EVH earnings analysis
What we found in EVH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increases Despite Loss
- Q1 2026 revenue reached $496.2 million, up 2.6% from $483.6 million in Q1 2025.
- Net Loss Improves Compard to Last Year
- Net loss decreased to $26.6 million from $72.3 million in Q1 2025.
- Operating Loss Widens
- Operating loss was $10.6 million compared to a loss of $1.6 million in the prior year.
- Performance Suite Revenue Growth
- Performance Suite revenue increased to $323.3 million from $245.2 million year-over-year.
- Cost of Revenue Ratio Up
- Cost of revenue was 83.1% of total revenue in Q1 2026 versus 78.8% in Q1 2025.
- SG&A Expenses Decrease
- SG&A expenses fell to $72.8 million, down 7.1% from $78.4 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Medical Expense Ratio
- Medical Expense Ratio rose to 93.3% from 68.0% year-over-year, indicating increasing healthcare costs.
- Regulatory Changes Impacting Membership
- Changes due to the One Big Beautiful Bill Act may lead to lower membership in Medicaid and Health Exchanges.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.24
- Gross margin
- 16.9%
- Operating margin
- -2.1%
- Segment
- Performance Suite
- Segment
- Specialty Technology and Services Suite
- Segment
- Administrative Services
What they said about what is next.
Management reiterated full-year revenue guidance of $2.4 billion to $2.6 billion.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing EVH makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever