Filing Flows › Evolent Health (EVH) › Q3 2025
Evolent Health (EVH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Evolent Health (EVH) reported revenue of $480M for the third quarter 2025 (Q3 2025), -23% from a year earlier and +8% from the quarter before. Operating margin was 0.2%, net loss $20.9M (4.4% of revenue).
Evolent Health, Q3 2025: revenue $480M (-23% year over year), operating margin 0.2%, net loss $20.9M, operating cash flow $15.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $480M | +8% | -23% |
| Operating profit | $886K | — | — |
| Net earnings | −$20.9M | — | — |
| Operating cash flow | $15.8M | — | -15% |
What changed
Revenue was $479.5M in Q3 2025, down 23% year over year and up 8% from the previous quarter.
Operating profit was $886K, a 0.2% margin (up 2.8 points year over year). Total costs fell 25% while revenue fell 23%. The fastest-growing cost line was SG&A (+16%). The quarter ended with a net loss of $20.9M, wider than the previous quarter's $19.9M loss. Net interest and other expense of $20.8M was the main reason.
Operating cash flow was $15.8M (down 15% year over year). Non-cash charges added back $23.6M of depreciation and amortization and $14.7M of share-based compensation. Working capital and other items used $1.6M.
Questions
What was Evolent Health's revenue in the third quarter 2025?
Evolent Health (EVH) reported revenue of $480M for the third quarter 2025 (Q3 2025), -23% from a year earlier and +8% from the quarter before.
Was Evolent Health profitable in the third quarter 2025?
Operating profit was $886K (0.2% of revenue) and net loss $20.9M.
Source: Evolent Health 10-Q on SEC EDGAR.