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Evolent Health (EVH) investor relations material
Evolent Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 results exceeded expectations, with revenue of $479.5 million and Adjusted EBITDA of $39 million, driven by strong organic growth, new contract wins, and customer retention.
Thirteen new customer agreements were signed year-to-date, including major contracts with a large Blue Cross plan and a provider-sponsored health plan, supporting a 2026 revenue forecast of $2.5 billion.
Enhanced contract structures with risk corridors and prevalence/case mix adjustments are now standard, improving predictability and reducing downside risk.
The sale of Evolent Care Partners is on track, with $100 million in proceeds planned for debt reduction.
Leadership changes include a new CFO and Chief Strategy Officer to support growth and operational changes.
Financial highlights
Q3 2025 revenue was $479.5 million, up 8% sequentially but down 22.8% year-over-year due to contract changes.
Adjusted EBITDA was $39 million (8.1% margin), up 23% year-over-year and ahead of expectations.
Net loss attributable to common shareholders was $26.9 million, improved from $31.2 million in Q3 2024.
Cash and cash equivalents at quarter-end were $116.7 million.
Outlook and guidance
Full-year 2025 revenue guidance narrowed to $1.87–$1.88 billion; Adjusted EBITDA guidance set at $144–$154 million.
2026 revenue under contract is $2.5 billion, but Adjusted EBITDA growth for 2026 is uncertain due to potential membership declines in exchanges, Medicare Advantage, and Medicaid.
Q4 2025 revenue expected between $462–$472 million; Adjusted EBITDA between $30–$40 million.
AI initiatives expected to deliver $20 million in year-over-year EBITDA improvement.
Management believes current liquidity is sufficient for at least the next twelve months.
New Performance Suite margin profile
2026 EBITDA impact from membership shifts
Oncology navigation and AON partnership value
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Next Evolent Health earnings date
Piper Sandler 37th Annual Healthcare Conference2 Dec, 2025
Next Evolent Health earnings date
Piper Sandler 37th Annual Healthcare Conference2 Dec, 2025
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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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