Short answer
eHealth, Inc. (EHTH) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $54M (down 7.8% year over year) with net income of −$32M.
Q3 2025 key financials · XBRL
- Revenue
- $54M
- −7.8% YoY · −11.4% QoQ
- Net income
- −$32M
- +25.4% YoY · −82.2% QoQ
- Operating margin
- -77.1%
- EPS (diluted)
- −$1.46
- +20.7% YoY · −47.5% QoQ
Source: XBRL data from the eHealth, Inc. (EHTH) Q3 2025 10-Q on SEC EDGAR. USD.
eHealth, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Total revenue $53.9M Q3 FY25, down 8% YoY from $58.4M Q3 FY24; nine months $227.8M up 5% from $217.2M
- Net loss Q3 $31.7M, improved from $42.5M YoY; operating loss margin -77% vs -74% YoY for Q3; nine months loss $47.1M vs $87.4M prior year
- Medicare segment revenue Q3 $49.9M, down 6% YoY; gross loss $1.2M vs $5.6M loss prior year; best performer with 79% improvement in segment gross profit
- Employer & Individual segment revenue Q3 $3.9M, down 24% YoY; gross profit $1.0M vs $1.8M prior year, worst performing segment with 47% decline
- Marketing & advertising expenses decreased 18% Q3 to $24.4M; interest expense down 17% Q3 to $2.4M; tax benefit increased with effective tax rate 26.2% vs 4.3% YoY
- Management citing impact of 2025 dual-eligible regulations reducing Medicare Advantage enrollments, ongoing cost reductions, and shifting marketing spend; no updated full-year guidance disclosed in excerpt
Risk Factors
- New risk: Increased CMS marketing guidelines complexity requiring more filings, delaying Medicare plan marketing and risking loss of referral sources
- Most material update: Greater risks from carrier relationship changes due to intensified CMS regulations and Medicare sales compliance requirements
- Impactful regulatory risk: CMS and federal/state Medicare marketing compliance affecting carrier partnerships and possibility of terminating agency relationships
- Operational risk: Dependence on third-party vendor and integration with Federally Facilitated Marketplace for ACA subsidy-eligible enrollments, risking disruption and reduced member acquisition
- Financial risk: Revenue concentration with top carriers (Humana, UnitedHealthcare, Aetna) accounting for majority of total revenue, risk from carrier loss or contract changes
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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