Shares of Evolent Health (EVH) tumbled 7.12% in after-hours trading following the release of its second-quarter 2025 financial results, which fell short of analyst expectations. The healthcare company reported disappointing revenue figures and a swing to a net loss, raising concerns among investors about its growth trajectory.

Evolent Health announced quarterly revenue of $444.328 million, missing the analyst consensus estimate of $459.4 million by 3.29%. This represents a significant 31.34% decrease compared to sales of $647.145 million in the same period last year. The company also reported a quarterly loss of $(0.10) per share, falling well below the analyst expectations of $0.09 earnings per share. This marks a stark reversal from the $0.30 per share earnings reported in the previous year.

Despite the revenue miss, Evolent Health did report some positive news. The company's adjusted EBITDA for Q2 came in at $37.547 million, beating the estimate of $35.9 million. Additionally, Evolent announced four new revenue agreements, indicating ongoing demand for its services. Looking ahead, the company provided guidance for Q3, expecting revenue between $460 million and $480 million, and adjusted EBITDA between $34 million and $42 million. For the full year 2025, Evolent projects revenue of $1.85 billion to $1.88 billion. However, these projections did little to assuage investor concerns in the face of the current quarter's performance.