Eheatlh | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 326.24 M

Revenue: As of FY2025 Q4, the actual value is USD 326.24 M, beating the estimate of USD 318.25 M.EPS: As of FY2025 Q4, the actual value is USD 2.06, missing the estimate of USD 2.3831.EBIT: As of FY2025 Q4, the actual value is USD 129.64 M.Overall Financial PerformanceNet Income Fourth Quarter 2025: GAAP net income was $87.183 million, an 11% decrease from $97.482 million in Q4 2024, primarily due to a higher year-over-year effective tax rate. Net income attributable to common stockholders was $73.932 million, a 14% decrease from $85.687 million in Q4 2024. The Net Income Margin decreased to 27% from 31% in Q4 2024 . Fiscal Year 2025: GAAP net income was $40.044 million, a significant 298% increase from $10.057 million in FY 2024. Net loss attributable to common stockholders was - $10.404 million, an improvement of 70% from - $34.960 million in FY 2024. The GAAP Net Income Margin was 7% in FY 2025, up from 2% in FY 2024 .Operating Profit Fourth Quarter 2025: Income from operations was $126.260 million, a 12% increase from $112.640 million in Q4 2024 . Fiscal Year 2025: Income from operations was $66.489 million, a 182% increase from $23.571 million in FY 2024 .Adjusted EBITDA Fourth Quarter 2025: Adjusted EBITDA was $132.928 million, a 10% improvement from $121.289 million in Q4 2024, driven by an improved Medicare LTV-to-CAC ratio and cost efficiency. Adjusted EBITDA margin was 41%, up from 38% in Q4 2024 . Fiscal Year 2025: Adjusted EBITDA was $97.300 million, a 40% improvement from $69.265 million in FY 2024. Adjusted EBITDA margin was 18%, up from 13% in FY 2024 .Operating Costs and Expenses Fourth Quarter 2025: Total operating costs and expenses decreased 1% to $199.978 million from $202.541 million in Q4 2024. Marketing and advertising expenses decreased 3% to $94.231 million. Customer care and enrollment expenses decreased 3% to $60.940 million. Technology and content expenses increased 8% to $16.069 million. General and administrative expenses increased 5% to $28.738 million. Impairment, restructuring and other charges were - $0 million, down from $66 thousand in Q4 2024 . Fiscal Year 2025: Total operating costs and expenses decreased 4% to $487.519 million from $508.839 million in FY 2024. Marketing and advertising expenses decreased 6% to $181.240 million. Customer care and enrollment expenses were flat at $162.885 million. Technology and content expenses decreased 3% to $51.829 million. General and administrative expenses were flat at $89.555 million. Impairment, restructuring and other charges decreased 79% to $2.010 million from $9.475 million in FY 2024 .Segment RevenueMedicare Segment Revenue Fourth Quarter 2025: Total revenue was $319.553 million, up 5% from $305.781 million in Q4 2024 . Fiscal Year 2025: Total revenue was $531.213 million, up 6% from $500.638 million in FY 2024 .Employer and Individual (E&I) Segment Revenue Fourth Quarter 2025: Total revenue was $6.685 million, a decrease of 29% from $9.400 million in Q4 2024 . Fiscal Year 2025: Total revenue was $22.795 million, a decrease of 28% from $31.772 million in FY 2024 .Segment Gross ProfitMedicare Segment Gross Profit Fourth Quarter 2025: Medicare segment gross profit was $178.299 million, an increase of 12% from $159.880 million in Q4 2024 . Fiscal Year 2025: Medicare segment gross profit was $232.038 million, an increase of 21% from $191.508 million in FY 2024 .Employer and Individual (E&I) Segment Gross Profit Fourth Quarter 2025: E&I segment gross profit was $2.026 million, a decrease of 50% from $4.020 million in Q4 2024 . Fiscal Year 2025: E&I segment gross profit was $8.730 million, a decrease of 48% from $16.950 million in FY 2024 .Commission Revenue by ProductMedicare Commission Revenue Fourth Quarter 2025: Medicare Advantage commission revenue increased 8% to $270.846 million. Medicare Supplement commission revenue increased 27% to $9.943 million. Medicare Part D commission revenue decreased 70% to $1.928 million. Total Medicare commission revenue increased 6% to $282.717 million . Fiscal Year 2025: Medicare Advantage commission revenue increased 7% to $421.809 million. Medicare Supplement commission revenue increased 74% to $34.142 million. Medicare Part D commission revenue decreased 62% to $4.884 million. Total Medicare commission revenue increased 8% to $460.835 million .Individual and Family Commission Revenue Fourth Quarter 2025: Total Individual and Family commission revenue decreased 32% to $2.175 million . Fiscal Year 2025: Total Individual and Family commission revenue decreased 54% to $3.833 million .Other Commission Revenue Fourth Quarter 2025: Ancillary commission revenue increased 124% to $7.870 million. Small Business commission revenue increased 1% to $3.120 million. Commission Bonus and Other increased 531% to $1.173 million . Fiscal Year 2025: Ancillary commission revenue increased 78% to $19.225 million. Small Business commission revenue decreased 4% to $11.102 million. Commission Bonus and Other decreased 17% to $2.960 million .Cash FlowCash Flow from Operating Activities Fourth Quarter 2025: Net cash used in operating activities was - $35.949 million, compared to - $27.662 million in Q4 2024 . Fiscal Year 2025: Net cash used in operating activities was - $25.345 million, compared to - $18.366 