Operating performance has deteriorated sharply, with revenue growth contracting by 94.6% in 2026Q1 and operating margins remaining deeply negative at -42.27% in recent periods.
GoHealth Inc. (GOCO) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Revenue | 152.79M | 361.85M | 798.89M | 734.67M | 631.67M | 1.06B | 877.35M | 539.5M | 226.21M |
| Revenue Growth % | -81.69% | -54.71% | 8.74% | 16.31% | -40.54% | 21.09% | 62.62% | 138.5% | - |
| Medical Costs & Claims | 55.96M | 96.13M | 130.61M | 158.96M | 187.67M | 239.34M | 199.2M | 169.55M | 79.58M |
| Medical Cost Ratio % | 36.63% | 26.57% | 16.35% | 21.64% | 29.71% | 22.53% | 22.7% | 31.43% | 35.18% |
| Gross Profit | 96.83M | 265.72M | 668.28M | 575.71M | 444M | 823.08M | 678.15M | 369.95M | 146.62M |
| Gross Margin % | 63.37% | 73.43% | 83.65% | 78.36% | 70.29% | 77.47% | 77.3% | 68.57% | 64.82% |
| Gross Profit Growth % | - | -60.24% | 16.08% | 29.66% | -46.06% | 21.37% | 83.31% | 152.31% | - |
| Operating Expenses | 551.19M | 418.66M | 675.33M | 657.39M | 762.67M | 1.31B | 742.69M | 402.73M | 117.86M |
| OpEx / Revenue % | 360.76% | 115.7% | 84.53% | 89.48% | 120.74% | 123.54% | 84.65% | 74.65% | 52.1% |
| Depreciation & Amortization | 53.94M | 80.11M | 105.89M | 105.75M | 107M | 107.51M | 98.55M | 29.89M | 6.16M |
| Combined Ratio % | 397.38% | 142.27% | 100.88% | 111.12% | 150.45% | 146.07% | 107.36% | 106.08% | 87.28% |
| Operating Income | -454.36M | -152.94M | -7.05M | -81.68M | -318.67M | -489.45M | -64.55M | -32.78M | 28.76M |
| Operating Margin % | -297.38% | -42.27% | -0.88% | -11.12% | -50.45% | -46.07% | -7.36% | -6.08% | 12.72% |
| Operating Income Growth % | - | -2070.29% | 91.37% | 74.37% | 34.89% | -658.29% | -96.92% | -213.96% | - |
| EBITDA | -400.43M | -72.83M | 98.84M | 24.07M | -211.66M | -381.94M | 34.01M | -2.89M | 34.92M |
| EBITDA Margin % | -262.08% | -20.13% | 12.37% | 3.28% | -33.51% | -35.95% | 3.88% | -0.54% | 15.44% |
| Interest Expense | 102.15M | 87.32M | 72.87M | 69.47M | 57.07M | 33.51M | 32.97M | 8.22M | 224K |
| Non-Operating Income | 1.31M | 260.83M | -74.86M | -37K | -115K | 11.27M | -358K | -79.21M | 379K |
| Pretax Income | -557.83M | -501.09M | -5.05M | -151.12M | -375.62M | -534.22M | -97.16M | 41.09M | 28.16M |
| Pretax Margin % | -365.1% | -138.48% | -0.63% | -20.57% | -59.46% | -50.28% | -11.07% | 7.62% | 12.45% |
| Income Tax | -3.73M | -3.33M | 2.27M | 154K | 764K | -24K | 43K | 22K | 46K |
| Effective Tax Rate % | 0.67% | 0.67% | -44.87% | -0.1% | -0.2% | 0% | -0.04% | 0.05% | 0.16% |
| Net Income | -289.89M | -257.13M | -2.93M | -63.26M | -148.71M | -189.36M | -44.27M | -41.07M | 28.12M |
| Net Margin % | -189.73% | -71.06% | -0.37% | -8.61% | -23.54% | -17.82% | -5.05% | -7.61% | 12.43% |
| Net Income Growth % | -15519.63% | -8681.63% | 95.37% | 57.46% | 21.47% | -327.76% | -7.79% | -246.06% | - |
| EPS (Diluted) | -17.90 | -20.17 | -0.66 | -7.19 | -17.72 | -26.85 | -3.30 | -1.96 | 1.34 |
| EPS Growth % | -1730.16% | -2956.06% | 90.82% | 59.42% | 34% | -713.64% | -68.37% | -246.27% | - |
| EPS (Basic) | - | -20.17 | -0.66 | -7.19 | -17.72 | -26.85 | -3.30 | -1.96 | 1.34 |
| Diluted Shares Outstanding | 16.2M | 12.94M | 9.98M | 9.29M | 8.45M | 7.07M | 5.61M | 20.91M | 20.91M |
Quick answers to the most common questions about buying GOCO stock.
