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Evolent Health
Evolent Health (EVH) investor relations material
Evolent Health Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Q4 2025 revenue reached $469 million, with Adjusted EBITDA of $37.8 million, both exceeding guidance and reflecting disciplined execution, strong customer retention, and new partner additions.
Oncology is expected to comprise 65% of 2026 revenue, up from 36% in 2025, positioning it as the core growth driver.
Migrated 90% of Performance Suite revenue to the Enhanced Performance Suite model, retaining all key customers and signing two major new ones.
Closed the divestiture of Evolent Care Partners in December 2025, using proceeds to pay down senior term debt.
Achieved earnings targets for 2025, grew market share, and maintained strong customer renewal rates.
Financial highlights
FY 2025 revenue (post-ACO divestiture): $1.7 billion; full-year revenue $1.88 billion; Adjusted EBITDA: $151.2 million; Q4 Adjusted EBITDA: $37.8 million.
Q4 2025 GAAP net loss attributable to common shareholders was $429.1 million; full year net loss was $579.4 million.
Adjusted EBITDA margin for 2025 was 8.1%, up from 6.3% in 2024.
Year-end cash: $151.9 million; net debt: $782 million; total available liquidity: $204.4 million.
Large non-cash goodwill impairment recorded due to market valuation declines.
Outlook and guidance
2026 revenue guidance: $2.4–$2.6 billion, reflecting 30–33% YoY growth, driven by new Performance Suite launches and favorable Medicare mix.
2026 Adjusted EBITDA guidance: $110–$140 million, with 70% expected in the second half due to reserving impacts from new contracts.
Q4 2026 run-rate Adjusted EBITDA projected to exceed $150 million.
MER expected to rise to 93% in 2026 due to new contract reserving, then improve as contracts mature.
$10–$20 million in operating cash flow expected for 2026 after $60 million in interest expense.
2026 H2 margin recovery drivers
Impact of high MER on profitability?
Goodwill impairment business implications?
Quantify new Performance Suite contract upside?
Detail AI's impact on authorization rates?
What oncology cost trends are Evolent exposed to?
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Next Evolent Health earnings date
Oppenheimer 36th Annual Healthcare MedTech & Services Conference17 Mar, 2026
Evolent Health
Next Evolent Health earnings date
Oppenheimer 36th Annual Healthcare MedTech & Services Conference17 Mar, 2026
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Frequently asked questions
Evolent Health, Inc. is a U.S.-based healthcare company that provides technology-enabled services and solutions to support value-based care delivery. The company partners with healthcare providers, payers, and other organizations to improve clinical outcomes and reduce costs. Evolent's offerings include population health management, risk adjustment, clinical workflow optimization, and healthcare analytics. The company is headquartered in Arlington, Virginia, and its shares are listed on the New York Stock Exchange.
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