excluding provision	$ 20,243	$ 7,052	$ 10,996

Accounts Receivable

12 Months Ended

Dec. 31, 2025

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable

Accounts receivable consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Government receivables	$	52,411	$	26,338
Pharmacy rebate receivables	179,196		111,813
Other receivables	22,433		15,753
Total accounts receivable	254,040		153,904
Allowance for credit losses	(833)		—
Accounts receivable, net	$	253,207	$	153,904

The allowance for expected credit losses for accounts receivable is based primarily on past collections experience relative to the length of time receivables are past due. However, when available evidence reasonably supports an assumption that future economic conditions will differ from current and historical payment collections, an adjustment is reflected in the allowance for expected credit losses. We record pharmacy rebates and other receivables based on contractual terms and expected collections and our estimation process for contractual allowances for such balances generally results in an allowance for balances outstanding greater than 90 days or if expected credit risks are known.

Receivables and any associated allowance are written off only when all collection attempts have failed and such amounts are determined unrecoverable. We regularly review the adequacy of these allowances based on a variety of factors, including age of the outstanding receivable and collection history. When circumstances related to specific collection patterns change, estimates of the recoverability of receivables are adjusted. Because substantially all of our receivable amounts are readily determinable and a large portion of our creditors are governmental authorities, our allowance for credit losses is insignificant.

We recorded credit losses related to accounts receivable of $833, $123, and $91 during the years ended December 31, 2025, 2024, and 2023, respectively. The amounts were recorded in selling general, and administrative expenses in the consolidated statements of operations.

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity Transactions

The following is a summary of the stock option transactions as of and for the years ended December 31, 2025, 2024 and 2023:


	Stock Options Outstanding
	Shares Subject to Options Outstanding	Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Terms (in years)	Aggregate Intrinsic Value
Balances as of December 31, 2022	10,603,493	$	16.90
Options granted	—	—
Options exercised	—	—
Options forfeited / expired	(1,467,614)	16.60
Balances as of December 31, 2023	9,135,879	16.95		7.29	79
Options granted	—	—
Options exercised	(17,662)	9.06
Options forfeited / expired	(355,736)	16.82
Balances as of December 31, 2024	8,762,481	16.97		6.29	2,250
Options granted	—	—
Options exercised	(1,097,827)	16.46
Options forfeited / expired	(256,442)	16.84
Balances as of December 31, 2025	7,408,212	17.05		5.28	20,001
Vested and Exercisable as of December 31, 2025	6,997,173	$	17.27	5.26	17,421

Schedule of Restricted Stock Transactions

The following is a summary of RSA transactions as of and for the years ended December 31, 2025, 2024 and 2023:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2022	4,690,441	$	10.85
Vested	(3,916,030)	11.82
Forfeited	(90,458)	6.58
Unvested and outstanding as of December 31, 2023	683,953	$	5.86
Vested	(627,491)	4.91
Forfeited	(6,270)	12.22
Unvested and outstanding as of December 31, 2024	50,192	$	16.86
Vested	(49,915)	18.00
Forfeited	(277)	18.00
Unvested and outstanding as of December 31, 2025	—	$	—

The following is a summary of RSU transactions as of and for the years ended December 31, 2025, 2024 and 2023:


	Restricted Stock Units	Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2022	8,728,936	$	13.93
Granted	4,425,771	6.76
Vested	(1,875,329)	12.59
Forfeited	(737,753)	12.57
Unvested and outstanding as of December 31, 2023	10,541,625	$	11.25
Granted	6,994,001	5.30
Vested	(2,993,372)	8.37
Forfeited	(1,197,569)	8.17
Unvested and outstanding as of December 31, 2024	13,344,685	$	9.05
Granted	2,987,921	15.52
Vested	(5,527,208)	10.05
Forfeited	(1,448,709)	9.29
Unvested and outstanding as of December 31, 2025	9,356,689	$	10.49

Schedule of PSUs Transactions

The following is a summary of PSU transactions for the year ended December 31, 2025:


	Performance-based restricted stock units	Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2022	—	$	—
Granted	7,233,205	5.74
Vested	—	—
Cancelled/forfeited	—	—
Unvested and outstanding as of December 31, 2023	7,233,205	$	5.74
Granted	1,160,000	5.00
Vested	—	—
Cancelled/forfeited	(318,334)	5.69
Unvested and outstanding as of December 31, 2024	8,074,871	$	5.64
Granted	795,786	15.48
Vested	(6,667,948)	5.74
Cancelled/forfeited	(517,302)	7.39
Unvested and outstanding as of December 31, 2025	1,685,407	$	9.35

Schedule of Earned PSUs in Volume Weighted Average Price Per Share

The PSUs will become earned (“Earned PSUs”) in three tranches based on the achievement of the following volume-weighted average price per share goals during the Measurement Period (the “Stock Price Hurdles”):


	Price Per Share Goals	Number of Earned PSUs
First Stock Price Hurdle	$33.75	333,333
Second Stock Price Hurdle	$44.00	333,333
Third Stock Price Hurdle	$55.25	333,334

Schedule of Equity-Based Compensation Expense

Total equity-based compensation expense was presented on the statement of operations as follows:


	Year Ended December 31,
	2025		2024		2023
Selling, general and administrative expenses	$	55,948	$	66,202	$	59,294
Medical expenses	6,134		4,930		7,541
Total equity-based compensation expense	$	62,082	$	71,132	$	66,835

Summary of Significant Accounting Policies - Schedule of Amounts Refundable to or Recoverable from CMS including Risk Corridor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Accounts receivable	$ 253,207	$ 153,904
Risk Corridor
Current assets:
Accounts receivable	36,615	10,427
Prepaid expenses and other current assets	0	0
Current liabilities:
Medical expenses payable	144	0
CMS Subsidies
Current assets:
Accounts receivable	0	0
Prepaid expenses and other current assets	68,361	25,782
Current liabilities:
Medical expenses payable	$ 21,632	$ 24,993

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax expense recorded in the consolidated statement of operations and amounts computed at the statutory federal income tax rate for the years ended December 31, 2025, 2024 and 2023, were as follows:


	December 31, 2025				December 31, 2024				December 31, 2023
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Loss before tax at statutory federal rate	$	(201)	21.0	%	$	(26,891)	21.0	%	$	(31,121)	21.0	%
State and local income taxes, net of federal income tax effect	221		(23.0)		1,815		(1.4)		1,133		(0.8)
Enactment of new tax laws	—		—		—		—		—		—
Effect of cross-border tax laws	—		—		—		—		—		—
Tax credits	—		—		—		—		—		—
Change in valuation allowance	517		(53.9)		17,107		(13.4)		23,955		(16.1)
Nondeductible Items
Stock Compensation	(6,271)		653.6		—		—		—		—
Nondeductible executive compensation	6,518		(679.8)		8,703		(6.8)		6,716		(4.5)
Nondeductible entertainment	159		(16.6)		138		(0.2)		48		—
Other	193		(20.3)		43		—		120		(0.1)
Worldwide changes in unrecognized tax benefits	—		—		—		—		—		—
Other
Federal deferred tax adjustments	(1,941)		202.4		844		(0.7)		(947)		0.6
Federal tax return true-up	825		(86.0)		(1,738)		1.4		74		—
Foreign Tax Effects
Total	$	20	(2.6)	%	$	21	(0.1)	%	$	(22)	0.1	%

Schedule of Cash Paid for Income Taxes

The cash paid for income taxes (net of refunds) during the year was as follows:


	December 31, 2025		December 31, 2024		December 31, 2023
Federal	$	—	$	—	$	—
State and local
California	6		—		190
Colorado	5		7		—
Massachusetts	7		4		—
New Jersey	2		2		—
Other	5		7		15
Total state and local	25		20		205
Total	$	25	$	20	$	205

Schedule of Components of Income Tax Expense

The components of deferred income taxes as of December 31, 2025 and 2024, were as follows:


	December 31, 2025		December 31, 2024
Deferred tax assets:
Federal and state net operating loss carryforwards	$	178,835	$	169,044
Employee benefits	12,151		8,278
Interest deduction limitation	4,851		11,661
Other	1,930		3,330
R&D credits	839		—
ROU lease liabilities	2,314		2,446
Stock compensation	48,053		48,416
Total deferred tax assets	248,973		243,175
Deferred tax liabilities:
Intangibles	(6,127)		(1,404)
Depreciation	(1,453)		(214)
ROU assets	(1,950)		(2,105)
Other	(80)		(31)
Total deferred tax liabilities	(9,610)		(3,754)
Valuation allowance	(239,363)		(239,421)
Net deferred taxes	$	—	$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the gross amount of our uncertain tax positions:


	December 31, 2025
Gross unrecognized tax benefits at the beginning of the year	$	—
Increases related to prior year tax positions	$	1,019
Increases from tax positions taken in the current year	$	192
Gross unrecognized tax benefits at the end of the year	$	1,211

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Employer matching contribution (as a percent)	100.00%
Employer matching contribution not exceeding (as a percent)	4.00%
Employer discretionary contribution amount	$ 4,157	$ 3,798	$ 3,471

Long-Term Debt - Schedule of Long-Term Debt Outstanding, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt	$ 330,000	$ 330,000
Less unamortized debt issuance costs	(6,824)	(8,572)
Long-term debt-net of amortization	323,176	321,428
Less current portion of long-term debt	0	0
Long-term debt - net of current portion	$ 323,176	$ 321,428

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities:
Net loss	$ (978)	$ (128,071)	$ (148,173)
Adjustments to reconcile Net loss to net cash provided by (used in) operating activities:
Provision for credit loss	833	123	91
(Gain) loss on right of use assets	0	143	(289)
Gain on sale of property and equipment	(72)	(9)	0
Depreciation and amortization	30,482	27,062	21,668
Amortization-debt issuance costs	1,761	1,293	1,254
Amortization-investment discount	(1,298)	(2,579)	(4,917)
Equity-based compensation	62,082	71,132	66,835
Non-cash lease expense	1,609	1,764	2,318
Loss on extinguishment of debt	0	3,020	0
Changes in operating assets and liabilities:
Accounts receivable	(100,106)	(34,278)	(26,950)
Prepaid expenses and other current assets	(57,059)	7,887	(2,863)
Other assets	(50)	60	(142)
Medical expenses payable	184,781	84,389	35,264
Accounts payable and accrued expenses	10,364	(1,460)	(6,347)
Accrued compensation	9,082	5,819	6,574
Lease liabilities	(1,504)	(1,525)	(3,510)
Net cash provided by (used in) operating activities	139,927	34,770	(59,187)
Investing Activities:
Purchase of investments	(65,633)	(82,200)	(379,058)
Sale of property and equipment	75	14	0
Maturities of investments	76,300	162,795	267,790
Sale of business	1,065	0	0
Acquisition of property and equipment, net	(26,781)	(41,418)	(35,995)
Net cash provided by (used in) investing activities	(14,974)	39,191	(147,263)
Financing Activities:
Proceeds from long-term debt	0	380,000	0
Debt issuance costs	(26)	(8,792)	0
Repayment of long-term debt	0	(215,000)	0
Payment of employment taxes related to release of restricted stock	0	(350)	0
Proceeds from exercise of stock options	18,067	155	0
Contributions from noncontrolling interest holders	0	15	105
Net cash provided by financing activities	18,041	156,028	105
Net increase (decrease) in cash	142,994	229,989	(206,345)
Cash, cash equivalents and restricted cash at beginning of period	434,943	204,954	411,299
Cash, cash equivalents and restricted cash at end of period	577,937	434,943	204,954
Supplemental disclosure of cash flow information:
Cash paid for interest	13,752	22,157	19,165
Supplemental non-cash investing and financing activities:
Acquisition of property in accounts payable	97	70	59
Debt issuance costs in accounts payable	0	512	0
Reconciliation of cash, cash equivalents and restricted cash as shown in the statement of cash flows:
Cash and cash equivalents	575,817	432,859	202,904
Restricted cash in other assets	2,120	2,084	2,050
Total	$ 577,937	$ 434,943	$ 204,954

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Life
Goodwill	$	32,060	$	—	$	32,060	—
License (indefinite lived)	4,550		—		4,550		—
Plan member relationships	2,700		(2,700)		—		9 years
Other	633		(633)		—		2 - 10 years
Total	$	39,943	$	(3,333)	$	36,610


	December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Life
Goodwill	$	34,826	$	—	$	34,826	—
License (indefinite lived)	4,550		—		4,550		—
Plan member relationships	2,700		(2,700)		—		9 years
Other	633		(633)		—		2- 10 years
Total	$	42,709	$	(3,333)	$	39,376

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Total Fixed Operating Lease Costs and Variable Operating Lease Cost

The following table summarizes total fixed operating lease costs and variable operating lease cost, excluding short-term lease and finance lease costs, for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Fixed operating lease costs	$	2,661	$	2,592	$	2,817
Variable operating lease costs	234		404		431
Total operating leases costs	$	2,895	$	2,996	$	3,248

Schedule of Assets And Liabilities, Lessee

The following table summarizes our lease assets and liabilities as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Lease assets
Operating lease assets	$	6,753	$	7,818
Finance lease assets	266		—
Total lease assets	$	7,019	$	7,818
Lease liabilities
Current
Operating lease liabilities	1,873		1,212
Finance lease liabilities	85		—
Non-current
Operating lease liabilities	6,282		7,835
Finance lease liabilities	185		—
Total lease liabilities	$	8,425	$	9,047

Schedule of Maturities of Lease Liabilities under Operating Leases

Maturities of lease liabilities under operating leases by fiscal year are as follows:


	As of December 31, 2025
2026	$	2,595
2027	2,445
2028	2,200
2029	2,243
2030 and thereafter	548
Total lease payments	$	10,031
Less: Interest	1,878
Present value of lease liabilities	$	8,153

Schedule of Maturities of Lease Liabilities under Finance Leases

Maturities of lease liabilities under finance leases by fiscal year are as follows:


	As of December 31, 2025
2026	$	95
2027	95
2028	95
2029	4
2030 and thereafter	—
Total lease payments	$	289
Less: Interest	17
Present value of lease liabilities	$	272

Condensed Financial Information (Parent Company Only) - Schedule of Condensed Balance Sheets Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Total assets	$ 1,065,786	$ 782,063
Liabilities and Stockholders' Equity
Long-term debt, net of debt issuance costs	323,176	321,428
Total liabilities	886,509	681,108
Commitments and Contingencies (Note 14)
Stockholders' Equity:
Preferred stock, $.001 par value; 100,000,000 shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024	0	0
Common stock, $.001 par value; 1,000,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 204,153,619 and 191,778,639 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	205	192
Additional paid-in-capital	1,188,089	1,107,952
Accumulated deficit	(1,009,017)	(1,008,293)
Total Alignment Healthcare, Inc. stockholders' equity	179,277	99,851
Total liabilities and stockholders' equity	$ 1,065,786	$ 782,063
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	204,153,619	191,778,639
Common stock, shares outstanding (in shares)	204,153,619	191,778,639
Parent Company
Assets
Investment in subsidiary	$ 520,283	$ 425,033
Total assets	520,283	425,033
Liabilities and Stockholders' Equity
Due to subsidiary	16,061	1,762
Accrued expenses	1,769	1,992
Long-term debt, net of debt issuance costs	323,176	321,428
Total liabilities	341,006	325,182
Commitments and Contingencies (Note 14)
Stockholders' Equity:
Preferred stock, $.001 par value; 100,000,000 shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024	0	0
Common stock, $.001 par value; 1,000,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 204,153,619 and 191,778,639 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	205	192
Additional paid-in-capital	1,188,089	1,107,952
Accumulated deficit	(1,009,017)	(1,008,293)
Total Alignment Healthcare, Inc. stockholders' equity	179,277	99,851
Total liabilities and stockholders' equity	$ 520,283	$ 425,033
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	204,153,619	191,778,639
Common stock, shares outstanding (in shares)	204,153,619	191,778,639

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Earned premiums	$ 3,911,718	$ 2,671,931	$ 1,800,933
Other	37,001	31,630	22,697
Total revenues	3,948,719	2,703,561	1,823,630
Expenses:
Medical expenses	3,460,156	2,406,870	1,622,600
Selling, general, and administrative expenses	443,407	371,374	307,433
Depreciation and amortization	30,404	26,872	21,414
Total expenses	3,933,967	2,805,116	1,951,447
Income (loss) from operations	14,752	(101,555)	(127,817)
Other expenses:
Interest expense	15,799	23,547	21,231
Other income, net	(89)	(72)	(853)
Loss on extinguishment of debt	0	3,020	0
Total other expenses	15,710	26,495	20,378
Loss before income taxes	(958)	(128,050)	(148,195)
Total	20	21	(22)
Net loss	(978)	(128,071)	(148,173)
Less: Net loss attributable to noncontrolling interest	(254)	(36)	(156)
Net loss attributable to Alignment Healthcare, Inc.	$ (724)	$ (128,035)	$ (148,017)
Total weighted-average common shares outstanding - basic (in shares)	198,006,216	190,793,552	186,214,784
Total weighted-average common shares outstanding - diluted (in shares)	198,006,216	190,793,552	186,214,784
Net loss per share attributable to Alignment Healthcare, Inc. - basic (in dollars per share)	$ 0.00	$ (0.67)	$ (0.79)
Net loss per share attributable to Alignment Healthcare, Inc. - diluted (in dollars per share)	$ 0.00	$ (0.67)	$ (0.79)

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Depreciation expense is computed using the straight-line method generally based on the following estimated useful lives:


Description			Estimated Service Lives (years)
Computer and equipment			5
Office equipment and furniture			5-7
Software			3-5
Leasehold improvements			15 (or lease term, if shorter)

