10-K · February 25, 2026
Evolent describes itself as a market leader in specialty, value-based care management (oncology, cardiology, musculoskeletal) with an integrated tech-enabled platform (Identifi®, CarePro™) and claims to grow via…
Earnings analysis · 10-Q
EVH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Evolent Health, Inc. reported Q1 2026 revenue of $496.2 million, a 2.6% increase from $483.6 million in the prior year, although significantly below consensus estimates of $533.6 million. The company incurred a net loss…
Read full summary
Evolent Health, Inc. reported Q1 2026 revenue of $496.2 million, a 2.6% increase from $483.6 million in the prior year, although significantly below consensus estimates of $533.6 million. The company incurred a net loss of $26.6 million compared to a loss of $72.3 million in the same period last year, signifying an improvement in profitability. Management maintains full-year revenue guidance of $2.4 billion to $2.6 billion.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.24
- Segment
- Performance Suite
- Segment
- Specialty Technology and Services Suite
- Segment
- Administrative Services
What stood out
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Revenue Increases Despite Loss
Q1 2026 revenue reached $496.2 million, up 2.6% from $483.6 million in Q1 2025.
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Net Loss Improves Compard to Last Year
Net loss decreased to $26.6 million from $72.3 million in Q1 2025.
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Operating Loss Widens
Operating loss was $10.6 million compared to a loss of $1.6 million in the prior year.
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Performance Suite Revenue Growth
Performance Suite revenue increased to $323.3 million from $245.2 million year-over-year.
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Cost of Revenue Ratio Up
Cost of revenue was 83.1% of total revenue in Q1 2026 versus 78.8% in Q1 2025.
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SG&A Expenses Decrease
SG&A expenses fell to $72.8 million, down 7.1% from $78.4 million in Q1 2025.
What to watch
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High Medical Expense Ratio
Medical Expense Ratio rose to 93.3% from 68.0% year-over-year, indicating increasing healthcare costs.
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Regulatory Changes Impacting Membership
Changes due to the One Big Beautiful Bill Act may lead to lower membership in Medicaid and Health Exchanges.
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Increased Debt Financing Costs
Interest expenses rose to $16.9 million in Q1 2026, from $10.4 million in Q1 2025 due to new borrowings.
Management's outlook
Management reiterated full-year revenue guidance of $2.4 billion to $2.6 billion.
Earlier filings 4
10-Q · November 7, 2025
Evolent reported revenue of $479.5M for Q3 2025, down 22.8% year-over-year, while operating income turned positive to $0.9M versus an operating loss of $16.3M in Q3 2024. Gross margin expanded to 20.8% (cost of revenue…
10-Q · August 11, 2025
Evolent reported revenue of $444.3M for the quarter ended June 30, 2025, down 31.3% year-over-year driven primarily by contractual updates in the Performance Suite. Gross margin expanded (cost of revenue fell to 77.4%…
10-Q · November 8, 2024
Revenue rose 21.6% year-over-year to $621.4M in Q3 2024, driven by Performance Suite growth, but cost pressure in specialty claims pushed cost of revenue to $540.7M (87.0% of revenue), compressing gross margin to ~13.0%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.