Evolent Health, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.9B | $2.6B | $2.0B | $1.4B | $908.0M |
| Cost of revenue | $1.5B | $2.2B | $1.5B | $1.0B | $657.6M |
| Selling, general & administrative | $303.9M | $263.1M | $358.1M | $269.3M | $219.5M |
| Research and development | — | — | — | — | $15.5M |
| Operating expenses | — | — | — | — | $950.4M |
| Operating income | -$410.1M | -$40.5M | -$71.2M | $3.6M | -$42.4M |
| Interest expense | $57.5M | $24.7M | $54.2M | $15.6M | $25.4M |
| Pretax income | -$534.6M | -$63.0M | -$202.4M | -$62.1M | -$29.8M |
| Income tax expense | -$126,000 | -$1.4M | -$89.4M | -$43.4M | $483,000 |
| Net income | -$534.5M | -$61.6M | -$113.0M | -$19.2M | -$37.6M |
| Balance Sheet | |||||
| Cash and equivalents | $151.9M | $104.2M | $192.8M | $188.2M | $266.3M |
| Current assets | $506.4M | $607.1M | $683.7M | $478.1M | $524.0M |
| Total assets | $1.9B | $2.5B | $2.7B | $1.8B | $1.4B |
| Current liabilities | $385.3M | $715.5M | $674.2M | $433.4M | $445.5M |
| Total liabilities | $1.5B | $1.4B | $1.4B | $957.9M | $725.8M |
| Stockholders' equity | $415.2M | $1.0B | $1.1B | $859.4M | $693.6M |
| Cash Flow Statement | |||||
| Cash from operations | $38.8M | $18.8M | $142.6M | -$11.6M | $38.7M |
| Depreciation and amortization | $115.9M | $118.4M | $123.4M | $67.2M | $60.0M |
| Stock-based compensation | $39.7M | $39.7M | $40.5M | $34.0M | $16.7M |
| Capital expenditure | — | — | $137,000 | $573,000 | $784,000 |
| Free cash flow | — | — | $142.4M | -$12.1M | $38.0M |
| Share repurchases | $40.0M | $0 | $0 | — | — |
| Impairments | $398.0M | $0 | $0 | $0 | $0 |
Shares outstanding 112.5M · Free float 81.9%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.