Revenue growth has shifted into a contractionary phase, with the latest quarterly figures showing a 26.56% year-over-year decline alongside volatile gross margins that dropped to 11.1% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 1.89B | 1.88B | 2.55B | 1.96B | 1.35B | 907.96M | 924.64M | 687.12M | 627.06M | 434.95M | 254.19M | 96.88M | 0 | 25.67M | 8.35M |
| Revenue Growth % | -21.26% | -26.56% | 30.09% | 45.26% | 48.91% | -1.8% | 34.57% | 9.58% | 44.17% | 71.11% | 162.38% | - | -100% | 207.58% | - |
| Cost of Goods Sold | 1.62B | 1.59B | 2.19B | 1.5B | 1.04B | 657.55M | 696.58M | 513.03M | 327.82M | 269.35M | 155.18M | 57.4M | 0 | 30.02M | 11.27M |
| COGS % of Revenue | - | 84.86% | 85.62% | 76.55% | 76.58% | 72.42% | 75.34% | 74.66% | 52.28% | 61.93% | 61.05% | 59.25% | - | 116.93% | 135.08% |
| Gross Profit | 266.94M | 284.03M | 367.35M | 460.47M | 316.58M | 250.41M | 228.06M | 174.09M | 299.24M | 165.6M | 99.01M | 39.48M | 0 | -4.35M | -2.93M |
| Gross Margin % | 14.13% | 15.14% | 14.38% | 23.45% | 23.42% | 27.58% | 24.66% | 25.34% | 47.72% | 38.07% | 38.95% | 40.75% | - | -16.93% | -35.08% |
| Gross Profit Growth % | - | -22.68% | -20.22% | 45.45% | 26.43% | 9.8% | 31% | -41.82% | 80.7% | 67.25% | 150.79% | - | 100% | -48.46% | - |
| Operating Expenses | 283.23M | 288.47M | 407.84M | 531.68M | 312.94M | 292.82M | 490.9M | 482.97M | 350.82M | 238.04M | 177.92M | 82.45M | -25.25M | 16.81M | 16.69M |
| OpEx % of Revenue | - | 15.37% | 15.96% | 27.07% | 23.15% | 32.25% | 53.09% | 70.29% | 55.95% | 54.73% | 69.99% | 85.11% | - | 65.47% | 199.98% |
| Selling, General & Admin | 283.23M | 288.47M | 263.05M | 358.11M | 269.27M | 219.5M | 210.41M | 236.45M | 306.31M | 205.67M | 160.69M | 75.29M | 0 | 15.6M | 15.98M |
| SG&A % of Revenue | - | 15.37% | 10.3% | 18.23% | 19.92% | 24.18% | 22.76% | 34.41% | 48.85% | 47.29% | 63.22% | 77.71% | - | 60.77% | 191.43% |
| Research & Development | 0 | 0 | 0 | 0 | 27M | 0 | 0 | 0 | 18.2M | 17.2M | 11.1M | 5.8M | 0 | 2M | 0 |
| R&D % of Revenue | - | - | - | - | 2% | - | - | - | 2.9% | 3.95% | 4.37% | 5.99% | - | 7.79% | - |
| Other Operating Expenses | 0 | 0 | 144.79M | 173.57M | 16.67M | 73.32M | 280.49M | 246.53M | 109K | 171K | 4K | 7.17M | -25.25M | 1K | 0 |
| Operating Income | -16.29M | -4.43M | -40.48M | -71.21M | 3.64M | -42.41M | -262.85M | -308.88M | -47.48M | -72.84M | -237.42M | -42.97M | -25.25M | -21.16M | -19.62M |
| Operating Margin % | -0.86% | -0.24% | -1.58% | -3.63% | 0.27% | -4.67% | -28.43% | -44.95% | -7.57% | -16.75% | -93.4% | -44.36% | - | -82.41% | -235.07% |
| Operating Income Growth % | - | 89.05% | 43.15% | -2055.27% | 108.59% | 83.86% | 14.9% | -550.56% | 34.82% | 69.32% | -452.5% | -70.21% | -19.34% | -7.83% | - |
| EBITDA | 102.45M | 111.42M | 82.68M | 52.2M | 93.89M | 17.63M | -201.37M | -247.97M | -2.96M | -40.47M | -220.19M | -35.81M | -25.25M | -19.95M | -19.5M |
| EBITDA Margin % | 5.42% | 5.94% | 3.24% | 2.66% | 6.94% | 1.94% | -21.78% | -36.09% | -0.47% | -9.3% | -86.63% | -36.96% | - | -77.7% | -233.7% |
| EBITDA Growth % | 19.94% | 34.75% | 58.38% | -44.4% | 432.7% | 108.75% | 18.79% | -8263.31% | 92.67% | 81.62% | -514.97% | -41.83% | -26.57% | -2.27% | - |
| D&A (Non-Cash Add-back) | 118.75M | 115.85M | 123.17M | 123.42M | 90.25M | 60.04M | 61.48M | 60.91M | 44.52M | 32.37M | 17.22M | 7.17M | 0 | 1.21M | 114K |
