Evolent Health, Inc.

Listed Company

EVHCIK 0001628908NYSELarge AcceleratedServices-Management ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.88B

Net Income

$-534.51M

Total Assets

$1.90B

Equity

$415.19M

Shares Out

112.48M

Op. Cash Flow

$38.84M

EVH$5.81−48.49% · past yearDBEQ Basic

Daily closing prices

Business

Evolent Health, Inc. connects care for patients with complex conditions by providing specialty care management services and administrative services to health plans and risk-bearing payers. The company offers evidence-based clinical pathways, provider networks, and proprietary technology platforms (Identifi® and CareProTM) focused on oncology, cardiology, musculoskeletal, and related specialty care. Evolent serves Medicare, Medicaid, and commercial markets through multi-year contracts with health plans and providers in the United States.

Summary from 10-K filed 2026-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	1,876	2,555	1,964	1,352	908
Cost of revenue	1,476	2,187	1,503	1,035	658
Selling, general and administrative expenses	304	263	358	269	219
Depreciation and amortization expenses	116	118	123	67	60
Loss on lease termination	700,000	19	0	0	—
(Gain) loss on disposal of non-strategic assets	−15	0	8	0	—
Right-of-use asset impairment	0	3	24	0	0
Goodwill impairment	398	0	0	0	0
Change in fair value of contingent consideration	6	5	18	−24	13
Operating expenses	2,286	2,595	2,035	1,348	950
Operating loss	−410	−40	−71	4	−42
Interest income	4	6	5	1	407,000
Interest expense	−57	−25	−54	−16	—
Gain (loss) from equity method investees	400,000	−3	1	5	13
Loss on extinguishment/repayment of debt	−3	0	−21	−10	−21
Loss on option exercise	−53	0	0	—	—
Extinguishment of Series A Preferred Stock and other refinancing fees	−15	0	0	—	—
Change in tax receivables agreement liability	−804,000	−173,000	−62	−46	0
Other expense, net	249,000	241,000	−543,000	57,000	−146,000
Loss before income taxes	−535	−63	−202	−62	−30
Benefit from income taxes	−100,000	−1	−89	−43	500,000
Income (loss) before preferred dividends and accretion of Series A Preferred Stock	−535	−62	−113	−19	−38
Dividends and accretion of Series A Preferred Stock including excise tax	−45	−32	−29	0	0
Net loss attributable to common shareholders of Evolent Health, Inc. - basic	−579	−93	−142	−19	−38
Net loss attributable to common shareholders of Evolent Health, Inc. - diluted	−579	−93	−142	−19	−38
Basic (in dollars per share)	−5.07	−0.81	−1.28	−0.2	−0.44
Diluted (in dollars per share)	−5.07	−0.81	−1.28	−0.2	−0.44
Basic (in shares)	114	115	111	94	86
Diluted (in shares)	114	115	111	94	86
Foreign currency translation adjustment	−871,000	−496,000	−79,000	−816,000	−84,000
Total comprehensive loss attributable to common shareholders of Evolent Health, Inc.	−580	−94	−142	−20	−38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	152	104	193	188	266
Restricted cash	26	59	14	14	76
Accounts receivable, net	310	415	447	255	131
Prepaid expenses and other current assets	19	29	30	21	51
Total current assets	506	607	684	478	524
Restricted cash	3	15	17	12	13
Investments and equity method investees	9	9	5	4	5
Property and equipment, net	81	73	78	88	81
Right-of-use assets - operating	4	6	12	49	50
Prepaid expenses and other noncurrent assets (1)	3	4	4	2	7
Contract cost assets	14	13	12	17	33
Intangible assets, net	585	680	752	443	280
Goodwill	694	1,137	1,117	723	426
Total assets	1,899	2,544	2,680	1,817	1,419
Accounts payable	60	96	48	57	96
Accrued liabilities (1)	66	66	150	111	107
Operating lease liability - current	15	27	10	7	7
Accrued compensation and employee benefits	51	34	56	52	52
Deferred revenue	1	3	6	6	12
Short-term debt, net	0	171	0	—	—
Reserve for claims and performance - based arrangements	192	319	404	200	171
Total current liabilities	385	716	674	433	445
Long-term debt, net	971	491	597	413	216
Other long-term liabilities	8	3	4	5	6
Tax receivables agreement liability	109	108	108	46	0
Operating lease liabilities - noncurrent	4	25	38	56	58
Deferred tax liabilities, net	8	11	13	5	1
Total liabilities	1,484	1,353	1,434	958	726
Preferred class A common stock - $0.01 par value; 50,000,000 shares authorized; 0 and 175,000 issued, respectively	0	190	178	0	0
Class A common stock - $0.01 par value; 750,000,000 shares authorized; 117,603,806 and 116,575,773 shares issued, respectively	1	1	1	1	908,000
Additional paid-in-capital	1,793	1,804	1,808	1,487	1,341
Accumulated other comprehensive loss	−3	−2	−1	−1	−362,000
Retained earnings (accumulated deficit)	−1,315	−781	−719	−606	−627
Treasury stock, at cost; 5,971,712 and 1,537,582 shares issued, respectively	−61	−21	−21	−21	−21
Total shareholders equity	415	1,001	1,068	859	694
Total liabilities, mezzanine equity and shareholders equity	1,899	2,544	2,680	1,817	1,419