Property and equipment consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Computers and equipment	$	13,815	$	12,569
Office equipment and furniture	4,338		4,341
Software	218,023		179,336
Leasehold improvements	6,224		6,231
Construction in progress	983		14,049
Subtotal	243,383		216,526
Less accumulated depreciation	(179,132)		(149,387)
Property and equipment-net	$	64,251	$	67,139

Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Cash Flows Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities:
Net loss attributable to Alignment Healthcare, Inc.	$ (724)	$ (128,035)	$ (148,017)
Adjustments to reconcile Net loss to net cash provided by (used in) operating activities:
Amortization of debt issuance costs	1,761	1,293	1,254
Net cash provided by (used in) operating activities	139,927	34,770	(59,187)
Investing Activities:
Investment in Subsidiary	(65,633)	(82,200)	(379,058)
Net cash provided by (used in) investing activities	(14,974)	39,191	(147,263)
Financing Activities:
Shares withheld net of restricted stock	0	(350)	0
Stock options exercised	18,067	155	0
Proceeds from long-term debt	0	380,000	0
Debt issuance costs	(26)	(8,792)	0
Net cash provided by financing activities	18,041	156,028	105
Net (decrease) increase in cash	142,994	229,989	(206,345)
Cash, cash equivalents and restricted cash at beginning of period	434,943	204,954	411,299
Cash, cash equivalents and restricted cash at end of period	577,937	434,943	204,954
Supplemental non-cash financing and investing activities:
Debt issuance costs in accounts payable	0	512	0
Parent Company
Operating Activities:
Net loss attributable to Alignment Healthcare, Inc.	(724)	(128,035)	(148,017)
Adjustments to reconcile Net loss to net cash provided by (used in) operating activities:
Equity in loss of subsidiary	(15,100)	125,892	147,529
Amortization of debt issuance costs	1,761	220	0
Due to subsidiary	14,063	1,923	488
Net cash provided by (used in) operating activities	0	0	0
Investing Activities:
Investment in Subsidiary	(18,068)	(321,525)	0
Net cash provided by (used in) investing activities	(18,068)	(321,525)	0
Financing Activities:
Shares withheld net of restricted stock	0	(350)	0
Stock options exercised	18,068	155	0
Proceeds from long-term debt	0	330,000	0
Debt issuance costs	0	(8,280)	0
Net cash provided by financing activities	18,068	321,525	0
Net (decrease) increase in cash	0	0	0
Cash, cash equivalents and restricted cash at beginning of period	0	0	0
Cash, cash equivalents and restricted cash at end of period	0	0	0
Supplemental non-cash financing and investing activities:
Contribution of equity to subsidiary related to equity-based compensation	62,082	71,132	66,835
Debt issuance costs in accounts payable	$ 26	$ 512	$ 0

Equity-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

2021 Equity Incentive Plan

On March 25, 2021, our Board of Directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”). Under the 2021 Plan, employees, consultants and directors of our Company and our affiliates that perform services for us are eligible to receive awards. The 2021 Plan provides for the grant of incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), stock appreciation rights, restricted shares, performance awards, other share based awards (including restricted stock units) and other cash-based awards. ISOs may be granted only to employees, including officers. All other awards may be granted to employees, including officers, non-employee directors and consultants. The maximum number of shares available for issuance under the 2021 Plan may not exceed 20,744,444 shares (subject to a discretionary annual increase of up to 4% effective as of January 1 of each year for 10 years).

On December 22, 2025, we registered an additional 27,915,561 shares of common stock that can be issued under the 2021 Equity Incentive Plan to eligible participants, including employees, directors, and consultants.

Equity Awards

Stock options

Our outstanding stock options generally vest 25% annually over four years and generally expire 10 years from the date of the grant. The 2021 Equity Incentive Plan provides that stock option grants will be made with an exercise price at no less than the estimated fair value of common stock at the date of the grant.

The following is a summary of the stock option transactions as of and for the years ended December 31, 2025, 2024 and 2023:


	Stock Options Outstanding
	Shares Subject to Options Outstanding	Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Terms (in years)	Aggregate Intrinsic Value
Balances as of December 31, 2022	10,603,493	$	16.90
Options granted	—	—
Options exercised	—	—
Options forfeited / expired	(1,467,614)	16.60
Balances as of December 31, 2023	9,135,879	16.95		7.29	79
Options granted	—	—
Options exercised	(17,662)	9.06
Options forfeited / expired	(355,736)	16.82
Balances as of December 31, 2024	8,762,481	16.97		6.29	2,250
Options granted	—	—
Options exercised	(1,097,827)	16.46
Options forfeited / expired	(256,442)	16.84
Balances as of December 31, 2025	7,408,212	17.05		5.28	20,001
Vested and Exercisable as of December 31, 2025	6,997,173	$	17.27	5.26	17,421

Aggregate intrinsic value represents the difference between the exercise price of the option and the closing price of our common stock. The aggregate intrinsic value of options exercised for the years ended December 31, 2025 and 2024 was $3,616 and $39, respectively. No options were exercised during the year ended December 31, 2023.

There were no options granted during the years ended December 31, 2025, 2024, and 2023.

Restricted Stock Awards

Our outstanding RSAs generally vest 25% annually over four years. RSAs generally vest on the later of the fourth anniversary of the original vesting commencement date or 50% annually on the first and second anniversary of the initial public offering, which was effective March 25, 2021.

The following is a summary of RSA transactions as of and for the years ended December 31, 2025, 2024 and 2023:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2022	4,690,441	$	10.85
Vested	(3,916,030)	11.82
Forfeited	(90,458)	6.58
Unvested and outstanding as of December 31, 2023	683,953	$	5.86
Vested	(627,491)	4.91
Forfeited	(6,270)	12.22
Unvested and outstanding as of December 31, 2024	50,192	$	16.86
Vested	(49,915)	18.00
Forfeited	(277)	18.00
Unvested and outstanding as of December 31, 2025	—	$	—

Restricted Stock Units

Our outstanding Restricted Stock Units ("RSU") generally vest 33% annually over three years or 25% annually over four years.

The following is a summary of RSU transactions as of and for the years ended December 31, 2025, 2024 and 2023:


	Restricted Stock Units	Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2022	8,728,936	$	13.93
Granted	4,425,771	6.76
Vested	(1,875,329)	12.59
Forfeited	(737,753)	12.57
Unvested and outstanding as of December 31, 2023	10,541,625	$	11.25
Granted	6,994,001	5.30
Vested	(2,993,372)	8.37
Forfeited	(1,197,569)	8.17
Unvested and outstanding as of December 31, 2024	13,344,685	$	9.05
Granted	2,987,921	15.52
Vested	(5,527,208)	10.05
Forfeited	(1,448,709)	9.29
Unvested and outstanding as of December 31, 2025	9,356,689	$	10.49

Performance-based Restricted Stock Units ("PSUs")

On September 14, 2023,the Board of Directors of the Company approved the grant of performance-based restricted stock units under the Company's 2021 Equity Incentive Plan to its executive management team and other key employees. Each grantee is eligible to vest in a number of PSUs ranging from 0% to 150% of the target number of PSUs granted, based on the aggregated achievement by the Company of certain performance metrics during the performance period beginning on January 1, 2024 and ending on December 31, 2024. The achievement of PSUs relative to the approved target is based on the following performance metrics and relative weighting: Health Plan Revenue Growth Percentage (60%), At-Risk Returning Member Medical Benefit Ratio (20%) and Adjusted EBITDA, less Capital Expenditures (20%).

50% of the total number of earned PSUs vested upon certification of achievement of the performance metrics by the Compensation Committee in March 2025 and the remaining 50% of earned PSUs vested as of December 31, 2025.

On March 13, 2024, the Compensation Committee of the Board of Directors of the Company approved additional grants of PSUs under the Company's 2021 Equity Incentive Plan. Each grantee is eligible to vest in a number of PSUs ranging from 0% to 200% of the target number of PSUs granted, based on the aggregated achievement by the Company of certain performance metrics during the performance period beginning on January 1, 2026 and ending on December 31, 2026. The achievement of PSUs relative to the approved target is based on the following performance metrics and relative weighting: Revenue (50% weighting) and Adjusted EBITDA (50% weighting). 100% of the total number of earned PSUs will become vested upon certification of achievement of the performance metrics by the Compensation Committee on or about March 1, 2027, subject to continued service to the Company through such date.

On March 13, 2025, the Compensation Committee of the Board of Directors of the Company approved additional grants of PSUs under the Company's 2021 Equity Incentive Plan. Each grantee is eligible to vest in a number of PSUs ranging from 0% to 200% of the target number of PSUs granted, based on the aggregated achievement by the Company of certain performance metrics during the performance period beginning on January 1, 2027 and ending on December 31, 2027. The achievement of PSUs relative to the approved target is based on the following performance metrics and relative weighting: Revenue (50% weighting) and Adjusted EBITDA (50% weighting). 100% of the total number of earned PSUs will become vested upon certification of achievement of the performance metrics by the Compensation Committee on or about March 1, 2028, subject to continued service to the Company through such date.

The following is a summary of PSU transactions for the year ended December 31, 2025:


	Performance-based restricted stock units	Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2022	—	$	—
Granted	7,233,205	5.74
Vested	—	—
Cancelled/forfeited	—	—
Unvested and outstanding as of December 31, 2023	7,233,205	$	5.74
Granted	1,160,000	5.00
Vested	—	—
Cancelled/forfeited	(318,334)	5.69
Unvested and outstanding as of December 31, 2024	8,074,871	$	5.64
Granted	795,786	15.48
Vested	(6,667,948)	5.74
Cancelled/forfeited	(517,302)	7.39
Unvested and outstanding as of December 31, 2025	1,685,407	$	9.35

Kao Equity Award

Subsequent to the balance sheet date, on February 24, 2026 (the “Grant Date”), the Board of Directors of the Company approved the grant of certain performance share units (“PSUs”) to John Kao, the Company’s Chief Executive Officer (the “PSU Award”), under the Company’s 2021 Equity Incentive Plan (the “Plan”). The PSU Award supplements the annual equity awards that Mr. Kao will continue to be eligible for in the future. In approving the award, the Board, with input from the Compensation Committee and its independent compensation consultant, considered the importance of retaining Mr. Kao, a recognized industry leader, while incentivizing long-term, sustained business performance and alignment with stockholder interests. The material terms of the PSU Award are described below. Capitalized terms that are not otherwise defined have the meanings set forth in the Plan.

Except as set forth below, tranches of the PSU Award will be earned and vest only upon both (i) the achievement of pre-determined price per share goals (described below) over the period commencing on the Grant Date and ending on the fifth anniversary of the Grant Date (the “Measurement Period”); and (ii) Mr. Kao’s continued employment or service as the Company’s Chief Executive Officer through the third anniversary of the Grant Date, unless otherwise agreed to (the “Service Requirement”).


	Price Per Share Goals	Number of Earned PSUs
First Stock Price Hurdle	$33.75	333,333
Second Stock Price Hurdle	$44.00	333,333
Third Stock Price Hurdle	$55.25	333,334

A Stock Price Hurdle is achieved if the volume-weighted average price per share over any 30-consecutive-trading-day period during the Measurement Period equals or exceeds the applicable price. Any tranche of PSUs that Mr. Kao has earned will become vested upon the later of (i) the date on which the applicable Stock Price Hurdle has been achieved or (ii) the date on which the Service Requirement has been met, subject to his continued service though such later date. Except as described below, PSUs for which the relevant Stock Price Hurdle has not been achieved by the end of the Measurement Period will be forfeited.

Equity-Based Compensation Expense

Total equity-based compensation expense was presented on the statement of operations as follows:


	Year Ended December 31,
	2025		2024		2023
Selling, general and administrative expenses	$	55,948	$	66,202	$	59,294
Medical expenses	6,134		4,930		7,541
Total equity-based compensation expense	$	62,082	$	71,132	$	66,835

As of December 31, 2025, there was $46,535 in unrecognized compensation expense related to all non-vested awards (Options, RSUs and PSUs) that will be recognized over the weighted-average period of 1.51 years. As of December 31, 2024 and December 31, 2023, there was $61,809 and $98,004, respectively, in unrecognized compensation expense related to all non-vested awards (Options, RSUs and PSUs) that will be recognized over the weighted-average period of 1.55 and 1.88 years, respectively.

Equity-Based Compensation - Schedule of PSUs Transactions (Details) - Performance-based Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Performance-based restricted stock units
Unvested and outstanding, beginning balance (in shares)	8,074,871	7,233,205	0
Granted (in shares)	795,786	1,160,000	7,233,205
Vested (in shares)	(6,667,948)	0	0
Cancelled/forfeited (in shares)	(517,302)	(318,334)	0
Unvested and outstanding, ending balance (in shares)	1,685,407	8,074,871	7,233,205
Weighted-Average Grant Date Fair Value
Unvested and outstanding, beginning balance (in dollars per share)	$ 5.64	$ 5.74	$ 0
Granted (in dollars per share)	15.48	5.00	5.74
Vested (in dollars per share)	5.74	0	0
Cancelled/forfeited (in dollars per share)	7.39	5.69	0
Unvested and outstanding, ending balance (in dollars per share)	$ 9.35	$ 5.64	$ 5.74

Accounts Receivable - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Credit loss related to accounts receivable	$ 833	$ 123	$ 91

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Government receivables	$ 52,411	$ 26,338
Pharmacy rebate receivables	179,196	111,813
Other receivables	22,433	15,753
Total accounts receivable	254,040	153,904
Allowance for credit losses	(833)	0
Accounts receivable, net	$ 253,207	$ 153,904

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 575,817	$ 432,859
Accounts receivable (less allowance for credit losses of $833 at December 31, 2025 and $0 at December 31, 2024)	253,207	153,904
Investments - current	28,413	37,791
Prepaid expenses and other current assets	94,140	37,084
Total current assets	951,577	661,638
Property and equipment, net	64,251	67,139
Right of use asset, net	7,019	7,818
Goodwill	32,060	34,826
Intangible assets, net	4,550	4,550
Other assets	6,329	6,092
Total assets	1,065,786	782,063
Current Liabilities:
Medical expenses payable	474,569	289,788
Accounts payable and accrued expenses	33,284	22,126
Accrued compensation	49,013	39,931
Total current liabilities	556,866	351,845
Long-term debt, net of debt issuance costs	323,176	321,428
Long-term portion of lease liabilities	6,467	7,835
Total liabilities	886,509	681,108
Commitments and Contingencies (Note 14)
Stockholders' Equity:
Preferred stock, $.001 par value; 100,000,000 shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024	0	0
Common stock, $.001 par value; 1,000,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 204,153,619 and 191,778,639 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	205	192
Additional paid-in capital	1,188,089	1,107,952
Accumulated deficit	(1,009,017)	(1,008,293)
Total Alignment Healthcare, Inc. stockholders' equity	179,277	99,851
Noncontrolling interest	0	1,104
Total stockholders' equity	179,277	100,955
Total liabilities and stockholders' equity	$ 1,065,786	$ 782,063

Regulatory Requirements and Restricted Funds	12 Months Ended
Regulatory Requirements and Restricted Funds	Dec. 31, 2025
Regulated Operations [Abstract]
Regulatory Requirements and Restricted Funds	Regulatory Requirements and Restricted Funds Our health plans or risk-bearing entities are required to maintain minimum capital requirements prescribed by various regulatory authorities in each of the states in which it operates. Risk-Based Capital The National Association of Insurance Commissioners has adopted rules, which, if implemented by the states, set minimum capitalization requirements for insurance companies, health maintenance organizations ("HMOs"), and other entities bearing risk for health care coverage. The requirements take the form of risk-based capital (“RBC”) rules, which may vary from state to state. Certain states in which our health plans or risk bearing entities operate in have adopted the RBC rules. Our health plans or risk-bearing entities were in compliance with the minimum capital requirements for all periods presented. Tangible Net Equity Our health plans in California are required to comply with the tangible net equity ("TNE") requirements. The required amount is 150% of the larger of: (1) $1,000; (2) the sum of 2% of the first $150,000 of annualized premium revenue and 1% of annualized premium revenue in excess of $150,000; or (3) 8% of the first $150,000 of annualized health care expenditures except those paid on a capitated or managed hospital payment basis, plus 4% of the annualized health care expenditures in excess of $150,000, except those paid on a capitated or managed hospital payment basis, plus 4% of annualized hospital expenditures paid on a managed hospital payment basis. For newer health plans, through the first three years immediately following the health plan’s operational start date, the required amount is 200% of the larger of the TNE calculation described above. We were in compliance with the TNE requirements as of December 31, 2025. Certain states regulate the payment of dividends, loans, or other cash transfers from our regulated subsidiaries to our non-regulated subsidiaries and parent company. Such payments may require approval by state regulatory authorities and are limited based on certain financial criteria, such as the entity’s level of statutory income and statutory capital and surplus, or the entity’s level of tangible net equity or net worth, amongst other measures. These regulations vary by state. Our state regulated subsidiaries had aggregate regulatory capital of approximately $268,515 and $156,167 as of December 31, 2025 and 2024, respectively, which exceeded aggregate minimum regulatory requirements of $116,090 and $75,212, respectively. The amount of undistributed dividends from our regulated subsidiaries that may be paid out to our parent without regulatory approval was $72,869 and $46,785 as of December 31, 2025 and 2024, respectively. We were in compliance with the RBC and TNE requirements as of December 31, 2025. We have the ability to provide additional capital to each of our health plans or risk-bearing entities when necessary to ensure that the RBC and TNE requirements are met. Restricted Assets Pursuant to the regulations governing our subsidiaries, we maintain certain deposits required by the government authorities in the form of cash, certificate of deposit and Treasury bills as protection in the event of insolvency. The use of funds from these investments is limited as required by regulation in the various states in which we operate, or as needed in the event of insolvency. Therefore, these deposits are reported within other assets on the consolidated balance sheets. We hold these assets until maturity, at which time these assets will renew or are invested in a similar type of investment instrument. Given the regulatory requirements, we expect to hold these investments for long-term. As a result, we do not expect the value of these investments to decline significantly due to a sudden change in market interest rates. These investments are carried at amortized cost, which approximates fair value. See Note 3, Fair Value, for further discussion.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Significant Segment Expenses

In addition to net loss, the CODM is also provided information on certain significant segment expenses which are presented below:


	Year Ended December 31,
	2025		2024		2023
Revenues:	$	3,948,719	$	2,703,561	$	1,823,630
Expenses:
Medical expenses (less depreciation and equity-based compensation)	3,453,944		2,401,750		1,614,805
Selling, general, and administrative expenses (less equity-based compensation)	387,459		305,172		248,139
Other segment expenses (1)	92,495		101,163		87,628
Interest expense	15,799		23,547		21,231
Net loss	$	(978)	$	(128,071)	$	(148,173)

(1) Other segment items included in segment net loss includes equity-based compensation, depreciation and amortization, other expenses (income), and provision for income tax expenses (benefit).

