Evolent Health, Inc. announced financial results for the second quarter ended June 30, 2025, reporting revenue of $444.3 million, a significant decrease from $647.1 million in Q2 2024. The company posted a net loss attributable to common shareholders of $51.0 million, and Adjusted EBITDA was $37.5 million, down from $51.9 million in the prior year period.
Despite the revenue shortfall, Evolent exceeded its internal EBITDA targets for the second quarter. The company revised its full-year 2025 revenue outlook downward to $1.85 billion to $1.88 billion, from a previous range of $2.06 billion to $2.11 billion, attributing the change to updated go-live timing for certain Performance Suite launches. Conversely, the full-year Adjusted EBITDA guidance was raised to $140 million to $165 million, from $135 million to $165 million.
Evolent announced four new revenue agreements during the quarter, bringing the year-to-date total to eleven. The company also highlighted the one-year anniversary of its Auth Intelligence platform, expressing confidence in achieving near-term AI and automation targets. As of June 30, 2025, Evolent held $151.0 million in cash and equivalents, with a net leverage ratio of 4.1x adjusted EBITDA.
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