Evolent Sets 2026 Adjusted EBITDA at $130 Million to $135 Million

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue reached $725.4 million as Performance Suite PMPM fees hit $26.14 and the company set full-year Adjusted EBITDA at $130.0 million–$135.0 million.

Evolent Health, Inc. (EVH), a specialty-care management company, reported third-quarter revenue of $725.4 million for the three months ended September 30, 2026, up from $479.5 million a year earlier. Sequential growth continued from the second quarter’s $652.5 million. Adjusted EBITDA was $34.3 million, or a 4.7% margin, after $28.1 million, or 4.3%, in the prior quarter. The company provided 2026 revenue guidance of $2.6 billion to $2.7 billion and Adjusted EBITDA guidance of $130.0 million to $135.0 million.

Net loss attributable to common shareholders narrowed to $23.6 million, or $0.21 a share, from $28.4 million, or $0.24 a share, in the second quarter. Net loss margin improved to 3.2% from 4.3%. Adjusted income attributable to common shareholders was $7.3 million, or $0.06 a share. Cash and cash equivalents were $148.3 million at September 30.

Performance Suite carried the top-line expansion. Average lives on platform rose to 7,195 from 6,715 in the second quarter, and the average PMPM fee increased to $26.14 from $24.05. Performance Suite revenue was $564.3 million in the quarter. Specialty Technology and Services Suite revenue was $72.8 million, with average lives of 74,733 and a PMPM fee of $0.32. Administrative Services revenue was $48.3 million on 1,163 average lives and a $13.84 PMPM fee. Cases were 11, with revenue per case of $3,605.

The medical expense ratio improved to 93.0% from 95.3% in the second quarter. Cost of revenue was $636.9 million. Selling, general and administrative expenses were $73.1 million.

Co-founder and Chief Executive Officer Seth Blackley said health plan customers continued to renew and expand work with Evolent, and that 2026 oncology launches contributed to performance. He said the company’s AI platform and oncology solution would drive growth and margin expansion in coming quarters.

Evolent announced one renewal and two new revenue agreements in the third quarter, bringing the year-to-date total to seven. The company renewed its largest Surgical Management customer contract for four additional years. It expanded an existing client to add oncology services across several additional states covering about 1 million commercial lives, with a January 1, 2027 go-live, plus Member Navigation across existing and new lives. It also expanded a national payer relationship in Specialty Technology and Services for oncology across 11 additional states.

In the second quarter, Evolent had prepared for an Oncology Performance Suite partnership with an existing advanced imaging client covering about 1.5 million Medicaid and Medicare lives across 11 states, expected to launch by December 2026 and generate about $300 million in annualized revenue. In the first quarter, it had signed an advanced imaging contract expected to cover about 4.5 million lives and a national-payer oncology and cardiology expansion expected to generate over $200 million of annual revenue, both scheduled for third-quarter go-lives subject to regulatory approvals.

The company said it expects to deploy $26 million to $28 million in cash for capitalized expenditures during 2026. Long-term debt, net, was $969.5 million at September 30.