eHealth Inc

ehealthinsurance.com

What Do They Do?

Connects consumers and small businesses with health insurance plans through an online marketplace and licensed agents.

How Do They Make Money?

Carriers pay commissions for approved policies, with payments continuing while members remain covered and eHealth remains broker of record. Other income comes from advertising, licensing, enrollment and member services, paid through flat or monthly fees, application-based fees, and fees when a service is completed.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Commission Recurring	90% FY2022: 89%		Recurring
Other	10% FY2022: 11%

Who Are Their Customers?

Consumers, families and small businesses compare and enroll through the website, by phone with an agent, or with online-and-agent support; health insurance carriers pay eHealth for these enrollment services.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$27.6M.

Operating income, FY2025

12% of revenue

▲ +182% vs FY2024 ($23.6M, 4%)

Net income, FY2025

7% of revenue

▲ +298% vs FY2024 ($10.1M, 2%)

Free cash flow, FY2025

−5% of revenue

▲ +35% (Loss) vs FY2024 (−$20.5M, −4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −45%; vs $60.8M in Q2 FY2025
Net income: ▲ +36% (Loss); vs −$17.4M in Q2 FY2025

Commission share of revenue vs 90.0% in Q2 FY2025

Aug 4, 2026 Reiterated full-year financial guidance Guidance calls for revenue of $405.0 million to $445.0 million and net income of $8.0 million to $25.0 million.

Flat. Revenue was $554M in FY2025, about the same as the $538.2M of FY2021.

Employer plans The latest report includes arrangements that let employers reimburse employees for individual health-plan premiums, alongside small-business plans; the older report describes individual, family and small-business coverage.

Revenue over time

Commission Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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