Evolent Health, Inc. (EVH) Income Statement
EVH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEVH revenue and net income
Where EVH's revenue goes
2025Each bar shows an amount and its share of revenue. EVH kept −28.5% of revenue as net income.
EVH profit margins
EVH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −26.6% | +11.5% | +15.2% | +34.5% |
| Gross profit | −22.7% | −3.6% | +4.5% | +21.8% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | −97.0% | −72.0% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EVH quarterly EPS vs estimates
Evolent Health beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.05).
EVH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.88B | $2.55B | $1.96B | $1.35B | $908.0M | $924.6M | $687.1M | $627.1M | $434.9M | $254.2M |
| Cost of revenue | $1.59B | $2.19B | $1.50B | $1.04B | $657.6M | $696.6M | $513.0M | $327.8M | $269.4M | $155.2M |
| Gross profit | $284.0M | $367.4M | $460.5M | $316.6M | $250.4M | $228.1M | $174.1M | $299.2M | $165.6M | $99.0M |
| Research & development | — | — | $26.7M | $27.0M | $26.5M | $24.3M | $19.8M | $18.2M | $17.2M | $11.1M |
| Sales, general & admin | $303.9M | $263.1M | $358.1M | $245.7M | $219.5M | $410.7M | $392.8M | $306.3M | $205.7M | $160.7M |
| Total operating expenses | $288.5M | $407.8M | $531.7M | $312.9M | $292.8M | $490.9M | $483.0M | $350.8M | $238.0M | $177.9M |
| Operating income | −$4.4M | −$40.5M | −$71.2M | $3.6M | −$42.4M | −$262.8M | −$308.9M | −$47.5M | −$72.8M | −$237.4M |
| Interest income | $4.2M | $5.5M | $5.3M | $9.6M | $407,000 | $3.2M | $4.0M | $3.4M | $1.7M | $118,000 |
| Interest expense | $57.5M | $24.7M | $54.2M | $15.6M | $25.4M | $28.3M | $14.6M | $5.5M | $3.6M | $723,000 |
| Income before taxes | −$534.6M | −$63.0M | −$202.4M | −$62.1M | −$29.8M | −$330.5M | −$330.0M | −$54.2M | −$76.4M | −$237.5M |
| Income taxes | −$126,000 | −$1.4M | −$89.4M | −$43.4M | $483,000 | −$2.4M | −$22.8M | $40,000 | −$6.6M | −$10.8M |
| Net income | −$534.5M | −$61.6M | −$113.0M | −$19.2M | −$37.6M | −$334.2M | −$302.0M | −$52.7M | −$60.7M | −$159.7M |
| EBITDA | −$361.3M | $80.1M | −$24.8M | $43.7M | $55.7M | −$240.7M | −$254.5M | −$4.2M | −$40.4M | −$220.3M |
| EPS (diluted) | $0.02 | $0.66 | $0.88 | $0.91 | $0.02 | −$0.21 | −$0.73 | −$0.12 | −$0.35 | −$0.57 |
| Gross margin | 15.1% | 14.4% | 23.4% | 23.4% | 27.6% | 24.7% | 25.3% | 47.7% | 38.1% | 39.0% |
| Operating margin | −0.2% | −1.6% | −3.6% | 0.3% | −4.7% | −28.4% | −45.0% | −7.6% | −16.7% | −93.4% |
| Net margin | −28.5% | −2.4% | −5.8% | −1.4% | −4.1% | −36.1% | −43.9% | −8.4% | −13.9% | −62.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $652.5M | $496.2M | $468.7M | $479.5M | $444.3M | $483.6M | $646.5M | $621.4M | $647.1M | $639.7M | $556.1M | $511.0M |
| Cost of revenue | $571.7M | $434.3M | $416.5M | $403.7M | $367.4M | $381.2M | $570.8M | $540.7M | $540.3M | $535.5M | $454.4M | $386.6M |
| Gross profit | $80.8M | $61.9M | $52.2M | $75.9M | $76.9M | $102.5M | $75.7M | $80.7M | $106.8M | $104.1M | $101.6M | $124.4M |
| Research & development | — | — | — | $5,600 | — | — | — | — | $6.7M | $6.3M | $6.6M | $6.6M |
| Sales, general & admin | $68.8M | $72.8M | $72.7M | $77.6M | $75.2M | $78.4M | $79.1M | $67.1M | $69.2M | $89.4M | $180.1M | $80.8M |
