Loss Per Common Share

3 Months Ended

Mar. 31, 2026

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 March 31,
		2026		2025


Loss before preferred dividends and accretion of Series A Preferred Stock		$	(26,632)	$	(64,618)
Dividends and accretion of Series A Preferred Stock		—		(7,632)
Net loss attributable to common shareholders of Evolent Health, Inc.		$	(26,632)	$	(72,250)




Weighted-average common shares outstanding - basic and diluted		111,905		115,315

Loss per common share
Basic and diluted		$	(0.24)	$	(0.63)

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 March 31,
		2026	2025
Restricted stock units, performance-based RSUs and leveraged stock units		614	963

Series A Preferred Stock		—	4,375
Convertible senior notes		22,917	15,752
Total		23,531	21,090