Evolent Health (EVH) Company Report

Evolent Health reiterated its 4Q and 2025 guidance and confirmed that cost trends are in line with expectations, with oncology trends under 11% and cardiology trends slightly higher, as of end of November 2025.
The company expects $149 million in adjusted EBITDA for 2025 (midpoint), with 80% from tech and services and 20% from the Performance Suite. Excluding the divested ECP asset, the pro forma adjusted EBITDA for 2025 is $139 million.
Evolent has implemented new contractual protections for its Performance Suite, including adjustments for prevalence, case mix, new drugs, and hard corridors, which were difficult to secure previously but are now common in new contracts.
The company is divesting its ECP asset for $100 million, which will be used to pay down 9.5% first lien debt, aiming to reduce the net leverage ratio to approximately 5.5x by year-end and delever by about one turn per year thereafter.
For 2026, Evolent anticipates minimal EBITDA contribution from $750 million in new Performance Suite annualized revenue, with a target to keep adjusted EBITDA flat or grow modestly from the pro forma $139 million in 2025, even with a potential 40%-60% shrinkage in ACA Marketplace exposure.

4 hours ago

Transcript

Evolent Health Reaffirms 2025 Guidance, Details Performance Suite Protections, and Announces ECP Divestiture

EVH

Guidance Update

M&A

Deleveraging

Evolent Health reiterated its 4Q and 2025 guidance on December 2, 2025, with cost trends in oncology (under 11%) and cardiology in line with expectations.
The company has implemented new contractual protections for its Performance Suite, covering prevalence, case mix, new drugs, indications, unit price changes, and hard corridors to limit losses.
Evolent expects minimal EBITDA contribution in 2026 from the $750 million in new Performance Suite ACV (with $550 million expected in 2026), with these contracts reaching a 10% margin zone by mid to end of 2028.
The 2025 adjusted EBITDA guidance is $149 million, with 80% from tech and services and 20% from the Performance Suite; pro forma for the ECP divestiture, this would be $139 million.
Evolent is divesting ECP for $100 million to pay down 9.5% first lien debt, aiming to reduce its leverage ratio from approximately 5.5 times net at year-end by about one turn per year over the next couple of years.

5 hours ago

Transcript

Evolent Reiterates 2025 Guidance, Details Performance Suite Protections, and Debt Reduction Plan

EVH

Guidance Update

M&A

Debt Issuance

Evolent (EVH) reiterated its 4Q and 2025 guidance as of December 2, 2025, reporting oncology trend a little under 11% and cardiology trends a little bit higher within its Performance Suite.
The company expects 2025 adjusted EBITDA of $149 million, which includes $10 million from the divested ECP asset; the pro forma adjusted EBITDA for 2025 is $139 million.
Evolent has implemented new contract protections in 90% of its Performance Suite contracts, including adjustments for prevalence, case mix, new drugs, unit price, and hard corridors to limit losses.
With approximately 20% of revenue ($360 million) tied to the ACA Marketplace, Evolent anticipates a potential 40-60% shrinkage in exchanges but targets flat to modest EBITDA growth in 2026 from the pro forma 2025 base of $139 million.
The $100 million proceeds from the ECP divestiture will be used to pay down 9.5% first lien debt, reducing the net leverage ratio to about 5.5 times by year-end and targeting one turn of deleveraging per year.

17 hours ago

Transcript

Evolent Health Announces Partnership for New Cancer Care Model

EVH

New Projects/Investments

Product Launch

Evolent Health, Inc. announced a new partnership model with American Oncology Network (AON) to provide high-quality, more affordable, and connected cancer care without relying on prior authorization.
This model will introduce quality-focused interventions and leverage an innovative data and analytics platform to drive clinical insights.
Providers demonstrating adherence to quality will be "gold-carded," exempting them from seeking authorization from payers for most tests and treatments.
Evolent intends to use its care navigation program to complement AON's existing capabilities, with the model expected to roll out in select markets in the year ahead.
This initiative is part of the global digital health market, which is projected to grow from $427.24 billion in 2025 to $1,500.69 billion by 2032, exhibiting a CAGR of 19.66%.

Nov 11, 2025, 1:30 PM

Press Release

Evolent Reports Q3 2025 Results and Narrows 2025 Outlook

EVH

Earnings

Guidance Update

Debt Issuance

Evolent reported Q3 2025 revenue of $479.5 million, representing 8% sequential growth driven by new launches, and Adjusted EBITDA of $39.0 million, a 23% year-over-year increase.
The company narrowed its full-year 2025 revenue outlook to between $1.87 billion and $1.88 billion and its Adjusted EBITDA outlook to between $144 million and $154 million.
In Q3 2025, Evolent repurchased 4.4 million shares for $40.0 million.
The company issued $166.8 million of 4.50% 2031 Notes and repaid $167.4 million of 2025 Notes, and exchanged $175.0 million of Series A Preferred Stock for a second lien term loan.
As of September 30, 2025, cash and cash equivalents were $116.7 million, with period-end net leverage at 6.7x on LTM Adjusted EBITDA of $136.0 million.

