eHealth (EHTH) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 60% YoY to $21.3M amid reduced marketing spend outside major enrollment periods; operating cash flow outflow narrowed 56% YoY to $11.2M.

• Lifetime Advisory Model indicators included improved 90-day retention for the Q2 2026 Medicare Advantage cohort and ancillary cross-sell rates nearly doubling YoY.

Financial highlights

• GAAP net loss was $35.9M vs. $31.7M; adjusted EBITDA loss was $39.9M vs. $34.0M in Q3 2025.

• Operating costs and expenses fell 29% YoY to $67.6M; marketing and advertising expense declined 55%.

• Positive net adjustment revenue was $1.4M vs. $12.2M in Q3 2025.

• Cash, cash equivalents and marketable securities totaled $88.1M; commissions receivable was $970.6M at September 30, 2026, up 7% YoY.

Outlook and guidance

• FY26 guidance was reaffirmed: revenue $405M–$445M; GAAP net income $8M–$25M; adjusted EBITDA $55M–$75M; operating cash flow $(10)M–$12M.

• Expected positive net adjustment revenue increased to $17M–$20M from $16M–$20M, reflecting Q3 results.

• FY26 variable and fixed operating cost reductions remain on track at ~$90M YoY, including more than $60M in variable savings and ~$30M in fixed costs.

• Targets include break-even or better operating cash flow in 2026, sustainable revenue growth beginning in 2027, and expanded profitability and cash flow generation.