Companies /Healthcare

Evolent Health Inc - Class A

NYSE: EVH Health Information Services
$4.23
▼ $0.05 (−1.17%) today
Markets closed · 7:59pm ET

Q3 2025 Earnings

Reported Nov 6, 2025, 4:21pm ET · SEC source
$0.05
Miss −51.22%
EPS · est. $0.10
$479.5M
Beat +2.58%
Revenue · est. $467.5M
−24.2%
Trailing market
EVH vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−18%−9%0+9%Nov 6Nov 7report 4:21pm ETearnings+0.2%−20.9%
−18%−9%0+9%Nov 6Nov 7earnings+0.2%−20.9%
EVH −20.9%S&P 500 +0.2%
−18%−9%0+9%Nov 6Nov 7report 4:21pm ETearnings−0.1%−20.9%
−18%−9%0+9%Nov 6Nov 7earnings−0.1%−20.9%
EVH −20.9%NASDAQ −0.1%
−40%−20%0Nov 5Nov 14report 4:21pm ETearnings+0.1%−38.3%
−40%−20%0Nov 5Nov 14earnings+0.1%−38.3%
EVH −38.3%S&P 500 +0.1%
−40%−20%0Nov 5Nov 14report 4:21pm ETearnings−0.5%−38.3%
−40%−20%0Nov 5Nov 14earnings−0.5%−38.3%
EVH −38.3%NASDAQ −0.5%
−17.33%
Day of report
−0.20%
Next session
−15.73%
One week
−21.77%
30 days

S&P 500 over the same 30 days: +2.47%.

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 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

“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.”

Evolent Health CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Evolent expects revenue in the range of $462 million to $472 million and Adjusted EBITDA of $30 million to $40 million. Full-year 2025 revenue is expected to be approximately $1.87 billion to $1.88 billion with Adjusted EBITDA of $144 million to $154 million. The company expects to deploy approximately $35 million in cash for capitalized software development during 2025. Evolent has signed contracts bringing its preliminary 2026 revenue forecast to $2.5 billion, with more than $750 million in new annualized revenue expected to launch during 2026. The company expects to close the ECP transaction later in 2025 and use proceeds to pay down senior debt.

EVH YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$200.0M$400.0M$600.0M$621.4M$479.5MRevenue$80.7M$99.8MGross Profit$431,248$886,000Operating Income$-32,209,066$-26,930,000Net Income
$0$200.0M$400.0M$600.0MRevenueGross ProfitOperating IncomeNet Income

EVH Revenue by Segment

Performance Suite
Specialty Technology and Services Suite
Administrative Services
Cases

Figures from SEC filings and company reports. Not investment advice.