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
(Gain) loss on disposal of non-strategic assets	−15	0	8	0	0
Depreciation and amortization expenses	116	118	123	67	60
Stock-based compensation expense	40	40	41	34	17
Deferred tax benefit	−3	−3	−93	−46	−526,000
Amortization of contract cost assets	7	5	11	23	13
Amortization of deferred financing costs	8	4	4	2	18
Loss on extinguishment/repayment of debt, net	3	0	21	10	21
Loss on lease termination	676,000	19	0	0	—
Right-of-use operating assets	2	3	17	3	9
Other current operating cash inflows (outflows), net	0	180,000	−171,000	3	392,000
Accounts receivable, net and contract assets	74	32	−165	−103	−6
Prepaid expenses and other current and non-current assets	5	5	−11	2	6
Contract cost assets	−7	−6	−6	−8	−19
Accounts payable	7	4	−7	13	7
Accrued liabilities	3	−24	24	−29	−324,000
Operating lease liabilities	−33	−15	−15	−3	−7
Accrued compensation and employee benefits	17	−23	−2	447,000	4
Deferred revenue	−1	−3	−263,000	−7	−739,000
Reserve for claims and performance-based arrangements	−127	−85	204	28	−4
Other long-term liabilities	5	−653,000	−759,000	−2	−3
Net cash and restricted cash provided by operating activities	39	19	143	−12	39
Cash paid for asset acquisitions and business combinations	−57	−31	−388	−248	−49
Proceeds from disposal of non-strategic assets	91	0	577,000	—	—
Return of equity method investments	986,000	7,000	870,000	6	14
Purchases of investments and contributions to equity method investees	−1	−7	0	0	−3
Investments in internal-use software and purchases of property and equipment	−34	−25	−29	−38	−25
Net cash and restricted cash used in investing activities	−233,000	−63	−416	−259	−16
Changes in working capital balances related to claims processing	−43	44	−2	−59	61
Payment of contingent consideration	−2	−70	−47	0	0
Proceeds from stock option exercises	0	3	13	4	13
Proceeds from issuance of preferred stock, net of offering costs	0	0	168	0	0
Proceeds from issuance of long-term debt, net of offering costs	408	59	647	220	—
Repayment of debt	−343	0	−464	—	—
Repurchase of common stock	−40	0	0	—	—
Payment of preferred dividends	−11	−20	−19	0	0
Taxes withheld and paid for vesting of equity awards	−5	−16	−15	−18	−4
Net cash and restricted cash (used in) provided by financing activities	−36	−565,000	281	132	−30
Effect of exchange rate on cash and cash equivalents and restricted cash	−486,000	−229,000	−79,000	−657,000	−52,000
Net increase (decrease) in cash and cash equivalents and restricted cash	2	−45	8	−140	−7

Filings

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Frequently asked questions

What is Evolent Health, Inc.'s CIK number?

Evolent Health, Inc.'s SEC CIK number is 0001628908 (1628908). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Evolent Health, Inc.'s SEC filings?

All of Evolent Health, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Evolent Health, Inc. last report earnings?

Evolent Health, Inc. (EVH) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628908-26-000031). This is Evolent Health, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Evolent Health, Inc.'s most recent earnings 8-K?

Evolent Health, Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001628908-26-000031. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Evolent Health, Inc.'s latest earnings 8-K →
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