million in FY 2024 .Cash Flow from Investing Activities Fourth Quarter 2025: Net cash provided by investing activities was $6.384 million, compared to $7.992 million in Q4 2024 . Fiscal Year 2025: Net cash provided by investing activities was $25.432 million, compared to net cash used in investing activities of - $48.421 million in FY 2024 .Cash Flow from Financing Activities Fourth Quarter 2025: Net cash provided by financing activities was $40.107 million, compared to net cash used in financing activities of - $4.983 million in Q4 2024 . Fiscal Year 2025: Net cash provided by financing activities was $34.288 million, compared to net cash used in financing activities of - $9.674 million in FY 2024 .Balance Sheet MetricsCommissions Receivable The commissions receivable balance was $1.1 billion as of December 31, 2025, a 12% increase from $1.0 billion as of December 31, 2024. Current commissions receivable were $236.116 million, compared to $242.467 million as of December 31, 2024. Non-current commissions receivable were $886.614 million, compared to $757.523 million as of December 31, 2024 .Cash, Cash Equivalents, and Marketable Securities Cash, cash equivalents and marketable securities totaled $77.2 million as of December 31, 2025. Cash and cash equivalents were $73.725 million, compared to $39.197 million as of December 31, 2024. Short-term marketable securities were $3.495 million, compared to $43.043 million as of December 31, 2024 .Debt Long-term debt was $112.954 million as of December 31, 2025, compared to $68.458 million as of December 31, 2024. eHealth, Inc. replaced its $70.0 million term loan credit facility with a $125.0 million asset-backed revolving credit facility maturing in December 2028 .Operational MetricsApproved Members Fourth Quarter 2025: Total approved members decreased 3% to 264,441 from 272,363 in Q4 2024. Medicare approved members decreased 9% to 225,949. Individual and Family approved members decreased 19% to 5,769. Ancillary approved members increased 104% to 30,927. Small Business approved members increased 9% to 1,796 . Fiscal Year 2025: Total approved members decreased 3% to 471,457 from 485,456 in FY 2024. Medicare approved members decreased 7% to 378,670. Individual and Family approved members decreased 25% to 15,520. Ancillary approved members increased 40% to 72,215. Small Business approved members decreased 6% to 5,052 .Constrained Lifetime Value (LTV) of Commissions per Approved Member (Q4 2025 vs Q4 2024) Medicare Advantage LTV increased 11% to $1,304 from $1,174. Medicare Supplement LTV increased 18% to $1,496 from $1,270. Medicare Part D LTV increased 75% to $271 from $155. Non-Qualified Health Plans LTV decreased 10% to $357 from $396. Qualified Health Plans LTV decreased 16% to $335 from $399. Short-term Ancillary LTV increased 13% to $122 from $108. Dental Ancillary LTV decreased 1% to $138 from $140. Vision Ancillary LTV decreased 1% to $85 from $86. Small Business LTV increased 8% to $255 from $236 .LTV-to-CAC Ratio The Medicare LTV-to-CAC ratio was 2.2x in Q4 2025, a meaningful improvement from 2.0x in Q4 2024 .Expense Metrics per Approved Member (Q4 2025 vs Q4 2024) Medicare Plans: Customer Care & Enrollment (CC&E) cost per MA-equivalent approved member increased 3% to $226 from $220. Variable marketing cost per MA-equivalent approved member was flat at $372. Total acquisition cost per MA-equivalent approved member increased 1% to $598 from $591 . Individual and Family Plans (IFP): CC&E cost per IFP-equivalent approved member decreased 19% to $232 from $288. Variable marketing cost per IFP-equivalent approved member increased 3% to $197 from $191. Total acquisition cost per IFP-equivalent approved member decreased 10% to $429 from $479 .Estimated Membership Total estimated membership decreased 3% to 1,250,753 as of December 31, 2025, from 1,293,796 as of December 31, 2024. Medicare estimated membership decreased 4% to 962,150. Individual and Family estimated membership decreased 17% to 64,936. Ancillary estimated membership increased 8% to 187,895. Small Business estimated membership decreased 17% to 35,772 .Net Adjustment Revenue Net Adjustment Revenue was $44.4 million in FY 2025, an increase from $22.7 million in FY 2024 .Total MA Submissions Total MA Submissions declined by 3% compared to FY 2024, totaling 405,455 submissions in FY 2025, down from 419,334 in FY 2024 . Total Medicare Advantage Submissions declined by 4% compared to Q4 2024, totaling 240,832 submissions in Q4 2025, down from 250,609 in Q4 2024 .MA Unit Margins (Q4-FY25) MA LTV was $1,304, variable marketing cost per MA-Equivalent Approved Member was - $226, Customer Care & Enrollment (CC&E) per MA-Equivalent Approved Member was - $372, resulting in a Per Unit Gross Margin of $706 (54%) .Outlook / Guidance for Full Year 2026eHealth, Inc. (易康公司) anticipates total revenue between $405.0 million and $445.0 million for fiscal year 2026. GAAP net income is projected to be between $8.0 million and $25.0 million, with Adjusted EBITDA expected to range from $55.0 million to $75.0 million. Operating cash flow is guided to be between - $10.0 million and $12.0 million, reflecting a plan that prioritizes operating cash flow generation, profit margin, and targeted investment in diversification, with an estimated positive net adjustment revenue of $0 to $20 million .