Schedule of Earned Revenue

Earned premium revenue consisting of premium revenue and capitation revenue for the years ended December 31, 2025, 2024, and 2023 were as follows:


	Year Ended December 31,
	2025		2024		2023
Premium	$	3,906,651	$	2,666,813	$	1,668,131
Capitation	5,067		5,118		132,802
Total	$	3,911,718	$	2,671,931	$	1,800,933

Schedule of Property and Equipment Estimated Useful Lives

Depreciation expense is computed using the straight-line method generally based on the following estimated useful lives:


Description			Estimated Service Lives (years)
Computer and equipment			5
Office equipment and furniture			5-7
Software			3-5
Leasehold improvements			15 (or lease term, if shorter)

Property and equipment consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Computers and equipment	$	13,815	$	12,569
Office equipment and furniture	4,338		4,341
Software	218,023		179,336
Leasehold improvements	6,224		6,231
Construction in progress	983		14,049
Subtotal	243,383		216,526
Less accumulated depreciation	(179,132)		(149,387)
Property and equipment-net	$	64,251	$	67,139

Schedule of Amounts Refundable to or Recoverable from CMS including Risk Corridor

These Subsidies received in excess of, or less than, actual subsidized benefits paid are refundable to or recoverable from CMS through an annual reconciliation process following the end of the contract year.:


	December 31, 2025				December 31, 2024
	Risk Corridor		CMS Subsidies		Risk Corridor		CMS Subsidies
Current assets:
Accounts receivable	$	36,615	$	—	$	10,427	$	—
Prepaid expenses and other current assets	—		68,361		—		25,782
Current liabilities:
Medical expenses payable	$	144	$	21,632	$	—	$	24,993

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net income (loss) per share for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss	$	(978)	$	(128,071)	$	(148,173)
Less: Net loss attributable to noncontrolling interests	(254)		(36)		(156)
Net loss attributable to Alignment Healthcare, Inc.	$	(724)	$	(128,035)	$	(148,017)
Denominator:
Total weighted-average common shares outstanding - basic and diluted	198,017,704		191,150,693		188,420,487
Less: Restricted shares of common stock	(11,488)		(357,141)		(2,205,703)
Total weighted-average common shares outstanding, net of restricted shares of common stock - basic and diluted	198,006,216		190,793,552		186,214,784







Net loss per share:
Net loss per share - basic and diluted	$	0.00	$	(0.67)	$	(0.79)

Schedule of Computation of Diluted Net Loss Per Share

In addition to the restricted shares of common stock, we also excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share as of December 31, 2025, 2024, 2023:


	December 31,
	2025	2024	2023
Stock options	7,408,212	8,762,481	9,135,879
Restricted stock units	11,042,096	21,419,556	17,774,830
Convertible senior notes	25,720,959	25,720,959	—
Total	44,171,267	55,902,996	26,910,709

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Computers and equipment	$	13,815	$	12,569
Office equipment and furniture	4,338		4,341
Software	218,023		179,336
Leasehold improvements	6,224		6,231
Construction in progress	983		14,049
Subtotal	243,383		216,526
Less accumulated depreciation	(179,132)		(149,387)
Property and equipment-net	$	64,251	$	67,139

Depreciation expense for the year ended December 31, 2025 was $29,848 of which $78 was included in medical expenses. Depreciation expense for the years ended December 31, 2024 and 2023 was $26,360 and $21,442, respectively, of which $190 and $254, respectively, was included in medical expenses.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings We record a liability and accrue the costs for a loss when an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. In some cases, no estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made because of the inherently unpredictable nature of legal and regulatory proceedings. While the liability and accrued costs reflect our best estimate, the actual amounts may materially be different. On April 27, 2022, a former employee of the Company filed a purported class action lawsuit (Dabney v. Alignment Healthcare USA, LLC, Orange County Superior Court) alleging that the Company failed to provide hourly employees with required meal and rest breaks or pay such workers a premium equal to an hour of pay for missed meal or rest breaks. Discovery in the matter commenced on June 8, 2022. On September 2, 2022, the court granted a stay of proceedings and discovery in anticipation of mediation scheduled for August 2023. On August 15, 2023, the Company entered into a tentative settlement of the action in consideration of an aggregate payment of $913. As a result of the tentative settlement, the Company has accrued for a potential liability of $913 as of December 31, 2025 for this matter, which was recorded within accounts payable and accrued expenses on the consolidated balance sheet and selling, general and administrative expenses on the consolidated statement of operations. Subsequent to period end, the settlement was approved by the court and the Company made payment in January 2026. On July 7, 2023, a stockholder of Alignment ﬁled a purported class action lawsuit (Maglione v. Alignment Healthcare, Inc., et al, Delaware Chancery Court). The plaintiff alleged that certain provisions of Alignment’s stockholder agreement with General Atlantic (“GA”) and Warburg Pincus violate Delaware law. On April 30, 2024, the Company agreed to amend the stockholder agreement to eliminate the provisions challenged by the Maglione plaintiff. On May 24, 2024, the parties filed a stipulation and proposed order voluntarily dismissing the action as moot, which the court granted. Pursuant to the order, the court retained jurisdiction regarding attorneys’ fees.The Company entered into discussions with plaintiffs’ counsel to negotiate with respect to attorney’s fees. In March 2025 the parties reached an agreement on settlement fees in the amount of $950. The settlement was paid in April 2025. We may be involved in various litigation matters in the ordinary course of business. In the opinion of management, the ultimate resolution of legal proceedings is not expected to have a material adverse effect on the consolidated financial statements. Amounts accrued for legal proceedings were not material as of December 31, 2025 and 2024. Risk Adjustment Data Validation Audit On June 25, 2025, the Company was notified that its California HMO plan had been selected for an audit of Medicare Advantage contract-specific risk adjustment data validation (“RADV”) with respect to payment year 2019. CMS conducts RADV audits in order to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans. Under CMS’s final rule issued in 2023, CMS announced its intent to apply a revised methodology, including extrapolated audit findings to estimate contract-wide overpayments and without application of the previously employed “fee-for-service adjuster” that accounted for the error rate in the original Medicare data that CMS used to develop the risk adjustment model. Additionally, in May 2025, CMS announced a significant expansion to its RADV audit program, stating, among other things, that it intended to conduct RADV audits with extrapolation on all eligible MA plans on an annual basis and that it would accelerate the timetable for clearing its backlog of audits with respect to payment years 2018-24. However, on September 25, 2025, a Federal District Court in Texas vacated CMS’s final rule regarding extrapolation of results of RADV audits for payment years beginning with payment year 2018. As of December 31, 2025, the Company is in the process of collecting and reviewing medical records with respect to the member cohort selected for the RADV audit. The Company is continuing to monitor developments with respect to these audits and continuing to assess their potential impact. Purchase Obligations We have agreements for goods and services which include fixed, minimum and estimated payments under existing contractual obligations that are legally enforceable and binding. These obligations include agreements that are cancellable with the payment of an early termination penalty and other funding commitments that require fixed or minimum levels of service to be purchased with a specific timing established.We have purchase obligation commitments of $14,253 in 2026, $13,585 in 2027, $12,975 in 2028, $6,075 in 2029, and $1,478 in 2030. Purchase obligations exclude agreements that are cancellable without penalty. Professional Liability Insurance We maintain coverage for professional liability, errors and omissions, directors and officers, employment practices liability insurance, and worker’s compensation. The professional liability insurance policy is claims based while the other insurance policies are occurrence based. Such policies provide coverage for our employees, certain covered physicians, loss of income due to potential business interruption, and possible destruction or theft of assets. There have not been any reductions in coverage nor have there been any claims, which have exceeded such coverage(s) for the year ended December 31, 2025 and 2024. Medical Reinsurance (Stop-Loss insurance) We utilize medical insurance (or stop-loss agreements) to limit excess losses on individual members. Under the terms of the stop-loss agreements, we are reimbursed for certain proportions of the cost of each member’s medical expenses in excess of a specified deductible in a coverage period, limited to $2,000 in aggregate per member per coverage period. In 2025, all of our markets were covered by stop-loss agreements which included dates of service prior to October 1, 2025, and we have until November 1, 2026, to submit claims to the reinsurance carrier for reimbursement. We began a new policy on October 1, 2025, which will cover dates of service through September 30, 2026, and will allow us to submit claims for reimbursement until November 1, 2027. Reinsurance premiums are included in medical costs in the consolidated statement of operations. In the event that the third-party with whom we have contracted is unable to meet its obligations under the stop-loss agreement, we remain 100% liable for paying such claim amounts submitted. Related Parties Joseph Konowiecki currently serves as Chairman of the Board and previously served in an executive role with the Company. Mr. Konowiecki’s son is a partner in the law firm of McDermott Will & Emery LLP (“MWE”), which provided legal services to the Company and our subsidiaries during the fiscal years ended December 31, 2025, 2024 and 2023 and continues to do so. For providing these services, MWE received fees related to the fiscal years ended December 31, 2025, 2024 and 2023 of approximately $429, $272 and $518, respectively. Mr. Konowiecki’s son does not receive any direct compensation from the fees paid to MWE by us, and the fees paid by us to MWE in fiscal 2025 were considered immaterial to the service provider.

Medical Expenses Payable - Schedule of Information About Incurred and Paid Claims Development (Details) $ in Thousands	Dec. 31, 2025 USD ($) Claim	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Claims Development [Line Items]
Cumulative incurred claims, net of reinsurance	$ 2,426,157
Cumulative claims paid, net of reinsurance	2,131,667
Claims Incurred Year 2023
Claims Development [Line Items]
Cumulative incurred claims, net of reinsurance	480,412	$ 482,279	$ 492,315
Cumulative claims paid, net of reinsurance	$ 478,999	479,148	$ 400,465
Cumulative number of paid claims \| Claim	540,426
Claims Incurred Year 2024
Claims Development [Line Items]
Cumulative incurred claims, net of reinsurance	$ 809,297	832,819
Cumulative claims paid, net of reinsurance	$ 804,462	$ 670,471
Cumulative number of paid claims \| Claim	1,036,274
Claims Incurred Year 2025
Claims Development [Line Items]
Cumulative incurred claims, net of reinsurance	$ 1,136,448
Cumulative claims paid, net of reinsurance	$ 848,206
Cumulative number of paid claims \| Claim	1,268,147

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt is recorded at carrying value in the consolidated balance sheets. The carrying value of long-term debt outstanding, net of unamortized debt issuance costs, consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Long-term debt	$	330,000	$	330,000
Less unamortized debt issuance costs	(6,824)		(8,572)
Long-term debt-net of amortization	323,176		321,428
Less current portion of long-term debt	—		—
Long-term debt - net of current portion	$	323,176	$	321,428

Oxford Term Loan

On September 2, 2022 (the “Effective Date”), Alignment Healthcare USA, LLC, an indirect subsidiary of the Company (the “Borrower”) and certain of our other subsidiaries entered into a term loan agreement (the “Oxford Loan Agreement”) with Oxford Finance LLC, as administrative agent, collateral agent and a lender, and the other lenders from time to time party thereto (collectively, the “Lenders”), pursuant to which the Lenders have agreed to lend the Borrower an aggregate principal amount of up to $250,000 in a series of term loans (the “Term Loans”). Pursuant to the Oxford Loan Agreement, we received an initial Term Loan of $165,000 on the Effective Date and had the option to borrow up to an additional $85,000 of Term Loans. On June 14, 2024, we borrowed $50,000 in aggregate principal amount of the Delayed Draw Term Loans prior to the expiration date for such amount of the Delayed Draw Term Loans of June 30, 2024. Interest on the Term Loans was a variable rate equal to (i) the secured overnight financing rate (“SOFR”) administered by the Federal Reserve Bank of New York for a one-month tenor, subject to a floor of 1.00%, plus (ii) an applicable margin of 6.50%.

In connection with the issuance of the convertible senior notes, as noted below, we repaid all amounts outstanding under the terms loans with Oxford Finance on November 22, 2024.

Convertible Senior Notes

On November 22, 2024, the Company completed the sale of $330,000 of our 4.25% Convertible Senior Notes (the "Notes"). The Notes were issued pursuant to an indenture (the "Indenture"), dated as of November 22, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"). The Notes are senior, unsecured obligations of the Company, and interest will be payable semi-annually in arrears at a rate of 4.25% per annum beginning on May 15, 2025. The Notes will mature on November 15, 2029, unless earlier repurchased, redeemed or converted in accordance with their terms. The net cash proceeds from the sale of the Notes was approximately $321,100, after subtracting fees, discounts and estimated expenses in connection with the transaction.

Prior to the close of business on the business day immediately preceding August 15, 2029, the Notes will be convertible at the option of holders during certain periods, upon satisfaction of certain conditions. On or after August 15, 2029, the Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Notes may be settled in shares of Company common stock, cash or a combination of cash and shares of Company common stock, at the Company's election.

The Notes have an initial conversion rate of approximately 62.4 shares of Company common stock per $1 principal amount of the Notes. The conversion rate will be subject to adjustment in certain events, including adjustment in the event of certain significant corporate transactions. This represents an initial conversion price of approximately $16.04 per share. The initial conversion price of the Notes represents a premium of approximately 25% to the closing price of the Company's common stock on November 14, 2024. The Company has used the proceeds from the sale of the Notes to repay in full the $215,000 aggregate principal amount, accrued interest and fees related to the Oxford term loans, as well as certain fees and expenses incurred in connection with the transaction.

The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of at least 25% in principal amount of the outstanding notes may declare 100% of the principal of, and accrued and unpaid special interest, if any, on, all the notes to be due and payable.

The Company has recognized the Notes in their entirety as a liability on the consolidated balance sheet and no portion of the proceeds from the issuance of the convertible debt instrument was accounted for separately as an embedded conversion feature within stockholders’ equity.

Revolving Credit Facility

Subsequent to the balance sheet date, on February 26, 2026, (the “Effective Date”), the Company, Alignment Healthcare USA, LLC, an indirect wholly owned subsidiary of the Company (the “Borrower”) and certain other subsidiaries of the Company (together with the Company and the Borrower, the “Borrower Parties”) entered into a Credit Agreement with Citibank, N.A., as administrative agent, and the lenders party thereto (the “Credit Agreement”). The Credit Agreement matures on February 26, 2029, and provides for a $200,000

senior secured revolving credit facility (the “Credit Facility”), with sublimits of up to $20,000 for the issuance of letters of credit and $5,000 for swingline loans. Subject to meeting certain customary conditions, the Borrower may increase the commitments under the Credit Facility or establish one or more new term loan facilities by up to an amount equal to the greater of $50,000 or 100% of the Borrower Parties’ Consolidated EBITDA (as defined in the Credit Agreement) for the most recently completed four fiscal quarters of the Borrower Parties for which financial statements have been delivered.

Borrowings under the Credit Facility may be used for permitted acquisitions, working capital, the payment of fees, costs and expenses incurred in connection with the Credit Agreement and other general corporate purposes. The Borrower did not borrow any amounts under the Credit Facility as of the Effective Date.

Loans under the Credit Facility will bear interest at a floating rate, which can be either, at the Borrower’s option, (a) Term SOFR (as defined in the Credit Agreement) plus an applicable margin that ranges from 2.00% to 2.5% per annum with respect to Term SOFR loans or (b) a Base Rate (as defined in the Credit Agreement) plus an applicable margin that ranges from 1.0% to 1.5% per annum with respect to Base Rate loans , based on the Borrower Parties’ consolidated senior secured leverage ratio, as calculated in accordance with the Credit Agreement. The Borrower is also required to pay certain fees in connection with the Credit Agreement, including commitment fees on a quarterly basis in respect of the unutilized portion of the commitments under the Credit Agreement and certain fees to each of the lenders upon the effectiveness of the Credit Agreement. The Borrower may voluntarily repay outstanding borrowings under the Credit Facility at any time, without premium or penalty.

The Credit Agreement includes financial covenants that require the Borrower Parties to maintain, as of the last day of each fiscal quarter (commencing with the fiscal quarter ending June 30, 2026), (i) a ratio of senior secured indebtedness that is not subordinated in right of payment to the obligations under the Credit Agreement to Consolidated EBITDA (as defined in the Credit Agreement) for the period of four consecutive fiscal quarters ended on such date, of not more than 2.5 to 1.0 and (ii) Consolidated EBITDA for the period of four consecutive fiscal quarters ended on such date, of amounts specified in the Credit Agreement starting from $60,000 as of June 30, 2026, increasing to $70,000 as of June 30, 2027, and $80,000 as of June 30, 2028 and each fiscal quarter thereafter.

