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Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We have one operating segment and one reportable segment as our CODM, assesses the performance of our operations, develops strategy and reviews financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. The performance measure closest to U.S. GAAP used by our CODM to evaluate the performance of the Company’s ongoing operations on a consolidated basis and as part of the Company’s internal planning and forecasting activities is net loss attributable to common shareholders of Evolent Health, Inc. The CODM does not evaluate performance or allocate resources based on segment assets, and therefore such information is not presented in the notes to the financial statements.
The following table presents our revenue and significant expenses reviewed by our CODM, other segment items and net loss attributable to common shareholders of Evolent Health, Inc. (in thousands):
For the Three Months Ended March 31,
20262025
Revenue$496,246 $483,649 
Less:
Medical expense and device costs (1)
335,362 292,676 
Cost of revenue excluding medical expense and device costs and other segment items (2)
76,591 87,845 
Selling, general and administrative expenses excluding other segment items (3)
62,226 66,268 
Depreciation and amortization expenses21,555 24,058 
Interest income(1,014)(1,274)
Interest expense16,868 10,385 
Gain (loss) from equity method investees11 19 
Provision for income taxes910 1,470 
Other segment items (4)
10,369 74,452 
Net loss attributable to common shareholders of Evolent Health, Inc.$(26,632)$(72,250)
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(1)Medical expenses and device costs include $301.8 million and $206.0 million of total claims incurred related to our specialty care management services solution for the three months ended March 31, 2026 and 2025, respectively.
(2)Other segment items excluded from cost of revenue excluding medical expense and device costs include $0.5 million and $0.7 million of stock compensation for the three months ended March 31, 2026 and 2025, respectively.
(3)Other segment items excluded from selling, general and administrative expenses include the following (in thousands):

For the Three Months Ended March 31,
20262025
Stock-based compensation$10,130 $10,424 
Severance costs— 1,014 
Transaction-related costs462 703 
(4)Other segment items is defined as stock-based compensation, severance costs and transaction-related costs not included in cost of revenue or selling, general and administrative expenses calculated in accordance with GAAP, loss on lease termination, change in fair value of contingent consideration, loss on option exercise, other income (expense), net, and dividends and accretion of Series A Preferred Stock and excise tax on Series A Preferred Stock. Management believes cost of revenue excluding medical expense and device costs and other segment items and selling, general and administrative expenses excluding other segment items are useful to investors because they facilitate an understanding of our long-term operational costs while removing the effect of costs that are not a representative component of the day-to-day operating performance of our business, and are useful to management as supplemental performance measures.