| Total operating expenses | $90.4M | $72.1M | $61.9M | $75.2M | $74.1M | $104.1M | $94.3M | $97.0M | $99.1M | $117.5M | $123.0M | $142.4M |
| Operating income | −$9.6M | −$10.1M | −$9.6M | $658,000 | $2.8M | −$1.6M | −$18.6M | −$16.3M | $7.8M | −$13.4M | −$21.4M | −$17.9M |
| Interest income | $703,000 | $1.0M | $868,000 | $964,000 | $1.1M | $1.3M | $830,000 | $794,000 | $1.4M | $2.5M | $2.5M | $12.9M |
| Interest expense | $16.9M | $16.9M | $19.0M | $16.5M | $11.6M | $10.4M | $6.7M | $6.0M | $6.0M | $6.0M | $12.2M | $14.6M |
| Income before taxes | −$25.6M | −$25.7M | −$430.8M | −$20.0M | −$20.7M | −$63.1M | −$23.9M | −$23.8M | $1.4M | −$16.7M | −$48.1M | −$30.9M |
| Income taxes | $2.7M | $910,000 | −$1.7M | $906,000 | −$825,000 | $1.5M | −$1.1M | −$619,000 | −$238,000 | $565,000 | −$14.7M | −$5.5M |
| Net income | −$28.4M | −$26.6M | −$429.1M | −$20.9M | −$19.9M | −$64.6M | −$22.8M | −$23.1M | $1.6M | −$17.3M | −$33.4M | −$25.3M |
| EBITDA | $12.8M | $13.6M | −$366.8M | $20.1M | $13.8M | −$28.7M | $13.3M | $12.0M | $36.3M | $18.8M | −$6.2M | $18.5M |
| EPS (diluted) | −$0.11 | −$0.02 | $0.08 | $0.05 | −$0.17 | $0.06 | −$0.02 | $0.04 | $0.30 | $0.34 | $0.23 | $0.30 |
| Gross margin | 12.4% | 12.5% | 11.1% | 15.8% | 17.3% | 21.2% | 11.7% | 13.0% | 16.5% | 16.3% | 18.3% | 24.3% |
| Operating margin | −1.5% | −2.0% | −2.1% | 0.1% | 0.6% | −0.3% | −2.9% | −2.6% | 1.2% | −2.1% | −3.8% | −3.5% |
| Net margin | −4.3% | −5.4% | −91.6% | −4.4% | −4.5% | −13.4% | −3.5% | −3.7% | 0.2% | −2.7% | −6.0% | −5.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EVH's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EVH financial results
In fiscal year 2025 (ended December 31, 2025), Evolent Health reported revenue of $1.9 billion, down 26.6% from the year before. It had a net loss of $534.5 million, a net profit margin of −28.5%. Diluted earnings per share came to $0.02. Over five years revenue grew at an average rate of 15.2% a year.
See the EVH stock overview for the latest quote and news, or the EVH chart for price history and technical indicators.
EVH income statement FAQ
What is Evolent Health's annual revenue?
Evolent Health reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was down 26.6% from $2.6 billion the previous year.
Is Evolent Health profitable?
No. Evolent Health reported a net loss of $534.5 million in fiscal 2025, a net profit margin of −28.5%; its operating margin was −0.2%.
What is Evolent Health's gross margin?
Evolent Health's gross margin was 15.1% in fiscal 2025: for every $100 of revenue, Evolent Health kept $15 after the direct cost of its products and services.
How fast is Evolent Health growing?
Revenue grew 15.2% a year on average over the last five fiscal years, from $924.6 million to $1.9 billion.
What are Evolent Health's earnings per share?
Evolent Health earned $0.02 per diluted share in fiscal 2025, compared with $0.66 a year earlier.
When will Evolent Health report its next earnings?
Evolent Health is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Evolent Health's fiscal year end?
Evolent Health's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.