The Borrower’s obligations under the Credit Agreement are guaranteed by the Company and certain subsidiaries of the Company and secured by substantially all of the assets of the Borrower, the Company and such subsidiaries of the Company, subject to customary exceptions. None of the Company’s health plan subsidiaries or other regulated entities are guarantors under the Credit Agreement and the equity in such subsidiaries was not pledged. The Credit Agreement contains customary representations and warranties, as well as affirmative and negative covenants. Negative covenants include, among others, customary covenants that restrict the ability of the Company and its subsidiaries, without the approval of requisite lenders, to engage in certain fundamental transactions, incur debt and liens, enter into transactions with affiliates and make certain restricted payments and restricted investments, in each case, as set forth in the Credit Agreement and subject to certain thresholds and exceptions. The Credit Agreement also contains other customary covenants and events of default for secured credit facilities of this type. Upon an event of default that is not cured or waived within any applicable cure periods, in addition to other remedies that may be available to the lenders, the obligations under the Credit Agreement may be accelerated.

Future maturities under the term loan as of December 31, 2025 are as follows:


Period Ending December 31,	Amount
2025	—
2026	—
2027	—
2028	—
2029	330,000
Total	$	330,000

Regulatory Requirements and Restricted Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Regulated Operations [Abstract]
Banking regulation, tangible capital	$ 268,515	$ 156,167
Banking regulation, tangible capital, excess, actual	116,090	75,212
Statutory accounting practices statutory amount available for dividend payments without regulatory approval	$ 72,869	$ 46,785

Medical Expenses Payable - Schedule of Medical Expenses Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Claims incurred but not paid	$ 297,368	$ 168,357	$ 95,664	$ 88,813
Capitation and risk-sharing payable	85,083	52,016
Other	92,118	69,415
Total medical expenses payable	$ 474,569	$ 289,788	$ 205,399

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes


	December 31, 2025				December 31, 2024				December 31, 2023
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Loss before tax at statutory federal rate	$	(201)	21.0	%	$	(26,891)	21.0	%	$	(31,121)	21.0	%
State and local income taxes, net of federal income tax effect	221		(23.0)		1,815		(1.4)		1,133		(0.8)
Enactment of new tax laws	—		—		—		—		—		—
Effect of cross-border tax laws	—		—		—		—		—		—
Tax credits	—		—		—		—		—		—
Change in valuation allowance	517		(53.9)		17,107		(13.4)		23,955		(16.1)
Nondeductible Items
Stock Compensation	(6,271)		653.6		—		—		—		—
Nondeductible executive compensation	6,518		(679.8)		8,703		(6.8)		6,716		(4.5)
Nondeductible entertainment	159		(16.6)		138		(0.2)		48		—
Other	193		(20.3)		43		—		120		(0.1)
Worldwide changes in unrecognized tax benefits	—		—		—		—		—		—
Other
Federal deferred tax adjustments	(1,941)		202.4		844		(0.7)		(947)		0.6
Federal tax return true-up	825		(86.0)		(1,738)		1.4		74		—
Foreign Tax Effects
Total	$	20	(2.6)	%	$	21	(0.1)	%	$	(22)	0.1	%

In each year, California comprised the majority of the state and local income taxes, net of federal effect.

The cash paid for income taxes (net of refunds) during the year was as follows:


	December 31, 2025		December 31, 2024		December 31, 2023
Federal	$	—	$	—	$	—
State and local
California	6		—		190
Colorado	5		7		—
Massachusetts	7		4		—
New Jersey	2		2		—
Other	5		7		15
Total state and local	25		20		205
Total	$	25	$	20	$	205

The components of deferred income taxes as of December 31, 2025 and 2024, were as follows:


	December 31, 2025		December 31, 2024
Deferred tax assets:
Federal and state net operating loss carryforwards	$	178,835	$	169,044
Employee benefits	12,151		8,278
Interest deduction limitation	4,851		11,661
Other	1,930		3,330
R&D credits	839		—
ROU lease liabilities	2,314		2,446
Stock compensation	48,053		48,416
Total deferred tax assets	248,973		243,175
Deferred tax liabilities:
Intangibles	(6,127)		(1,404)
Depreciation	(1,453)		(214)
ROU assets	(1,950)		(2,105)
Other	(80)		(31)
Total deferred tax liabilities	(9,610)		(3,754)
Valuation allowance	(239,363)		(239,421)
Net deferred taxes	$	—	$	—

Valuation allowances are provided when it is considered more likely than not that deferred tax assets will not be realized. The valuation allowances primarily relate to future tax benefits on certain federal and state net operating loss (“NOL”) carryforwards. For the years ended December 31, 2025 and 2024, federal NOL carryforwards were $617,001 and $565,838, respectively. For the years ended December 31, 2025 and 2024, state NOL carryforwards were $531,012 and $543,513, respectively, and $95,332 of the total federal net operating loss carryforwards have an indefinite life while the remaining federal and state net operating loss carryforwards begin to expire in 2033 if not utilized.

Of the total NOL carryforwards, approximately $19,031 of federal and $13,221 of California NOL carryforwards relate to Alignment Health Plan, Inc. for which the utilization of the federal NOL carryforward is subject to a federal Section 382 limitation of $870 per year, and the utilization of the California NOL carryforwards is subject to a similar California annual limitation. In June 2024, California’s Governor signed into law Assembly Bill (“AB”) 167 suspending California NOL utilization for taxpayers with more than $1 million of taxable income, effective for tax years 2024, 2025, and 2026. AB 167 includes an extended carryover period for suspended NOLs that would have been utilized if not for AB 167.

We have cumulative NOLs as of December 31, 2025 and 2024. Given the history of losses, and after consideration for the risk associated with estimates of future taxable income, we established a full valuation allowance against net deferred tax assets at December 31, 2025 and 2024. Under the Tax Cuts and Jobs Act (“TCJA”), federal NOLs generated after 2017 will be carried forward indefinitely but are limited to an 80% deduction of taxable income. NOLs generated prior to 2018 have a 20-year carryforward period and can be used to offset 100% of taxable income. An exception to the TCJA federal NOL rule applies to certain of our subsidiaries and requires all NOLs generated from those entities to have a 20-year carryforward period and offset 100% of taxable income.

Additionally, an “ownership change” as defined under Section 382 of the Internal Revenue Code, could potentially limit the ability to utilize certain tax attributes including the Company’s substantial NOLs. Ownership change is generally defined as any significant change in ownership of more than 50% of its stock over a three-year testing period. If, as a result of current or future transactions involving our common stock, we undergo cumulative ownership changes which exceed 50% over the testing period, our ability to utilize our NOL carryforwards would be subject to additional limitations under IRC Section 382. We continue to monitor changes in ownership with respect to these income tax provisions.

We record uncertain tax positions in accordance with ASC 740, on the basis of a two-step process in which (i) we determine whether it is more likely than not a tax position will be sustained on the basis of the technical merits of such position and (ii) for those tax positions meeting the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50.0% likely to be realized upon ultimate settlement with the related tax authority. The following table summarizes the gross amount of our uncertain tax positions:


	December 31, 2025
Gross unrecognized tax benefits at the beginning of the year	$	—
Increases related to prior year tax positions	$	1,019
Increases from tax positions taken in the current year	$	192
Gross unrecognized tax benefits at the end of the year	$	1,211

Due to the existence of the valuation allowance, future changes in our unrecognized tax benefits will not impact our effective tax rate.

Our policy is to recognize interest and penalties related to income tax matters as a component of income tax expense. As of December 31, 2025, no interest and penalties have been recognized.

The One Big Beautiful Bill Act (“OBBB Act”) was enacted on July 4, 2025 in the United States. The OBBB Act includes several significant provisions, including re-establishing a 100% bonus depreciation deduction, re-establishing rules in calculating business interest expense limitations pursuant to §163(j), and removing the capitalization requirements for domestic research or experimental (“R&E”) expenditures paid or incurred in tax years beginning after December 31, 2024. We have considered applicable tax impacts of the OBBB Act within the 2025 financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss	$ (978)	$ (128,071)	$ (148,173)
Less: Net income (loss) attributable to noncontrolling interests	(254)	(36)	(156)
Net loss attributable to Alignment Healthcare, Inc.	$ (724)	$ (128,035)	$ (148,017)
Denominator:
Total weighted-average common shares outstanding - basic (in shares)	198,017,704	191,150,693	188,420,487
Total weighted-average common shares outstanding - diluted (in shares)	198,017,704	191,150,693	188,420,487
Less: Restricted shares of common stock (in shares)	(11,488)	(357,141)	(2,205,703)
Total weighted-average common shares outstanding - basic (in shares)	198,006,216	190,793,552	186,214,784
Total weighted-average common shares outstanding, net of restricted shares of common stock - diluted (in shares)	198,006,216	190,793,552	186,214,784
Net loss per share:
Net loss per share attributable to Alignment Healthcare, Inc. - basic (in dollars per share)	$ 0.00	$ (0.67)	$ (0.79)
Net loss per share attributable to Alignment Healthcare, Inc. - diluted (in dollars per share)	$ 0.00	$ (0.67)	$ (0.79)

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease assets	$ 6,753	$ 7,818
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total lease assets	Total lease assets
Finance lease assets	$ 266	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total lease assets	Total lease assets
Total lease assets	$ 7,019	$ 7,818
Current
Operating lease liabilities	$ 1,873	$ 1,212
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Finance lease liabilities	$ 85	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Non-current
Operating lease liabilities	$ 6,282	$ 7,835
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, noncurrent	Lease liabilities, noncurrent
Finance lease liabilities	$ 185	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, noncurrent	Lease liabilities, noncurrent
Total lease liabilities	$ 8,425	$ 9,047

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Our leases are primarily for our corporate office, including parking spaces, and healthcare services operating facilities and expire at various intervals up through 2030. The majority of our leases contain renewal options, some of which include options to extend the lease for up to five years per option.

The majority of our leases are comprised of fixed payments. When certain portions of the lease payments are not fixed, we consider those payments to be variable in nature. These variable lease payments include, but are not limited to, common area maintenance, parking, taxes and insurance. These variable payments are not included in the ROU asset or lease liability and are recorded within selling, general and administrative expenses in the consolidated statement of operations and are recorded based upon actual costs in the period incurred.

Certain leases also contain rent escalation clauses that require additional rental amounts in the later years of the term. Rent expense for leases with rent escalation is recognized on a straight-line basis over the minimum lease term. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

At December 31, 2025, $7,019 of operating ROU assets were recorded as right of use assets on the consolidated balance sheets. Lease liabilities of $1,958 and $6,467 were included in accounts payable and accrued expenses and long-term lease liabilities, respectively.

At December 31, 2024, $7,818 of operating ROU assets were recorded as right of use assets on the consolidated balance sheets. Lease liabilities of $1,212 and $7,835 were included in accounts payable and accrued expenses and long-term lease liabilities, respectively.


	Year Ended December 31,
	2025		2024		2023
Fixed operating lease costs	$	2,661	$	2,592	$	2,817
Variable operating lease costs	234		404		431
Total operating leases costs	$	2,895	$	2,996	$	3,248

Fixed and variable operating leases costs are included within selling, general and administrative expenses in the consolidated statement of operations. Short term and finance lease costs were immaterial. For the year-ended December 31, 2025, 2024 and 2023, cash paid for amounts included in the measurement of lease liabilities included within our operating cash flows was $1,504, $1,525 and $3,510, respectively.

Lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company used its incremental borrowing rate based on the information available at the lease commencement date.

The weighted average remaining lease term for operating leases is 3.9 years with a weighted average discount rate 11.6% at December 31, 2025.

The weighted average remaining lease term for operating leases is 4.40 years with a weighted average discount rate 12.0% at December 31, 2024

The weighted average remaining lease term for finance leases is 3.3 years with a weighted average discount rate 4.3% at December 31, 2025.

In the year ended December 31, 2025, $213 and $0 of operating lease and finance lease assets, respectively, were exchanged for lease liabilities related to newly commenced leases.

In the year ended December 31, 2024, $26 and $0 of operating lease and finance lease assets, respectively, were exchanged for lease liabilities related to newly commenced leases

The following table summarizes our lease assets and liabilities as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Lease assets
Operating lease assets	$	6,753	$	7,818
Finance lease assets	266		—
Total lease assets	$	7,019	$	7,818
Lease liabilities
Current
Operating lease liabilities	1,873		1,212
Finance lease liabilities	85		—
Non-current
Operating lease liabilities	6,282		7,835
Finance lease liabilities	185		—
Total lease liabilities	$	8,425	$	9,047

Maturities of lease liabilities under operating leases by fiscal year are as follows:


	As of December 31, 2025
2026	$	2,595
2027	2,445
2028	2,200
2029	2,243
2030 and thereafter	548
Total lease payments	$	10,031
Less: Interest	1,878
Present value of lease liabilities	$	8,153

Maturities of lease liabilities under finance leases by fiscal year are as follows:


	As of December 31, 2025
2026	$	95
2027	95
2028	95
2029	4
2030 and thereafter	—
Total lease payments	$	289
Less: Interest	17
Present value of lease liabilities	$	272

We sublease space not used in our operations. For the years ended December 31, 2025, 2024 and 2023, sublease income was $16, $206, and $565, respectively. For the year ended December 31, 2025, no ROU asset impairment was recorded. We recorded $143 ROU asset impairment for the year ended December 31, 2024, and there was no ROU asset impairment recorded for the year ended December 31, 2023.

Leases


	Year Ended December 31,
	2025		2024		2023
Fixed operating lease costs	$	2,661	$	2,592	$	2,817
Variable operating lease costs	234		404		431
Total operating leases costs	$	2,895	$	2,996	$	3,248

The weighted average remaining lease term for operating leases is 3.9 years with a weighted average discount rate 11.6% at December 31, 2025.

The weighted average remaining lease term for operating leases is 4.40 years with a weighted average discount rate 12.0% at December 31, 2024

The weighted average remaining lease term for finance leases is 3.3 years with a weighted average discount rate 4.3% at December 31, 2025.

In the year ended December 31, 2025, $213 and $0 of operating lease and finance lease assets, respectively, were exchanged for lease liabilities related to newly commenced leases.

In the year ended December 31, 2024, $26 and $0 of operating lease and finance lease assets, respectively, were exchanged for lease liabilities related to newly commenced leases

The following table summarizes our lease assets and liabilities as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Lease assets
Operating lease assets	$	6,753	$	7,818
Finance lease assets	266		—
Total lease assets	$	7,019	$	7,818
Lease liabilities
Current
Operating lease liabilities	1,873		1,212
Finance lease liabilities	85		—
Non-current
Operating lease liabilities	6,282		7,835
Finance lease liabilities	185		—
Total lease liabilities	$	8,425	$	9,047

Maturities of lease liabilities under operating leases by fiscal year are as follows:


	As of December 31, 2025
2026	$	2,595
2027	2,445
2028	2,200
2029	2,243
2030 and thereafter	548
Total lease payments	$	10,031
Less: Interest	1,878
Present value of lease liabilities	$	8,153

Maturities of lease liabilities under finance leases by fiscal year are as follows:


	As of December 31, 2025
2026	$	95
2027	95
2028	95
2029	4
2030 and thereafter	—
Total lease payments	$	289
Less: Interest	17
Present value of lease liabilities	$	272

Leases


	Year Ended December 31,
	2025		2024		2023
Fixed operating lease costs	$	2,661	$	2,592	$	2,817
Variable operating lease costs	234		404		431
Total operating leases costs	$	2,895	$	2,996	$	3,248

The weighted average remaining lease term for operating leases is 3.9 years with a weighted average discount rate 11.6% at December 31, 2025.

The weighted average remaining lease term for operating leases is 4.40 years with a weighted average discount rate 12.0% at December 31, 2024

The weighted average remaining lease term for finance leases is 3.3 years with a weighted average discount rate 4.3% at December 31, 2025.

In the year ended December 31, 2025, $213 and $0 of operating lease and finance lease assets, respectively, were exchanged for lease liabilities related to newly commenced leases.

In the year ended December 31, 2024, $26 and $0 of operating lease and finance lease assets, respectively, were exchanged for lease liabilities related to newly commenced leases

The following table summarizes our lease assets and liabilities as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Lease assets
Operating lease assets	$	6,753	$	7,818
Finance lease assets	266		—
Total lease assets	$	7,019	$	7,818
Lease liabilities
Current
Operating lease liabilities	1,873		1,212
Finance lease liabilities	85		—
Non-current
Operating lease liabilities	6,282		7,835
Finance lease liabilities	185		—
Total lease liabilities	$	8,425	$	9,047

Maturities of lease liabilities under operating leases by fiscal year are as follows:


	As of December 31, 2025
2026	$	2,595
2027	2,445
2028	2,200
2029	2,243
2030 and thereafter	548
Total lease payments	$	10,031
Less: Interest	1,878
Present value of lease liabilities	$	8,153

Maturities of lease liabilities under finance leases by fiscal year are as follows:


	As of December 31, 2025
2026	$	95
2027	95
2028	95
2029	4
2030 and thereafter	—
Total lease payments	$	289
Less: Interest	17
Present value of lease liabilities	$	272

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, our subsidiaries, and three immaterial variable interest entities in which we are the primary beneficiary. All intercompany transactions have been eliminated in consolidation. Noncontrolling interest is presented within the equity section of the consolidated balance sheets. As of December 31, 2025, the Company sold the subsidiary that included the noncontrolling interest. The gain/loss on the sale was immaterial.

