SelectQuote, Inc. (SLQT): Business Model Canvas [Dec-2025 Updated]

You're digging into a company that's definitely pivoting hard, moving past being just an insurance broker to building a holistic healthcare ecosystem, and the fiscal 2025 data shows this isn't just talk: they posted $1.53 billion in consolidated revenue while pulling in $350 million in strategic investment capital. To really grasp the mechanics behind connecting their agent-led insurance sales with the SelectRx pharmacy and chronic care management, you need to see the whole picture. Check out the nine building blocks of their Business Model Canvas below to see exactly how they plan to manage this complex transition.

SelectQuote, Inc. (SLQT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep SelectQuote, Inc. running, especially as they push growth in their Healthcare Services platform. These aren't just vendors; they are critical for product supply, service delivery, and financial stability.

Multiple, highly-rated insurance carriers for product supply

SelectQuote, Inc. relies on its relationships with insurance carriers to distribute Medicare Advantage and Medicare Supplement plans. The company emphasizes that its consistent track record of strong policyholder retention creates additional value for these partners, solidifying its position as a key distribution partner. The business model does not reflect insurance underwriting risk, as commissions are earned upon successful sale and renewal. The company has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. For context on the scale of business flowing through these carrier relationships, SelectQuote Senior serves about 10,000 people turning 65 each day. Consolidated revenue for the first quarter of fiscal year 2026 was $328.8 million, up from $292.3 million in the first quarter of fiscal year 2025. Consolidated revenue for the second quarter of fiscal year 2025 was $481.1 million.

Here's a look at the financial scale and segment structure:

Findhelp for closed-loop social services referrals

The partnership with Findhelp is a cornerstone of SelectQuote Healthcare Services, aiming to address Social Determinants of Health (SDoH) for senior customers. This closed-loop referral management software company connects individuals to the U.S. safety net. As of September 2025, SelectQuote had referred more than 200,000 low-income seniors to Findhelp's platform. Nearly 50,000 of those connections resulted in the provision of free and reduced-cost social services.

Strategic investors like Bain Capital and Morgan Stanley Private Credit

In February 2025, SelectQuote, Inc. secured a $350 million strategic investment. This funding came from funds managed by Bain Capital, Morgan Stanley Private Credit, and Newlight Partners. This transaction was intended to recapitalize the balance sheet, lower annual cash debt service, and provide liquidity for growth initiatives. As part of the deal, Chris Wolfe of Bain Capital and Srdjan Vukovic of Newlight Partners were appointed to the Board of Directors.

Pharmacy benefit managers (PBMs) for SelectRx operations

SelectRx Pharmacy, part of SelectQuote Healthcare Services, partners with Pharmacy Benefit Managers (PBMs). These relationships carry risks related to reimbursement structures. A change in drug reimbursement rates with one SelectRx PBM partner caused an estimated EBITDA headwind of approximately $20 million impacting the first half of fiscal year 2026. Management stated they expect these rates to revert to normalized levels on January 1, 2026. SelectRx shipped 30,630 daily prescriptions in the fourth quarter of 2025, with SelectRx pharmacy revenue reaching $214.0 million in that quarter. The segment's Adjusted EBITDA for Q4 2025 was $11.9 million.

Key SelectRx operational and financial metrics:

• Daily Prescriptions Shipped (Q4 2025): 30,630
• SelectRx Pharmacy Revenue (Q4 2025): $214.0 million
• SelectRx Adjusted EBITDA (Q4 2025): $11.9 million
• Expected PBM Headwind Impact (H1 FY2026): $20 million

Technology providers for proprietary lead generation and routing

SelectQuote, Inc. utilizes a data-driven targeted outreach program for Medicare Advantage clients ahead of the Annual Enrollment Period (AEP). The company's platform empowers its agent force with tools to optimize policyholder Lifetime Value (LTV). The company monitors and has presented on its 4.2x Global Revenue-to-CAC (Customer Acquisition Cost) Multiple in prior periods. The company relies on its database, the result of more than 40 years of focus and investment, to provide insights difficult for competitors to replicate. Specific names or financial terms related to external technology providers for lead generation and routing were not explicitly detailed in the latest public filings reviewed.

