CORVEL CORP
For the period ended Mar 31, 2026. Filed May 22, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed May 22, 2026
CRVL$83.64+1.7%Stored close · as of Nov 10, 2026
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Item 15. Exhibit and Financial Statement Schedules
(a)(1) Financial Statements:
The Company’s financial statements appear in a separate section of this Annual Report, beginning on the pages referenced below:
| Page | |
|---|---|
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 200) | 44 |
| Consolidated Balance Sheets as of March 31, 2026 and 2025 | 47 |
| Consolidated Statements of Income for the Fiscal Years Ended March 31, 2026, 2025 and 2024 | 48 |
| Consolidated Statements of Stockholders’ Equity for the Fiscal Years Ended March 31, 2026, 2025 and 2024 | 49 |
| Consolidated Statements of Cash Flows for the Fiscal Years Ended March 31, 2026, 2025 and 2024 | 50 |
| Notes to Consolidated Financial Statements | 51 |
(a)(2) Financial Statement Schedule:
The Company’s consolidated financial statements, as listed under Item 15(a)(1), appear in a separate section of this Annual Report and are incorporated herein by this reference. The Company’s financial statement schedule is as follows:
Schedule II — Valuation and Qualifying Accounts
| Balance atBeginning of Year | AdditionsCharged to Costand Expenses | Deductions | Balance at End of Year | |
|---|---|---|---|---|
| Allowance for expected credit losses: | ||||
| Fiscal Year Ended March 31, 2026: | $7,689,000 | $2,397,000 | $(6,117,000) | $3,969,000 |
| Fiscal Year Ended March 31, 2025: | 4,245,000 | 3,530,000 | (86,000) | 7,689,000 |
| Fiscal Year Ended March 31, 2024: | 2,823,000 | 1,828,000 | (406,000) | 4,245,000 |
(a)(3) Exhibits:
EXHIBITS
| ExhibitNo. | Title | Method of Filing |
| 3.1 | Fourth Amended and Restated Certificate of Incorporation of CorVel Corporation. | Incorporated herein by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 filed on August 6, 2020 (File No. 000-19291). |
| 3.2 | Certificate of Amendment of Fourth Amended and Restated Certificate of Incorporation of CorVel Corporation | Incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 26, 2024. |
| 3.3 | Second Amended and Restated Bylaws of CorVel Corporation. | Incorporated herein by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 filed on August 6, 2020 (File No. 000-19291). |
| 4.1 | Description of Capital Stock | Filed herewith. |
| 10.1* | Restated Omnibus Incentive Plan (Formerly The Restated 1988 Executive Stock Option Plan) | Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 4, 2020 (File No. 000-19291). |
| 10.2* | Forms of Notice of Grant of Stock Option, Stock Option Agreement and Notice of Exercise Under the Restated Omnibus Incentive Plan (Formerly The Restated 1988 Executive Stock Option) | Incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on August 8, 2018 (File No. 000-19291), Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006 filed on November 9, 2006 (File No. 000-19291), Exhibits 10.7, 10.8 and 10.9 to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 1994 filed on June 29, 1994 (File No. 000-19291), Exhibits 99.2, 99.3, 99.4, 99.5, 99.6, 99.7 and 99.8 to the Company’s Registration Statement on Form S-8 (File No. 333-94440) filed on July 10, 1995, and Exhibits 99.3 and 99.5 to the Company’s Registration Statement on Form S-8 (File No. 333-58455) filed on July 2, 1998. |
| 10.3* | Restated 1991 Employee Stock Purchase Plan, as amended | Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 11, 2021 (File No. 000-19291). |
| 10.4(P) | Fidelity Master Plan for Savings and Investment, and amendments | Incorporated herein by reference to Exhibits 10.16 and 10.16A to the Company’s Registration Statement on Form S-1 Registration No. 33-40629 initially filed on May 16, 1991. |
| 10.5*† | Stock Option Agreement, dated November 5, 2020, by and between CorVel Corporation and Michael G. Combs, providing for performance vesting. | Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 12, 2020 (File No. 000-19291). |
| 10.6*† | Stock Option Agreement, dated November 5, 2020, by and between CorVel Corporation and Brandon T. O’Brien, providing for performance vesting. | Incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on November 12, 2020 (File No. 000-19291). |
| 10.7*† | Stock Option Agreement, dated November 5, 2020, by and between CorVel Corporation and Maxim Shishin, providing for performance vesting. | Incorporated herein by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on November 12, 2020 (File No. 000-19291). |
| 10.8*† | Stock Option Agreement, dated November 5, 2020, by and between CorVel Corporation and Jennifer Yoss, providing for performance vesting. | Incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on November 12, 2020 (File No. 000-19291). |
| 10.9*† | Stock Option Agreement, dated December 8, 2021, by and between CorVel Corporation and Michael G. Combs, providing for performance vesting. | Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021 filed on February 3, 2022 (File No. 000-19291). |
| 10.10*† | Stock Option Agreement, dated December 8, 2021, by and between CorVel Corporation and Brandon T. O’Brien, providing for performance vesting. | Incorporated herein by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021 filed on February 3, 2022 (File No. 000-19291). |
| 10.11*† | Stock Option Agreement, dated December 8, 2021, by and between CorVel Corporation and Maxim Shishin, providing for performance vesting. | Incorporated herein by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021 filed on February 3, 2022 (File No. 000-19291). |
| 10.12*† | Stock Option Agreement, dated December 8, 2021, by and between CorVel Corporation and Jennifer Yoss, providing for performance vesting. | Incorporated herein by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021 filed on February 3, 2022 (File No. 000-19291). |
| 10.13* | CorVel Corporation 2025 Stock Incentive Plan. | Incorporated herein by reference to Appendix A to the Company’s Definitive Proxy Statement filed on June 24, 2025. |
| 10.14* | Forms of Notice of Stock Option Grant and Stock Option Agreement | Incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-8 (File No. 333- 291331) filed on November 6, 2025. |
| 19.1 | Insider Trading Policy | Incorporated herein by reference to Exhibit 19.1 to the Company’s Annual Report on Form 10-K for the period ended March 31, 2024 filed on May 24, 2024 (File No. 000-19291). |
| 21.1 | Subsidiaries of the Company. | Filed herewith. |
| 23.1 | Consent of Independent Registered Public Accounting Firm, Haskell & White LLP. | Filed herewith. |
| 31.1 | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith. |
| 31.2 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith. |
| 32.1 | Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Furnished herewith. |
| 32.2 | Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Furnished herewith. |
| 97.1 | Executive Clawback Policy | Incorporated herein by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10-K for the period ended March 31, 2024 filed on May 24, 2024 (File No. 000-19291). |
| 101.INS | Inline XBRL Instance Document | Furnished herewith. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents | Furnished herewith. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Furnished herewith. |
- Denotes management contract or compensatory plan or arrangement.
† - Certain confidential information contained in this exhibit has been omitted by means of redacting a portion of the text and replacing it with empty brackets indicated by [ ], pursuant to Regulation S-K Item 601(b)(10)(iv) of the Securities Act of 1933, as amended. Certain confidential information has been excluded from the exhibit because it (i) is not material and (ii) would likely cause competitive harm to CorVel if publicly disclosed. An unredacted copy of the exhibit will be provided on a supplemental basis to the SEC upon request.
(P) – Previously filed only in paper.
(b) Exhibits
The exhibits filed as part of this Annual Report are listed under Item 15(a)(3) of this Annual Report.
(c) Financial Statement Schedule
The Financial Statement Schedule required by Regulation S-X and Item 8 of Form 10-K is listed under Item 15(a)(2) of this Annual Report.
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