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Goodwill and Intangible Assets, Net
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill

Goodwill has an estimated indefinite life. It is reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

Our annual goodwill impairment review occurs on October 31 of each fiscal year. We evaluate qualitative factors that could cause us to believe the estimated fair value of our reporting unit may be lower than the carrying value and trigger a quantitative assessment, including, but not limited to (i) macroeconomic conditions, (ii) industry and market considerations, (iii) our overall financial performance, including an analysis of our current and projected cash flows, revenues and earnings, (iv) a sustained decrease in share price and (v) other relevant entity-specific events including changes in management, strategy, partners, or litigation.

2025 Annual Goodwill Impairment Test

Subsequent to our 2024 goodwill impairment test through the end of 2025, the closing price per share of our Class A common stock declined from $23.35 per common share on October 31, 2024 to $6.67 at October 31, 2025. As a result of the prolonged decline in our stock price, the Company elected to forego the qualitative assessment and proceed directly to the quantitative assessment of the goodwill impairment test for our sole reporting unit. To determine the implied fair value for our single reporting unit, we used a discounted cash flow valuation approach (“income approach”). In determining the estimated fair value using the income approach, we projected future cash flows based on management’s estimates and long-term plans and applied a discount rate based on the Company’s weighted average cost of capital. This analysis required us to make judgments about revenues, expenses, fixed asset and working capital requirements, capital market assumptions and cash flows, as well as discount rates to reconcile to our market capitalization. As a result of the decrease in our Class A common stock since our 2024 goodwill impairment test, the market capitalization reconciliation indicated that the carrying amount of our reporting unit exceeded its fair value. Therefore, the Company recorded a $398.0 million
non-cash and non-tax-deductible impairment charge, reflected within operating expenses in the consolidated statements of operation for the year ended December 31, 2025.

As of March 31, 2026, Evolent assessed whether there were events or changes in circumstances that would more likely than not reduce the fair value of its goodwill below its carrying amount and require an interim impairment test. The Company determined there had been no such indicators. Therefore, it was unnecessary to perform a goodwill impairment assessment as of March 31, 2026.

Change in Goodwill

The following table summarizes the changes in the carrying amount of goodwill, for the periods presented (in thousands):
For the Three Months Ended March 31,
20262025
Balance, beginning of period$694,482 $1,137,320 
Foreign currency translation(49)— 
Balance, end of period$694,433 $1,137,320 

Intangible Assets, Net
Details of our intangible assets (in thousands, except weighted-average useful lives) are presented below:

March 31, 2026December 31, 2025
  Weighted- Average Remaining Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying ValueWeighted- Average Remaining Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Value
Corporate trade name0.0$51,965 $51,965 $— 0.0$51,965 $51,965 $— 
Customer relationships12.4806,668 266,709 539,959 12.6806,668 255,517 551,151 
Technology1.8169,715 139,992 29,723 2.0169,715 135,929 33,786 
Below market lease, net0.01,218 1,218 — 0.01,218 1,218 — 
Provider network contracts
0.09,600 9,600 — 0.09,600 9,600 — 
Total intangible assets, net$1,039,166 $469,484 $569,682 $1,039,166 $454,229 $584,937 
Amortization expense related to intangible assets was $15.3 million and $16.8 million for the three months ended March 31, 2026 and 2025, respectively.

Future estimated amortization of intangible assets is as follows (in thousands):

2026$45,766 
202759,028 
202847,133 
202944,992 
203043,959 
Thereafter328,804 
Total future amortization of intangible assets$569,682