Nov 6, 2025, 10:00 PM

Presentation

Evolent (EVH) Exceeds Q3 2025 Expectations, Updates Guidance, and Announces New Contracts

EVH

Earnings

Guidance Update

New Projects/Investments

Evolent (EVH) reported Q3 2025 revenue of $479.5 million and adjusted EBITDA of $39 million, both exceeding expectations.
The company narrowed its full-year 2025 guidance, expecting revenue between $1.87 billion and $1.88 billion and adjusted EBITDA between $144 million and $154 million.
EVH announced new contracts for 2026 go-lives, including a significant Performance Suite oncology contract, contributing to over $550 million in new 2026 revenue and an annualized contract value exceeding $750 million. Total revenue under contract for 2026 is now approximately $2.5 billion.
The sale of Evolent Care Partners is on track to close later this year, with proceeds used to pay down approximately $100 million in debt, reducing annual cash interest by about $10 million.
John Johnson will transition from CFO to Chief Strategy Officer, and Mario Ramos will assume the CFO role on January 1, 2026.

Nov 6, 2025, 10:00 PM

Transcript

Evolent Health Announces Q3 2025 Results and Leadership Changes

EVH

Earnings

CFO Change

Revenue Acceleration/Inflection

Evolent Health reported revenue of $479.5 million and Adjusted EBITDA of $39.0 million for the third quarter ended September 30, 2025.
The company announced more than $500 million in newly-contracted annualized revenue expected to launch in 2026, bringing the preliminary 2026 revenue forecast to $2.5 billion.
For the full year ending December 31, 2025, Evolent Health expects revenue to be in the range of $1.87 billion to $1.88 billion and Adjusted EBITDA between $144 million and $154 million.
Mario Ramos has been appointed as the new Chief Financial Officer, effective January 1, 2026, with John Johnson transitioning to Chief Strategy Officer on the same date.

Nov 6, 2025, 9:21 PM

8-K

Evolent Health Announces Third Quarter 2025 Results and Leadership Changes

EVH

Earnings

Guidance Update

Management Change

Evolent Health reported revenue of $479.5 million and Adjusted EBITDA of $39.0 million for the three months ended September 30, 2025. The net loss attributable to common shareholders for the quarter was $(26.9) million.
The company announced more than $750 million in new annualized revenue expected to launch during 2026, following two new customer agreements in Q3 2025, bringing the year-to-date total to thirteen new contracts.
For the fourth quarter of 2025, Evolent expects revenue in the range of $462 million to $472 million and Adjusted EBITDA between $30 million and $40 million. Full-year 2025 revenue is projected to be $1.87 billion to $1.88 billion, with Adjusted EBITDA between $144 million and $154 million.
Mario Ramos has been appointed as the new Chief Financial Officer, effective January 1, 2026, while John Johnson will transition to Chief Strategy Officer on the same date.

Nov 6, 2025, 9:10 PM

Press Release

Evolent Health Announces Divestiture of Evolent Care Partners and Reaffirms 2025 Financial Outlook

EVH

M&A

Guidance Update

Evolent Health, Inc. (EVH) announced the strategic divestiture of its value-based primary care business, Evolent Care Partners (ECP), to Privia Health Group, Inc. for a total transaction value of up to $113 million.
The transaction includes $100 million at closing and a contingent payment of up to $13 million, with the closing expected in the fourth quarter of 2025.
Proceeds from the divestiture will be used to prepay senior term debt, which is anticipated to improve Evolent's annual free cash flow by more than $7 million.
Evolent reiterated its Q3 2025 Revenue outlook of $460 million to $480 million and Adjusted EBITDA outlook of $34 million to $42 million.
For full year 2025, the company reaffirmed its Revenue outlook of $1.85 billion to $1.88 billion and Adjusted EBITDA of $140 million to $165 million, excluding the impact of the divestiture.

Sep 23, 2025, 8:13 PM

8-K

Evolent Health Announces Divestiture of Evolent Care Partners

EVH

M&A

Guidance Update

Evolent Health, Inc. announced it has agreed to sell its value-based primary care business, Evolent Care Partners (ECP), to Privia Health Group, Inc..
The total transaction value is up to $113 million, with $100 million payable at closing, and is expected to close during the fourth quarter of 2025.
Proceeds from the transaction will be used to prepay senior term debt, which is projected to improve Evolent's annual free cash flow by more than $7 million and reduce interest expense by approximately $10 million.
Evolent reiterated its Q3 2025 outlook for Revenue of between $460 and $480 million and Adjusted EBITDA of $34 and $42 million, and its full-year 2025 outlook for Revenue of $1.85-$1.88 billion and Adjusted EBITDA of $140-$165 million, all excluding the effect of this transaction.

Sep 23, 2025, 8:10 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Evolent Health.