Document eHealth, Inc. Announces Fourth Quarter and Fiscal Year 2025 Results Achieves record-breaking quarterly revenue Ends FY'25 with highest ever commissions receivable balance of $1.1 billion Increases financial flex

eHealth, Inc. Announces Fourth Quarter and Fiscal Year 2025 Results

Achieves record-breaking quarterly revenue

Ends FY'25 with highest ever commissions receivable balance of $1.1 billion

Increases financial flexibility with $125.0 million asset-based revolving credit facility

Launches AI voice agent at scale during Medicare Annual Enrollment Period

INDIANAPOLIS, Indiana - February 25, 2026 - eHealth, Inc. (Nasdaq EHTH), a leading private online health insurance marketplace, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2025.

Successful execution of AEP with a more tenured advisor force, stronger branded channels, expanded member retention programs and scaling of our AI capabilities.

Q4 2025 total revenue of $326.2 million increased 4% compared to Q4 2024 total revenue of $315.2 million, driven primarily by meaningful Medicare segment growth, partially offset by lower other revenue and positive net adjustment revenue.

Medicare Advantage ("MA") constrained lifetime value ("LTV") of commissions increased 11%, reflecting improved quality and retention trends.

Total MA submissions(9) across agency and carrier-dedicated Amplify platforms declined 4% year-over-year, as we focused on our highest-margin channels during AEP, de-emphasizing spend on third-party channels.

Q4 2025 Medicare unit economics expanded 4% year-over-year, driven by higher MA constrained LTV of commissions while total Medicare acquisition cost per MA-equivalent approved member increased 1%, resulting in a Medicare LTV-to-CAC ratio(10) of 2.2x, a meaningful improvement from 2.0x in Q4 2024.

Q4 2025 GAAP net income of $87.2 million decreased $10.3 million, compared to Q4 2024 GAAP net income of $97.5 million primarily due to a higher year-over-year effective tax rate driven by a difference in quarterly tax expense estimation methods, partially offset by higher total revenue.

Q4 2025 adjusted EBITDA(1) of $132.9 million improved 10% compared to Q4 2024 adjusted EBITDA(1) of $121.3 million primarily driven by improved Medicare LTV-to-CAC ratio and continued cost efficiency efforts.

FY 2025 total revenue of $554.0 million increased 4% compared to FY 2024 total revenue of $532.4 million.

FY 2025 total MA submissions across agency and carrier-dedicated Amplify platforms declined 3% year-over-year.

FY 2025 GAAP net income of $40.0 million increased significantly compared to FY 2024 GAAP net income of $10.1 million.

FY 2025 adjusted EBITDA(1) of $97.3 million improved 40% compared to FY 2024 adjusted EBITDA(1) of $69.3 million.

Cash, cash equivalents and marketable securities of $77.2 million as of December 31, 2025.

Commissions receivable balance of $1.1 billion as of December 31, 2025 grew 12% compared to $1.0 billion as of December 31, 2024.

Replaced $70.0 million term loan credit facility with $125.0 million asset-backed revolving credit facility maturing in December 2028, providing additional financial flexibility.

Note See the tables at the end of this press release for a reconciliation of our GAAP financial measures to our non-GAAP financial measures for the relevant periods and footnote (1) on page 14 at the end of this press release for definitions of our non-GAAP financial measures. Additionally, see accompanying footnotes on page 14 for additional definitions.

Said John Dolan, Chief Financial Officer "With gains already evident in 2025, we remain firmly focused on enrollment quality and are continuing to build on this positive momentum with the intention to drive break-even operating cash flow in 2026. We plan to further reduce our investment in lower-margin third-party marketing channels, focusing on our direct branded channels and key diversification initiatives. Our guidance also reflects our cost savings efforts already initiated in January 2026, which are expected to generate approximately $30 million of fixed cost savings combined with over $60 million of planned reductions in variable spend in 2026 compared to 2025."