We have no components of other comprehensive income (loss), and accordingly, comprehensive income (loss) is the same as the net loss for all periods presented.

Use of Estimates

The preparation of the consolidated financial statements requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements. Our significant estimates include, but are not limited to, the determination of medical expenses payable; the impact of risk adjustment provisions related to our Medicare contracts; collectability of receivables; valuation of related impairment recognition of long-lived assets, including goodwill and intangible assets; equity-based compensation expense; and contingent liabilities. Estimates and judgments are based upon historical information and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ materially from those estimates and the impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.

Segments

We have determined that our chief executive officer is the chief operating decision maker (“CODM”) who regularly reviews financial operating results on a consolidated basis for purposes of allocating resources and evaluating financial performance. We operate and manage the business as one reportable segment and one operating segment, which is to provide healthcare services to our seniors. Factors used in determining the reportable segment include the nature of operating activities, our organizational and reporting structure, and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. All of our assets are located in the United States.

The CODM assesses the Company's performance by using consolidated net loss which is reported on the consolidated statements of operations as net loss. This measure is used predominantly by the CODM in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources for the Company.

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Our current assets and current liabilities approximate fair value because of the short-term nature of these financial instruments. Financial instruments measured at fair value on a recurring basis were based upon a three-tier hierarchy as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities

Level 2 - Other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability

Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date

The fair value of cash, cash equivalents, restricted cash and U.S. Treasury bills was determined based on Level 1 inputs. The fair value of the convertible senior notes and certificate of deposits, which are recorded in long-term debt and other assets in the consolidated balance sheets, respectively, were determined based on Level 2 inputs. There were no assets or liabilities measured at fair value using Level 3 inputs as of December 31, 2025 and December 31, 2024. Our long-term debt was reported at carrying value.

Revenue and Accounts Receivable, Revenue Adjustments and Part D Subsidies

Premium revenue is derived monthly from the federal government based on our contracts with the Centers for Medicare and Medicaid Services (“CMS”). In accordance with these arrangements, we assume the responsibility for the outcomes and the economic risk of funding our members’ health care, supplemental benefits and related administration costs. We recognize premium revenue in the month that members are entitled to receive health care services, and premiums collected in advance are deferred. The monthly reimbursement includes a fixed payment per member per month (“PMPM”), which is adjusted based on certain risk factors derived from medical diagnoses and conditions of our members. The adjustments are estimated by projecting the ultimate annual premium and are recognized ratably during the year, with adjustments each period to reflect changes in the estimated ultimate premium. Premiums are also recorded net of estimated uncollectible amounts and retroactive membership adjustments.

Capitation revenue consists primarily of capitated fees for medical care services provided by us under arrangements with third-party payors.

Under those arrangements with third-party payors, we receive a PMPM payment for a defined member population, and we are responsible for providing health care services to the member population over the contract period. We are solely responsible for the cost of health care services related to the member population and in some cases, we are financially responsible for the supplemental benefits

provided by us to the members. We act as a principal in arranging for and controlling the services provided by our provider network and we are at risk for arranging and providing health care services.

The premium and capitation payments we receive monthly from CMS for our members are determined from our annual bid or similarly from third-party payors under our capitation arrangement. These payments represent revenues for providing health care coverage, including Medicare Part D benefits. Under the Medicare Part D program, our members and the members of the third-party payors receive standard drug benefits. We may also provide enhanced benefits at our own expense. We recognize premium or capitation revenue for providing this insurance coverage in the month that members are entitled to receive health care services and any premium or capitation collected in advance is deferred. Our CMS payment related to Medicare Part D is subject to risk sharing through the Medicare Part D risk corridor provisions.

We also participated in the CMS “ACO Realizing Equity, Access, and Community Health Model” or “ACO REACH” model, formerly the Direct Contracting Model ("DCE"). CMS serves as the claim adjudicator for institutional and specialists care, and directly pays for such fee for service claims. The ACO REACH entity ("ACO") is responsible for the cost of health care services related to the patient population attributed to the ACO by participating in 100% savings/losses via the risk share model and in some cases, are financially responsible for the supplemental benefits provided to the patients. In 2024, we entered into a management services and risk management agreement with a third-party healthcare company. The third-party is responsible for arranging and controlling the health care services provided to the ACO members, and for providing certain management and support services with respect to ACO operations. The third-party also assumes specified upside and downside financial risks relative to the ACO’s performance. As a result of this arrangement, revenue is recorded on a net basis within other revenue on the consolidated statement of operations.

Revenue Adjustments

Payments by CMS to health plans are determined via a competitive bidding process with CMS and are based upon the cost of care in a local market and the average utilization of services by the member enrolled. These payments are subject to periodic adjustments under CMS’ “risk adjustment model,” which compensates health plans based on the health severity and certain demographic factors of each individual member. Members diagnosed with certain conditions are paid at a higher monthly payment than members who are healthier. Under this risk adjustment model, CMS calculates the risk adjustment payment using diagnosis data from hospital inpatient, hospital outpatient, and physician treatment settings. The Company and health care providers collect, capture, and submit the necessary and available diagnosis data to CMS within prescribed deadlines. Both premium and capitation revenues (including Medicare Part D) are subject to adjustments under the risk adjustment model.

Throughout the year, we estimate risk adjustment payments based upon the diagnosis data submitted and expected to be submitted to CMS. Those estimated risk adjustment payments are recorded as an adjustment to premium and capitation revenue. Our risk adjustment data is also subject to review by the government, including audit by regulators.

Our recognized premium revenue for our Medicare Advantage Plans are each subject to a minimum annual medical loss ratio (“MLR”) of 85%. The MLR represents medical costs as a percentage of premium revenue. The Code of Federal Regulations defines what constitutes medical costs and premium revenue, including certain additional expenses related to improving the quality of care provided, and the exclusion of certain taxes and fees, in each case as permitted or required by CMS and applicable regulatory requirements. If the minimum MLR is not met, we are required to remit a portion of the premiums back to the federal government. The amount remitted, if any, is recognized as an adjustment to premium revenues in the consolidated statements of operations. The amounts payable under this provision were immaterial at December 31, 2025 and December 31, 2024.

Medicare Part D payments are also subject to a federal risk corridor program, which limits a health plan’s overall losses or profit if actual spending for basic Medicare Part D benefits is much higher or lower than what was anticipated. Risk corridor adjustments are recorded within premium revenue. The risk corridor provisions compare costs targeted in our bids or third-party payors’ bids to actual prescription drug costs, limited to actual costs that would have been incurred under the standard coverage as defined by CMS. Variances exceeding certain thresholds may result in CMS or third-party payors making additional payments to us or require us to refund a portion of the premiums we received. We estimate and recognize an adjustment to premium revenue related to these provisions based upon pharmacy claims experience. We record a receivable or payable at the contract level and classify the amount as current or long-term in our consolidated balance sheets based on the timing of expected settlement.

Receivables, including risk adjusted premium due from the government or through third-party payors, pharmacy rebates, and other receivables, are shown net of allowances for credit losses and retroactive membership adjustments.

Cash and Cash Equivalents

Cash includes currency on hand with banks and financial institutions. We consider short-term investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Carrying value approximates fair value due to the short-term maturity of the investments.

Investments

Investment securities are classified as held-to-maturity or available-for-sale at the time of purchase. Investment securities classified as held-to-maturity, which management has the positive intent and ability to hold to maturity, are reported at amortized cost. Investments with maturities of less than one year are classified as short-term.

Restricted and Other Long-Term Assets

Restricted assets are composed of restricted cash and investments in US Treasury bills and certificate of deposits. The Company intends to hold its investments until maturity; therefore, these investments are stated at amortized cost. Premiums and discounts, if any, are amortized or accreted as interest expense or income over the life of the related asset using the effective interest method. As of December 31, 2025 and 2024, all investments had maturities with less than 12 months.

Restricted assets are required to be maintained at a financial institution within certain states. Due to the nature of the state’s requirements, these assets are classified as noncurrent assets regardless of the contractual maturity date.

Property and Equipment—Net

Property and equipment are carried at cost, net of accumulated depreciation. Expenditures for repairs and maintenance that do not improve or extend the life of the assets are expensed when incurred. Costs and the related accumulated depreciation are removed when property and equipment are sold or otherwise disposed of, and any resulting gains or losses are reflected in the consolidated statement of operations.

Software development activities typically consist of three phases: (1) planning, (2) application and infrastructure development, and (3) post implementation. Costs incurred in the planning and post implementation phases, including post-configuration training and repairs and maintenance, are expensed as incurred. Costs incurred in the application and infrastructure development phases, including significant enhancements and upgrades, are capitalized once the planning phase is completed and management authorizes the project to commence. Those costs include, but are not limited to, salaries and benefit expenses for employees who are directly associated with the development projects and outside contractor expenses. Software development costs that do not qualify for capitalization are expensed as incurred.

Depreciation expense is computed using the straight-line method generally based on the following estimated useful lives:


Description			Estimated Service Lives (years)
Computer and equipment			5
Office equipment and furniture			5-7
Software			3-5
Leasehold improvements			15 (or lease term, if shorter)

Depreciation expense related to property and equipment used to service our members or at our clinics are included within medical expenses in the consolidated statements of operations.

Leases

We determine if an arrangement is a lease at inception and evaluate each lease arrangement to determine whether the lease is an operating or financing lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. ROU assets include upfront payments, if any, and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

We utilize our incremental borrowing rate to determine the present value of the lease payments if an interest rate is not implicit in the lease. Expenses for our operating and finance leases are recognized on a straight-line basis over the lease term and are recorded as selling, general and administrative expenses for operating leases and as depreciation expense and interest expense for finance leases.

Goodwill and Intangible Assets

Intangible assets are classified into three categories: (1) goodwill, (2) indefinite-lived intangible assets, and (3) definite-lived intangible assets.

Goodwill and indefinite-lived intangible assets are not amortized. For definite-lived intangible assets, we determine the useful lives of intangible assets after considering each asset’s specific facts and circumstances. Intangible assets that are determined to have definite lives are amortized on a straight-line basis over their useful lives.

Impairment

Goodwill and indefinite-lived assets are tested for impairment on an annual basis and more frequently if indicators of impairment are present. Impairment tests are performed, at a minimum, in the fourth quarter of each year supported by our long-range business plan and annual planning process.

When testing goodwill for impairment, we first perform a qualitative assessment. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds the estimated fair value, then a quantitative assessment is performed. We may elect to bypass the qualitative assessment and proceed directly to the quantitative assessment.

If the quantitative test is needed, we determine an appropriate valuation technique to estimate the fair value of the reporting unit as of the testing date. We utilize the income approach and the market approach to assess the most appropriate fair value for the reporting unit. Changes in economic and operating conditions impacting assumptions used in our analyses could result in goodwill impairment in future periods.

When testing indefinite-lived intangible assets other than goodwill for impairment, we first perform a qualitative analysis to determine whether it is more likely than not that an asset has been impaired. If it is more likely than not that an asset has been impaired, an impairment is evaluated by comparing the estimated fair value of the asset to its carrying value. An impairment charge is recognized if the asset’s estimated fair value is less than its carrying value.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment and other finite-lived intangible assets. These assets are depreciated or amortized over their estimated useful life and are subject to impairment reviews. We periodically review long-lived assets whenever adverse events or changes in circumstances indicate the carrying value of the asset may not be recoverable.

We review these assets for impairment by comparing the sum of the expected future cash flows (undiscounted and without interest charges) to the carry value. If the sum of the estimated undiscounted future cash flows is less than the carrying value, an impairment determination is required. The amount of impairment is calculated by subtracting the fair value of the asset from the carrying value. An impairment charge, if any, is recognized within earnings from operations.

Medical Expenses and Medical Expenses Payable

Medical expenses include claim payments, capitation payments, pharmacy costs net of rebates, allocations of certain centralized expenses, internal care delivery expenses and various other costs incurred to provide health insurance coverage and care to members, as well as estimates of future payments to hospitals and others for medical care and other supplemental benefits provided.

We have contracts with a network of hospitals, physicians, and other providers and compensate those providers and ancillary organizations based on contractual arrangements or CMS Medicare compensation guidelines. We pay these contracting providers either through fee-for-service arrangement in which the provider is paid negotiated rates for specific services provided or a capitation payment, which represent monthly contractual fees disbursed for each member regardless of medical services provided to the member. We are responsible for the entirety of the cost of health care services related to the member population, in addition to supplemental benefits provided by us to our seniors.

Capitation-related expenses are recorded on an accrual basis during the coverage period. Expenses related to fee-for-service contracts are recorded in the period in which the related services are dispensed.

Pharmacy costs represent payments for members’ prescription drug benefits, net of rebates from drug manufacturers. Receivables for such pharmacy rebates are included in accounts receivable in the consolidated balance sheet.

In August 2022, the Inflation Reduction Act ("IRA") was signed into law. The law intends to increase tax revenue and reduce Medicare costs through lower prescription drug prices, inflation rebates, and increased financial responsibility for certain drug manufacturers. The provisions of the law are set to take effect over the next seven years. For the year ended December 31, 2025, we experienced an increase in both Part D premium revenues and medical expenses as a result of the IRA. Our 2025 bid pricing and budget reflect the expected impact the IRA will have on our business for fiscal year 2025. The impact of the IRA was immaterial for the year ended December 31, 2024.

Medical Expenses Payable

Medical expenses payable includes estimates of our obligations for medical care services that have been rendered on behalf of our members and the members of the third-party payors, but for which claims have either not yet been received or processed, loss adjustment expense reserve for the expected costs of settling these claims, and for liabilities related to physician, hospital, and other medical cost disputes.

We develop estimates for medical expenses incurred but not yet paid (“IBNP”), which includes an estimate for claims incurred but not reported (“IBNR”) and a payable for adjudicated claims. IBNR is estimated using an actuarial process that is consistently applied and

centrally controlled. Medical expenses payable also includes an estimate for the costs necessary to process unpaid claims at the end of each period. We estimate the IBNR liability using actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. These actuarial methods consider factors, such as cost trends and completion factors that are assessed based on historical data for payment patterns, product mix, seasonality, utilization of health care services, and other relevant factors. Each period, we re-examine previously established IBNR estimates based on actual claim submissions and other changes in facts and circumstances. As the IBNR estimates recorded in prior periods develop, we adjust the amount of the estimates and include the changes in estimates in medical expenses in the period in which the change is identified.

Actuarial Standards of Practice generally require that the IBNP estimates be adequate to cover obligations under moderately adverse conditions. Moderately adverse conditions are situations in which the actual claims are expected to be higher than the otherwise estimated value of such claims at the time of estimate. In many situations, the claims amount ultimately settled will be different than the estimate that satisfies the Actuarial Standards of Practice. We include in our IBNP an estimate for medical claims liability under moderately adverse conditions, which represents the risk of adverse deviation of the estimates in our actuarial method of reserving. We believe that medical expenses payable is adequate to cover future claims payments required. However, such estimates are based on knowledge of current events and anticipated future events. Therefore, the actual liability could differ materially from the amounts provided.

We reassess the profitability of contracts for providing coverage to members when current operating results or forecasts indicate probable future losses. A premium deficiency reserve is established in current operations to the extent that the sum of expected future costs, claim adjustment expenses, and maintenance costs exceed related future premiums under contract and investment income. For purposes of determining premium deficiencies, contracts are grouped in a manner consistent with the method of acquiring, servicing, and measuring the profitability of such contracts. Losses recognized as a premium deficiency result in a beneficial effect in subsequent periods as operating losses under these contracts are charged to the liability previously established.

Shared Risk Reserve Arrangements

We established a fund (also referred to as “a pool”) for risk and profit-sharing with various independent physician associations (“IPAs”). The pool enables us and our IPAs to share in the financial responsibility and/or upside associated with providing covered medical expenses to our members. The risk pool is based on a contractually agreed upon medical budget, typically based upon a percentage of revenue. If actual medical expenses are less than the budgeted amount, this results in a surplus. Conversely, if actual medical expenses are greater than the budgeted amount, this results in a deficit. We will distribute the surplus, or a portion thereof, to each IPA based upon contractual terms. Deficits are charged to shared risk providers’ risk pool as per the contractual term and evaluated for collectability at each reporting period.

We record risk-sharing receivables and payables on a gross basis on the consolidated balance sheets. Throughout the year, we evaluate expected losses on risk-sharing receivables and record the resulting expected losses to the reserve. We systematically build and release reserves based on adequacy and its assessment of expected losses on a monthly basis. Credit loss associated with risk share deficit

receivables are recorded within medical expense in the consolidated statements of operations. As of December 31, 2025 and December 31, 2024, we recorded an allowance for credit losses for substantially all of the risk-sharing receivable balance due to collection risk related to the balance. The risk-sharing payable is included within medical expenses payable on the consolidated balance sheets.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash deposits and current and restricted investments with financial institutions. Accounts at each financial institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to certain limits.

Income Taxes

We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases used for financial reporting and income tax reporting purposes based on the enacted tax rates and laws that will be in effect at the time such temporary differences are expected to reverse.

The recognition of deferred tax assets requires an assessment to determine the realization of such assets. Realization refers to the incremental benefits achieved through the reductions in future taxes payable or refunds receivable from the deferred tax assets, assuming that the underlying deductible differences and carryforwards are the last items to enter into the determination of future taxable income. We establish a valuation allowance for tax assets when it is more likely than not that they will not be realized, based on all available positive and negative evidence.

