EVH Q3 2025 Earnings
Reported Nov 6, 2025 at 4:21 PM ET · SEC Source
Q3 25 EPS
$0.05
MISS 51.22%
Est. $0.10
Q3 25 Revenue
$479.5M
BEAT +2.58%
Est. $467.5M
vs S&P Since Q3 25
-34.4%
TRAILING MARKET
EVH -25.1% vs S&P +9.3%
Market Reaction
Did EVH Beat Earnings? Q3 2025 Results
Evolent Health posted a mixed third quarter for 2025, clearing the revenue bar while falling well short on the bottom line. The specialty health company reported revenue of $479.53 million, beating the $467.49 million consensus by 2.58%, though the r… Read more Evolent Health posted a mixed third quarter for 2025, clearing the revenue bar while falling well short on the bottom line. The specialty health company reported revenue of $479.53 million, beating the $467.49 million consensus by 2.58%, though the result still represented a steep 22.8% decline from the year-ago period as a strategic shift in business mix weighed heavily, with Performance Suite average PMPM fees compressing from $20.97 to $14.77. Adjusted EPS came in at $0.05, missing the $0.10 consensus estimate by 51.22%, even as Adjusted EBITDA expanded to $38.95 million from $31.80 million a year ago. The commercial pipeline offered the quarter's most compelling narrative, with Evolent signing two additional revenue agreements and lifting its preliminary 2026 revenue forecast to $2.50 billion, including more than $750 million in new annualized revenue set to launch that year. A leadership overhaul, including the appointment of former CVS Caremark CFO Mario Ramos effective January 2026, signals a push for tighter financial discipline as the company navigates its transition. For Q4 2025, Evolent guided revenue of $462 million to $472 million.
Key Takeaways
- • Rising medical costs impacting health plans driving robust demand for complex specialty care solutions
- • Adjusted EBITDA margin expansion to 8.1% from 5.1% year-over-year
- • Enhanced Performance Suite model balancing disciplined growth and margin
- • Thirteen new revenue agreements signed year-to-date
EVH YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
EVH Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are happy to deliver a strong quarter, in the top half of our guidance for both Adjusted EBITDA and revenue, while reiterating our fourth quarter outlook. Further, we added another two customer agreements, bringing our total new contracts to thirteen for the year. We now have signed contracts that bring our preliminary 2026 revenue forecast to $2.5 billion. More importantly, we're winning in the marketplace with our Enhanced Performance Suite model that balances disciplined growth and margin. Finally, we continue to improve our product with our member navigation and Oncology Care Partners innovations. We expect to close the previously announced ECP transaction later this year and expect to use the proceeds to pay down our senior debt.”
— Seth Blackley, Q3 2025 Earnings Press Release
EVH Earnings Trends
EVH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EVH EPS Trend
Earnings per share: estimate vs actual
EVH Revenue Trend
Quarterly revenue: estimate vs actual
EVH Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.05 | $-0.02 | +57.17% | $496.2M | -7.08% |
| Q4 25 BEAT FY | $0.05 | $0.08 | +62.60% | $468.7M | +0.05% |
| FY Full Year | — | $0.09 | — | $1.88B | — |
| Q3 25 MISS | $0.10 | $0.05 | -51.22% | $479.5M | +2.58% |
| Q2 25 MISS | $0.08 | $-0.10 | -223.30% | $444.3M | -3.29% |