Evolent Health, Inc., a prominent healthcare firm, operates through its subsidiary, Evolent Health LLC, to furnish clinical and administrative solutions to both ...
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Est. EPS $0.17 · Revenue $2.64B · 8 analysts
Est. EPS $0.09 · Revenue $835.09M · 2 analysts
Est. EPS $0.12 · Revenue $844.17M · 2 analysts
Est. EPS $0.35 · Revenue $3.30B · 8 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $1.9B | -26.6% | +31.5% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-534.5M | -767.4% | -6.5% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +15.1% | +5.3% | -0.7% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | -0.2% | +85.1% | +28.3% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | -28.5% | -1081.1% | +19.0% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $4.8M | +177.6% | -218.7% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +0.3% | +205.7% | -142.4% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 238.4% | +234.4% | +1.9% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.31x | +54.9% | -5.9% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $1.9B | -25.4% | +5.0% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -5.07 vs 0.06 | -7990.7% | -0.25 vs 0.09 | -386.6% |
| Revenue Surprise | $1.9B vs $1.9B | +0.0% | $652.5M vs $835.1M | -21.9% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | McCarthy Daniel Joseph | officer: PRESIDENT | Class A Common Stock | D | 65,892 | $5.00 |
| Jul 1, 2026 | Blackley Seth | director, officer: Chief Executive Officer | Class A Common Stock | A | 446,102 | — |
| Jul 1, 2026 | Blackley Seth | director, officer: Chief Executive Officer | Class A Common Stock | D | 10,297 | $5.74 |
| Jul 1, 2026 | Weinberg Jonathan | officer: General Counsel | Class A Common Stock | A | 43,055 | — |
| Jul 1, 2026 | Weinberg Jonathan | officer: General Counsel | Class A Common Stock | D | 2,650 | $5.74 |
Operator: Welcome to the Evolent Earnings Conference Call for the Second Quarter ended June 30, 2026. As a reminder, this conference call is being recorded. Your hosts for the call today from Evolent are Seth Blackley, Chief Executive Officer; and Mario Ramos, Chief Financial Officer. This call will be archived and available later this evening and for the next week via the webcast on the company's website in the section titled Investor Relations. This conference call will contain forward-looking statements under U.S. federal laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in the company's reports that are filed with the Securities and Exchange Commission, including cautionary statements included in our current and periodic filings. For additional information on the company's results and outlook, please refer to our second quarter press release issued earlier today. Finally, as a reminder, reconciliations of non-GAAP measures discussed during today's call to the most direct comparable GAAP measures are available in the summary presentation available in the Investor Relations section of our website or in the company's press release issued today and posted on the Investor Relations website, ir.evolent.com, and the Form 8-K filed by the company with the SEC earlier today. In addition to reconciliations, we provide details on the numbers and operating metrics for the quarter in both our press release and supplemental investor presentation. [Operator Instructions] And now I will turn the call over to Evolent's CEO, Seth Blackley. Seth Blackley: Good morning, and thank you for joining us. Today, we reported a strong second quarter with results that reflect our continued ability to execute on our commitments. In a dynamic health care environment, our performance underscores the mission-critical nature of our business, the dedication of our team and what we believe is the continued value of our solutions to our customers. For the quarter, Evolent reported total revenue of $653 million, up 31% versus Q1 and adjusted EBITDA of $28 million, a 27% increase versus Q1. Our Q2 2026 medical expense ratio, or MER, was 95% compared to 93% in Q1, reflecting the expected impact of the launch of Highmark on May 1, 2026. Given our performance in the first half of the year and our current visibility into the remainder of 2026, we're increasing our full year revenue guidance range to $2.6 billion to $2.7 billion and increasing the midpoint of our adjusted EBITDA guidance by narrowing the range to $120 million to $135 million. We continue to expect a full year MER of approximately 93% and believe we are well positioned to build on our progress in the quarters ahead. Mario will walk you through our financial results in more detail in a few moments, but I first want to provide you with …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Dan McCarthy | President | USD 1,157,216 | Male | 1985 | Active |
Seth Barrie Blackley | Co-Founder, Chief Executive Officer & Director | USD 881,068 | Male | 1979 | Active |
Jonathan David Weinberg | Chief Legal Officer, General Counsel & Secretary | USD 737,329 | Male | 1968 | Active |
John Paul Johnson | Chief Strategy Officer | USD 555,639 | Male | 1984 | Active |
Mario Marques Ramos | Chief Financial Officer | USD 513,333 | Male | 1972 | Active |
Katie DiPerna Cook | Chief Operating Officer | USD 468,633 | Female | — | Active |
Aammaad Shams | Chief Accounting Officer | USD 341,783 | Male | 1984 | Active |
Jessica White | Chief Information Officer | — | Female | — | Active |
John Tam | Chief Growth Officer | — | — | — | Active |
Robert Cruz | Chief Technology Officer | — | Male | — | Active |
Evolent Health, Inc. is awarded a contrarian Buy rating despite extreme indebtedness and recent net losses. EVH trades at a deeply distressed valuation (~0.2x forward sales) due to ~$967m long-term debt and persistent GAAP losses. Management projects >25% revenue growth and adjusted EBITDA ≥$150m in 2027, aiming to improve leverage and capital structure.
Dimensional Fund Advisors LP reduced its stake in Evolent Health, Inc (NYSE: EVH) by 22.4% during the undefined quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,790,298 shares of the technology company's stock after selling 517,486 shares during the period. Dimensional Fund Advisors LP
Evolent Health NYSE: EVH reported second-quarter revenue of $653 million, up 31% from the first quarter, and adjusted EBITDA of $28 million, up 27% sequentially, as the company benefited from the May launch of its Highmark partnership and continued growth in its Performance Suite business.
Evolent Health, Inc. (EVH) Q2 2026 Earnings Call Transcript
While the top- and bottom-line numbers for Evolent Health (EVH) give a sense of how the business performed in the quarter ended June 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