| EBIT | -16.29M | -4.43M | -38.31M | -148.2M | -46.51M | -4.38M | -302.21M | -315.43M | -48.67M | -72.77M | -237.29M | 343.29M | -25.25M | -21.16M | -19.6M |
| Net Interest Income | -60.02M | -53.28M | -19.18M | -48.95M | -14.2M | -25.02M | -25.69M | -11.15M | -2.04M | -1.98M | 723K | 293K | 0 | -820K | 0 |
| Interest Income | 3.93M | 4.19M | 5.54M | 5.26M | 1.37M | 407K | 2.63M | 3.41M | 3.44M | 1.66M | 0 | 0 | 0 | 0 | 18K |
| Interest Expense | 63.95M | 57.47M | 24.72M | 54.2M | 15.57M | 25.43M | 28.32M | 14.55M | 5.48M | 3.64M | 723K | 293K | 0 | 820K | 0 |
| Other Income/Expense | -480.92M | -530.2M | -22.55M | -131.19M | -65.72M | 12.61M | -67.69M | -21.1M | -6.67M | -3.56M | -114K | 386.26M | -25.25M | 41.19M | 19K |
| Pretax Income | -497.21M | -534.64M | -63.04M | -202.41M | -62.08M | -29.8M | -330.54M | -329.99M | -54.15M | -76.4M | -237.53M | 343.29M | -25.25M | 20.03M | -19.6M |
| Pretax Margin % | -26.32% | -28.5% | -2.47% | -10.31% | -4.59% | -3.28% | -35.75% | -48.02% | -8.64% | -17.57% | -93.45% | 354.35% | - | 78.03% | -234.84% |
| Income Tax | -686K | -126K | -1.41M | -89.36M | -43.38M | 483K | -2.37M | -22.8M | 40K | -6.64M | -10.76M | 23.48M | 0 | 8K | -337K |
| Effective Tax Rate % | 0.14% | 0.02% | 2.24% | 44.15% | 69.87% | -1.62% | 0.72% | 6.91% | -0.07% | 8.69% | 4.53% | 6.84% | 0% | 0.04% | 1.72% |
| Net Income | -496.52M | -534.51M | -61.62M | -113.04M | -19.16M | -37.6M | -334.25M | -301.97M | -52.66M | -60.66M | -159.74M | 332.49M | -25.25M | 20.02M | -19.26M |
| Net Margin % | -26.29% | -28.49% | -2.41% | -5.76% | -1.42% | -4.14% | -36.15% | -43.95% | -8.4% | -13.95% | -62.84% | 343.21% | - | 78% | -230.81% |
| Net Income Growth % | -355.69% | -767.39% | 45.49% | -489.86% | 49.03% | 88.75% | -10.69% | -473.46% | 13.2% | 62.02% | -148.04% | 1417.02% | -226.09% | 203.95% | - |
| Net Income (Continuing) | -496.52M | -534.51M | -61.62M | -113.04M | -18.7M | -30.28M | -328.17M | -307.19M | -54.19M | -69.77M | -226.78M | 319.81M | -25.25M | 20.02M | -19.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -463K | -7.32M | -6.07M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.69M | 45.53M | 35.43M | 209.59M | 285.24M | 0 | 0 | 0 |
| EPS (Diluted) | -4.44 | -5.07 | -0.81 | -1.28 | -0.20 | -0.36 | -3.94 | -3.71 | -0.68 | -0.94 | -3.55 | 7.21 | -0.66 | 0.06 | -0.50 |
| EPS Growth % | -281.82% | -525.93% | 36.72% | -540% | 44.44% | 90.86% | -6.2% | -445.59% | 27.66% | 73.52% | -149.24% | 1192.42% | -1142.65% | 112.66% | - |
| EPS (Basic) | - | -5.07 | -0.81 | -1.28 | -0.20 | -0.36 | -3.94 | -3.71 | -0.68 | -0.94 | -3.55 | 8.03 | -0.66 | 0.06 | -0.50 |
| Diluted Shares Outstanding | 111.91M | 114.21M | 114.68M | 111.25M | 93.7M | 86.07M | 84.93M | 82.36M | 77.34M | 64.35M | 45.03M | 46.14M | 38.23M | 38.23M | 38.23M |
| Basic Shares Outstanding | 111.91M | 114.21M | 114.68M | 111.25M | 93.7M | 86.07M | 84.93M | 82.36M | 77.34M | 64.35M | 45M | 41.4M | 38.23M | 38.23M | 38.23M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Performance-based revenue volatility
As indicated by the most recent quarterly filings, Evolent Health experienced a significant shift in top-line performance, with revenue growth decelerating sharply to a contractionary state, evidenced by the -26.56% year-over-year decline observed in the latest reported figures compared to the robust growth seen in 2024.