We account for uncertainty in income taxes using a “more-likely-than-not” recognition threshold. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments, and which may not accurately reflect actual outcomes. Interest and penalties related to uncertain tax benefits are recognized as a component of interest expense and income tax expense, respectively, in the consolidated statement of operations.

Member Acquisition Costs

Member acquisition costs primarily relate to internal and external broker commission costs. These member acquisition costs related to our health services contract with our members are expensed as incurred and are recorded as selling, general and administrative expenses. The short-term health services contract typically have a one-year term and may be canceled by the member.

Advertising Expenses

The Company expenses the costs of advertising as incurred. Advertising expenses were $8,037, $5,756, and $6,956, for the years ended December 31, 2025, 2024, and 2023, respectively, and were reported as selling, general and administrative expenses.

Equity-Based Compensation

Equity-based compensation expense is measured and recognized based on the grant date fair value of the awards. The grant date fair value of stock options is estimated using the Black-Scholes option pricing model. The grant date fair value of restricted stock units (“RSUs”), performance stock units ("PSUs") and restricted stock awards (“RSAs”) is estimated based on the fair value of our underlying common stock on the date of grant.

The Black-Scholes option pricing model requires the use of highly subjective assumptions, including the award’s expected term, the fair value of the underlying common stock, the expected volatility of the price of the common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock-based awards are management’s best estimates and involve inherent uncertainties and the application of judgment. The expected term represents the period the stock-based awards are expected to be outstanding. As we do not have sufficient historical experience for determining the expected term of the stock option awards granted, we utilize the simplified method available under GAAP. As we do not have a substantial trading history, volatility assumptions were developed using a combination of the Company's historical volatility and the historical volatilities of a set of peer companies, adjusted for debt-equity leverage. Equity-based compensation expense for awards with service-based vesting only is recognized on a graded vesting schedule over the requisite service period of the awards, which is generally three or four years.

Equity-based compensation expense for PSU awards with performance-based vesting is recognized over the requisite service period on a graded vesting schedule and is only recognized when the Company concludes that it is probable that the performance condition(s) will be achieved. At each reporting period, the Company reassesses the probability of achieving the performance criteria. Determining whether the performance criteria will be achieved involves judgment, and the estimate of share-based compensation expense may be revised periodically based on changes in the probability of achieving the performance criteria. Revisions are reflected in the period in which the estimate is changed. We account for forfeitures as they occur.

Equity-based compensation is recorded within selling, general and administrative expenses, and medical expenses based on the function of the applicable employee and non-employee.

Net Loss per Share

Net income or loss per share is calculated based on net income or loss attributable to Alignment Healthcare, Inc.'s stockholders. Potentially dilutive common stock equivalents for the Company include stock options, unvested RSUs, unvested PSUs, and convertible senior notes.

Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Issued

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which requires public entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For public entities, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and

continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company adopted the requirements of this ASU for the year ended December 31, 2025, and provided the revised disclosures for all previous periods presented within our income taxes disclosure in Note 9 Income Taxes. The adoption only impacted our disclosures with no impact to our results of operations, cash flows or financial condition.

Recent Accounting Pronouncements Issued

In September 2025, the FASB issued ASU 2025-06 "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software", which removes the multi-stage model when determining internal-use software development cost capitalization. Under the new ASU, such software costs are capitalized when management has authorized and committed to funding the software project, and if it is probable that the project will be completed and the software will be used to perform the function intended. If a project is still subject to major uncertainty, capitalization is prohibited. ASU 2025-06 is effective for

annual periods beginning after December 15, 2027 (and interim reporting periods within those annual reporting periods). The Company is currently evaluating the impact of this ASU on its financial statements.

In November 2024, the FASB issued ASU 2024-04 “Debt with Conversion and Other Options”, which improves and clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods). The Company does not expect the adoption of this guidance to have a material impact on its financial statements.

In November 2024, the FASB issued ASU 2024-03 “Disaggregation of Income Statement Expenses”, which improves income statement presentation and disclosures related to expenses. It requires a public entity to disaggregate key expense categories such as employee compensation, depreciation and intangible asset amortization within its financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within the Company's fiscal year 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its disclosures of income statement expenses.

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Plant and Equipment [Line Items]
Depreciation expense	$ 29,848	$ 26,360	$ 21,442
Medical expenses
Property Plant and Equipment [Line Items]
Depreciation expense	$ 78	$ 190	$ 254

Equity-Based Compensation - Schedule of Stock Option Activity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shares Subject to Options Outstanding
Options outstanding, beginning balance (in shares)	8,762,481	9,135,879	10,603,493
Grants (in shares)	0	0	0
Options exercised (in shares)	(1,097,827)	(17,662)	0
Options forfeited / expired (in shares)	(256,442)	(355,736)	(1,467,614)
Options outstanding, ending balance (in shares)	7,408,212	8,762,481	9,135,879
Options outstanding, vested and exercisable (in shares)	6,997,173
Weighted- Average Exercise Price per Option
Options outstanding, beginning balance (in dollars per share)	$ 16.97	$ 16.95	$ 16.90
Options granted (in dollars per share)	0	0	0
Options exercised (in dollars per share)	16.46	9.06	0
Options forfeited / expired (in dollars per share)	16.84	16.82	16.60
Options outstanding, ending balance (in dollars per share)	17.05	$ 16.97	$ 16.95
Options outstanding, vested and exercisable (in dollars per share)	$ 17.27
Weighted- Average Remaining Contractual Terms (in years)
Options outstanding	5 years 3 months 10 days	6 years 3 months 14 days	7 years 3 months 14 days
Options vested and exercisable	5 years 3 months 3 days
Aggregate Intrinsic Value
Options value	$ 20,001	$ 2,250	$ 79
Options vested and exercisable	$ 17,421

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits at the beginning of the year	$ 0
Increases related to prior year tax positions	1,019
Increases from tax positions taken in the current year	192
Gross unrecognized tax benefits at the end of the year	$ 1,211

Equity-Based Compensation - Schedule of Equity-based Compensation Expense on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	$ 62,082	$ 71,132	$ 66,835
Selling, general and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	55,948	66,202	59,294
Medical expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	$ 6,134	$ 4,930	$ 7,541

Long-Term Debt - Schedule of Future Maturities Under the Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2025	$ 0
2026	0
2027	0
2028	0
2029	330,000
Total	$ 330,000	$ 330,000

Summary of Significant Accounting Policies - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 3,948,719	$ 2,703,561	$ 1,823,630
Expenses:
Medical expenses	3,460,156	2,406,870	1,622,600
Selling, general, and administrative expenses	443,407	371,374	307,433
Interest expense	15,799	23,547	21,231
Net loss	(978)	(128,071)	(148,173)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	3,948,719	2,703,561	1,823,630
Expenses:
Medical expenses	3,453,944	2,401,750	1,614,805
Selling, general, and administrative expenses	387,459	305,172	248,139
Other segment expenses	92,495	101,163	87,628
Interest expense	15,799	23,547	21,231
Net loss	$ (978)	$ (128,071)	$ (148,173)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 37: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 38: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Equity-Based Compensation - Additional Information (Details)									12 Months Ended
	Mar. 01, 2028	Mar. 01, 2027	Feb. 24, 2026 tranche	Dec. 22, 2025 shares	Mar. 13, 2025	Mar. 13, 2024	Sep. 14, 2023	Mar. 25, 2021 shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2027	Dec. 31, 2026
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Aggregate intrinsic value, options exercised									$ 3,616,000	$ 39,000	$ 0
Options granted, fair value									$ 0	0	0
Stock Options
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Award vesting period									4 years
Award expiration period									10 years
Stock Options \| First Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Stock Options \| Second Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Stock Options \| Third Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Stock Options \| Share-Based Payment Arrangement, Tranche Four
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Restricted Stock Awards
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Award vesting period									4 years
Restricted Stock Awards \| First Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Restricted Stock Awards \| Second Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Restricted Stock Awards \| Third Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Restricted Stock Awards \| Share-Based Payment Arrangement, Tranche Four
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Pre-IPO Awards Converted RSAs \| First Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									50.00%
Pre-IPO Awards Converted RSAs \| Second Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									50.00%
RSUs
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									25.00%
Award vesting period									4 years
RSUs \| First Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)									33.00%
Award vesting period									3 years
Performance-based Restricted Stock Units
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Health plan revenue growth percentage									60.00%
Performance target, returning member medical benefit ratio									0.20
Performance target, adjusted earnings before interest, less capital expenditures									20.00%
Performance-based Restricted Stock Units \| Subsequent Event
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Number of consecutive trading days			30 days
Number of tranches \| tranche			3
Performance-based Restricted Stock Units \| Scenario Forecast
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)	100.00%	100.00%
Health plan revenue growth percentage												50.00%	50.00%
Adjusted EBITDA weighting percent												50.00%	50.00%
Performance-based Restricted Stock Units \| First Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)							50.00%
Performance-based Restricted Stock Units \| Second Stock Price Hurdle
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)							50.00%
Non-vested awards RSAs, options and RSUs
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Share based compensation expense, unrecognized									$ 46,535,000	$ 61,809,000	$ 98,004,000
Weighted average contractual term									1 year 6 months 3 days	1 year 6 months 18 days	1 year 10 months 17 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Number of shares available for issuance, annual percentage increase								4.00%
Number of share available for grant, annual percentage increase, term								10 years
Additional shares of common stock (in shares) \| shares				27,915,561
Maximum \| Performance-based Restricted Stock Units
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)					200.00%	200.00%	150.00%
Maximum \| 2021 Equity Incentive Plan
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Number of shares available for issuance (in shares) \| shares								20,744,444
Minimum \| Performance-based Restricted Stock Units
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Annual award vesting rights (as a percent)					0.00%	0.00%	0.00%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Costa Mesa, California
Auditor Firm ID	34

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Government receivables	$	52,411	$	26,338
Pharmacy rebate receivables	179,196		111,813
Other receivables	22,433		15,753
Total accounts receivable	254,040		153,904
Allowance for credit losses	(833)		—
Accounts receivable, net	$	253,207	$	153,904

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

The following tables present the carrying value and fair value of these financial instruments as of December 31, 2025 and 2024:


	December 31, 2025
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3
US Treasury bills	$	29,456	$	29,465	$	—	$	—
Certificate of deposits	2,345		—		2,345		—
Total	$	31,801	$	29,465	$	2,345	$	—


	December 31, 2024
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3
U.S. Treasury bills	$	71,120	$	71,135	$	—	$	—
Certificate of deposits	2,321		—		2,321		—
Total	$	73,441	$	71,135	$	2,321	$	—

The Company estimates the fair value of its convertible senior notes based on valuations provided by third-party pricing services. Fair value of the long-term debt as of December 31, 2025 was approximately $514,164. The Company's fair value of long-term debt disclosure is classified within Level 2 of the valuation hierarchy. As of December 31, 2024, the fair value of our long-term debt approximated the carrying value.

The carrying value of long-term debt represents the outstanding balance, net of unamortized debt issuance costs, which was $323,176 and $321,428 as of December 31, 2025 and 2024, respectively

Our nonfinancial assets and liabilities, which include goodwill, intangible assets, property, and equipment, are not required to be measured at fair value on a recurring basis. However, on a periodic basis, or whenever events or changes in circumstances indicate that their carrying value may not be recoverable, we assess these assets for impairment. We recorded an impairment charge related to goodwill as of December 31, 2025 and December 31, 2024. No such impairment resulted during the year ended December 31, 2023. Please refer to Note 6 Goodwill and Intangible Assets.

U.S. Treasury Securities Investments

As of December 31, 2025 and 2024, the Company had $28,413 and $37,791 of investments in U.S. Treasury bills which were classified as held to maturity and carried at amortized cost. These investments are included in short-term investments in the consolidated balance sheets as the original maturities are greater than three months and less than twelve months. The Company has the intent and ability to hold these securities to maturity and gross unrecognized gains and losses were immaterial.

As of December 31, 2024 the Company had $32,296 of investments in U.S. Treasury bills with an original maturity of less than three months. These investments are considered cash equivalents and are included in cash and cash equivalents in the consolidated balance sheets.

Restricted Investments

Restricted investments are composed of investments in U.S. Treasury bills and certificates of deposits and are included within other assets in the consolidated balance sheets. As of December 31, 2025 and December 31, 2024, the Company had $1,043 and $1,033 of restricted investments in U.S. Treasury bills and $2,345 and $2,321 of restricted investments in certificates of deposits, respectively. The Company has the intent and ability to hold these investments until maturity; therefore, these investments are stated at amortized cost. Restricted investments are required to be maintained at a financial institution within certain states. As of December 31, 2025 and December 31, 2024, these investments had maturities with less than 12 months. Due to the nature of the state's requirements, these assets are classified as noncurrent assets regardless of the contractual maturity date.

Money Market Funds

As of December 31, 2025 the Company had $216,155 in money market funds, which are recorded at fair value and included in cash and cash equivalents in the consolidated balance sheet.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases - Schedule of Maturities of Lease Liabilities under Finance Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 95
2027	95
2028	95
2029	4
2030 and thereafter	0
Total lease payments	289
Less: Interest	17
Present value of lease liabilities	$ 272

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans All full-time employees are eligible to participate in a 401(k) plan that we sponsor upon completing 90 days of services. Eligible employees are permitted to contribute up to the maximum amount allowed by law. We match 100% of contributions not exceeding 4% of the employee's compensation. We made matching contributions of $4,157, $3,798, and $3,471 during 2025, 2024, and 2023, respectively, and were included within medical expenses and selling, general, and administrative expenses in the consolidated statement of operations.

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) entity segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies Table [Line Items]
Number of consolidated variable interest entities \| entity	3
Number of reporting segments \| segment	1
Number of operating segments \| segment	1
Assets, fair value disclosure	$ 31,801,000	$ 73,441,000
Revenues	3,948,719,000	2,703,561,000	$ 1,823,630,000
Interest income earned	29,111,000	23,986,000	19,586,000
Advertising costs	$ 8,037,000	5,756,000	$ 6,956,000
Minimum
Accounting Policies Table [Line Items]
Loss ratio	85.00%
Award requisite service period	3 years
Maximum
Accounting Policies Table [Line Items]
Award requisite service period	4 years
Realizing Equity, Access, and Community Health (REACH) Model
Accounting Policies Table [Line Items]
Revenues	$ 1,244,000	984,000
Level 3
Accounting Policies Table [Line Items]
Assets, fair value disclosure	0	0
Liabilities, fair value disclosure	$ 0	$ 0

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 634,000	$ 702,000	$ 226,000
Impairment charges	634,000	$ 645,000	$ 0
Derecognized goodwill related to sale of subsidiary	$ 2,132,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Outstanding, Net of Unamortized Debt Issuance Costs


	December 31, 2025		December 31, 2024
Long-term debt	$	330,000	$	330,000
Less unamortized debt issuance costs	(6,824)		(8,572)
Long-term debt-net of amortization	323,176		321,428
Less current portion of long-term debt	—		—
Long-term debt - net of current portion	$	323,176	$	321,428

Schedule of Future Maturities Under the Term Loan

Future maturities under the term loan as of December 31, 2025 are as follows:


Period Ending December 31,	Amount
2025	—
2026	—
2027	—
2028	—
2029	330,000
Total	$	330,000

Medical Expenses Payable

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Medical Expenses Payable

The following table is a detail of medical expenses payable as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Claims incurred but not paid	$	297,368	$	168,357
Capitation and risk-sharing payable	85,083		52,016
Other	92,118		69,415
Medical expenses payable	$	474,569	$	289,788

Each period, we re-examine previously established outstanding claims reserve estimates based on actual claims submissions and other changes in facts and circumstances. As more complete claim information becomes available, we adjust the amount of the estimates and include the changes in estimates in claim costs in the period in which the change is identified. Substantially, all of the total claims paid by us are known and settled within the first year from the date of service, and substantially, all remaining claim amounts are paid within a three-year period.

The following table presents components of the change in medical expenses payable as of December 31, 2025, 2024, and 2023 :


	December 31, 2025		December 31, 2024		December 31, 2023
Claims incurred but not paid - beginning balance	$	168,357	$	95,664	$	88,813
Incurred related to:
Current year	1,136,448		832,819		492,315
Prior years	(25,389)		(9,245)		(14,555)
Total incurred, net of reinsurance	1,111,059		823,574		477,760
Payments related to:
Current year	848,206		670,471		400,465
Prior years	133,842		80,410		70,444
Total payments, net of reinsurance	982,048		750,881		470,909
Claims incurred but not paid - ending balance	297,368		168,357		95,664
Capitation payable, risk-sharing payable, and other	177,201		121,431		109,735
Total medical expenses payable	$	474,569	$	289,788	$	205,399

We re-examine previously established outstanding claims reserve estimates based on actual claims submissions and other changes in facts and circumstances. We recognized a favorable prior year development, excluding provision for adverse deviation, of $20,243, $7,052, and $10,996 for the years ended December 31, 2025, 2024, and 2023, respectively. The favorable prior year development incurred in 2025, 2024 and 2023 was primarily due to better-than-expected claims recoveries and actual claims expense being less than expected.

The following tables provide information about incurred and paid claims development as of December 31, 2025:


	Cumulative Incurred Claims, Net of Reinsurance For the Years Ended December 31,
	2023		2024	2025
Claims Incurred Year	(in thousands)
2023	$	492,315	482,279	480,412
2024			832,819	809,297
2025				1,136,448
Total				$	2,426,157


	Cumulative Claims Paid, Net of Reinsurance For the Years Ended December 31,					Cumulative Number of Paid Claims(1)
	2023		2024	2025
Claims Incurred Year	(in thousands)
2023	$	400,465	479,148	478,999		540,426
2024			670,471	804,462		1,036,274
2025				848,206		1,268,147
Total				$	2,131,667

(1) Cumulative number of paid claims are presented in whole amounts

Substantially all of the claims incurred but not paid as of December 31, 2025 relate to the current year.

