Evolent Health, Inc · NYSE:EVH
Evolent Health — Q3 2026 Earnings Presentation
14 slides from Evolent Health's earnings presentation, Nov 5, 2026
Slide 1: Evolent Health, Inc. Third Quarter 2026 Results
Evolent Health, Inc. Third Quarter 2026 Results November 5, 2026 1 Confidential – Do Not Distribute
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made in this report and in other written or oral statements made by us or on our behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is n
Slide 3: Evolent Q3 2026 Highlights
Evolent Q3 2026 Highlights • Delivered $725.4M in revenue for the quarter, representing sequential growth of approximately 11%. • Successfully renewed our largest Surgical Management client for an additional four years. GROWTH • Existing clients continue to expand their relationships with Evolent by
Slide 4: 2026 Financial Outlook
2026 Financial Outlook 2026 Full Year Low End High End Revenue $2.6 billion $2.7 billion Adjusted EBITDA1 $130 million $135 million Cash Flow from Operations $10 million $20 million Cash deployed to capitalized $26 million $28 million software development 1. Evolent does not provide a reconciliation
Slide 5: Supplemental Information and Appendices
Supplemental Information and Appendices 5 Confidential – Do Not Distribute
Slide 6: Non-GAAP Financial Measures and KPIs
Non-GAAP Financial Measures and KPIs In addition to disclosing financial results that are determined in accordance with GAAP, we present and discuss certain non-GAAP financial measures and key performance indicators ("KPIs"), as supplemental measures to help investors evaluate our fundamental operat
Slide 7: Non-GAAP Financial Measures and KPIs (continued)
Non-GAAP Financial Measures and KPIs (continued) The Company views the following activities as integral to understanding its non-GAAP financial measures and key performance indicators: Transaction-related costs include but are not limited to integration consultants, investor outreach services, exter
Slide 8: Appendix A – Adjusted EBITDA Reconciliation
Appendix A – Evolent Health, Inc. Adjusted EBITDA Reconciliation ($ in thousands) Q3 2026 Q3 2025 LTM Q3 2026 LTM Q3 2025 Net loss attributable to common shareholders of Evolent Health, Inc. $ (23,566) $ (26,930) $ (507,693) $ (180,885) Net loss margin (3.2)% (5.6)% (21.7)% (8.8)% Less: Interest inc
Slide 9: Appendix B – Medical Expense Ratio
Appendix B – Medical Expense Ratio (In thousands) Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Total revenue Performance Suite $ 564,293 $ 286,935 $ 1,372,099 $ 857,873 Specialty Technology and Services Suite 72,837 93,263 231,797 257,485 Administrative Services 48,286 57,811 145,862 170,882 Cases 39,951
Slide 10: Appendix C – Capital Structure Metrics
Appendix C – Capital Structure Metrics (In thousands) September June 30, Sequential September Year over 30, 2026 2026 Change 30, 2025 Year Change Cash and cash equivalents $ 148,255 $ 115,703 $ 32,552 $ 116,650 $ 31,605 Revolving credit availability 62,500 62,500 — 47,500 15,000 Total available liqu
Slide 11: Appendix D – Revenue Composition
Appendix D – Revenue Composition The Company views the following as integral in understanding its revenue. • Performance Suite: consists of the average monthly membership over the period for the Company’s risk-based solutions for oncology, cardiology and Evolent Care Partners. • Specialty Technology
Slide 12: Appendix D (continued) – Revenue by Line of Business and Product Type
Appendix D (continued) – Revenue by Line of Business and Product Type For the Three Months Ended September 30, (In thousands) 2026 2025 2026 2025 $ % of Revenue Medicaid $ 204,506 $ 227,535 28 % 47 % Medicare 300,430 128,714 41 % 27 % Commercial and Other 220,431 123,284 31 % 26 % Total $ 725,367 $
Slide 13: Appendix D (continued) – Volume and Pricing Metrics
Appendix D (continued) – Volume and Pricing Metrics Evolent Quarterly Business Drivers Average Lives on Platform/Cases (in thousands) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Performance Suite 7,195 6,715 6,078 6,475 6,474 6,490 Specialty Technology and Services Suite 74,733 75,641 76,101 79,
Slide 14: Appendix E – Reserve for Claims and Performance-Based Arrangements
Appendix E – Reserve for Claims and Performance - Based Arrangements Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Balance, beginning of period $ 378,398 $ 187,251 $ 192,196 $ 318,705 Incurred health care costs: Current year to date period 523,460 245,501 1,316,906 690,793 Prior year to date period 1,510