Goodwill and Intangible Assets, Net

Goodwill has an estimated indefinite life. It is reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

Our annual goodwill impairment review occurs on October 31 of each fiscal year. We evaluate qualitative factors that could cause us to believe the estimated fair value of our reporting unit may be lower than the carrying value and trigger a quantitative assessment, including, but not limited to (i) macroeconomic conditions, (ii) industry and market considerations, (iii) our overall financial performance, including an analysis of our current and projected cash flows, revenues and earnings, (iv) a sustained decrease in share price, and (v) other relevant entity-specific events including changes in management, strategy, partners, or litigation.

2025 Annual Goodwill Impairment Test

Subsequent to our 2024 goodwill impairment test through the end of 2025, the closing price per share of our Class A common stock declined from $23.35 per common share on October 31, 2024 to $6.67 at October 31, 2025. As a result of the prolonged decline in our stock price, the Company elected to forego the qualitative assessment and proceed directly to the quantitative assessment of the goodwill impairment test for our sole reporting unit. To determine the implied fair value for our single reporting unit, we used a discounted cash flow valuation approach (“income approach”). In determining the estimated fair value using the income approach, we projected future cash flows based on management’s estimates and long-term plans and applied a discount rate based on the Company’s weighted average cost of capital. This analysis required us to make judgments about revenues, expenses, fixed asset and working capital requirements, capital market assumptions and cash flows, as well as discount rates to reconcile to our market capitalization. As a result of the decrease in our Class A common stock since our 2024 goodwill impairment test, the market capitalization reconciliation indicated that the carrying amount of our reporting unit exceeded its fair value. Therefore, the Company recorded a $398.0 million

non-cash and non-tax-deductible impairment charge, reflected within operating expenses in the consolidated statements of operation for the year ended December 31, 2025.

As of June 30, 2026, Evolent assessed whether there were events or changes in circumstances that would more likely than not reduce the fair value of its goodwill below its carrying amount and require an interim impairment test. The Company determined there had been no such indicators. Therefore, it was unnecessary to perform a goodwill impairment assessment as of June 30, 2026.

The following table summarizes the changes in the carrying amount of goodwill, for the periods presented (in thousands):


	For the Six Months Ended June 30,
	2026		2025
Balance, beginning of period	$	694,482	$	1,137,320




Foreign currency translation	(48)		1
Balance, end of period	$	694,434	$	1,137,321

Intangible Assets, Net

Details of our intangible assets (in thousands, except weighted-average useful lives) are presented below:


	June 30, 2026							December 31, 2025
	Weighted- Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Corporate trade name	0.0	$	51,965	$	51,965	$	—	0.0	$	51,965	$	51,965	$	—
Customer relationships	12.1	806,668		277,899		528,769		12.6	806,668		255,517		551,151
Technology	1.5	169,715		144,057		25,658		2.0	169,715		135,929		33,786
Below market lease, net	0.0	1,218		1,218		—		0.0	1,218		1,218		—
Provider network contracts	0.0	9,600		9,600		—		0.0	9,600		9,600		—
Total intangible assets, net		$	1,039,166	$	484,739	$	554,427		$	1,039,166	$	454,229	$	584,937

Amortization expense related to intangible assets was $15.3 million and $30.5 million for the three and six months ended June 30, 2026, respectively, and $16.8 million and $33.6 million for the three and six months ended June 30, 2025, respectively..

Future estimated amortization of intangible assets is as follows (in thousands):


2026	$	30,511
2027	59,028
2028	47,133
2029	44,992
2030	43,959
Thereafter	328,804
Total future amortization of intangible assets	$	554,427