eHealth, Inc.EHTH
eHealth, Inc. Segments Disclosure
Segment and Geographic Information
Reportable Segments
Our operating and reportable segments have been determined in accordance with ASC 280, Segment Reporting. Our business structure is comprised of two reportable operating segments: (i) Medicare, and (ii) E&I. Our Medicare segment includes operating segments that have been aggregated based on the nature of products and services, types or class of customers, methods used to distribute the products and services, the nature of the regulatory environment and similarity of economic characteristics.
The Medicare segment consists primarily of commissions earned as the broker of record from our sale of Medicare-related health insurance plans, including Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans, and to a lesser extent, ancillary products sold to our Medicare-eligible beneficiaries, including but not limited to, dental and vision insurance and hospital indemnity plans. Our commissions may also include certain bonus payments, which are generally based on attaining predetermined target sales levels or other objectives, as determined by the health insurance carriers. The Medicare segment also consists of amounts earned in connection with our advertising programs, including other services such as marketing, as well as amounts earned from our non-broker of record fee-based arrangements and our performance of various post-enrollment services for members.
The E&I segment consists primarily of commissions earned from our sale of individual and family plans, including both qualified and non-qualified plans, employer plans, which include small business health insurance plans, Individual Coverage Health Reimbursement Arrangements (“ICHRAs”) and ancillary products sold to our non-Medicare-eligible consumers, including but not limited to, dental, vision and short-term insurance. To a lesser extent, the E&I segment includes amounts earned from our online sponsorship program that allows carriers to purchase advertising space in specific markets on our website as well as our technology licensing activities.
We report segment information based on how our chief executive officer, who is our chief operating decision maker (“CODM”), regularly reviews our operating results, allocates resources and makes decisions regarding our business operations in the annual budget and forecasting process along with evaluation of actual performance. Our CODM considers budget-to-actual variances on a monthly basis for our segment performance measures when making decisions about allocating capital and personnel to our segments. These performance measures include total segment revenue and segment gross profit (loss).
Segment gross profit (loss) is calculated as total revenue for the applicable segment less variable marketing and advertising expenses, segment CC&E expenses and cost of revenue for the applicable segment. Variable marketing and advertising expenses represent costs incurred in member acquisition from our direct marketing and marketing partner channels and exclude fixed overhead costs, such as personnel related costs, consulting expenses and other operating costs allocated to the marketing and advertising department. Segment CC&E expenses include expenses we incur in assisting applicants during the enrollment process and exclude operating costs allocated to the CC&E department.
The results of our reportable segments are summarized for the periods presented below (in thousands):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Medicare: | |||||||||||
Total revenue | $ | 531,213 | $ | 500,638 | |||||||
Variable marketing and advertising | (147,081) | (157,121) | |||||||||
| Medicare CC&E | (151,092) | (150,613) | |||||||||
Cost of revenue | (1,002) | (1,396) | |||||||||
| Medicare segment gross profit | $ | 232,038 | $ | 191,508 | |||||||
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Employer and Individual: | |||||||||||
Total revenue | $ | 22,795 | $ | 31,772 | |||||||
Variable marketing and advertising | (4,356) | (4,321) | |||||||||
| E&I CC&E | (9,378) | (10,103) | |||||||||
Cost of revenue | (331) | (398) | |||||||||
| E&I segment gross profit | $ | 8,730 | $ | 16,950 | |||||||
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Consolidated: | |||||||||||
Total revenue | $ | 554,008 | $ | 532,410 | |||||||
Variable marketing and advertising | (151,437) | (161,442) | |||||||||
Segment CC&E | (160,470) | (160,716) | |||||||||
Cost of revenue | (1,333) | (1,794) | |||||||||
| Total segment gross profit | $ | 240,768 | $ | 208,458 | |||||||
A reconciliation of our segment gross profit to the Consolidated Statements of Comprehensive Income for the periods presented is as follows (in thousands):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Total segment gross profit | $ | 240,768 | $ | 208,458 | |||||||
Other marketing and advertising (1) | (28,470) | (29,395) | |||||||||
Other CC&E (2) | (2,415) | (2,732) | |||||||||
| Technology and content | (51,829) | (53,520) | |||||||||
| General and administrative | (89,555) | (89,765) | |||||||||
| Impairment, restructuring and other charges | (2,010) | (9,475) | |||||||||
| Interest expense | (10,761) | (11,159) | |||||||||
| Other income, net | 2,998 | 6,900 | |||||||||
Income before income taxes | $ | 58,726 | $ | 19,312 | |||||||
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(1)Other marketing and advertising costs consist of fixed marketing and advertising, previously capitalized labor, depreciation and share-based compensation costs.
(2)Other CC&E costs consist of previously capitalized labor, depreciation and share-based compensation costs.
There were no inter-segment revenue transactions for the periods presented. With the exception of contract assets – commissions receivable, which is presented by segment in Note 3 – Supplemental Financial Statement Information, our CODM does not separately evaluate assets by segment, and therefore assets by segment are not presented.
Geographic Information
Our long-lived assets primarily consist of property and equipment, net and internally developed software. Our long-lived assets are attributed to the geographic location in which they are located. Long-lived assets by geographical area are summarized as follows (in thousands):
| December 31, 2025 | December 31, 2024 | ||||||||||
| United States | $ | 27,686 | $ | 26,033 | |||||||
| China | 374 | 299 | |||||||||
| Total | $ | 28,060 | $ | 26,332 | |||||||
Significant Customers
Substantially all revenue for the years ended December 31, 2025 and 2024 was generated from customers located in the United States. Carriers representing 10% or more of our total revenue are summarized as follows. The majority of the revenue was from the Medicare segment.
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Humana | 35 | % | 24 | % | |||||||
UnitedHealthcare (1) | 23 | % | 22 | % | |||||||
Aetna (1) | 5 | % | 18 | % | |||||||
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(1)Percentages include the carriers’ subsidiaries.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 | |
| 2017 | Mar 19, 2018 | |
| 2016 | Mar 16, 2017 | |
| 2015 | Mar 14, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.