Evolent Health, Inc · NYSE:EVH
Evolent Health — Q2 2026 Earnings Presentation
14 slides from Evolent Health's earnings presentation, Aug 6, 2026
Slide 1: Evolent Health, Inc. Second Quarter 2026 Results
Evolent Health, Inc. Second Quarter 2026 Results August 6, 2026 1 Confidential – Do Not Distribute
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made in this presentation 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 th
Slide 3: Evolent Q2 2026 Highlights
Evolent Q2 2026 Highlights • Delivered $652.5M in revenue for the quarter, representing sequential growth of 32% • Successfully renewed or extended three of our largest customers which combined with new 2026 launches GROWTH provides us with significant visibility for our 2026 revenue and beyond. • E
Slide 4: 2026 Financial Outlook
2026 Financial Outlook 2026 Full Year Low End High End Revenue $2.6 billion $2.7 billion Adjusted EBITDA1 $120 million $135 million Cash flows provided by operating $10 million $20 million activities Cash deployed to capitalized $25 million $30 million software development 1. Evolent does not provid
Slide 5: Supplemental Information and Appendices
Supplemental Information and Appendices 5 Confidential – Do Not Distribute
Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to disclosing financial results that are determined in accordance with GAAP, we present and discuss certain non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental operational performance. Adjusted EBITDA is defined as
Slide 7: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) The Company views the following activities as integral to understanding its non-GAAP financial measures: Transaction-related costs include but are not limited to integration consultants, investor outreach services, external valuation and accounting advisory se
Slide 8: Appendix A – Evolent Health, Inc. Adjusted EBITDA Reconciliation
Appendix A – Evolent Health, Inc. Adjusted EBITDA Reconciliation ($ in thousands) Q2 2026 Q2 2025 LTM Q2 2026 LTM Q2 2025 Net loss attributable to common shareholders of Evolent Health, Inc. $ (28,364) $ (51,090) $ (511,057) $ (185,186) Net loss margin (4.3)% (11.5)% (24.4)% (8.4)% Less: Interest in
Slide 9: Appendix B – Medical Expense Ratio
Appendix B – Medical Expense Ratio (In thousands) Q2 2026 Q2 2025 Total revenue Performance Suite $ 484,503 $ 267,917 Specialty Technology and Services Suite 78,161 81,401 Administrative Services 47,989 55,880 Cases 41,867 39,130 Total revenue 652,520 444,328 Less: Revenue from Evolent Care Partners
Slide 10: Appendix C – Capital Structure Metrics
Appendix C – Capital Structure Metrics (In thousands) June 30, March 31, Sequential June 30, Year over 2026 2026 Change 2025 Year Change Cash and cash equivalents $ 115,703 $ 142,028 $ (26,325) $ 150,995 $ (35,292) Revolving credit availability 62,500 52,500 10,000 62,500 — Total available liquidity
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 June 30, (In thousands) 2026 2025 2026 2025 $ % of Revenue Medicaid $ 217,512 $ 193,018 33 % 43 % Medicare 225,292 109,042 35 % 25 % Commercial and Other 209,716 142,268 32 % 32 % Total $ 652,520 $ 444,3
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) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Performance Suite 6,715 6,078 6,475 6,474 6,490 6,486 Specialty Technology and Services Suite 75,641 76,101 79,677 78,
Slide 14: Appendix G – Reserve for Claims and Performance-Based Arrangements
Appendix G – Reserve for Claims and Performance - Based Arrangements Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 Balance, beginning of period $ 231,962 $ 333,842 $ 192,196 $ 318,705 Incurred health care costs: Current year to date period 468,585 225,946 793,446 445,292 Prior year to date period (7,065)