Filing Flows › Evolent Health (EVH) › Q4 2025
Evolent Health (EVH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Evolent Health (EVH) reported revenue of $469M for the fourth quarter 2025 (Q4 2025), -28% from a year earlier and -2% from the quarter before. Operating margin was -87.1%, net loss $429M (91.6% of revenue).
Evolent Health, Q4 2025: revenue $469M (-28% year over year), operating margin -87.1%, net loss $429M, operating cash flow $48.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $469M | -2% | -28% |
| Operating profit | −$408M | -46176% | — |
| Net earnings | −$429M | — | — |
| Operating cash flow | $48.8M | +209% | — |
What changed
Revenue was $468.7M in Q4 2025, down 28% year over year and down 2% from the previous quarter.
Operating costs exceeded revenue by $408.2M, an operating margin of -87.1%. Total costs grew 32% against a revenue fall of 28%. The fastest-growing cost line was Other operating costs (+829%). The quarter ended with a net loss of $429.1M, wider than the previous quarter's $20.9M loss.
Operating cash flow was $48.8M. Non-cash charges added back $45.0M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items added $430.5M.
Questions
What was Evolent Health's revenue in the fourth quarter 2025?
Evolent Health (EVH) reported revenue of $469M for the fourth quarter 2025 (Q4 2025), -28% from a year earlier and -2% from the quarter before.
Was Evolent Health profitable in the fourth quarter 2025?
Operating loss was $408M (-87.1% of revenue) and net loss $429M.
Source: Evolent Health 10-K on SEC EDGAR.