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Loss Per Common Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Loss Per Common Share | Loss Per Common Share The following table sets forth the computation of basic and diluted earnings per share available for common stockholders (in thousands, except per share data):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Loss before preferred dividends and accretion of Series A Preferred Stock including excise tax | $ | (20,864) |  |  | $ | (23,137) |  |  | $ | (105,379) |  |  | $ | (38,821) |  |
Dividends and accretion of Series A Preferred Stock including excise tax | (6,066) |  |  | (8,094) |  |  | (44,891) |  |  | (24,018) |  |
Net loss attributable to common shareholders of Evolent Health, Inc. | $ | (26,930) |  |  | $ | (31,231) |  |  | $ | (150,270) |  |  | $ | (62,839) |  |
Weighted-average common shares outstanding - basic and diluted | 114,066 |  |  | 114,862 |  |  | 115,083 |  |  | 114,565 |  |
Loss per common share |  |  |  |  |  |  |  |
Basic and diluted | $ | (0.24) |  |  | $ | (0.27) |  |  | $ | (1.31) |  |  | $ | (0.55) |  |
Basic net loss per common share is calculated using the weighted average number of common shares outstanding during the period. Diluted net earnings per common share, if any, gives effect to diluted stock options (calculated based on the treasury stock method), shares issuable upon debt conversion (calculated using an as-if converted method). Anti-dilutive shares excluded from the calculation of weighted-average common shares presented above are presented below (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Restricted stock units (“RSUs”), performance-based RSUs (“PSUs”) and leveraged stock units (“LSUs”) | 1,257 |  |  | 804 |  |  | 744 |  |  | 782 |  |
Stock options | — |  |  | 230 |  |  | — |  |  | 309 |  |
Series A Preferred Stock | 1,807 |  |  | 4,375 |  |  | 3,510 |  |  | 4,375 |  |
Convertible senior notes | 19,336 |  |  | 20,252 |  |  | 16,960 |  |  | 20,252 |  |
Total | 22,400 |  |  | 25,661 |  |  | 21,214 |  |  | 25,718 |  |

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