Short answer
eHealth, Inc. (EHTH) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $554M (+4.1% year over year) and net income of $40M.
- Top risk flagged: Regulatory risk from CMS Medicare marketing compliance potentially causing carrier relationship termination or corrective actions due to complaints or violations
FY2025 key financial metrics · XBRL
- Revenue
- $554M
- +4.1% YoY
- Net income
- $40M
- +298.2% YoY
- Operating margin
- 12.0%
- +7.6 pp YoY
- Gross margin
- 43.5%
- +4.3 pp YoY
- EPS (diluted)
- −$0.34
- +71.4% YoY
- ROE
- 6.8%
- +5.1 pp YoY
- Operating cash flow
- −$25M
- −38.0% YoY
Source: XBRL data from the eHealth, Inc. (EHTH) FY2025 10-K on SEC EDGAR. USD.
eHealth, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Online health insurance brokerage earning commissions from insurance policy sales as broker of record
- Enhanced focus this year on refining lifetime value (LTV) commission revenue estimates using cohort and statistical modeling approaches
- No new products or business segments introduced or emphasized in fiscal 2026 filing
- No material changes to critical accounting policies or estimates for revenue recognition, stock-based compensation, or income tax accounting
- Noteworthy use of advanced judgment and analysis to update constraints and assumptions impacting commission revenue recognition under ASC 606
Risk Factors
- Regulatory risk from CMS Medicare marketing compliance potentially causing carrier relationship termination or corrective actions due to complaints or violations
- Macroeconomic exposure from AI-driven search changes reducing website traffic, increasing member acquisition costs, and harming marketing effectiveness
- Operational vulnerability in recruiting, certifying, and retaining licensed benefit advisors during highly seasonal fourth quarter enrollment peak
- Competitive threat from government-run Medicare and ACA exchanges with greater resources and direct carrier sales reducing traffic and conversions
- Financial concentration risk with majority revenue from top carriers Humana, UnitedHealthcare, and Aetna, whose contract changes or business impairment could materially impact results
Generated from the filing text; verify against the original. How to read a 10-K
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