8-K
CORVEL CORP (CRVL)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, 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): August 05, 2025 |
|---|
CORVEL CORPORATION
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 000-19291 | 33-0282651 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 5128 Apache Plume Road<br><br>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<br>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 August 5, 2025, CorVel Corporation (the "Company") issued a press release announcing its financial results for the three months ended June 30, 2025. 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<br><br>Number | Description |
|---|---|
| 99.1 | Press Release, dated August 5, 2025, announcing CorVel Corporation’s financial results for the three months ended June 30, 2025 (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,<br>a Delaware corporation<br>(Registrant) | |||
|---|---|---|---|
| Date: | August 5, 2025 | By: | /s/ Brandon T. O’Brien |
| Brandon T. O'Brien<br>Chief Financial Officer |
EX-99.1
Exhibit 99.1
| Date: August 5, 2025 | 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, August 5, 2025 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2025. Revenues for the quarter were $235 million, an increase from $212 million in the June quarter of 2024. Earnings per share for the quarter were $0.52, compared to $0.42 in the same quarter of the prior year. The earnings per share numbers for the current and prior year have been adjusted to reflect the three-for-one stock split of its common stock which was paid on December 24, 2024.
First Quarter Fiscal Year 2026 Highlights
- Revenue increased 11% to $235 million, compared to first quarter of fiscal year 2025.
- Gross profit increased 18% to $56.8 million, at 24% gross margin, compared to first quarter of fiscal year 2025 gross profit of $48.2 million.
- Diluted earnings per share increased 24% to $0.52, compared to first quarter of fiscal year 2025 diluted earnings per share of $0.42.
- Exited the quarter with $202 million of cash, cash equivalents, and no borrowings.
- The Company repurchased $9.6 million of common stock during the quarter.
The results achieved in the quarter were driven by disciplined execution and a clear focus on long-term strategy. CorVel’s teams continue to advance innovation initiatives, including targeted R&D in agentic AI, strengthen operational capabilities, enhance customer outcomes, and deliver sustainable value for shareholders.
As part of CorVel’s ongoing commitment to innovation and long-term growth, the Company has completed the acquisition of assets and key talent from a privately held technology firm. The acquired assets include proprietary tools and intellectual property that are expected to enhance the capabilities of the CERIS group health division. This acquisition provides additional strength to foundational technologies and aligns with the strategic vision of delivering advanced, scalable solutions to CERIS partners. The integration of these assets will enhance innovation, reduce time-to-market, and increase the value provided in many areas. The transaction was completed in July and the Company expects the transaction to be accretive to growth over the medium term.
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, 2024, September 30, 2024, and
December 31, 2024. 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 Ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)
| Quarter Ended | June 30, 2025 | June 30, 2024 | ||
|---|---|---|---|---|
| Revenues | $ | 234,711,000 | $ | 211,722,000 |
| Cost of revenues | 177,950,000 | 163,567,000 | ||
| Gross profit | 56,761,000 | 48,155,000 | ||
| General and administrative | 21,478,000 | 20,120,000 | ||
| Income from operations | 35,283,000 | 28,035,000 | ||
| Income tax provision | 8,048,000 | 6,458,000 | ||
| Net income | $ | 27,235,000 | $ | 21,577,000 |
| Earnings Per Share: | ||||
| Basic | $ | 0.53 | $ | 0.42 |
| Diluted | $ | 0.52 | $ | 0.42 |
| Weighted Shares | ||||
| Basic | 51,352,000 | 51,366,000 | ||
| Diluted | 51,912,000 | 51,939,000 |
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
June 30, 2025 (unaudited) and March 31, 2025
| June 30, 2025 | March 31, 2025 | |||||
|---|---|---|---|---|---|---|
| Cash | $ | 202,025,000 | $ | 170,584,000 | ||
| Customer deposits | 108,138,000 | 101,472,000 | ||||
| Accounts receivable, net | 101,975,000 | 104,126,000 | ||||
| Prepaid taxes and expenses | 9,486,000 | 10,507,000 | ||||
| Property, net | 108,440,000 | 92,052,000 | ||||
| Goodwill and other assets | 46,779,000 | 46,410,000 | ||||
| Right-of-use asset, net | 20,605,000 | 20,825,000 | ||||
| Total | $ | 597,448,000 | $ | 545,976,000 | ||
| Accounts and taxes payable | $ | 30,689,000 | $ | 16,792,000 | ||
| Accrued liabilities | 204,532,000 | 187,244,000 | ||||
| Long-term lease liabilities | 19,695,000 | 19,953,000 | ||||
| Paid-in capital | 253,339,000 | 250,412,000 | ||||
| Treasury stock | (841,127,000 | ) | (831,510,000 | ) | ||
| Retained earnings | 930,320,000 | 903,085,000 | ||||
| Total | $ | 597,448,000 | $ | 545,976,000 |