Evolent Health Inc

Latest Results (20.05.2026):

Evolent Health, Inc.'s results for the three months ended March 31, 2026 (first quarter / Q1 2026) show revenue of $496.2 million and a narrowed GAAP net loss attributable to common shareholders of $26.6 million (loss per share $0.24) versus a $72.3 million loss in Q1 2025; adjusted measures improved but were below prior-year adjusted EBITDA. Management reiterated full-year 2026 revenue and Adjusted EBITDA guidance while highlighting new large client agreements and continued demand driven by rising medical costs.

Revenue and GAAP profit/loss

Q1 2026 revenue: $496.246M (up from $483.649M a year ago). GAAP net loss attributable to common shareholders: $(26.632)M in Q1 2026 vs $(72.250)M in Q1 2025; net loss margin improved to (5.4)% from (14.9)%. Basic and diluted loss per share: $(0.24) vs $(0.63) a year ago.

Adjusted operating performance

Adjusted EBITDA: $22.1M (4.4% margin) in Q1 2026, down from $36.9M (7.6% margin) in Q1 2025. Adjusted income (loss) to common shareholders: $(2.253)M (adjusted EPS $(0.02)) vs adjusted income $7.445M (adjusted EPS $0.06) in prior-year quarter.

Medical expense ratio and cost trends

Medical Expense Ratio (MER) rose sharply to 93.3% in Q1 2026 from 68.0% in Q1 2025 (and 93.3% vs 84.0% when excluding the prior-year Evolent Care Partners contribution). Management attributes strong demand for complex specialty care solutions to rising medical costs for health plans.

Membership, PMPM and case trends

Performance Suite lives on platform: 6,078 (down from 6,486). Specialty Technology & Services Suite lives: 76,101 (vs 77,079). Average Performance Suite PMPM fee increased to $17.73 from $15.57 year-over-year. Average unique members: 38,903 vs 40,628 in Q1 2025. Revenue per case rose to $3,772 from $2,947.

New contracts and near-term revenue pipeline

Two announced revenue agreements: an existing Performance Suite client for an advanced imaging solution covering ~4.5 million lives (target go-live in Q3, subject to approvals), and a national payer expanding Oncology/Cardiology into new markets expected to generate over $200M of annual revenue (also slated for Q3, subject to approvals).

Liquidity and cash flow

Total cash and cash equivalents reported as $142.0M as of March 31, 2026; cash and restricted cash combined at period end was $168.7M. Net cash used in operating activities was $(0.98)M in Q1 2026 (versus $4.6M provided in Q1 2025). Capitalized software and capex guidance: expect to deploy ~$25–30M in 2026.

Balance sheet and reserves

Long-term debt, net: $973.5M at March 31, 2026. Reserve for claims and performance-based arrangements rose to $231.96M (from $192.20M at year-end). Total shareholders' equity was $396.4M.

Guidance and management commentary

Management reiterated full-year 2026 guidance: revenue $2.4B–$2.6B and Adjusted EBITDA $110M–$140M. CEO highlighted on‑time oncology launches and focus on extending oncology market leadership and AI opportunities while meeting commitments to stakeholders.