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Evolent Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$26.4M in Q3 2026 · $64.9M over twelve months

Operating cash flow$26.4M
Free cash flow+$26.4M
Cash conversion cycle51 days

Analysis

In Q3 2026, Evolent Health generated $26.4M of operating cash flow. That is $10.6M more than in Q3 2025 ($15.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $64.9M; the largest uses were net borrowing (+) / repaid (−) ($124M), taxes on employees’ shares ($3.2M), acquisitions ($1.4M); besides operations, cash came from other investing ($63.4M), other financing ($14.4M); the cash balance rose by $12.8M.

Operating cash flow was $26.4M against net income of −$23.6M. The largest differences: depreciation & amortization +$21.5M, stock-based pay +$14.8M, employee-related liabilities +$6.1M.

Its cash conversion cycle was 51 days (receivables 57 + inventory 0 − payables 6).

Free cash flow

Evolent Health: free cash flow by quarterEvolent Health: free cash flow by quarter−$26.2MQ4 2024$4.6MQ1 2025−$30.3MQ2 2025$15.8MQ3 2025$48.8MQ4 2025−$984KQ1 2026−$9.3MQ2 2026$26.4MQ3 2026
Operating cash flow less capital spending.
Evolent Health: operating cash flow against capital spendingEvolent Health: operating cash flow against capital spendingOperating cash flowCapital spending−$26.2M$0Q4 2024$4.6M$0Q1 2025−$30.3M$0Q2 2025$15.8M$0Q3 2025$48.8M$0Q4 2025−$984K$0Q1 2026−$9.3M$0Q2 2026$26.4M$0Q3 2026
Latest (Q3 2026): Operating cash flow $26.4M, Capital spending $0.

Capital allocation, year by year

Evolent Health: where the cash came from (up) and went (down), by fiscal yearEvolent Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksFY2021: Operating cash flow $38.7MFY2021: Net borrowing −$98.4MFY2021: Shares issued $13.3MFY2021: Acquisitions −$49.0M$52.0MFY2021FY2022: Operating cash flow −$11.6MFY2022: Net borrowing $220MFY2022: Shares issued $4.5MFY2022: Acquisitions −$248M$224MFY2022FY2023: Operating cash flow $143MFY2023: Net borrowing $183MFY2023: Shares issued $181MFY2023: Acquisitions −$388M$506MFY2023FY2024: Operating cash flow $18.8MFY2024: Shares issued $3.5MFY2024: Acquisitions −$30.7M$22.2MFY2024FY2025: Operating cash flow $38.8MFY2025: Net borrowing −$343MFY2025: Acquisitions −$57.4MFY2025: Buybacks −$40.0M$38.8MFY2025
Over these 5 years operating cash flow totalled $227M; the largest uses were acquisitions ($774M) and net borrowing ($441M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$148M
Debt$969M
Net debt$821M

Evolent Health funds itself: free cash flow was $64.9M over the last twelve months, and $148M of cash and investments stands against $969M of debt.

Where the cash came from and went

Evolent Health: sources (+) and uses (−) of cash, Q3 2026Evolent Health: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$26.4MCash drawn (+) / kept (−)−$14.4MOther investing−$7.1MOther financing−$3.2MTaxes on employees’ shares−$1.3MExchange rates−$381K
Evolent Health: sources (+) and uses (−) of cash, TTM to Q3 2026Evolent Health: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$124MOperating cash flow$64.9MOther investing$63.4MOther financing$14.4MCash drawn (+) / kept (−)−$12.8MTaxes on employees’ shares−$3.2MExchange rates−$1.5MAcquisitions−$1.4M

From profit to cash

Evolent Health: net income to operating cash flow, Q3 2026Evolent Health: net income to operating cash flow, Q3 2026Net income−$23.6MDepreciation & amortization$21.5MStock-based pay$14.8MDeferred taxes$807KPayables$2.3MAccrued liabilities−$4.7MEmployee-related liabilities$6.1MDeferred revenue−$385KPrepaid and other assets$3.5MOther liabilities−$2KOperating cash flow$26.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202657—651
Q2 202653—845
Q1 202657—1343
Q4 202568—1652
Q3 202571—1754
Q2 202581—1764
Q1 202579—1860
Q4 202459—1247

Every quarter

QuarterOperating cash flowAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$26.4M———−$14.4M$26.4M
Q2 2026−$9.3M—−$10.0M—$27.3M−$9.3M
Q1 2026−$984K———$12.0M−$984K
Q4 2025$48.8M−$1.4M−$114M—−$37.7M$48.8M
Q3 2025$15.8M$2K−$167M—$35.0M$15.8M
Q2 2025−$30.3M−$51.5M——$99.9M−$30.3M
Q1 2025$4.6M−$4.5M−$62.5M—−$99.3M$4.6M
Q4 2024−$26.2M−$13.8M—−$1K−$50.6M−$26.2M

Evolent Health: income statement and cash flow

Evolent Health, Q3 2026: revenue $725M (+51% year over year), operating margin -0.9%. The chart follows the revenue to costs, profit and cash.

Evolent Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.