SelectQuote, Inc. (SLQT) - Canvas Business Model: Key Activities

Direct-to-consumer (DTC) insurance distribution via licensed agents

Operating the SelectRx patient-centered pharmacy

• SelectRx members increased 31% year-over-year for fiscal 2025.
• SelectRx members reached 108,018 in Q4 Fiscal Year 2025.
• Healthcare Services revenue grew 64% in Q2 Fiscal Year 2025 to $183.4 million.
• Healthcare Services segment generated $25 million in Adjusted EBITDA for fiscal 2025.

Proactive consumer engagement and chronic care management

• A SelectRx trial demonstrated over 90% medication adherence improvement for polychronic Medicare beneficiaries.
• Total revenue per MA/MS policy increased 23% for the twelve months ended March 31, 2025, primarily due to pharmacy revenue.

Developing and maintaining proprietary technology for lead optimization

The technology use supports the agent-led model, evidenced by efficiency gains.

• Policies approved per agent increased 24% in fiscal 2025 compared to fiscal 2024.
• Life Time Value (LTV) per approved policy was $884 for the full year 2025.

Recruiting, training, and managing a strong force of skilled agents

The strategy shifted toward agent quality over sheer quantity, impacting volume.

SelectQuote, Inc. (SLQT) - Canvas Business Model: Key Resources

You're looking at the foundational assets SelectQuote, Inc. (SLQT) relies on to execute its agent-led, technology-enabled insurance distribution and healthcare services model as of late 2025. These aren't just line items; they are the engines driving the reported full-year fiscal 2025 consolidated revenue of approximately $1.527 billion and Adjusted EBITDA of $126 million.

Proprietary technology platform for lead sourcing and routing

The technology is central, acting as the digital backbone that optimizes the high-touch agent interaction. It sources and routes high-quality leads directly to the most appropriate licensed agent, which is key to their operational efficiency.

• Technology investment paid off in fiscal year 2025 with a 24% year-over-year improvement in agent productivity.
• This efficiency gain is critical for scaling the rapidly growing Healthcare Services segment.

A large database of consumer information and policyholder data

The data asset is what feeds the proprietary technology, creating an information advantage in lead qualification and customer targeting. This database underpins the entire direct-to-consumer (DTC) model.

• The company has collected over 1 Billion+ Data Points, which the platform leverages for complex data analytics.
• This data informs sales and marketing strategies, boosting lead acquisition efficiency.

Licensed, highly-trained, and tenured insurance agents

The agents provide the necessary consultative analysis, differentiating SelectQuote, Inc. from purely digital competitors. The focus is on quality and tenure over sheer volume, which management believes is increasingly valuable given Medicare Advantage plan volatility.

• The agent force drove a 15% increase in year-over-year policy close rates in Q3 FY2025.
• The Senior segment reported an Adjusted EBITDA margin of 39% in Q2 FY2025, up approximately 750 basis points year-over-year.
• SelectQuote, Inc. had 4,269 total employees as of late 2025.

$350 million strategic investment capital from partners in 2025

This capital infusion was a major event for optimizing the capital structure and funding growth initiatives. It provided immediate financial flexibility following a successful renegotiation of the Senior Secured Credit Facility.

• The binding agreement for the $350 million strategic investment was signed in February 2025, closing on February 28, 2025, with funds managed by Bain Capital, Morgan Stanley Private Credit, and Newlight Partners.
• The Company used $260 million of the proceeds to pay down its outstanding term loan.
• This left the Company with more than $100 million of available liquidity post-close.
• The deal reduced the cost of capital by over 500 basis points compared to the prior term debt rate, saving approximately $5 million in annual cash interest expense.

SelectRx Pharmacy infrastructure and accreditation

This infrastructure represents the core of the growing Healthcare Services segment, moving SelectQuote, Inc. beyond pure insurance distribution into direct patient care services. The pharmacy is designed to improve medication adherence for a population with complex needs.

• SelectRx is a Patient-Centered Pharmacy Home (PCPH) accredited pharmacy.
• Membership reached 108,018 members as of June 30, 2025, representing a 31% year-over-year increase.
• The pharmacy serves all 50 states from facilities in Pennsylvania, Indiana, and a new 54,000 square foot fulfillment center in Olathe, Kansas, expected to open in the first half of calendar 2025.
• The Healthcare Services segment delivered Q4 2025 revenue of $214.0 million.

Here's a quick look at the scale these resources supported in fiscal year 2025:

Finance: draft 13-week cash view by Friday.

