eHealth (EHTH) Q2 2026 earnings summary

Executive summary

• Q2 2026 results reflect a strategic shift to the lifetime advisory model, prioritizing member engagement, retention, and ancillary product sales, with early success shown in doubled cross-sell rates and improved engagement metrics.

• Significant cost reduction initiatives, including a 14% workforce reduction and targeted vendor spend cuts, led to improved operating cash flow and lower expenses.

• The company is on track for meaningful year-over-year improvements in annual operating cash flow and aims to return to sustainable growth in 2027.

• Strategic investments continue in long-term growth areas such as ICHRA and employer markets.

Financial highlights

• Q2 2026 revenue was $33.6 million, down 45% year-over-year, primarily due to lower Medicare enrollment and reduced marketing spend; six-month revenue was $121.6 million, down 30%.

• GAAP net loss was $23.6 million, compared to $17.4 million last year; adjusted EBITDA was $(21.8) million versus $(14.1) million.

• Operating cash flow improved to $(5.0) million from $(41.2) million year-over-year; cash, cash equivalents, and marketable securities totaled $101 million.

• Commission receivables increased 10% to $1 billion.

• Net loss attributable to common stockholders was $37.5 million for Q2 2026.

Outlook and guidance

• 2026 full-year guidance: total revenue $405–$445 million, GAAP net income $8–$25 million, adjusted EBITDA $55–$75 million, operating cash flow $(10)–$12 million.

• Net adjustment revenue for 2026 is expected to be $16–$20 million.

• Management expects to achieve 2026 guidance and return to growth in 2027, driven by the new advisory model, ICHRA growth, and Amplify expansion.

• Marketing spend will be further reduced in Q3, with most of the budget deployed in Q4 for direct channels.

• Liquidity is sufficient to fund operations for at least 12 months.