Evolent Health Q4 Revenue Drops 27.5%, EPS Beats Estimates, Specialty Up 16.3%
Evolent Health's Q4 revenue fell 27.5% year over year to $468.72 million, slightly missing consensus by 0.11% while EPS rose to $0.08 from a -$0.02 loss, beating estimates by 28%. Specialty Technology segment revenue climbed 16.3% to $95.74 million as Performance Suite revenue tumbled 41% to $269.46 million.
1. Q4 Financial Results
Evolent Health reported revenue of $468.72 million for the quarter ended December 2025, a 27.5% decline from a year ago and just 0.11% below consensus. The company delivered EPS of $0.08, a turnaround from a $0.02 loss in Q4 2024 and exceeding estimates by 28%.
2. Segment Revenue Performance
Performance Suite revenue fell 41% year over year to $269.46 million, missing the $276.94 million estimate, while Administrative Services slipped 5.9% to $55.8 million. In contrast, Specialty Technology and Services revenue rose 16.3% to $95.74 million, surpassing the $88.49 million forecast.
3. Key Operational Metrics
Average PMPM fees for the Specialty suite came in at $0.40 versus an estimate of $0.38, and average lives on platform for that suite grew to 79.68 million from an estimated 78.38 million. Performance Suite fees per case were $13.87 compared with a $14.14 estimate, and platform lives declined slightly to 6.48 million versus 6.53 million forecast.