Filing Flows › eHealth (EHTH) › Q4 2025
eHealth (EHTH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
eHealth (EHTH) reported revenue of $326M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +506% from the quarter before. Operating margin was 38.7%, net earnings $87.2M (26.7% of revenue).
eHealth, Q4 2025: revenue $326M (+4% year over year), operating margin 38.7%, net earnings $87.2M, operating cash flow −$35.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $326M | +506% | +4% |
| Gross profit | $180M | — | +10% |
| Operating profit | $126M | — | +12% |
| Net earnings | $87.2M | — | -11% |
| Operating cash flow | −$35.9M | — | — |
What changed
Revenue was $326.2M in Q4 2025, up 4% year over year and up 506% from the previous quarter. Medicare was the largest line at 87% of revenue.
Gross margin was 55.3%, up 3.3 points from a year earlier. Operating profit was $126.3M, a 38.7% margin (up 3.0 points year over year). Of the extra revenue versus a year earlier, 123% reached operating profit, above the 36% margin then. Operating expenses grew 5% against revenue growth of 4%. Net earnings were $87.2M, down 11% year over year. The effective tax rate was 28.5%.
Operating cash flow was −$35.9M. Non-cash charges added back $497K of depreciation and $3.5M of share-based compensation. Working capital and other items used $127.1M. Capital expenditures of $143K exceeded it, leaving free cash flow of −$36.1M.
Questions
What was eHealth's revenue in the fourth quarter 2025?
eHealth (EHTH) reported revenue of $326M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +506% from the quarter before.
Was eHealth profitable in the fourth quarter 2025?
Operating profit was $126M (38.7% of revenue) and net earnings $87.2M.
Source: eHealth 10-K on SEC EDGAR.