Oncology Institute reaffirms 2025 guidance, projects 2026 revenue growth

The Oncology Institute Inc. (NASDAQ: TOI) reaffirmed its 2025 guidance and provided preliminary financial projections for 2026, according to a company statement.

The oncology care provider projects 2026 total revenue between $630 million and $650 million, representing 28% growth from the midpoint of its 2025 and 2026 guidance ranges. The forecast includes approximately $150 million in capitation revenue for 2026.

The company expects adjusted EBITDA for 2026 to range from $0 million to $9 million. At the midpoint, this would mark TOI's first full year of adjusted EBITDA profitability as a public company.

TOI anticipates the revenue increase will stem from continued expansion of delegated contracts in Florida, sustained volumes in its dispensary segment from the second half of 2025, and organic growth with new contract wins across its platform. The company noted that profitability from newly onboarded delegated contracts is expected to build progressively throughout 2026, with fuller economics realized in 2027.

For its longer-term outlook through 2028, TOI targets annual revenue growth of approximately 20%. The company projects capitation and dispensary revenue could reach about 30% and 50% of total revenue, respectively, by that time.

TOI operates over 100 clinics and affiliate locations across five states, serving approximately 1.9 million patients with more than 180 employed and affiliate clinicians. The company was founded in 2007 and went public on NASDAQ.

The projections include investments to support ongoing growth and reflect the company's transition toward what it describes as comprehensive oncology care in a value-based landscape.

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