Based on information available as of February 25, 2026, we are providing guidance for the full year ending December 31, 2026. These expectations are forward-looking statements and we assume no obligation to update these statements. Actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in eHealth's annual and quarterly reports filed with the Securities and Exchange Commission.

The following guidance is for the full year ending December 31, 2026

Total revenue is expected to be in the range of $405.0 million to $445.0 million.

GAAP net income is expected to be in the range of $8.0 million to $25.0 million.

Adjusted EBITDA(1) is expected to be in the range of $55.0 million to $75.0 million.

Operating cash flow is expected to be in the range of $(10.0) million to $12.0 million.

The above guidance includes the expected impact of positive net adjustment revenue in the range of $0 to $20 million.

Note See accompanying footnotes on page 14.

Webcast and Conference Call Information

A webcast and conference call will be held today, Wednesday, February 25, 2026 at 5 00 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by dialing (800) 549-8228. The participant passcode is 52426. The live and archived webcast of the call will also be available under "Events Presentations" on the Investor Relations page of our website at https ir.ehealthinsurance.com.

We're Matchmakers. For over 25 years, eHealth has helped millions of Americans find the healthcare coverage that fits their needs at a price they can afford. As a leading independent licensed insurance agency and advisor, eHealth offers access to over 180 health insurers, including national and regional companies.

Forward-Looking Statements

This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These include statements regarding our expectations regarding our business, financial condition, operations and strategy our estimates regarding approved members and estimated memberships, in the aggregate and by product category our estimates regarding constrained lifetime values of commissions per approved member by product category our estimates regarding costs per approved member our expectations regarding our growth and operational strategies and plans, including cost savings, marketing, diversification, enrollment quality initiatives and the expected impact of these initiatives on our business, operating results and financial condition our ability to execute our operational and strategic plans our 2026 annual guidance for total revenue, GAAP net income, adjusted EBITDA and operating cash flow our estimates for positive net adjustment revenue and its expected impact on our 2026 annual guidance our expectations regarding market opportunity, consumer demand and our competitive advantage the expected financial flexibility resulting from our asset-based revolving credit facility and other statements regarding our future operations, financial condition, prospects and business strategies.

These forward-looking statements are inherently subject to various risks and uncertainties that could cause actual results to differ materially from the statements made. In particular, we are required by Accounting Standards Codification 606 - Revenue from Contracts with Customers to make numerous assumptions that are based on historical trends and our management's judgment. These assumptions may change over time and have a material impact on our revenue recognition, guidance, and results of operations. Please review the assumptions stated in this press release carefully.