SelectQuote, Inc. (SLQT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why SelectQuote, Inc. (SLQT) is attracting both customers and capital as of late 2025. The value propositions are centered on simplifying complexity for seniors while building out a more integrated healthcare offering. Here's the quick math on what's driving their current positioning.

Unbiased comparison of multiple insurance policies for consumers

The foundation remains the agent-led, true-choice platform. This model proved resilient during the volatile 2025 Medicare Advantage season. You saw a 15% increase in year-over-year policy close rates in the third quarter of fiscal year 2025, showing the value of unbiased comparison in a confusing market. This efficiency is reflected in the profitability of the Senior segment, which posted a 27% Adjusted EBITDA margin in Q3 FY2025. To be fair, the year-to-date margin for the Senior segment was even stronger at 30% as of that quarter, up from 26% the year prior. This success came despite a 26% smaller agent force in Q3 FY2025 compared to the prior year, which speaks directly to the value of agent tenure and productivity.

Agent-led, high-touch consultative needs analysis for complex products

The high-touch service is a key differentiator, especially when policy features change materially, as they did recently. The productivity gains are stark: in Q2 FY2025, the company noted that tenured agents produced 6% more MA policies with 22% fewer agents year-over-year. This operational leverage is a core value driver. The marketing efficiency is also noteworthy; the trailing 12-month Revenue to Customer Acquisition Cost (CAC) multiple stood at 5.8x as of Q3 FY2025, an improvement from 4.2x a year ago. The company is projecting full-year fiscal 2025 revenue between $1.500 billion and $1.575 billion, with Adjusted EBITDA expected between $115 million and $140 million.

Simplifying the complex insurance shopping experience for seniors

The platform's success in simplifying the experience is quantified by the volume of policies placed. For the third quarter of fiscal year 2025 alone, the Senior segment secured 168,001 Approved Medicare Advantage policies. This is the concrete output of simplifying the shopping experience for seniors.

Holistic healthcare ecosystem: insurance, pharmacy, and virtual care

SelectQuote, Inc. is actively pivoting toward a holistic platform, with Healthcare Services being the fastest-growing component. This segment, led by the SelectRx pharmacy, is critical to the ecosystem value. In Q3 FY2025, this segment generated $189.6 million in revenue, marking a 53% year-over-year increase. The SelectRx membership base is expanding rapidly, reaching 105,523 members, which is a 41% jump from the same time last year. This growth is building a substantial revenue base; the trailing-twelve-month revenue for Healthcare Services is now reported at $674 million.

Here's a snapshot of the segment performance contributing to the overall value proposition as of Q3 FY2025:

Improved health outcomes through medication adherence programs

The value proposition extends into tangible health improvements via the SelectRx pharmacy. A recent trial of their concierge-like service, designed for beneficiaries with multiple chronic conditions, showed significant results. This trial with a regional health plan demonstrated over 90% adherence. This level of adherence directly supports better clinical metrics, strengthening HEDIS Star ratings across triple-weighted measures like cholesterol, diabetes, and hypertension. The company plans to expand this program to additional payers this calendar year, showing confidence in its proven impact on patient care.

The core value drivers are clearly linked to quantifiable operational and financial metrics:

• Medicare Advantage policy volume grew 6% year-over-year in Q2 FY2025.
• SelectRx membership reached 105,523 in Q3 FY2025, up 41% YoY.
• Senior segment Adjusted EBITDA margin hit 39% in Q2 FY2025.
• FY2025 revenue guidance was raised to a range of $1.500 billion to $1.575 billion.
• Medication adherence trial showed over 90% success.

Finance: draft 13-week cash view by Friday.

SelectQuote, Inc. (SLQT) - Canvas Business Model: Customer Relationships

You're looking at how SelectQuote, Inc. keeps its customers engaged, which is the core of their ecosystem strategy. It's a blend of human advice and scalable technology, especially critical in the complex Medicare space.

High-touch, agent-led consultative sales model

The foundation here is the licensed agent providing personalized guidance. This model showed its strength during the historically disruptive 2025 Annual Enrollment Period (AEP). The Senior division achieved an Adjusted EBITDA margin of 39% in the second quarter of fiscal year 2025, which is a testament to the efficiency of this high-touch approach. Management noted that agent close rates improved by 24% year-over-year in Q2 FY2025, even as marketing expenses per policy decreased by 22% year-over-year for the same period. To be fair, agent headcount in the Senior segment was down 22% year-over-year in Q2 FY2025, but they still managed to produce 6% more Medicare Advantage (MA) policies. This model is designed to scale profitably, leveraging the fact that returning sales agents are historically about 40% more productive in their second AEP than their first. In a market where MA policy volume was expected to decline by 10%-15%, the Senior division actually saw policy volume grow by 6% year-over-year in Q2 FY2025.

