Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Supply Share Authorized Changes For Equity-Based

The following table summarizes the Company’s additional shares authorized changes for the 2015 Plan (in thousands):


Board Approval Date	Shares Added	Total Additional Shares Authorized
May 1, 2015	6,000	6,000
June 13, 2018	4,525	10,500
April 15, 2021	4,910	15,400
April 20, 2023	4,000	19,400
April 16, 2025	7,126	26,526

Schedule of Stock-Based Compensation Expense

Total compensation expense by award type and line item in our consolidated financial statements was as follows (in thousands):


	For the Year Ended December 31,
	2025		2024		2023
Award Type
Stock options	$	—	$	—	$	74

RSUs	31,400		30,122		26,718
PSUs	8,339		9,624		13,214
LSUs	—		—		495
Total compensation expense by award type	$	39,739	$	39,746	$	40,501

Line Item
Cost of revenue	$	3,231	$	4,582	$	1,662
Selling, general and administrative expenses	36,508		35,164		38,839
Total compensation expense by financial statement line item	$	39,739	$	39,746	$	40,501

Schedule of Unrecognized Compensation Expense

Total unrecognized compensation expense (in thousands) and expected weighted-average period (in years) by award type for all of our stock-based incentive plans were as follows:


	As of December 31, 2025
	Unrecognized Compensation Expense		Weighted Average Period (years)

RSUs	$	38,621	0.88

PSUs	21,333		1.39
Total	$	59,954

Schedule of Stock Option Information

Information with respect to our stock options (in thousands), including weighted-average remaining contractual term (in years) and aggregate intrinsic value (in thousands) was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2024	375	$	15.43	4.45	$	(1,568)

Forfeited	(30)	15.03
Outstanding as of December 31, 2025	345	$	15.39	3.59	$	—

Vested and expected to vest after December 31, 2025	345	$	15.39	3.59	$	—

Exercisable as of December 31, 2025	345	$	15.39	3.59	$	—

Schedule of Restricted Stock Units Information

Information with respect to our RSUs (not including performance-based RSUs) is presented below (in thousands, except for weighted-average grant-date fair value):


	Total RSUs	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2024	2,148	$	30.74
Granted	3,852	9.85
Forfeited	(440)	22.11
Vested	(1,088)	28.55
Outstanding as of December 31, 2025	4,472	$	14.11

Schedule of Information of Performance Based Stock Units

Information with respect to our performance-based restricted stock unit awards (shares and aggregate intrinsic value shown in thousands, weighted-average remaining contractual term shown in years) was as follows:


	Performance- Based Stock Units	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2024	1,217	$	31.54	8.12	$	(24,691)
Granted	2,105	13.98
Change in achievement	(303)	34.06
Vested	(519)	29.97
Forfeited	(53)	31.28
Outstanding as of December 31, 2025	2,447	$	16.98	8.66	$	(20,614)

Vested and expected to vest after December 31, 2025	2,447	$	16.98	8.66	$	(20,614)

Evolent Health, Inc. 10-K