CorVel Corp 2026年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended December 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period fromtoxCommission file number 000-19291 CORVEL CORPORATION (Exact Name of Registrant as Specified in its Charter) 33-0282651(I.R.S. EmployerIdentification No.) 76109(Zip Code) (Registrant’s telephone number, including area code) Not Applicable(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Large accelerated filer☑Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☑The number of shares outstanding of the registrant’s Common Stock, $0.0001 par value per share, as of February 2, 2026, was 51,152,437. CORVEL CORPORATIONQUARTERLY REPORT ON FORM 10-QTABLE OF CONTENTS PART I - FINANCIAL INFORMATION Item 1.Financial Statements3Consolidated Balance Sheets – December 31, 2025 (unaudited) and March 31, 20253Consolidated Income Statements (unaudited) – Three months ended December 31, 2025 and 20244Consolidated Income Statements (unaudited) – Nine months ended December 31, 2025 and 20245Consolidated Statements of Stockholders’ Equity (unaudited) – Three and nine months ended December 31,2025 and 20246Consolidated Statements of Cash Flows (unaudited) – Nine months ended December 31, 2025 and 20247Notes to Consolidated Financial Statements8Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations19Item 3.Quantitative and Qualitative Disclosures About Market Risk26Item 4.Controls and Procedures26PART II - OTHER INFORMATIONItem 1.Legal Proceedings27Item 1A.Risk Factors27Item 2.Unregistered Sales of Equity Securities and Use of Proceeds36Item 3.Defaults Upon Senior Securities36Item 4.Mine Safety Disclosures36Item 5.Other Information36Item 6.Exhibits37Signatures38 CORVEL CORPORATIONNotes to Consolidated Financial StatementsDecember 31, 2025 Note 1 — Summary of Significant Accounting Policies Basis of Presentation:The unaudited consolidated financial statements include the accounts of CorVel Corporation (the“Company,” “we”, “our”, or “us”) and its consolidated subsidiaries. Significant intercompany accounts and transactions have beeneliminated in consolidation. The unaudited consolidated financial statements herein have been prepared by the Company pursuant to the rules andregulations of the United States Securities and Exchange Commission (“SEC”). The accompanying interim unaudited consolidatedfinancial statements have been prepared under the presumption that users of the interim financial information have either read orhave access to the audited consolidated financial statements for the latest fiscal year ended March 31, 2025. Accordingly, notedisclosures which would substantially duplicate the disclosures contained in the March 31, 2025 audited consolidated financialstatements have been omitted from these interim unaudited consolidated financial statements. The Company evaluated all subsequent events and transactions through the date of filing this report. Certain information and note disclosures normally included in financial statements prepared in accordance with United Statesgenerally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In theopinion of management, all adjustments considered necessary for a fair presentation have been included. Operating