eHealth, Inc. (EHTH) Q3 2025 10-Q Quarterly Report
eHealth, Inc. (EHTH) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 6, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
eHealth, Inc. Q3 2025 10-Q Analysis
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
eHealth, Inc. Q3 2025 Quarterly FinancialsXBRL
Revenue
$54M
▼ -7.8% YoY▼ -11.4% QoQ
Net Income
-$32M
▲ +25.4% YoY▼ -82.2% QoQ
Operating Margin
-77.1%
▼ -313bp YoY▼ -3917bp QoQ
Net Margin
-58.8%
▲ +1389bp YoY▼ -3021bp QoQ
ROE
-6.2%
Total Assets
$1.0B
EPS (Diluted)
$-1.46
▲ +20.7% YoY▼ -47.5% QoQ
Operating Cash Flow
-$25M
▲ +13.6% YoY▲ +38.6% QoQ
Source: XBRL data from eHealth, Inc. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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