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Evolent Health

EVH Q4 2025 Earnings

Reported Feb 24, 2026 at 4:12 PM ET · SEC Source

Q4 25 EPS

$0.08

BEAT +62.60%

Est. $0.05

Q4 25 Revenue

$468.7M

BEAT +0.05%

Est. $468.5M

vs S&P Since Q4 25

+116.1%

BEATING MARKET

EVH +121.3% vs S&P +5.2%

Full Year 2025 Results

FY 25 EPS

$0.09

FY 25 Revenue

$1.88B

Market Reaction

Did EVH Beat Earnings? Q4 2025 Results

Evolent Health delivered a mixed but ultimately encouraging fourth quarter, posting adjusted earnings of $0.08 per share against a consensus estimate of $0.05, a beat of 62.60%, while revenue of $468.72 million edged past expectations by 0.05%, thoug… Read more Evolent Health delivered a mixed but ultimately encouraging fourth quarter, posting adjusted earnings of $0.08 per share against a consensus estimate of $0.05, a beat of 62.60%, while revenue of $468.72 million edged past expectations by 0.05%, though it fell 27.5% from the year-ago quarter as the company's scaled-back revenue base reflected deliberate portfolio changes. The headline numbers, however, were overshadowed by a $398.00 million goodwill impairment charge that pushed the GAAP net loss to $429.13 million, or $3.84 per share, compared to a loss of $30.61 million in Q4 2024. Stripping out the impairment, the adjusted picture was notably stronger, with Adjusted EBITDA climbing to $37.79 million at an 8.1% margin, up from $22.61 million and 3.5% a year prior. Shares surged more than 20% following the report, driven largely by forward guidance calling for approximately 30% revenue growth in 2026, with full-year revenue targeted between $2.40 billion and $2.60 billion and Adjusted EBITDA of $110.00 million to $140.00 million, supported by $900.00 million in new Performance Suite revenue.

Key Takeaways

  • • Rising medical costs impacting health plans driving robust demand for Evolent's complex specialty care solutions
  • • Adjusted EBITDA margin improvement to 8.1% from 3.5% in Q4 2024
  • • Strong customer retention rates
  • • Migration of Performance Suite clients to enhanced contract model
  • • Gain on disposal of non-strategic assets of $14.9 million in Q4 2025
24/7 Wall St

EVH YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

EVH Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q1 26

“In 2025 we executed on our earnings targets, continued to grow market share, renewed customers at strong rates, and continued the migration of Performance Suite clients to our enhanced Performance Suite contract model. We believe our total forecasted revenue growth of approximately 30% for 2026 demonstrates the power and durability of Evolent's specialty model. While the addition of $900 million in new Performance Suite revenue in 2026, as well as the impact of significant health plan customer membership decreases in their Exchange products, create an impact on Adjusted EBITDA in the first half of the year, we believe our year-end 2026 margins should quickly step-up as new contract reserving effects ease throughout the year and our operating cost reduction plan ramps up across 2026. Most importantly, we believe we will continue to see a sizable market opportunity as health plans turn to Evolent for help in balancing quality and affordability for their members as they navigate oncology, cardiology, and musculoskeletal conditions.”

— Seth Blackley, Q4 2025 Earnings Press Release

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