Evolent Health reported sharply higher revenue for the third quarter, alongside a narrower net loss but lower adjusted EBITDA and a smaller EBITDA margin. The company said demand from existing health-plan customers and execution on new oncology programs supported its 2026 performance.
Chief Executive Seth Blackley said customers are renewing and, in many cases, expanding their work with Evolent. He pointed to the company’s AI platform and oncology services as potential drivers of future growth and margin expansion, framing that as his outlook rather than a specific financial forecast.
Key details
- Revenue rose 51% year over year to $725.4 million, from $479.5 million in the third quarter of 2025.
- Evolent’s net loss narrowed to $23.6 million, compared with $26.9 million a year earlier. The net loss margin improved to 3.2% from 5.6%.
- Adjusted EBITDA fell to $34.3 million from $39.0 million. Its margin declined to 4.7% from 8.1%, a 3.4-percentage-point drop. Revenue growth therefore did not translate into higher adjusted EBITDA in the quarter.
- Performance Suite average lives on the platform increased to 7,195 from 6,474. Average fees per member per month rose to $26.14 from $14.77.
- Specialty Technology and Services Suite average lives fell to 74,733 from 78,050. Average fees per member per month declined to $0.32 from $0.40.
- Administrative Services average lives decreased to 1,163 from 1,222, while average fees per member per month fell to $13.84 from $15.77.
- The company reported 11 cases, versus 13 a year earlier. Revenue per case increased to $3,605 from $3,236.
- Average unique members declined to 39,804 from 40,781.
- The medical expense ratio increased to 93.0% from 85.0%. The separate measure excluding Evolent Care Partners was listed as unavailable for 2026; it was 91.9% in 2025.
What the results show
Evolent’s reported growth came with a mix of changes across its service areas: average platform lives rose in Performance Suite but fell in Specialty Technology and Services and Administrative Services, while average unique members were lower. The higher medical expense ratio and lower adjusted EBITDA margin are notable alongside the revenue increase. Blackley attributed demand to health plans’ focus on affordability and patient and physician experience, and cited renewals, expanded customer work and oncology launches as contributors to performance.