EVH Q1 2026 Earnings
Reported May 7, 2026 at 7:05 AM ET · SEC Source
Q1 26 EPS
$-0.02
BEAT +57.17%
Est. $-0.05
Q1 26 Revenue
$496.2M
MISS 7.08%
Est. $534.0M
vs S&P Since Q1 26
+17.7%
BEATING MARKET
EVH +17.9% vs S&P +0.2%
Market Reaction
Did EVH Beat Earnings? Q1 2026 Results
Evolent Health delivered a mixed first quarter for fiscal 2026, beating on the bottom line while falling short on revenue, as rising medical costs continued to weigh on the company's performance suite margins. The health technology firm posted an adj… Read more Evolent Health delivered a mixed first quarter for fiscal 2026, beating on the bottom line while falling short on revenue, as rising medical costs continued to weigh on the company's performance suite margins. The health technology firm posted an adjusted loss of $0.02 per share, well ahead of the consensus estimate of a $0.05 loss, a beat of 57.17%, though revenue of $496.25 million trailed analyst expectations of $534.04 million and grew just 2.6% year over year. The primary culprit was a medical expense ratio of 93.3% in the Performance Suite, up sharply from 84.0% a year ago, reflecting industry-wide pressure from rising medical costs that compressed adjusted EBITDA to $22.07 million, down from $36.86 million in Q1 2025. On a brighter note, the company's GAAP net loss narrowed significantly to $26.63 million from $72.25 million a year earlier. Management reaffirmed full-year 2026 guidance of $2.40 billion to $2.60 billion in revenue and $110 million to $140 million in adjusted EBITDA, pointing to two new client agreements targeted for Q3 launches, including a national payer expansion expected to generate over $200 million in annual revenue, as catalysts for the second half.
Key Takeaways
- • Rising medical costs impacting health plans drive robust demand for Evolent's complex specialty care solutions
- • Performance Suite average PMPM fees increased to $17.73 from $15.57 year-over-year
- • Successful on-time oncology launches at Highmark and Aetna
- • SG&A expenses decreased to $72.8 million from $78.4 million year-over-year
- • Medical Expense Ratio of 93.3% up from 84.0% (excluding ECP) year-over-year
EVH Forward Guidance & Outlook
Evolent reiterated its full-year 2026 guidance of $2.4 billion to $2.6 billion in revenue and approximately $110 million to $140 million in Adjusted EBITDA. The company expects to deploy approximately $25 million to $30 million in cash for capitalized software development during 2026. Two new revenue agreements are expected to go live in Q3 2026: an advanced imaging solution covering approximately 4.5 million lives, and a national payer expansion of oncology and cardiology solutions expected to generate over $200 million in annual revenue, both subject to regulatory approvals.
EVH YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
EVH Revenue by Segment
With YoY comparisons, source: SEC Filings
“I am happy with the strong start to the year. We are on track with our plan and have had successful, on-time oncology launches at both Highmark and Aetna. As we look into 2027 and beyond, we remain focused on both extending our market leadership in oncology and addressing the big opportunity we have with AI, all while fulfilling our commitments to shareholders, employees and customers.”
— Seth Blackley, Q1 2026 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% |