# Evolent Health, Inc.: overview

EVH · NYSE · CIK 1628908 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/evh.md) · [Financials](/companies/evh/financials.md) · [Filings](/companies/evh/filings.md) · [Insiders](/companies/evh/insiders.md)

Latest reported revenue: [$652.5m](/filings/0001628908-26-000086.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 6, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628908-26-000086).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [621](/filings/0001628908-26-000015.md) | [647](/filings/0001628908-26-000015.md) | [484](/filings/0001628908-26-000033.md) | [444](/filings/0001628908-26-000086.md) | [480](/filings/0001628908-26-000015.md) | [469](/filings/0001628908-26-000015.md) | [496](/filings/0001628908-26-000033.md) | [653](/filings/0001628908-26-000086.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(2.6%)](/filings/0001628908-25-000133.md) | [(2.9%) d](/filings/0001628908-26-000015.md) | [(0.3%)](/filings/0001628908-26-000033.md) | [(0.3%)](/filings/0001628908-26-000086.md) | [0.2%](/filings/0001628908-25-000133.md) | [(87.1%) d](/filings/0001628908-26-000015.md) | [(2.1%)](/filings/0001628908-26-000033.md) | [(1.5%)](/filings/0001628908-26-000086.md) |
| Net margin | % | [(3.7%)](/filings/0001628908-26-000015.md) | [(3.5%)](/filings/0001628908-26-000015.md) | [(13.4%)](/filings/0001628908-26-000033.md) | [(4.5%)](/filings/0001628908-26-000086.md) | [(4.4%)](/filings/0001628908-26-000015.md) | [(91.6%)](/filings/0001628908-26-000015.md) | [(5.4%)](/filings/0001628908-26-000033.md) | [(4.3%)](/filings/0001628908-26-000086.md) |
| Diluted EPS | $ per share | [(0.27)](/filings/0001628908-26-000015.md) | [(0.27)](/filings/0001628908-26-000015.md) | [(0.63)](/filings/0001628908-26-000033.md) | [(0.44)](/filings/0001628908-26-000086.md) | [(0.24)](/filings/0001628908-26-000015.md) | [(3.84)](/filings/0001628908-26-000015.md) | [(0.24)](/filings/0001628908-26-000033.md) | [(0.25)](/filings/0001628908-26-000086.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [908](/filings/0001628908-24-000017.md) | [1,352](/filings/0001628908-25-000020.md) | [1,964](/filings/0001628908-26-000015.md) | [2,555](/filings/0001628908-26-000015.md) | [1,876](/filings/0001628908-26-000015.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(4.7%)](/filings/0001628908-24-000017.md) | [0.3%](/filings/0001628908-25-000020.md) | [(3.6%)](/filings/0001628908-26-000015.md) | [(1.6%)](/filings/0001628908-26-000015.md) | [(21.9%)](/filings/0001628908-26-000015.md) |
| Net margin | % | [(4.1%)](/filings/0001628908-24-000017.md) | [(1.4%)](/filings/0001628908-25-000020.md) | [(5.8%)](/filings/0001628908-26-000015.md) | [(2.4%)](/filings/0001628908-26-000015.md) | [(28.5%)](/filings/0001628908-26-000015.md) |
| Diluted EPS | $ per share | [(0.44)](/filings/0001628908-24-000017.md) | [(0.20)](/filings/0001628908-25-000020.md) | [(1.28)](/filings/0001628908-26-000015.md) | [(0.81)](/filings/0001628908-26-000015.md) | [(5.07)](/filings/0001628908-26-000015.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/evh/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $80.3m | 14,814,851 |  | Added +3,925,979 |
| [CADIAN CAPITAL MANAGEMENT, LP](/funds/1423686.md) | 2026-06-30 | $58.6m | 10,814,473 |  | Unchanged |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $48.6m | 8,969,012 |  | Reduced −112,067 |
| [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $33.8m | 6,245,283 |  | Reduced −1,905,078 |
| [Rubicon Founders LLC](/funds/2032489.md) | 2026-06-30 | $31.5m | 5,816,123 |  | Unchanged |
| [Engaged Capital LLC](/funds/1559771.md) | 2026-06-30 | $30.2m | 5,563,912 |  | Unchanged |
| [D. E. Shaw & Co., Inc.](/funds/1009207.md) | 2026-06-30 | $27.7m | 5,107,561 |  | Reduced −326,471 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $26.0m | 4,787,994 |  | Reduced −79,409 |
| [MARSHALL WACE, LLP](/funds/1318757.md) | 2026-06-30 | $18.5m | 3,413,245 |  | Added +2,628,233 |
| [Nuveen, LLC](/funds/1871926.md) | 2026-06-30 | $17.0m | 3,132,085 |  | Added +2,866,943 |

## Recent filings

[All 836 filings](/companies/evh/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-06 | 08:53 ET | [10-Q](/filings/0001628908-26-000086.md) | Quarterly report, period 2026-06-30 | 0001628908-26-000086 |
| 2026-08-06 | 07:03 ET | [8-K](/filings/0001628908-26-000084.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628908-26-000084 |
| 2026-06-04 | 16:05 ET | [8-K](/filings/0001628908-26-000037.md) | 5.07 Shareholder vote results | 0001628908-26-000037 |
| 2026-05-07 | 08:46 ET | [10-Q](/filings/0001628908-26-000033.md) | Quarterly report, period 2026-03-31 | 0001628908-26-000033 |
| 2026-05-07 | 07:05 ET | [8-K](/filings/0001628908-26-000031.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628908-26-000031 |
| 2026-04-24 | 16:13 ET | [DEF 14A](/filings/0001193125-26-177267.md) | Proxy statement, period 2026-06-04 | 0001193125-26-177267 |
| 2026-02-25 | 18:16 ET | [10-K](/filings/0001628908-26-000015.md) | Annual report, period 2025-12-31 | 0001628908-26-000015 |
| 2026-02-24 | 16:12 ET | [8-K](/filings/0001628908-26-000014.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628908-26-000014 |
| 2025-12-08 | 08:00 ET | [8-K](/filings/0001628908-25-000145.md) | 8.01 Other events | 0001628908-25-000145 |
| 2025-12-02 | 07:32 ET | [8-K](/filings/0001628908-25-000141.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure | 0001628908-25-000141 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001628908-26-000015.md), filed Feb 25, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/96c64ab8-8217-4239-81a5-bcb401733597)

## About the filer

- CIK: 1628908
- Tickers: EVH
- Exchange: NYSE
- SIC code: 8741 Services-Management Services
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:44 ET. No prices; not investment advice.