The transition from double-digit growth in early 2024 to recent contraction suggests that the company may be facing challenges in contract retention or a fundamental restructuring of its revenue-sharing agreements. Investors should monitor whether this decline reflects a strategic pivot away from lower-margin administrative services or if it indicates a loss of competitive positioning within its core specialty care management segments.
Based on the provided financial data, Evolent's gross margin has exhibited notable instability, fluctuating from a peak of 21.2% in 2025Q1 down to 11.1% by 2025Q4, which highlights the inherent difficulty in maintaining profitability within a high-variable cost, risk-bearing clinical services model.
The compression of gross margins suggests that the company's direct costs, likely driven by clinical personnel and medical utilization, are not scaling efficiently with revenue. This volatility implies that Evolent's profitability is highly sensitive to the accuracy of its clinical cost management, making consistent margin expansion difficult to achieve without significant improvements in operational leverage.
According to the income statement, Evolent's net income has been severely impacted by non-operating items, most notably the massive $429.1 million loss in 2025Q4, which suggests that reported GAAP earnings are currently an unreliable indicator of the company's underlying operational health or cash-generating capability.
The disparity between operating income and net income warrants further investigation into potential one-time impairment charges or M&A-related accounting adjustments that may be masking the core business performance. Analysts should prioritize adjusted EBITDA metrics to better understand the true economic value being generated by the company's specialty care contracts.
As reported in financial statements, the company's reliance on performance-based revenue introduces significant downside risk, as evidenced by the erratic net margin performance and the recent inability to maintain consistent operating profitability despite the company's aggressive efforts to scale its specialty care management platform.
Short-sellers may focus on the potential for massive revenue reversals if clinical outcomes fail to meet contracted benchmarks, especially given the lag in settlement for performance-based fees. The current financial profile suggests that Evolent may be more vulnerable to medical cost inflation than a traditional software-as-a-service provider, potentially leading to further earnings volatility.
Quick answers to the most common questions about buying EVH stock.
For fiscal year 2025, Evolent Health, Inc. (EVH) reported total revenue of $1.88B. This represents a 22380.6% increase compared to $8.3M in 2012.
Evolent Health, Inc. (EVH) reported a net loss of $534.5M for the fiscal year ending 2025.
Evolent Health, Inc. (EVH) reported an operating income of $-4.4M, resulting in an operating profit margin of -0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Evolent Health, Inc. (EVH) generated $284.0M in gross profit for the year, representing a gross profit margin of 15.1%. This demonstrates the company's core pricing power and production efficiency.