eHealth, Inc.EHTH
eHealth, Inc. Revenue Disclosure
Revenue
Disaggregation of Revenue – The table below depicts the disaggregation of revenue by product and is consistent with how we evaluate our financial performance (in thousands):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Medicare | |||||||||||
| Medicare Advantage | $ | 421,809 | $ | 394,942 | |||||||
| Medicare Supplement | 34,142 | 19,634 | |||||||||
| Medicare Part D | 4,884 | 12,773 | |||||||||
| Total Medicare | 460,835 | 427,349 | |||||||||
Individual and Family (1) | |||||||||||
| Non-Qualified Health Plans | 1,899 | 3,640 | |||||||||
| Qualified Health Plans | 1,934 | 4,762 | |||||||||
| Total Individual and Family | 3,833 | 8,402 | |||||||||
| Ancillary | |||||||||||
| Hospital Indemnity | 12,157 | 1,585 | |||||||||
| Dental | 3,183 | 3,514 | |||||||||
| Vision | 1,859 | 2,062 | |||||||||
| Short-term | 1,255 | 2,317 | |||||||||
| Other | 771 | 1,309 | |||||||||
| Total Ancillary | 19,225 | 10,787 | |||||||||
| Small Business | 11,102 | 11,545 | |||||||||
| Commission Bonus and Other | 2,960 | 3,564 | |||||||||
| Total Commission Revenue | 497,955 | 461,647 | |||||||||
| Other Revenue | |||||||||||
| Sponsorship and Advertising Revenue | 30,699 | 45,481 | |||||||||
| Fee-based and Other Revenue | 25,354 | 25,282 | |||||||||
| Total Other Revenue | 56,053 | 70,763 | |||||||||
| Total Revenue | $ | 554,008 | $ | 532,410 | |||||||
_______
(1)We define our individual and family plan offerings as major medical individual and family health insurance plans, which do not include Medicare-related, small business or ancillary plans. Individual and family health insurance plans include both qualified and non-qualified plans. Qualified health plans meet the requirements of the Affordable Care Act and are offered through the government-run health insurance exchange in the relevant jurisdiction. Non-qualified health plans do not meet the requirements of the Affordable Care Act and are not offered through the government-run health insurance exchange in the relevant jurisdiction. Individuals that purchase non-qualified health plans cannot receive a subsidy in connection with the purchase of non-qualified plans.
Commission Revenue
Commission revenue by segment is presented in the table below (in thousands, except per share amounts):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Medicare | |||||||||||
Commission revenue from members approved during the period | $ | 433,205 | $ | 412,887 | |||||||
Net commission revenue from members approved in prior periods (1) | 42,962 | 18,678 | |||||||||
Total Medicare segment commission revenue | $ | 476,167 | $ | 431,565 | |||||||
Employer and Individual | |||||||||||
Commission revenue from members approved during the period | $ | 11,537 | $ | 16,463 | |||||||
Commission revenue from renewals of small business members during the period | 8,862 | 9,562 | |||||||||
Net commission revenue from members approved in prior periods (1) | 1,389 | 4,057 | |||||||||
Total Employer and Individual segment commission revenue | $ | 21,788 | $ | 30,082 | |||||||
| Total commission revenue from members approved during the period | $ | 444,742 | $ | 429,350 | |||||||
| Commission revenue from renewals of small business members during the period | 8,862 | 9,562 | |||||||||
Total net commission revenue from members approved in prior periods (1)(2) | 44,351 | 22,735 | |||||||||
| Total commission revenue | $ | 497,955 | $ | 461,647 | |||||||
_______
(1) For all existing cohorts approved in prior periods, we reassess assumptions for our constrained lifetime value (“LTV”) of commissions on a quarterly basis and compare these to the current constrained LTV recognized on these cohorts. To the extent there is an indication of a change to expected cash collections for these cohorts, net commission revenue from members approved in prior periods, also referred to as net adjustment revenue, is recorded to adjust revenue previously recognized for the affected cohorts. Net adjustment revenue includes both increases and reductions to revenue; however, adjustments increasing revenue are only recognized when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.
(2) The after-tax impact of net commission revenue from members approved in prior periods for the years ended December 31, 2025 and 2024 was $1.10 and $0.59 per basic and diluted share, respectively.
LTV Estimation Model
During 2025, we observed increases in new paying members, constraint release for Medicare Supplement plans and commission rate increases for our Medicare segment. Based on our evaluation of the updated LTV models, constraint release and improved retention and commission rate trends, we recorded $43.0 million of net adjustment revenue for the year ended December 31, 2025. In addition, we continued to observe commission rate increases in our LTV assessments for the majority of the earlier period cohorts of certain products in our Employer & Individual (“E&I”) segment and as a result, we recognized $1.4 million of net adjustment revenue for the year ended December 31, 2025. We will continue to monitor our member retention rates as compared to our forecasts and other market factors and evaluate whether any addition or reduction of adjustment revenue shall be recorded as we continue to assess our LTV models in future periods.
During 2024, we observed increases in new paying members, constraint release for Medicare Advantage plans and commission rate increases for our Medicare segment. Based on our evaluation of the updated LTV models and improved retention and commission rate trends, we recorded $18.7 million of net adjustment revenue for the year ended December 31, 2024. In addition, we continued to observe commission retention rate increases in our LTV assessments for the majority of the earlier period cohorts of certain products in our E&I segment and as a result, we recognized $4.1 million of net adjustment revenue for the year ended December 31, 2024.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 14, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.