eHealth (EHTH) Q4 2025 earnings summary

Executive summary

• Achieved strong earnings growth in 2025, with revenue up 4% to $554 million and net income nearly quadrupling to $40 million, driven by Medicare Advantage LTV growth and cost discipline.

• Adjusted EBITDA for 2025 was $97.3 million, up 40% year-over-year, reflecting improved unit economics and cost efficiencies.

• Successfully navigated a disruptive Medicare Advantage cycle, supporting hundreds of thousands of seniors and strengthening the balance sheet for 2026.

• Diversified revenue base with significant growth in hospital indemnity and Medicare Supplement products.

• Announced financial results for Q4 and FY2025, reinforcing its leadership as a private online health insurance marketplace with access to over 180 insurers.

Financial highlights

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

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

• Adjusted EBITDA for 2025 was $97.3 million, up 40% year-over-year; Q4 Adjusted EBITDA was $132.9 million, up 10%.

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

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

Outlook and guidance

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

• 2026 revenue guidance: $405 million–$445 million; GAAP net income: $8 million–$25 million.

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

• Targeting break-even operating cash flow in 2026 and positive operating cash flow in 2027.

• 2026 plan prioritizes cash flow generation, profit margin, and targeted diversification investments.