There is no single or common claim frequency metric used in the health care industry. We believe a relevant metric for our health insurance business is the cumulative number of claims paid for each incurred year. Claims that did not result in a liability are not included in the frequency metric.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Loss before tax at statutory federal rate	$ (201)	$ (26,891)	$ (31,121)
State and local income taxes, net of federal income tax effect	221	1,815	1,133
Enactment of new tax laws	0	0	0
Effect of cross-border tax laws	0	0	0
Tax credits	0	0	0
Change in valuation allowance	517	17,107	23,955
Stock Compensation	(6,271)	0	0
Nondeductible executive compensation	6,518	8,703	6,716
Nondeductible entertainment	159	138	48
Other	193	43	120
Worldwide changes in unrecognized tax benefits	0	0	0
Federal deferred tax adjustments	(1,941)	844	(947)
Federal tax return true-up	825	(1,738)	74
Total	$ 20	$ 21	$ (22)
Percentage
Loss before tax at statutory federal rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	(23.00%)	(1.40%)	(0.80%)
Enactment of new tax laws	0.00%	0.00%	0.00%
Effect of cross-border tax laws	0.00%	0.00%	0.00%
Tax credits	0.00%	0.00%	0.00%
Change in valuation allowance	(53.90%)	(13.40%)	(16.10%)
Stock Compensation	653.60%	0.00%	0.00%
Nondeductible executive compensation	(679.80%)	(6.80%)	(4.50%)
Nondeductible entertainment	(16.60%)	(0.20%)	0.00%
Other	(20.30%)	0.00%	(0.10%)
Worldwide changes in unrecognized tax benefits	0.00%	0.00%	0.00%
Federal deferred tax adjustments	202.40%	(0.70%)	0.60%
Federal tax return true-up	(86.00%)	1.40%	0.00%
Total	(2.60%)	(0.10%)	0.10%

Fair Value - Schedule of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury bills	$ 29,456,000	$ 71,120,000
Certificate of deposits	2,345,000	2,321,000
Total	31,801,000	73,441,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury bills	29,465,000	71,135,000
Certificate of deposits	0	0
Total	29,465,000	71,135,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury bills	0	0
Certificate of deposits	2,345,000	2,321,000
Total	2,345,000	2,321,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury bills	0	0
Certificate of deposits	0	0
Total	$ 0	$ 0

Leases - Additional Information (Details) - USD ($)	12 Months Ended
Leases - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Lessee, option to extend	five years
Right of use asset, net	$ 7,019,000	$ 7,818,000
Lease liabilities, current	1,958,000	1,212,000
Lease liabilities, noncurrent	6,467,000	7,835,000
Lease liabilities	$ 1,504,000	$ 1,525,000	$ 3,510,000
Operating lease, weighted average remaining lease term (in years)	3 years 10 months 24 days
Operating lease, weighted average discount rate (as a percent)	11.60%
Finance lease, weighted average remaining lease term (in years)	3 years 3 months 18 days	4 years 4 months 24 days
Finance lease, weighted average discount rate (as a percent)	4.30%	12.00%
Right-of-use asset obtained in exchange for operating lease liability	$ 213,000	$ 26,000
Right-of-use asset obtained in exchange for finance lease liability	0	0
Sublease income	16,000	206,000	565,000
ROU asset impairment	$ 0	$ 143,000	$ 0

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 833	$ 0
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	204,153,619	191,778,639
Common stock, shares outstanding (in shares)	204,153,619	191,778,639

Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Operations Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 3,948,719	$ 2,703,561	$ 1,823,630
Expenses:
Selling, general, and administrative expenses	443,407	371,374	307,433
Total expenses	3,933,967	2,805,116	1,951,447
Income (loss) from operations	14,752	(101,555)	(127,817)
Other expenses:
Interest expense	15,799	23,547	21,231
Total other expenses	(15,710)	(26,495)	(20,378)
Loss before income taxes	(958)	(128,050)	(148,195)
Provision for income tax expense (benefit)	20	21	(22)
Net loss	(978)	(128,071)	(148,173)
Less: Net loss attributable to noncontrolling interest	(254)	(36)	(156)
Net loss attributable to Alignment Healthcare, Inc.	(724)	(128,035)	(148,017)
Parent Company
Revenues:
Total revenues	0	0	0
Expenses:
Selling, general, and administrative expenses	530	443	488
Total expenses	530	443	488
Income (loss) from operations	(530)	(443)	(488)
Other expenses:
Interest expense	15,786	1,700	0
Total other expenses	(15,786)	(1,700)	0
Loss before income taxes	(16,316)	(2,143)	(488)
Provision for income tax expense (benefit)	16	0	0
Net loss of Parent Company	(16,332)	(2,143)	(488)
Subsidiary's Net income (loss)	15,354	(125,928)	(147,685)
Net loss	(978)	(128,071)	(148,173)
Less: Net loss attributable to noncontrolling interest	(254)	(36)	(156)
Net loss attributable to Alignment Healthcare, Inc.	$ (724)	$ (128,035)	$ (148,017)

Income Taxes - Schedule of Cash Paid for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0	$ 0	$ 0
State and local	25	20	205
Total	25	20	205
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	6	0	190
Colorado
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	5	7	0
Massachusetts
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	7	4	0
New Jersey
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	2	2	0
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	$ 5	$ 7	$ 15

Commitments and Contingencies (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Aug. 15, 2023	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Settlement amount	$ 913
Accrued for a potential liability			$ 913
Settlement fees		$ 950
Purchase obligations - 2026			14,253
Purchase obligations - 2027			13,585
Purchase obligations - 2028			12,975
Purchase obligations - 2029			6,075
Purchase obligations - 2030			1,478
Aggregate expense			2,000
Legal fees paid			$ 429	$ 272	$ 518
Stop Loss Agreement
Loss Contingencies [Line Items]
Claim amount liable to pay (as a percent)			100.00%

Summary of Significant Accounting Policies - Schedule of Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive securities excluded from computation of earnings per share (in shares)	44,171,267	55,902,996	26,910,709
Stock options
Antidilutive securities excluded from computation of earnings per share (in shares)	7,408,212	8,762,481	9,135,879
Restricted stock units
Antidilutive securities excluded from computation of earnings per share (in shares)	11,042,096	21,419,556	17,774,830
Convertible senior notes
Antidilutive securities excluded from computation of earnings per share (in shares)	25,720,959	25,720,959	0

Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details)	Dec. 31, 2025
Computers and equipment
Property Plant and Equipment [Line Items]
Estimated Service Lives (years)	5 years
Office equipment and furniture \| Minimum
Property Plant and Equipment [Line Items]
Estimated Service Lives (years)	5 years
Office equipment and furniture \| Maximum
Property Plant and Equipment [Line Items]
Estimated Service Lives (years)	7 years
Software \| Minimum
Property Plant and Equipment [Line Items]
Estimated Service Lives (years)	3 years
Software \| Maximum
Property Plant and Equipment [Line Items]
Estimated Service Lives (years)	5 years
Leasehold improvements
Property Plant and Equipment [Line Items]
Estimated Service Lives (years)	15 years

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Gross	$ 32,060	$ 34,826
Goodwill, Net	32,060	34,826
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	(3,333)	(3,333)
Intangible Assets, Net (Including Goodwill) [Abstract]
Total	39,943	42,709
Accumulated Amortization	(3,333)	(3,333)
Goodwill	36,610	39,376
Plan member relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,700	2,700
Accumulated Amortization	(2,700)	(2,700)
Net Carrying Value	$ 0	$ 0
Weighted Average Life	9 years	9 years
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (2,700)	$ (2,700)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	633	633
Accumulated Amortization	(633)	(633)
Net Carrying Value	0	0
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated Amortization	$ (633)	$ (633)
Minimum \| Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	2 years	2 years
Maximum \| Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	10 years	10 years
License (indefinite lived)
Indefinite Lived Intangible Assets By Major Class [Line Items]
License (indefinite lived)	$ 4,550	$ 4,550

Condensed Financial Information (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets Information


	December 31, 2025		December 31, 2024
Assets
Investment in subsidiary	$	520,283	$	425,033
Total assets	$	520,283	$	425,033
Liabilities and Stockholders' Equity
Due to subsidiary	16,061		1,762
Accrued expenses	1,769		1,992
Long-term debt, net of debt issuance costs	323,176		321,428
Total liabilities	$	341,006	$	325,182
Commitments and Contingencies (Note 14)
Stockholders' Equity:
Preferred stock, $.001 par value; 100,000,000 shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024	—		—
Common stock, $.001 par value; 1,000,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 204,153,619 and 191,778,639 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	205		192
Additional paid-in-capital	1,188,089		1,107,952
Accumulated deficit	(1,009,017)		(1,008,293)
Total Alignment Healthcare, Inc. stockholders' equity	179,277		99,851
Total liabilities and stockholders' equity	$	520,283	$	425,033

Schedule Condensed Statements of Operations Information


	Year Ended December 31,
	2025		2024		2023
Revenues:
Total revenues	$	—	$	—	$	—
Expenses:
Selling, general, and administrative expenses	530		443		488
Total expenses	530		443		488
Loss from operations	(530)		(443)		(488)
Other expenses:
Interest expense	15,786		1,700		—
Total other expenses	15,786		1,700		—
Loss before income taxes	(16,316)		(2,143)		(488)
Provision for income taxes	16		—		—
Net loss of Parent Company	(16,332)		(2,143)		(488)
Subsidiary's Net income (loss)	15,354		(125,928)		(147,685)
Net loss	(978)		(128,071)		(148,173)
Less: Net loss attributable to noncontrolling interest	(254)		(36)		(156)
Net loss attributable to Alignment Healthcare, Inc.	$	(724)	$	(128,035)	$	(148,017)

Schedule of Condensed Statements of Cash Flows Information


	Year Ended December 31,
	2025		2024		2023
Operating Activities:
Net loss attributable to Alignment Healthcare, Inc.	$	(724)	$	(128,035)	$	(148,017)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in loss of subsidiary	(15,100)		125,892		147,529
Amortization of debt issuance costs	1,761		220		—

Due to subsidiary	14,063		1,923		488
Net cash provided by operating activities	—		—		—
Investing Activities:
Investment in Subsidiary	(18,068)		(321,525)		—
Net cash used in investing activities	(18,068)		(321,525)		—
Financing Activities:
Shares withheld net of restricted stock	—		(350)		—
Stock options exercised	18,068		155		—
Proceeds from long-term debt	—		330,000		—
Debt issuance costs	—		(8,280)		—
Net cash provided by financing activities	18,068		321,525		—
Net (decrease) increase in cash	—		—		—
Cash, cash equivalents and restricted cash at beginning of period	—		—		—
Cash, cash equivalents and restricted cash at end of period	$	—	$	—	$	—
Supplemental non-cash financing and investing activities:
Contribution of equity to subsidiary related to equity-based compensation	$	62,082	$	71,132	$	66,835


Debt issuance costs in accounts payable	$	26	$	512	$	—

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Fair Value of Financial Instruments

The following tables present the carrying value and fair value of these financial instruments as of December 31, 2025 and 2024:


	December 31, 2025
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3
US Treasury bills	$	29,456	$	29,465	$	—	$	—
Certificate of deposits	2,345		—		2,345		—
Total	$	31,801	$	29,465	$	2,345	$	—


	December 31, 2024
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3
U.S. Treasury bills	$	71,120	$	71,135	$	—	$	—
Certificate of deposits	2,321		—		2,321		—
Total	$	73,441	$	71,135	$	2,321	$	—

Leases - Schedule of Maturities of Lease Liabilities under Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 2,595
2027	2,445
2028	2,200
2029	2,243
2030 and thereafter	548
Total lease payments	10,031
Less: Interest	1,878
Present value of lease liabilities	$ 8,153

Condensed Financial Information (Parent Company Only) - Additional Information (Details) - Convertible senior notes - Convertible Debt $ in Thousands	Nov. 22, 2024 USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 330,000
Debt instrument, interest rate, stated percentage	4.25%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Federal and state net operating loss carryforwards	$ 178,835	$ 169,044
Employee benefits	12,151	8,278
Interest deduction limitation	4,851	11,661
Other	1,930	3,330
R&D credits	839	0
ROU lease liabilities	2,314	2,446
Stock compensation	48,053	48,416
Total deferred tax assets	248,973	243,175
Deferred tax liabilities:
Intangibles	(6,127)	(1,404)
Depreciation	(1,453)	(214)
ROU assets	(1,950)	(2,105)
Other	(80)	(31)
Total deferred tax liabilities	(9,610)	(3,754)
Valuation allowance	(239,363)	(239,421)
Net deferred taxes	$ 0	$ 0

