GoHealth Inc (NASDAQ: GOCO) is a health insurance distribution company that connects consumers with Medicare Advantage and other health insurance plans through licensed agents and a proprietary technology platform. It earns revenue primarily through commissions paid by health plan partners, recognized as the constrained lifetime value of each policy, covering both initial and expected renewal commissions. The company operates as a single reportable segment and competes with government-run exchanges, local independent agents, television-advertised insurance marketers, and direct sales channels operated by health plan partners themselves. GoHealth was co-founded by Clinton Jones and Brandon Cruz and is led by CEO Vijay Kotte. Net revenues fell to $361.8 million in FY2025 from $798.9 million in FY2024, driven by management's deliberate pullback of Medicare Advantage enrollment activity. Submissions dropped to 534,657 in FY2025 from 1,016,182 in FY2024, with Sales per Submission declining to $668 from $781. Commission revenue was approximately $273 million in FY2025, with commissions receivable of approximately $925 million as of December 31, 2025. The company carries significant interest expense ($87.3 million in FY2025) and recorded a net loss of $497.8 million in FY2025.

Revenue model

Commission-based revenue from health plan partners, recognized using a constrained lifetime value model that estimates initial commissions plus expected renewal commissions over the life of each policy. Commission revenue was approximately $273 million in FY2025. Revenue share payments to marketing partners are a material cost item ($96.1 million in FY2025).

Products and services

Licensed-agent-assisted health insurance enrollment, primarily Medicare Advantage plans. Technology platform supporting consumer matching, plan comparison, and application submission to health plan partners. Business process outsourcing (BPO) enrollment services offered under a Non-Encompass BPO model.

Customers and end markets

Individual consumers enrolling in Medicare Advantage and other health insurance plans, predominantly during the Medicare Annual Enrollment Period (October 15 to December 7) and the Medicare Advantage Open Enrollment Period (January 1 to March 31). Health plan partners are the paying counterparties for commissions.

Value-chain role

Intermediary distributor sitting between health plan partners and individual insurance consumers. Generates demand through marketing and advertising, qualifies consumers via licensed agents, submits applications to health plan partners, and collects multi-year commission streams on approved enrollments.

Geographic exposure

United States. The filing references local insurance agents throughout the U.S. and U.S.-based Medicare enrollment periods. No international operations are referenced in the excerpts.

Competitors

Government-provided tools and exchanges, Local independent insurance agents, Television-advertised insurance marketers, Health plan partners' direct sales channels, Online health insurance comparison websites

Source: SEC 10-K, filed 2026-03-31

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