Evolent Health (EVH) financial statements
Evolent Health reported revenue of $1.9B in fiscal 2025, up 24.9% a year over 9 years.
Net income was -$535M and the operating margin -21.9%, against -93.4% in 2016.
The diluted share count rose 154% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Evolent Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $254M | $435M | $627M | $846M | $925M | $908M | $1.4B | $2.0B | $2.6B | $1.9B |
| Cost of revenue | — | — | — | — | $697M | $658M | $1.0B | $1.5B | $2.2B | $1.5B |
| Gross profit | — | — | — | — | $228M | $250M | $317M | $460M | $367M | $400M |
| Research and development | $11M | $17M | $18M | $20M | $15M | $16M | — | — | — | — |
| Selling, general and admin | $161M | $206M | $235M | $236M | $210M | $219M | $269M | $358M | $263M | $304M |
| Operating income | -$237M | -$73M | -$47M | -$309M | -$263M | -$42M | $4M | -$71M | -$40M | -$410M |
| Interest expense | $247,000 | $4M | $5M | $15M | $28M | $25M | $16M | $54M | $25M | $57M |
| Pre-tax income | -$238M | -$76M | -$54M | -$330M | -$331M | -$30M | -$62M | -$202M | -$63M | -$535M |
| Income tax | -$11M | -$7M | $40,000 | -$23M | -$2M | $483,000 | -$43M | -$89M | -$1M | -$126,000 |
| Net income | -$160M | -$61M | -$53M | -$302M | -$334M | -$38M | -$19M | -$113M | -$62M | -$535M |
| EPS (diluted) | -$3.55 | -$0.94 | -$0.68 | -$3.67 | -$3.94 | -$0.44 | -$0.20 | -$1.28 | -$0.81 | -$5.07 |
| Diluted shares | 45M | 64M | 77M | 82M | 85M | 86M | 94M | 111M | 115M | 114M |
| Gross margin | — | — | — | — | 24.7% | 27.6% | 23.4% | 23.4% | 14.4% | 21.3% |
| Operating margin | -93.4% | -16.7% | -7.6% | -36.5% | -28.4% | -4.7% | 0.3% | -3.6% | -1.6% | -21.9% |
| Net margin | -62.8% | -13.9% | -8.4% | -35.7% | -36.1% | -4.1% | -1.4% | -5.8% | -2.4% | -28.5% |
Balance sheet
Fiscal years, from Evolent Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $179M | $238M | $228M | $101M | $319M | $266M | $188M | $193M | $104M | $152M |
| Receivables | $41M | $49M | $80M | $76M | $124M | $131M | $255M | $447M | $415M | $310M |
| Total current assets | $265M | $378M | $488M | $229M | $548M | $524M | $478M | $684M | $607M | $506M |
| Property, plant and equipment | $31M | $51M | $74M | $85M | $86M | $81M | $88M | $78M | $73M | $81M |
| Goodwill | $627M | $628M | $768M | $566M | $349M | $426M | $723M | $1.1B | $1.1B | $694M |
| Total assets | $1.2B | $1.3B | $1.7B | $1.5B | $1.4B | $1.4B | $1.8B | $2.7B | $2.5B | $1.9B |
| Total current liabilities | $132M | $133M | $269M | $193M | $403M | $445M | $433M | $674M | $716M | $385M |
| Long-term debt | — | — | — | $294M | $263M | $216M | $413M | $597M | $491M | $971M |
| Total liabilities | $288M | $266M | $533M | $569M | $752M | $726M | $958M | $1.4B | $1.4B | $1.5B |
| Shareholders' equity | $703M | $1.0B | $1.1B | $929M | $620M | $694M | $859M | $1.1B | $1.0B | $415M |
| Net debt | -$135M | -$238M | -$228M | $193M | -$29M | -$51M | $225M | $404M | $386M | $819M |
Cash flow
Fiscal years, from Evolent Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$36M | -$28M | -$21M | -$43M | -$16M | $39M | -$12M | $143M | $19M | $39M |
| Capital spending | $16M | $28M | $40M | $36M | — | — | — | — | — | — |
| Free cash flow | -$51M | -$56M | -$60M | -$78M | — | — | — | — | — | — |
| Stock-based compensation | $19M | $20M | $18M | $16M | $15M | $17M | $34M | $41M | $40M | $40M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$40M |
| Net borrowing | — | — | — | — | $30M | -$98M | $220M | $183M | $0 | -$343M |
| Free cash flow margin | -20.1% | -12.8% | -9.6% | -9.2% | — | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for EVH.
Open EVH in InvestinglyQuestions
What was Evolent Health's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
From Evolent Health's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.