For fiscal year 2025, GoHealth Inc. (GOCO) reported total revenue of $361.8M. This represents a 60.0% increase compared to $226.2M in 2018.
GoHealth Inc. (GOCO) reported a net loss of $257.1M for the fiscal year ending 2025.
GoHealth Inc. (GOCO) reported an operating income of $-152.9M, resulting in an operating profit margin of -42.3%. This margin reflects the operational efficiency of the business before interest and taxes.
GoHealth Inc. (GOCO) generated $265.7M in gross profit for the year, representing a gross profit margin of 73.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and Regulatory Headwinds
Metrics are mathematically derived from official filings.
Severe Revenue Contraction and Retrenchment
As reported in recent financial filings, GoHealth experienced a precipitous revenue decline, with quarterly figures falling to $11.9 million in 2026Q1 from $389.1 million in 2024Q4, signaling a massive strategic retrenchment that suggests the company's previous growth-at-all-costs model has become unsustainable under current market conditions.
The dramatic drop in top-line performance indicates that the company is struggling to maintain its market share within the Medicare Advantage brokerage space. This contraction appears to reflect both a pivot toward higher-quality, more persistent policyholders and a potential loss of competitive standing against peers who are better managing their lead acquisition costs.
Operating Losses Persist Despite Scale
Based on the provided income statement data, GoHealth continues to report deeply negative operating margins, reaching -42.27% in recent periods, which suggests that the company's fixed cost base remains misaligned with its significantly reduced revenue reality and highlights ongoing challenges in achieving operational efficiency.
While the company maintains high gross margins typical of a brokerage model, the inability to translate this into positive operating income suggests that customer acquisition costs remain prohibitively high. Investors should monitor whether the current cost-cutting initiatives can sufficiently lower the break-even point before the company exhausts its remaining liquidity.
Speculative Nature of Contract Assets
According to historical financial statements, GoHealth's reliance on ASC 606 revenue recognition for lifetime value commissions creates a disconnect between reported earnings and actual cash flow, warranting further investigation into whether these contract assets represent genuine future liquidity or merely optimistic projections of policyholder retention.
The market may be mispricing the company by treating these non-cash contract assets as standard receivables, ignoring the risk of LTV lookbacks if policy churn exceeds initial estimates. This accounting nuance suggests that the company's financial health may be more fragile than headline revenue figures imply, particularly given the volatility in Medicare Advantage enrollment.
Limited Runway Amidst Capital Constraints
With cash and equivalents dwindling to approximately $32.9 million, the company appears to be in a vulnerable position, as the persistent net losses suggest that the current capital structure may be insufficient to support ongoing operations without further external financing or drastic, immediate cost-cutting measures.
The rapid depletion of cash reserves highlights the urgency of the company's pivot toward a cash-flow-oriented model. Given the high sensitivity to carrier commission structures and regulatory shifts, the lack of a substantial liquidity buffer leaves little room for error in executing this strategic transition.