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, our ability to retain existing members and enroll new members during the annual healthcare open enrollment period, the Medicare annual enrollment period, the Medicare Advantage open enrollment period and other special enrollment periods changes in laws, regulations and guidelines, including in connection with healthcare reform or with respect to the marketing and sale of Medicare plans competition, including competition from government-run health insurance exchanges and marketplaces, and other sources the seasonality of our business and the fluctuation of our operating results our ability to accurately estimate membership, lifetime value of commissions and commissions receivable changes in product offerings among carriers on our ecommerce platform and changes in our estimated conversion rate of an approved member to a paying member and the resulting impact of each on our commission revenue the concentration of our revenue with a small number of health insurance carriers our ability to execute on our growth strategy and other business initiatives changes in our senior management or other key employees our ability to recruit, train, retain and ensure the productivity of licensed insurance agents, or benefit advisors, and other personnel exposure to security risks and our ability to safeguard the security and privacy of confidential data our relationships with health insurance carriers the success of our carrier advertising and sponsorship program our success in marketing and selling health insurance plans and our unit cost of acquisition our ability to contact our consumers or market our products through specific channels our ability to effectively manage our operations as our business evolves and execute on our business plan and other strategic initiatives the need for health insurance carrier and regulatory approvals in connection with the marketing of Medicare-related insurance products changes in the market for private health insurance consumer satisfaction of our service and actions we take to improve the quality of enrollments changes in member conversion rates changes in commission rates our ability to sell qualified health insurance plans to subsidy-eligible individuals and to enroll subsidy-eligible individuals through government-run health insurance exchanges and marketplaces our ability to derive desired benefits from investments in our business, including membership growth and retention initiatives our reliance on marketing partners the success and cost of our marketing efforts, including branding, online advertising, direct-to-consumer mail, email, social media, telephone, SMS text, television, radio and other marketing efforts timing of receipt and accuracy of commission reports payment practices of health insurance carriers risks associated with our operations in China the restrictions in our debt obligations the restrictions in our investment agreement with our convertible preferred stock investor our ability to raise additional capital, including debt or equity financings, on terms acceptable to us or at all compliance with insurance, privacy, cybersecurity and other laws and regulations the outcome of litigation, government enforcement actions or regulatory inquiries in which we are or may from time to time be involved, including the complaint filed against us and certain defendants by the U.S. Attorney's Office for the District of Massachusetts on May 1, 2025 alleging the violation of the Federal False Claims Act the performance, reliability and availability of our information technology systems and our ability to maintain and improve such systems, ecommerce platform and underlying network infrastructure, including any new systems we may implement our ability to deploy new and evolving technologies, such as artificial intelligence public health crises, pandemics, natural disasters and other extreme events general economic and macroeconomic conditions, including the risks of potential delays, reductions or disruptions in payments from a prolonged government shutdown, inflation, recession, political events, instability or geopolitical tensions, tariffs and trade tensions or other international disputes, financial, banking and credit market disruptions our ability to effectively administer our self-insurance program and other risks and uncertainties related to our business. Other factors that could cause our operating, financial and other results to differ are described in our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission and available on the Investor Relations page of our website at https ir.ehealthinsurance.com and on the Securities and Exchange Commission's website at www.sec.gov.

We have based these forward-looking statements on our current expectations about future events, and these statements are not guarantees of future performance. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law..

Investor Relations Contact

Kate Sidorovich, CFA

Senior Vice President, Investor Relations Corporate Development

investors ehealth.com

https ir.ehealthinsurance.com

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

Note See accompanying footnotes on page 14.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

(in thousands, unaudited)

We evaluate our business performance and manage our operations as two distinct reporting segments Medicare and Employer and Individual ("E I"). The Medicare segment consists primarily of commissions earned as the broker of record from our sale of Medicare-related health insurance plans, including Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans, and to a lesser extent, ancillary products sold to our Medicare-eligible beneficiaries, including but not limited to, dental and vision insurance and hospital indemnity plans. Our commissions may also include certain bonus payments, which are generally based on attaining predetermined target sales levels or other objectives, as determined by the health insurance carriers. The Medicare segment also consists of amounts earned in connection with our advertising programs, including other services such as marketing as well as amounts earned from our non-broker of record fee-based arrangements and our performance of various post-enrollment services for members. The E I segment consists primarily of commissions earned from our sale of individual and family plans, including both qualified and non-qualified plans, employer plans, which include small business health insurance plans and Individual Coverage Health Reimbursement Arrangements ("ICHRAs"), and ancillary products sold to our non-Medicare-eligible consumers, including but not limited to, dental, vision and short-term insurance. To a lesser extent, the E I segment includes amounts earned from our online sponsorship program that allows carriers to purchase advertising space in specific markets on our website as well as our technology licensing activities.

We report segment information based on how our chief executive officer, who is our chief operating decision maker ("CODM"), regularly reviews our operating results, allocates resources and makes decisions regarding our business operations in the annual budget and forecasting process along with evaluation of actual performance. Our CODM considers budget-to-actual variances on a monthly basis for our segment performance measures when making decisions about allocating capital and personnel to our segments. These performance measures include total segment revenue and segment gross profit (loss).

