Omada Health Q1 2026: Revenue Soars 42% YoY, Members Top 1 Million, Channel Expansion to All Top PBMs

What happened

Omada Health reported first quarter 2026 results with revenue up 42% year-over-year and total members surpassing 1 million, a 51% increase. The company also announced expanded distribution channels now include all three of the nation's leading pharmacy benefit managers (PBMs). This marks a significant acceleration from the preliminary end-of-2025 member count of ~886,000 and positions Omada as a scaled multi-condition cardiometabolic platform. The strong start to 2026 validates the investment thesis focused on sustained high growth and operating leverage.

Implication

The results de-risk the near-term thesis by validating the member growth trajectory and expanding distribution, but investors must watch for progress toward profitability and GLP-1 adoption in coming quarters. The channel expansion to all top PBMs is a key strategic win that could accelerate revenue per member.

Thesis delta

The Q1 2026 results materially increase conviction in the growth narrative: revenue growth of 42% YoY and members surpassing 1 million (+51% YoY) exceed prior expectations, and the inclusion of all three top PBMs reduces partner concentration risk. Previously, the thesis relied on verifying preliminary FY2025 numbers and a GLP-1 launch; now tangible execution evidence strengthens the base case. The bear case risk of slowing member growth or channel disruption has diminished, though the path to adjusted EBITDA profitability remains critical.