Dedicated clinical pharmacist team for high-risk members

This is where the long-term relationship shifts from insurance sales to health outcomes, primarily through the Healthcare Services segment. SelectQuote aims to help patients overcome adherence barriers by escalating issues to its clinical pharmacist team. A recent trial of a new concierge-like service with a regional health plan demonstrated over 90% adherence for members managing multiple chronic conditions. The Healthcare Services segment, which includes the SelectRx pharmacy, posted revenue of $214.0 million in the fourth quarter of fiscal year 2025. The company designed its program to proactively engage high- and medium-risk patients, prioritizing those with a higher likelihood of adherence gaps.

Proactive engagement and retention efforts for policy persistency

Retention is measured by the value generated over the life of the customer relationship. The combined Senior and Healthcare Services consumer per unit economics show that total revenue per MA/MS policy increased 23% for the twelve months ended March 31, 2025, compared to the prior twelve-month period, largely due to pharmacy revenue integration. The overall health of the acquisition economics is strong; the Revenue to Customer Acquisition Cost (CAC) ratio for marketing spend stood at 4.6x in the first quarter of fiscal year 2025. By the first quarter of fiscal year 2026, this ratio had improved further to 6.4x.

Digital self-service tools for initial policy comparison

While the primary sales channel remains agent-led, SelectQuote uses proprietary technology to optimize lead flow and support the agents. The entire platform is built on a technology-enabled, direct-to-consumer model that provides unbiased comparisons from multiple carriers.

Long-term relationship management through the SelectRx platform

The SelectRx platform is the key vehicle for extending the relationship beyond the initial policy sale into ongoing health management. This segment has shown impressive, sustained growth. By the end of the second quarter of fiscal year 2025, SelectRx membership reached 97,000, representing a 54% year-over-year increase. By September 30, 2025, the total number of SelectRx members grew to 106,914. The segment delivered its sixth consecutive quarter of profitability as of Q2 FY2025. In Q2 FY2025, SelectRx revenue was $183 million, which translates to an annual run rate exceeding $700 million.

Here's a quick look at the growth metrics driving the long-term relationship value:

• SelectRx Members (as of Sep 30, 2025): 106,914
• SelectRx Member Growth YoY (Q2 FY2025): 54%
• Senior Segment Adjusted EBITDA Margin (Q2 FY2025): 39%
• Revenue to CAC Ratio (Q1 FY2025): 4.6x
• Agent Close Rate Improvement (Q2 FY2025): 24%

The integration of these customer relationship elements is reflected in the company's financial outlook. SelectQuote raised its full-year fiscal 2025 revenue guidance to a range of $1.500 billion to $1.575 billion and its Adjusted EBITDA guidance to $115 million to $140 million.

Finance: draft 13-week cash view by Friday.

SelectQuote, Inc. (SLQT) - Canvas Business Model: Channels

You're looking at how SelectQuote, Inc. (SLQT) gets its value propositions to the customer base as of late 2025. The channels show a clear pivot toward integrated healthcare services alongside the core insurance distribution. Here are the hard numbers defining those pathways.

Direct-to-Consumer (DTC) call centers and licensed agents

The agent-led model remains central for the Senior segment, but efficiency is the key driver. Agent headcount in the Senior segment was down 22% year-over-year in the second quarter of fiscal 2025, yet they managed to produce 6% more Medicare Advantage (MA) policies compared to the prior year period. Overall agent productivity for fiscal 2025 saw a 24% increase in policies per agent compared to fiscal 2024. This focus on high-value interactions is reflected in the operating expense per policy for the Senior segment, which settled at $738 for the full fiscal year 2025.

The company uses a high-touch, agent-led approach to navigate complex plan changes, which helped them deliver a 5.3x revenue-to-Customer Acquisition Cost (CAC) ratio for the cross-segment business in the second quarter of fiscal 2025.

