Form 8-K
8-K — CORVEL CORP
Accession: 0001193125-26-231354
Filed: 2026-05-20
Period: 2026-05-20
CIK: 0000874866
SIC: 6411 (INSURANCE AGENTS BROKERS & SERVICES)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — crvl-20260520.htm (Primary)
EX-99.1 (crvl-ex99_1.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: crvl-20260520.htm · Sequence: 1
8-K
0000874866falseCORVEL CORPORATION00008748662026-05-202026-05-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 20, 2026
CORVEL CORPORATION
(Exact name of Registrant as Specified in Its Charter)
Delaware
000-19291
33-0282651
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
5128 Apache Plume Road
Suite 400
Fort Worth, Texas
76109
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (817) 390-1416
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $0.0001 Per Share
CRVL
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 20, 2026, CorVel Corporation (the "Company") issued a press release announcing its financial results for the three months and fiscal year ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
The information contained in this Item 2.02 and in the exhibit attached to this report as Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, or incorporated by reference in any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
99.1
Press Release, dated May 20, 2026, announcing CorVel Corporation’s financial results for the three months and fiscal year ended March 31, 2026 (furnished herewith but not filed pursuant to Item 2.02).
104
Cover Page Interactive Data file (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CORVEL CORPORATION,
a Delaware corporation
(Registrant)
Date:
May 20, 2026
By:
/s/ Brian S. Nichols
Brian S. Nichols
Chief Financial Officer
EX-99.1
EX-99.1
Filename: crvl-ex99_1.htm · Sequence: 2
EX-99.1
Exhibit 99.1
Date: May 20, 2026
CorVel Corporation
5128 Apache Plume Road
Suite 400
Fort Worth, TX 76109
FOR IMMEDIATE RELEASE
Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com
CorVel Announces Revenues and Earnings
FORT WORTH, Texas, May 20, 2026 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2026. Revenues for the fiscal year ended March 31, 2026 were $959 million, a 7% increase from $896 million during the fiscal year ended March 31, 2025. Earnings per share for the fiscal year ended March 31, 2026 were $2.14, up 17% compared to $1.83 during the fiscal year ended March 31, 2025. Revenues for the quarter were $249 million, an increase from $232 million in the March quarter of 2025. Earnings per share for the quarter were $0.61, up 20% compared to $0.51 in the same quarter of the prior year.
Fourth Quarter Fiscal Year 2026 Highlights
•
Revenue increased 7% to $249 million, compared to fourth quarter of fiscal year 2025.
•
Gross profit increased 9% to $63.0 million, at 25% gross margin, compared to fourth quarter of fiscal year 2025 gross profit of $58.0 million.
•
Exited the quarter with $233 million of cash, cash equivalents, and no borrowings.
•
The Company repurchased $20.1 million of common stock during the quarter.
CERIS, CorVel’s health division, is benefiting from the healthcare industry’s shift toward proactive payment accuracy and cost management, with strong demand for its integrated prepay and post-pay platform that improves claims accuracy, reduces administrative burden, and enhances revenue visibility. During the quarter, multiple large payer sales with enterprise-scale implementations reflect the strength of the value proposition and provide increased revenue visibility as they are deployed and scaled over time. As adoption of prepay solutions expands, CERIS is accelerating revenue realization cycles while maintaining strong margin profiles, supported by ongoing investment in AI and automation.
Within workers’ compensation and risk management, P&C services are advancing its technology-enabled, clinically integrated model through the CorVel ConnectedTM interface within its proprietary CareMC platform. By combining AI, real-time data integration, and embedded clinical expertise, CorVel is improving decision-making support, operational efficiency, and claim outcomes across the lifecycle of a claim. Ongoing investments in automation, telemedicine, cybersecurity, and API-driven connectivity further strengthen scalability and the Company’s ability to deliver consistent clinical and financial results for its partners in environments where reliability, control, and measurable outcomes are critical.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, improved productivity resulting from automation and augmentation across enterprise business systems. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement results of operations and financial condition is greater than our initial assessment. The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not
limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2025, September 30, 2025, and December 31, 2025. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
CorVel Corporation
Quarterly Results – Income Statement
Quarters and Fiscal Year Ended March 31, 2026 and March 31, 2025
Quarter Ended
March 31, 2026
March 31, 2025
Revenues
$
248,548,000
$
231,514,000
Cost of revenues
185,539,000
173,547,000
Gross profit
63,009,000
57,967,000
General and administrative
23,293,000
24,647,000
Income from operations
39,716,000
33,320,000
Income tax provision
8,687,000
6,901,000
Net income
$
31,029,000
$
26,419,000
Earnings Per Share:
Basic
$
0.61
$
0.51
Diluted
$
0.61
$
0.51
Weighted Shares
Basic
51,150,000
51,366,000
Diluted
51,285,000
51,979,000
Fiscal Year Ended
March 31, 2026
March 31, 2025
Revenues
$
958,527,000
$
895,589,000
Cost of revenues
725,664,000
685,861,000
Gross profit
232,863,000
209,728,000
General and administrative
89,732,000
88,904,000
Income from operations
143,131,000
120,824,000
Income tax provision
32,787,000
25,659,000
Net income
$
110,344,000
$
95,165,000
Earnings Per Share:
Basic
$
2.15
$
1.85
Diluted
$
2.14
$
1.83
Weighted Shares
Basic
51,283,000
51,379,000
Diluted
51,625,000
51,994,000
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2026 and March 31, 2025
March 31, 2026
March 31, 2025
Cash
$
233,072,000
$
170,584,000
Customer deposits
115,706,000
101,472,000
Accounts receivable, net
101,313,000
104,126,000
Prepaid taxes and expenses
12,206,000
10,507,000
Property, net
117,906,000
92,052,000
Goodwill and other assets
41,619,000
46,410,000
Right-of-use asset, net
21,164,000
20,825,000
Total
$
642,986,000
$
545,976,000
Accounts and taxes payable
$
24,550,000
$
16,792,000
Accrued liabilities
203,518,000
187,244,000
Long-term lease liabilities
20,687,000
19,953,000
Paid-in capital
268,518,000
250,412,000
Treasury stock
(887,716,000
)
(831,510,000
)
Retained earnings
1,013,429,000
903,085,000
Total
$
642,986,000
$
545,976,000
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May 20, 2026
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