Evolent Health Q2 Revenue Jumps 47% to $652.5M, Raises 2026 Guidance, Sees 2027 Adjusted EBITDA ≥$150M
EVH sits 78% above its 52-week low of $2.095.
Summary
Evolent Health reported Q2 2026 revenue of $652.5M (+47% YoY), raised full-year guidance, and issued a bullish 2027 outlook with Adjusted EBITDA expected at or above $150M. A major new oncology partnership adds $300M in annualized revenue potential.
Key Events · Earnings and Guidance · EVH
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Q2 Revenue Surges 47%
Revenue reached $652.5 million, up from $444.3 million a year ago, driven by Performance Suite growth and higher PMPM fees.
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2026 Guidance Raised
Full-year revenue guidance increased to $2.6–$2.7 billion; Adjusted EBITDA tightened to $120–$135 million.
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2027 Outlook: ≥$150M Adjusted EBITDA
Management expects over 25% revenue growth in 2027 and Adjusted EBITDA midpoint at or above $150 million, with improved cash flow conversion.
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Major Oncology Partnership Signed
New Performance Suite deal covering ~1.5 million lives across 11 states, expected to launch by December 2026 and generate ~$300 million in annualized revenue.
Analysis · EVH · Trade & Services
Evolent Health delivered a strong Q2 with revenue up 47% year-over-year to $652.5 million, driven by Performance Suite growth. The company raised its full-year 2026 revenue guidance to $2.6–$2.7 billion and tightened Adjusted EBITDA to $120–$135 million. More importantly, management provided an initial 2027 outlook calling for over 25% revenue growth and Adjusted EBITDA of at least $150 million, signaling confidence in margin expansion and cash flow improvement. A new Oncology Performance Suite partnership covering 1.5 million lives and expected to generate $300 million in annualized revenue underscores the demand pipeline. However, the medical expense ratio remains elevated at 95.3%, and the company still reported a GAAP net loss of $28.4 million, though adjusted EPS turned positive at $0.02. The balance sheet shows $115.7 million in cash and $966.5 million in long-term debt, so the path to addressing the capital structure will be a key focus.
At the time of this filing, EVH was trading at $3.72 on NYSE in the Trade & Services sector, with a market capitalization of approximately $346.4M. The 52-week trading range was $2.10 to $10.08. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.