Evolent Health, Inc.

EVH: 10-Q · periodic report

Evolent Health's Q2 2026 revenue jumped 46.9% year over year to $652.5 million from $444.3 million, driven by Medicare revenue more than doubling to $225.3 million and Performance Suite specialty care management revenue of $484.5 million. Six-month revenue reached $1,148.8 million, up 23.8%. Despite the top-line surge, operating profitability deteriorated: the Q2 operating loss widened to $9.6 million from $1.2 million a year ago as medical expense and device costs more than doubled to $493.0 million, and the reserve for claims and performance-based arrangements nearly doubled to $378.4 million from $192.2 million at year-end 2025. Net loss attributable to common shareholders narrowed to $28.4 million, or $0.25 per share, from $51.1 million ($0.44) — an improvement driven mainly by the absence of 2025's Series A preferred dividends and accretion rather than operational gains. The balance sheet shows $115.7 million of unrestricted cash, down from $151.9 million at December 31, 2025, against roughly $1.01 billion of outstanding principal debt across the 3.50% convertible notes due 2029, the 4.50% convertible notes due 2031, and first/second lien credit facilities. The converts are convertible into about 22.9 million shares — roughly 20% of the 113.1 million shares outstanding — creating a sizable dilution overhang. Risk disclosures remain elevated: the DOJ False Claims Act Civil Investigative Demand received in August 2025 concerning a former customer's Medicare Advantage diagnosis coding is unresolved with no estimable loss, and management expects Medicaid and ACA exchange membership declines to continue through year-end following the One Big Beautiful Bill Act. Evolent found no goodwill impairment indicators at June 30, 2026 after recording a $398.0 million impairment in fiscal 2025.

SEC 10-Q•2mo ago

Evolent Announces First Quarter 2026 Results

Evolent reported Q1 2026 revenue of $496.2 million, up 2.6% year-over-year, while net loss improved significantly to $(26.6) million from $(72.3) million in the prior year. Adjusted EBITDA declined to $22.1 million from $36.9 million a year earlier, with margin contracting to 4.4% from 7.6%. The company reaffirmed its full-year 2026 guidance for revenue of $2.4B-$2.6B and Adjusted EBITDA of $110M-$140M, and announced new contracts including an expansion expected to generate over $200 million in annual revenue.

•5mo ago