Digital marketing and online lead generation platforms

Technology underpins the efficiency of lead sourcing and routing. AI and automation initiatives are credited with tangible gains, specifically showing 25% reductions in enrollment time. The overall revenue to CAC ratio for the business expanded to 6.1x over the past three years, indicating improved long-term monetization of acquired customers. The platform uses proprietary technology to source and route high-quality leads directly to the licensed agents.

• AI/Automation reduced enrollment time by 25%.
• Revenue to CAC ratio reached 6.1x over three years.
• The company processed more than 300,000 unique health care services interactions.

Direct mail and television advertising for lead volume

While direct mail and television advertising historically drove lead volume, SelectQuote, Inc. (SLQT) has strategically adjusted its spend. Management specifically highlighted its reduced reliance on television advertising as a factor mitigating headwinds from the political advertising season. The strategy now emphasizes being more selective with marketing sources to focus on those driving outsized results, rather than simply maximizing lead volume.

SelectRx pharmacy for prescription and medication delivery

The SelectRx pharmacy is the engine of the rapidly growing Healthcare Services segment. For the full fiscal year 2025, this segment generated $743 million in revenue, representing growth of approximately 55% year-over-year. By the end of the fourth quarter of fiscal 2025, SelectRx membership reached 108,018 members, marking a 31% year-over-year increase for that quarter. A recent trial for a new service through SelectRx demonstrated over 90% medication adherence improvement for Medicare beneficiaries with multiple chronic conditions.

Referral network for social determinants of health (SDoH) services

The Healthcare Services division proactively connects consumers with best-in-class healthcare services that fit their unique needs. This channel is integrated to improve health outcomes and lower costs. The segment's proactive engagement resulted in processing more than 300,000 unique health care services interactions during the period.

Here are the key financial outputs from the primary channels for fiscal year 2025:

SelectQuote, Inc. (SLQT) - Canvas Business Model: Customer Segments

US Seniors seeking Medicare Advantage and Medicare Supplement plans

This segment serves the demographic where approximately 10,000 people turn 65 each day. In the fourth quarter of fiscal year 2025, this segment approved 85,344 Medicare Advantage policies. For the same quarter, the Senior segment generated revenue of $82.5 million. The company's platform facilitates comparisons for a population where 54% of eligible Medicare beneficiaries (out of about 62.8 million people with Parts A and B in 2025) are enrolled in Medicare Advantage plans.

The volume of business in this segment is substantial, as shown by the following quarterly metrics:

The Senior division achieved an Adjusted EBITDA margin of 39% in the second quarter of fiscal year 2025.

Individuals seeking term and final expense life insurance (Life segment)

The Life segment focuses on distributing term life insurance and final expense policies. For the full fiscal year ended June 30, 2025, this segment reported term and final expense premiums totaling $176,547,000. Revenue figures for recent quarters include:

• Q2 FY2025 Life Segment Revenue: $39.9 million.
• Q4 FY2025 Life Segment Revenue: $48.0 million.

Polychronic Medicare beneficiaries needing medication management (SelectRx)

The SelectRx Pharmacy is a key part of the Healthcare Services segment, targeting members with chronic conditions. As of June 30, 2025, the total number of SelectRx members reached 108,018. This represented a 31% increase in total SelectRx members year-over-year as of the fourth quarter of fiscal year 2025. The segment's revenue growth was significant, with Q2 FY2025 revenue reaching $183.4 million, a 64% increase year-over-year. The Q4 FY2025 revenue for the entire Healthcare Services segment was $214.0 million, up 47% year-over-year.

Consumers seeking unbiased comparisons across multiple carriers

SelectQuote, Inc. pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies. The platform's agent-led model provides a consultative needs analysis for every consumer. The company's technology-enabled information advantage supports this, leading to a 5.3x revenue-to-CAC (Customer Acquisition Cost) ratio in one period. The investment in the information advantage resulted in a 24% year-over-year improvement in agent productivity in fiscal year 2025.

Customers with complex healthcare needs who defintely benefit from high-touch service

Research conducted by Healthcare Select in October 2025 uncovered specific characteristics of members needing personalized solutions. The data points for these customers include:

• 74% have two or more chronic conditions.
• 75% take 5+ prescriptions.
• 40% report medication non-adherence.
• ~66% reside in pharmacy deserts.

The SelectRx membership, which is part of the Healthcare Services segment, grew 54% year-over-year as of the second quarter of fiscal year 2025. The company aims to deepen consumer engagement across its portfolio of services and products.

SelectQuote, Inc. (SLQT) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive SelectQuote, Inc.'s operations as of the close of their fiscal year 2025. This is where the money actually goes to keep the lights on and the agents selling.

Agent compensation and commissions (variable cost) is a major component, tied directly to policy sales volume. While specific agent commission dollars aren't broken out separately from all variable costs, the Cost of commissions and other services revenue for the year ended June 30, 2025, was $\text{\$305,127}$ thousand. This cost category is inherently variable, moving with the success of the Senior and Life distribution channels.

Marketing and advertising spend for lead generation saw a reduction in fiscal year 2025. For the twelve months ended June 30, 2025, this expense totaled $\text{\$319,505}$ thousand. That represents an $\text{11\%}$ decrease compared to the prior year, driven by a $\text{\$31.5}$ million drop in lead costs, which the company linked to an approximate $\text{11\%}$ increase in close rates.

The growth in the Healthcare Services segment, specifically SelectRx, directly impacts the Cost of Goods Sold-pharmacy revenue. For the year ended June 30, 2025, this cost line item hit $\text{\$630,340}$ thousand. This was a significant increase from the $\text{\$405,004}$ thousand reported in the prior year, reflecting the scaling of the SelectRx membership base.

Technology development and maintenance expenses, which SelectQuote, Inc. reports as Technical development, were $\text{\$38,681}$ thousand for the year ended June 30, 2025. Note that in the fourth quarter of fiscal year 2025, this expense was elevated at $\text{\$41,591}$ thousand compared to $\text{\$9,233}$ thousand in the prior year's fourth quarter.

General and administrative (G&A) overhead, including corporate salaries, falls under the Selling, general, and administrative line. This figure was $\text{\$164,442}$ thousand for the year ended June 30, 2025. This represented a $\text{17\%}$ increase year-over-year, largely due to an $\text{\$18.2}$ million rise in compensation costs for non-agent staff.

Here's a quick look at the major operating cost categories for SelectQuote, Inc. for the full fiscal year ended June 30, 2025, compared to 2024 (amounts in thousands):

The structure shows a clear shift in cost focus:

• Cost of goods sold-pharmacy revenue increased by over $\text{55\%}$ year-over-year, directly supporting SelectRx growth.
• Marketing and advertising costs were actively managed down by $\text{\$39.4}$ million.
• Selling, general, and administrative expenses rose $\text{17\%}$, signaling investment in corporate and support functions.

Finance: draft $\text{13}$-week cash view by Friday.

SelectQuote, Inc. (SLQT) - Canvas Business Model: Revenue Streams

You're looking at the money SelectQuote, Inc. brings in, which is a mix of traditional insurance sales commissions and a rapidly growing healthcare services arm. Honestly, the shift in revenue composition is the big story here as of late 2025.

The full-year fiscal 2025 consolidated revenue for SelectQuote, Inc. landed at $1.53 billion. This top-line number reflects the combined efforts across their three main business lines.

The revenue streams are anchored by commissions from insurance carrier partners, primarily in the Senior and Life segments. The Healthcare Services segment, which includes SelectRx, is becoming an increasingly significant contributor, especially through pharmacy revenue and fees related to chronic care management.

Here's a look at the revenue breakdown based on the fourth quarter of fiscal year 2025 results, which gives you a snapshot of the current mix:

The commissions from insurance carrier partners are the foundation, derived from the Senior segment (Medicare Advantage and Medicare Supplement) and the Life segment. For instance, in Q4 FY2025, the Senior segment generated $82.5 million and the Life segment generated $48.0 million in revenue, which is largely commission-based.

Revenue from the Healthcare Services segment, which houses SelectRx, saw substantial growth. Full-year fiscal 2025 revenue for this segment reached approximately $743 million. This segment's revenue is directly tied to SelectRx membership and value-based arrangements.

Fees for chronic care management and other value-based services are embedded within the Healthcare Services segment's performance. The focus here is on driving adherence and better outcomes, which translates financially:

• Pharmacy revenue per Medicare Advantage/Supplement policy reached $1,219 in Q4 FY2025.
• Total revenue per Medicare Advantage/Supplement policy was $2,202 in Q4 FY2025.
• The Healthcare Services segment revenue grew 47% year-over-year in Q4 FY2025.
• The number of approved Medicare Advantage policies sold in Q3 FY2025 was 168,001.