eHealth (EHTH) Q4 2025 earnings summary

Executive summary

• Achieved strong earnings growth in 2025, with total revenue up 4% year-over-year to $554 million, driven by Medicare Advantage LTV growth and higher net adjustment revenue.

• GAAP net income for 2025 was $40 million, nearly quadrupling from $10.1 million in 2024.

• Adjusted EBITDA for 2025 increased 40% to $97.3 million, reflecting improved unit economics and cost efficiencies.

• Strengthened balance sheet and entered 2026 with enhanced financial flexibility.

• Continues to operate as a leading private online health insurance marketplace, providing access to over 180 health insurers nationwide.

Financial highlights

• 2025 annual revenue grew 4% year-over-year to $554 million; Q4 revenue reached $326.2 million, up 4%.

• GAAP net income for 2025 was $40 million, up nearly 300% from $10.1 million in 2024; Q4 GAAP net income was $87.2 million.

• Adjusted EBITDA for 2025 increased 40% to $97.3 million; Q4 Adjusted EBITDA was $132.9 million, up 10%.

• Commissions receivable at year-end reached $1.1 billion, up 12% year-over-year.

• Positive net adjustment revenue recognized: $44.4 million in 2025, up from $22.7 million in 2024.

Outlook and guidance

• 2026 is positioned as a bridge year, focusing on operating cash flow and margin over enrollment volume.

• Total revenue guidance for 2026 is $405 million–$445 million; GAAP net income expected between $8 million–$25 million.

• Adjusted EBITDA guidance is $55 million–$75 million; operating cash flow expected between -$10 million and +$12 million.

• Targeting break-even operating cash flow in 2026, a $25 million improvement year-over-year.

• Revenue growth and positive operating cash flow targeted for 2027.