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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue [1] $ 479,533 $ 621,401 $ 1,407,510 $ 1,908,199
Expenses        
Cost of revenue [1] 379,759 540,708 1,104,880 1,616,557
Selling, general and administrative expenses [1] 77,592 67,060 231,210 215,349
Depreciation and amortization expenses 23,615 29,701 70,814 89,074
Loss (gain) on lease termination (1,230) 0 676 0
Change in fair value of contingent consideration (1,089) 200 1,837 9,108
Total operating expenses 478,647 637,669 1,409,417 1,930,088
Operating income (loss) 886 (16,268) (1,907) (21,889)
Interest income 964 794 3,322 4,714
Interest expense (16,475) (6,010) (38,461) (18,002)
Gain (loss) from equity method investees 156 (2,229) 334 (3,623)
Gain on extinguishment of short-term debt, net 431 0 431 0
Loss on option exercise 0 0 (52,544) 0
Extinguishment of Series A Preferred Stock and other refinancing fees (6,000) 0 (15,000) 0
Change in tax receivables agreement liability 0 0 0 (173)
Other expense, net 80 (43) (3) (140)
Loss before income taxes (19,958) (23,756) (103,828) (39,113)
Provision for (benefit from) income taxes 906 (619) 1,551 (292)
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. - basic (26,930) (31,231) (150,270) (62,839)
Net loss attributable to common shareholders of Evolent Health, Inc. - diluted $ (26,930) $ (31,231) $ (150,270) $ (62,839)
Loss per common share        
Basic (in dollars per share) $ (0.24) $ (0.27) $ (1.31) $ (0.55)
Diluted (in dollars per share) $ (0.24) $ (0.27) $ (1.31) $ (0.55)
Weighted-average common shares outstanding        
Basic (in shares) 114,066 114,862 115,083 114,565
Diluted (in shares) 114,066 114,862 115,083 114,565
Comprehensive loss        
Net loss attributable to common shareholders of Evolent Health, Inc. $ (26,930) $ (31,231) $ (150,270) $ (62,839)
Other comprehensive loss, net of taxes, related to:        
Foreign currency translation adjustment (669) (12) (623) (110)
Total comprehensive loss attributable to common shareholders of Evolent Health, Inc. $ (27,599) $ (31,243) $ (150,893) $ (62,949)
[1] See Note 18 for amounts attributable to unconsolidated related parties included in these line items.