Segment gross profit (loss) is calculated as total revenue for the applicable segment less variable marketing and advertising expenses, segment customer care and enrollment expenses ("CC E") and cost of revenue for the applicable segment. Variable marketing and advertising expenses represent costs incurred in member acquisition from our direct marketing and marketing partner channels and exclude fixed overhead costs, such as personnel related costs, consulting expenses and other operating costs allocated to the marketing and advertising department. Segment CC E expenses include expenses we incur in assisting applicants during the enrollment process and exclude operating costs allocated to the CC E department.

The results of our reportable segments are summarized for the periods presented below

(in thousands, unaudited)

A reconciliation of our segment gross profit to the Condensed Consolidated Statements of Operations for the periods presented is as follows

(a)Other marketing and advertising costs consist of fixed marketing and advertising, previously capitalized labor, depreciation and share-based compensation costs.

(b)Other CC E costs consist of previously capitalized labor, depreciation and share-based compensation costs.

(in thousands, unaudited)

Our commission revenue results from approval of an application from health insurance carriers, which we define as our customers under Accounting Standards Codification 606 - Revenue from Contracts with Customers ("ASC 606"). Our commission revenue is primarily comprised of commissions from health insurance carriers which is computed using the estimated constrained lifetime values of commission payments that we expect to receive. Our commissions may include certain bonus payments, which are generally based on our attaining predetermined target sales levels or other objectives, as determined by the health insurance carriers.

The following table presents commission revenue by product for the periods indicated

The following table presents a summary of commission revenue by segment for the periods indicated

(a)For all existing cohorts approved in prior periods, we reassess assumptions for our constrained lifetime value ("LTV") of commissions on a quarterly basis and compare to the current constrained LTV recognized on these cohorts. To the extent there is an indication of a change to expected cash collections for these cohorts, net commission revenue from members approved in prior periods, also referred to as net adjustment revenue, is recorded to adjust revenue previously recognized for the affected cohorts. Net adjustment revenue includes both increases and reductions to revenue however, adjustments increasing revenue are only recognized when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.

SUMMARY OF SELECTED METRICS

Selected Metrics - Fourth Quarter of 2025

Note See accompanying footnotes on page 14.

SUMMARY OF SELECTED METRICS

Selected Metrics - Year Ended December 31, 2025

Note See accompanying footnotes on page 14.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses(1) (in thousands)

Reconciliation of GAAP Net Income (Loss) Attributable to Common Stockholders to Adjusted EBITDA(1) (in thousands) and Adjusted EBITDA Margin(1)

Note See accompanying footnotes on page 14.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Reconciliation of Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA(1) (in millions)

Note See accompanying footnotes on page 14.

Footnotes to Preceding Financial Statements and Metrics

(dollars in thousands, unaudited)

(1)Non-GAAP Financial Information

This press release includes financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). To supplement eHealth's condensed consolidated financial statements presented in accordance with GAAP, eHealth presents investors with non-GAAP financial measures, including non-GAAP operating costs and expenses, adjusted EBITDA and adjusted EBITDA margin.

Non-GAAP operating costs and expenses are calculated by excluding the effect of expensing stock-based compensation related to stock options, restricted stock awards, performance-based and market-based awards and employee stock purchase plan from the respective GAAP operating costs and expenses. Total non-GAAP operating costs and expenses is calculated by excluding the effect of expensing stock-based compensation related to stock options, restricted stock awards, performance-based and market-based awards and employee stock purchase plan and impairment, restructuring and other charges from GAAP total operating costs and expenses.

Adjusted EBITDA is calculated by excluding dividends for preferred stock and change in preferred stock redemption value (together the "impact from preferred stock"), provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation expense, impairment, restructuring and other charges, interest expense, other income (expense), net, and other non-recurring charges from GAAP net income (loss) attributable to common stockholders. Other non-recurring charges to GAAP net income (loss) attributable to common stockholders may include transaction expenses in connection with capital raising transactions (whether debt, equity or equity-linked) and acquisitions, whether or not consummated, purchase price adjustments and the cumulative effect of a change in accounting principles.

Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.