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	As we are a company that leverages data, technology and analytics to improve health care, we invest in long-term solutions to address current and foreseeable risks and threats to data security and privacy, while also enabling technological development that enhances the member experience. We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. We have designed and deployed a comprehensive cybersecurity risk management program that is embedded in our broader risk management framework, all of which is overseen by our Board of Directors. Our program is designed to include ongoing assessment of our critical assets; detection and analysis of potential threats; timely management of identified security risks; and prompt remediation planning and implementation. To successfully operate and monitor our security readiness, we maintain a data security and privacy team with substantial real-world experience to detect and respond to cybersecurity threats. Our multi-layered security is bolstered by technologies and partners and includes annual employee and vendor security awareness trainings, enhanced access control, data loss protection and vulnerability management, among other technical and process security controls. Our proprietary data architecture, AVA, incorporates high security controls around member data. Our information security program considers how attackers are using emerging technologies (such as artificial intelligence) to help inform our defensive tactics. Our team also regularly reviews emerging product technology to improve our capabilities. In 2021, we received the externally validated HITRUST certification, the gold standard compliance framework in the health care industry. Through our data security and privacy program and policies, we adhere to the requirements of the Health Insurance Portability and Accountability Act of 1996 (HIPAA), other federal regulations and best-practices within the health care industry. Moreover, our risk analysis methodology is consistent with ISO 27001, the Federal Information Security Management Act and the U.S. Department of Commerce National Institute of Standards and Technology and Center for Internet Security Special Publication 800-66. Our strict protection and security measures have resulted in zero security incident-related disruptions or downtime to our business continuity. However, there is no guarantee that a future security incident would not materially affect our business strategy, results of operations or financial condition. See “Risk Factors” beginning on page 1 of this Form 10-K. Engagement of Third Parties Our information security program is under nearly constant third-party review as part of Sarbanes-Oxley compliance and the HITRUST certification process, including independent third-party penetration testing of all information technology assets at least annually and assessment of our vulnerability to ransomware. Multiple industry-standard third-party tools are utilized to detect vulnerabilities. Alignment is a member of the Healthcare Information Sharing and Analysis Center (Health-ISAC) operated by the U.S. Department of Health and Human Services and the Department of Homeland Security and is affiliated with the FBI InfraGard program, providing deep, actionable intelligence regarding healthcare security and privacy threats and countermeasures. We continuously monitor the Health-ISAC reporting to anticipate and respond to potential threats. Management of Third-Party Cyber-Risk We rely on third-party vendors to provide supplemental benefits to our members and for a variety of other key business functions. Accordingly, our vendor onboarding process includes a comprehensive security assessment. Moreover, at least quarterly, we assess the risks from cybersecurity threats relating to each of our member-facing and other key third-party service providers with whom we share protected health information, personal identifying information and confidential information. We generally require our suppliers to adopt security-control principles based on industry-recognized standards and we seek audit rights over their security protocols.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	As we are a company that leverages data, technology and analytics to improve health care, we invest in long-term solutions to address current and foreseeable risks and threats to data security and privacy, while also enabling technological development that enhances the member experience. We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. We have designed and deployed a comprehensive cybersecurity risk management program that is embedded in our broader risk management framework, all of which is overseen by our Board of Directors. Our program is designed to include ongoing assessment of our critical assets; detection and analysis of potential threats; timely management of identified security risks; and prompt remediation planning and implementation. To successfully operate and monitor our security readiness, we maintain a data security and privacy team with substantial real-world experience to detect and respond to cybersecurity threats. Our multi-layered security is bolstered by technologies and partners and includes annual employee and vendor security awareness trainings, enhanced access control, data loss protection and vulnerability management, among other technical and process security controls. Our proprietary data architecture, AVA, incorporates high security controls around member data. Our information security program considers how attackers are using emerging technologies (such as artificial intelligence) to help inform our defensive tactics. Our team also regularly reviews emerging product technology to improve our capabilities.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	As a component of its general oversight over key risks to our business, our Board of Directors has established robust oversight mechanisms designed to ensure effective governance in managing risks associated with cybersecurity threats. As a technology-enabled Medicare Advantage platform, we have selected directors with backgrounds in technology and expertise in data privacy and cybersecurity matters, which represent important elements of our risk management strategy. Our Audit Committee is responsible for the direct oversight of risks from cybersecurity threats. Members of the Audit Committee receive updates on at least a quarterly basis from senior management, including leaders from our information security, compliance and legal teams regarding matters of cybersecurity. Reports by management to the Audit Committee include existing and new cybersecurity risks, status updates regarding how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any) and status on key information security initiatives. The Audit Committee’s involvement ensures that cybersecurity considerations are integrated into the Company’s broader strategic objectives. The Audit Committee conducts an annual review of the company’s cybersecurity posture and the effectiveness of its risk management strategies. This review helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework. As needed, this framework also includes consultations with our enterprise risk management committee, led by our Chief Compliance and Privacy Officer. Alignment’s cybersecurity organization is led by David MacLeod, our Chief Information Security Officer, who is responsible for the prevention, detection, mitigation, and remediation of cybersecurity incidents and reports to our Chief Digital Officer, as well as to the Audit Committee. Mr. MacLeod has served as our CISO since December 2022, has over 26 years of diverse leadership experience in the healthcare information space (including over 20 years as a certified information systems security professional and chief information security officer) and holds advanced degrees in information technology management and computer science. The CISO is continually informed about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. The CISO implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the CISO is equipped with a well-defined incident response plan. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	As a component of its general oversight over key risks to our business, our Board of Directors has established robust oversight mechanisms designed to ensure effective governance in managing risks associated with cybersecurity threats. As a technology-enabled Medicare Advantage platform, we have selected directors with backgrounds in technology and expertise in data privacy and cybersecurity matters, which represent important elements of our risk management strategy. Our Audit Committee is responsible for the direct oversight of risks from cybersecurity threats. Members of the Audit Committee receive updates on at least a quarterly basis from senior management, including leaders from our information security, compliance and legal teams regarding matters of cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Members of the Audit Committee receive updates on at least a quarterly basis from senior management, including leaders from our information security, compliance and legal teams regarding matters of cybersecurity.
Cybersecurity Risk Role of Management [Text Block]	Alignment’s cybersecurity organization is led by David MacLeod, our Chief Information Security Officer, who is responsible for the prevention, detection, mitigation, and remediation of cybersecurity incidents and reports to our Chief Digital Officer, as well as to the Audit Committee. Mr. MacLeod has served as our CISO since December 2022, has over 26 years of diverse leadership experience in the healthcare information space (including over 20 years as a certified information systems security professional and chief information security officer) and holds advanced degrees in information technology management and computer science. The CISO is continually informed about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. The CISO implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the CISO is equipped with a well-defined incident response plan. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Alignment’s cybersecurity organization is led by David MacLeod, our Chief Information Security Officer, who is responsible for the prevention, detection, mitigation, and remediation of cybersecurity incidents and reports to our Chief Digital Officer, as well as to the Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Mr. MacLeod has served as our CISO since December 2022, has over 26 years of diverse leadership experience in the healthcare information space (including over 20 years as a certified information systems security professional and chief information security officer) and holds advanced degrees in information technology management and computer science.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Audit Committee is responsible for the direct oversight of risks from cybersecurity threats. Members of the Audit Committee receive updates on at least a quarterly basis from senior management, including leaders from our information security, compliance and legal teams regarding matters of cybersecurity. Reports by management to the Audit Committee include existing and new cybersecurity risks, status updates regarding how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any) and status on key information security initiatives.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling interest
Beginning Balance (in shares) at Dec. 31, 2022		187,280,015
Beginning Balance at Dec. 31, 2022	$ 239,302	$ 187	$ 970,180	$ (732,241)	$ 1,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(148,173)			(148,017)	(156)
Issuance of common stock upon vesting of restricted stock units (in shares)		1,762,086
Issuance of common stock upon vesting of restricted stock units	2	$ 2
Forfeitures (in shares)		(90,458)
Equity-based compensation	$ 66,835		66,835
Stock options exercised (in shares)	0
Noncontrolling interest attributable to subsidiary	$ 105				105
Ending Balance (in shares) at Dec. 31, 2023		188,951,643
Ending Balance at Dec. 31, 2023	158,071	$ 189	1,037,015	(880,258)	1,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(128,071)			(128,035)	(36)
Issuance of common stock upon vesting of restricted stock units (in shares)		2,885,424
Issuance of common stock upon vesting of restricted stock units	3	$ 3
Forfeitures (in shares)		(6,270)
Shares withheld related to net restricted stock settlement (in shares)		(69,820)
Shares withheld related to net restricted stock settlement	(350)		(350)
Equity-based compensation	$ 71,132		71,132
Stock options exercised (in shares)	17,662	17,662
Stock options exercised	$ 155		155
Noncontrolling interest attributable to subsidiary	$ 15				15
Ending Balance (in shares) at Dec. 31, 2024	191,778,639	191,778,639
Ending Balance at Dec. 31, 2024	$ 100,955	$ 192	1,107,952	(1,008,293)	1,104
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(978)			(724)	(254)
Issuance of common stock upon vesting of restricted stock units (in shares)		11,277,430
Issuance of common stock upon vesting of restricted stock units	0
Forfeitures (in shares)		(277)
Equity-based compensation	$ 62,082	$ 12	62,070
Stock options exercised (in shares)	1,097,827	1,097,827
Stock options exercised	$ 18,068	$ 1	18,067
Sale of consolidated subsidiary	$ (850)				(850)
Ending Balance (in shares) at Dec. 31, 2025	204,153,619	204,153,619
Ending Balance at Dec. 31, 2025	$ 179,277	$ 205	$ 1,188,089	$ (1,009,017)	$ 0

Medical Expenses Payable - Schedule of Components of Change in Medical Expenses Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Claims incurred but not paid - beginning balance	$ 168,357	$ 95,664	$ 88,813
Incurred related to:
Current year	1,136,448	832,819	492,315
Prior years	(25,389)	(9,245)	(14,555)
Total incurred, net of reinsurance	1,111,059	823,574	477,760
Payments related to:
Current year	848,206	670,471	400,465
Prior years	133,842	80,410	70,444
Total payments, net of reinsurance	982,048	750,881	470,909
Claims incurred but not paid - ending balance	297,368	168,357	95,664
Capitation payable, risk-sharing payable, and other	177,201	121,431	109,735
Total medical expenses payable	$ 474,569	$ 289,788	$ 205,399

Medical Expenses Payable (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Medical Expenses Payable

The following table is a detail of medical expenses payable as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Claims incurred but not paid	$	297,368	$	168,357
Capitation and risk-sharing payable	85,083		52,016
Other	92,118		69,415
Medical expenses payable	$	474,569	$	289,788

Schedule of Components of Change in Medical Expenses Payable

The following table presents components of the change in medical expenses payable as of December 31, 2025, 2024, and 2023 :


	December 31, 2025		December 31, 2024		December 31, 2023
Claims incurred but not paid - beginning balance	$	168,357	$	95,664	$	88,813
Incurred related to:
Current year	1,136,448		832,819		492,315
Prior years	(25,389)		(9,245)		(14,555)
Total incurred, net of reinsurance	1,111,059		823,574		477,760
Payments related to:
Current year	848,206		670,471		400,465
Prior years	133,842		80,410		70,444
Total payments, net of reinsurance	982,048		750,881		470,909
Claims incurred but not paid - ending balance	297,368		168,357		95,664
Capitation payable, risk-sharing payable, and other	177,201		121,431		109,735
Total medical expenses payable	$	474,569	$	289,788	$	205,399

Schedule of Information About Incurred and Paid Claims Development

The following tables provide information about incurred and paid claims development as of December 31, 2025:


	Cumulative Incurred Claims, Net of Reinsurance For the Years Ended December 31,
	2023		2024	2025
Claims Incurred Year	(in thousands)
2023	$	492,315	482,279	480,412
2024			832,819	809,297
2025				1,136,448
Total				$	2,426,157


	Cumulative Claims Paid, Net of Reinsurance For the Years Ended December 31,					Cumulative Number of Paid Claims(1)
	2023		2024	2025
Claims Incurred Year	(in thousands)
2023	$	400,465	479,148	478,999		540,426
2024			670,471	804,462		1,036,274
2025				848,206		1,268,147
Total				$	2,131,667

(1) Cumulative number of paid claims are presented in whole amounts

Long-Term Debt - Additional Information (Details)					12 Months Ended
Long-Term Debt - Additional Information (Details)	Feb. 26, 2026 USD ($)	Nov. 22, 2024 USD ($) $ / shares	Jun. 14, 2024 USD ($)	Sep. 02, 2022 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2028 USD ($)	Jun. 30, 2027 USD ($)	Jun. 30, 2026 USD ($)
Debt Instrument [Line Items]
Long-term debt					$ 330,000,000	$ 330,000,000
Proceeds from long-term debt					0	380,000,000	$ 0
Repayments of secured debt					$ 0	$ 215,000,000	$ 0
Oxford Term Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 250,000,000
Long-term debt				$ 165,000,000
Repayments of secured debt		$ 215,000,000
Oxford Term Loan \| Secured Debt \| Floor Rate
Debt Instrument [Line Items]
Debt interest floor rate				1.00%
Oxford Term Loan \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt interest floor rate				6.50%
Delayed Draw Term Loan (DDTL) \| Secured Debt
Debt Instrument [Line Items]
Additional term loan amount				$ 85,000,000
Proceeds from long-term debt			$ 50,000,000
Convertible senior notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		330,000,000
Proceeds from long-term debt		$ 321,100,000
Debt instrument, interest rate, stated percentage		4.25%
Debt instrument, conversion ratio		0.0624
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares		$ 16.04
Debt instrument, initial conversion price premium percentage		25.00%
Estimated principal amount percentage		25.00%
Accrued and unpaid special interest		100.00%
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Scenario Forecast
Debt Instrument [Line Items]
Covenant, consolidated EBITDA										$ 60,000,000
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Line of credit agreement	$ 200,000,000
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Subsequent Event \| Scenario Forecast
Debt Instrument [Line Items]
Covenant, senior secured indebtedness to consolidated EBITDA ratio, maximum										2.5
Covenant, consolidated EBITDA								$ 80,000,000	$ 70,000,000
Senior Secured Revolving Credit Facility \| Line of Credit \| Letter of Credit \| Subsequent Event
Debt Instrument [Line Items]
Line of credit agreement	20,000,000
Senior Secured Revolving Credit Facility \| Line of Credit \| Bridge Loan \| Subsequent Event
Debt Instrument [Line Items]
Line of credit agreement	5,000,000
Senior Secured Revolving Credit Facility \| Line of Credit \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Option to increase commitments through term loan	$ 50,000,000
Option to increase commitments by consolidated EBITDA percentage	100.00%
Senior Secured Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Subsequent Event \| Minimum
Debt Instrument [Line Items]
Debt interest floor rate	2.00%
Senior Secured Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Subsequent Event \| Maximum
Debt Instrument [Line Items]
Debt interest floor rate	2.50%
Senior Secured Revolving Credit Facility \| Line of Credit \| Base Rate \| Revolving Credit Facility \| Subsequent Event \| Minimum
Debt Instrument [Line Items]
Debt interest floor rate	1.00%
Senior Secured Revolving Credit Facility \| Line of Credit \| Base Rate \| Revolving Credit Facility \| Subsequent Event \| Maximum
Debt Instrument [Line Items]
Debt interest floor rate	1.50%

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40295
Entity Registrant Name	ALIGNMENT HEALTHCARE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5596242
Entity Address, Address Line One	1100 W. Town and Country Road
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Orange
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92868
City Area Code	844
Local Phone Number	310-2247
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ALHC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 2,060,116,814
Entity Common Stock, Shares Outstanding		204,296,493
Documents Incorporated by Reference	The information required by Part III of this Annual Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2026, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report relates.
Entity Central Index Key	0001832466
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

We have no components of other comprehensive income (loss), and accordingly, comprehensive income (loss) is the same as the net loss for all periods presented.

Use of Estimates

Segments

In addition to net loss, the CODM is also provided information on certain significant segment expenses which are presented below:


	Year Ended December 31,
	2025		2024		2023
Revenues:	$	3,948,719	$	2,703,561	$	1,823,630
Expenses:
Medical expenses (less depreciation and equity-based compensation)	3,453,944		2,401,750		1,614,805
Selling, general, and administrative expenses (less equity-based compensation)	387,459		305,172		248,139
Other segment expenses (1)	92,495		101,163		87,628
Interest expense	15,799		23,547		21,231
Net loss	$	(978)	$	(128,071)	$	(148,173)

(1) Other segment items included in segment net loss includes equity-based compensation, depreciation and amortization, other expenses (income), and provision for income tax expenses (benefit).

Fair Value Measurements

Level 1 - Quoted prices in active markets for identical assets or liabilities

Level 2 - Other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability

Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date

Revenue and Accounts Receivable

Earned premium revenue consisting of premium revenue and capitation revenue for the years ended December 31, 2025, 2024, and 2023 were as follows:


	Year Ended December 31,
	2025		2024		2023
Premium	$	3,906,651	$	2,666,813	$	1,668,131
Capitation	5,067		5,118		132,802
Total	$	3,911,718	$	2,671,931	$	1,800,933

Capitation revenue consists primarily of capitated fees for medical care services provided by us under arrangements with third-party payors.

Interest income earned on our cash deposits and short-term investments is included within other revenue on the consolidated statements of operations. Interest income for the years ended December 31, 2025, 2024 and 2023 was $29,111, $23,986 and $19,586, respectively.

Revenue Adjustments

Cash and Cash Equivalents

Investments

Restricted and Other Long-Term Assets

Property and Equipment—Net

Depreciation expense is computed using the straight-line method generally based on the following estimated useful lives:


Description			Estimated Service Lives (years)
Computer and equipment			5
Office equipment and furniture			5-7
Software			3-5
Leasehold improvements			15 (or lease term, if shorter)

Depreciation expense related to property and equipment used to service our members or at our clinics are included within medical expenses in the consolidated statements of operations.

Leases

Goodwill and Intangible Assets

Intangible assets are classified into three categories: (1) goodwill, (2) indefinite-lived intangible assets, and (3) definite-lived intangible assets.

Impairment

Impairment of Long-Lived Assets

Medical Expenses

Medical Expenses Payable

Part D Subsidies

We also receive advance payments each month from CMS related to Catastrophic Reinsurance, Manufacturer Discount Program, and the Low-Income Member Cost Sharing Subsidy (“Part D Subsidies”). Reinsurance subsidies represent funding from CMS for our portion of prescription drug costs that exceed the member’s out-of-pocket threshold or the catastrophic coverage level. Low-income cost sharing subsidies represent funding from CMS for all or a portion of the deductible, the coinsurance and co-payment for low-income beneficiaries. Additionally, the Inflation Reduction Act mandates consumer discounts on most brand-name prescription drugs for Part D plan participants in the initial coverage and catastrophic phases. These discounts are ultimately funded by the pharmaceutical manufacturers. In 2025, the IRA retired the Coverage Gap Discount Program, introduced the Manufacturer Discount Program, and change the members cost thresholds for the catastrophic phase. These program changes and the corresponding changes in prepayments are reflected in our 2025 experience.

These Part D Subsidies represent cost reimbursements under the Medicare Part D program and are recorded as deposits or payables. These Subsidies received in excess of, or less than, actual subsidized benefits paid are refundable to or recoverable from CMS through an annual reconciliation process following the end of the contract year.:


	December 31, 2025				December 31, 2024
	Risk Corridor		CMS Subsidies		Risk Corridor		CMS Subsidies
Current assets:
Accounts receivable	$	36,615	$	—	$	10,427	$	—
Prepaid expenses and other current assets	—		68,361		—		25,782
Current liabilities:
Medical expenses payable	$	144	$	21,632	$	—	$	24,993

Shared Risk Reserve Arrangements

Concentrations of Credit Risk

Income Taxes

Member Acquisition Costs

Advertising Expenses

Equity-Based Compensation

Equity-based compensation is recorded within selling, general and administrative expenses, and medical expenses based on the function of the applicable employee and non-employee.

Net Loss per Share

The following table sets forth the computation of basic and diluted net income (loss) per share for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss	$	(978)	$	(128,071)	$	(148,173)
Less: Net loss attributable to noncontrolling interests	(254)		(36)		(156)
Net loss attributable to Alignment Healthcare, Inc.	$	(724)	$	(128,035)	$	(148,017)
Denominator:
Total weighted-average common shares outstanding - basic and diluted	198,017,704		191,150,693		188,420,487
Less: Restricted shares of common stock	(11,488)		(357,141)		(2,205,703)
Total weighted-average common shares outstanding, net of restricted shares of common stock - basic and diluted	198,006,216		190,793,552		186,214,784







Net loss per share:
Net loss per share - basic and diluted	$	0.00	$	(0.67)	$	(0.79)

Basic net loss per share is the same as diluted net loss per share for periods presented as the inclusion of all potentially dilutive shares

would have been anti-dilutive.


	December 31,
	2025	2024	2023
Stock options	7,408,212	8,762,481	9,135,879
Restricted stock units	11,042,096	21,419,556	17,774,830
Convertible senior notes	25,720,959	25,720,959	—
Total	44,171,267	55,902,996	26,910,709

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements Issued

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the fiscal quarter ended December 31, 2025, our executive officers and directors adopted the following trading arrangements that are intended to satisfy the affirmative defense of Rule 10b5-1(c):

Name and Title

Date of Adoption

Date of Termination

Duration of Trading Arrangement

Number of Securities to be Sold(1)

John Kao,

Chief Executive Officer(2)

11/21/2025

N/A

3/23/2026 - 8/21/2026

1,858,000

Andreas Wagner,

Chief Human Resources Officer

11/21/2025

N/A

2/20/2026 - 11/20/2026

66,958

(1) Securities reported in this column include securities subject to limit orders and such orders may not fill if limit order conditions are not met. The actual number of shares sold under the plan will depend on the vesting of certain performance-based equity awards and the number of shares withheld or sold satisfy our income tax withholding obligations and may vary from the number provided herein. Number of performance share units included in plans assumes earned at target.

(2) Represents securities held by JEK Trust, dated February 8, 2021, of which Mr. Kao is the trustee.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

John Kao [Member]

Trading Arrangements, by Individual

Name

John Kao

Title