GoHealth Reports 55% Revenue Drop and $498 Million Loss as Medicare Broker Pulls Back

GoHealth Inc. is telling investors it chose this pain.

The Chicago-based Medicare insurance broker reported a 55% plunge in revenue and a nearly $498 million net loss for 2025, as it slashed enrollment activity and wrote down hundreds of millions of dollars in assets. Executives describe the moves as a deliberate retreat to weather what they call a “structural reset” in the Medicare Advantage market.

A smaller business under strain

In a March 31 filing and earnings release covering the year ended Dec. 31, 2025, the company detailed a business that has shrunk dramatically and is burning more cash, even as it pivots to a new strategy built around consumer “plan fit,” renewal economics and artificial intelligence. The numbers also highlight growing financial strain: GoHealth now carries negative equity, heavier debt and a Nasdaq delisting warning, raising questions about whether it can outlast the regulatory and market changes it says it anticipated.

GoHealth’s full-year net revenue fell to $361.8 million from $798.9 million a year earlier, a 54.7% decline. The company posted a net loss of $497.8 million, compared with a $7.3 million loss in 2024, as impairment charges and lower enrollment volumes hit its income statement. Loss from operations widened to $412.9 million from $7 million.

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), a measure the company uses to strip out noncash and one-time items, swung to a loss of $35.1 million from a profit of $120.3 million. Adjusted EBITDA margin dropped to negative 9.7% from positive 15.1%.

The deterioration was most extreme in the fourth quarter. Revenue for the three months ended Dec. 31 sank to $12.6 million, down nearly 97% from the same period a year earlier, while the company reported a quarterly operating loss of $32.3 million.

Enrollment pullback and shifting unit economics

Behind those figures is a sharp pullback in activity. GoHealth reported 534,657 “submissions,” a key operating metric reflecting plan selections, in 2025, down 47.4% from just over 1 million the year before. Sales per submission fell about 14.5% to $668, while direct operating cost per submission rose slightly to $594.

Chief Executive Vijay Kotte said the company reduced its Medicare Advantage enrollment activity on purpose as health plans and regulators changed the economics of the business.

“The Medicare Advantage market remains in a structural reset going into 2026, and our view is that health plans continue to prioritize retention, member quality, and disciplined unit economics,” Kotte said in the earnings release.

Kotte said GoHealth is focusing on ensuring that beneficiaries end up in plans that match their needs, even if that means not switching them.

“Our focus is helping ensure members enroll in plans that truly fit their needs, even when that means confirming their current coverage remains the best option,” he said. “At the same time, we are maintaining disciplined focus on cash and improving our capital structure, while continuing tactical investments in technology and AI that improve efficiency today, support lower acquisition costs now and in the future, and position us to ramp quickly as conditions improve.”

Impairments, negative equity, and heavier debt

A significant part of GoHealth’s 2025 loss came from a reassessment of past investments. The company recorded approximately $260 million in impairment charges on indefinite-lived and long-lived assets, after recording none the prior year. Those write-downs—largely related to intangible assets such as acquired customer relationships and technology—cut total assets to $987.4 million from $1.49 billion.

The impairments, combined with operating losses, pushed GoHealth’s total stockholders’ equity to a deficit of $62.2 million at year-end, from positive equity of $405.4 million a year earlier. Long-term debt climbed to $636.7 million from $447.9 million, while cash and cash equivalents fell modestly to $32.9 million from $40.9 million.

The company’s largest asset is commissions receivable, representing expected future payments from insurers on policies already sold. That balance totaled $925.2 million at Dec. 31, down from $1.05 billion a year earlier but still far larger than any other item on the balance sheet. GoHealth relies on those commission streams, along with new sales, to service its debt and fund operations.

Operating cash flow moved further into the red. Net cash used in operating activities was $121.9 million in 2025, compared with $21.6 million in 2024. The company largely offset that outflow by drawing on financing; it reported $122 million in net cash provided by financing activities, primarily from borrowings.

Chief Financial Officer Brendan Shanahan said cash generation will guide the company’s spending decisions.

“Operating cash flow will remain the primary lens for our capital allocation decisions,” Shanahan said. “As we move forward, we are concentrating investment where we have confidence in durable returns, strengthening retention, and continuing to improve efficiency through practical automation and AI.”

Nasdaq warning and a collapsing share price

The financial pressure is also showing up in GoHealth’s stock listing. On March 18, the company received a notice from Nasdaq that it was not in compliance with the exchange’s requirement to maintain at least $35 million in market value of listed securities. GoHealth also does not currently meet alternative continued-listing standards for minimum stockholders’ equity or net income.

The company has 180 calendar days, until Sept. 14, to regain compliance by maintaining a market value at or above the $35 million threshold for at least 10 consecutive business days. If it cannot do so, Nasdaq may begin delisting proceedings, although GoHealth could appeal to a hearings panel. The company has said there is no assurance it will be able to meet the requirements within the allowed period.

Shares have already lost most of their value. The stock is down nearly 90% over the past year, according to market data, reflecting weak results and investor concerns over leverage and regulation. The price fell further after the March 31 earnings announcement.

Regulation tightens around Medicare Advantage marketing

GoHealth’s retrenchment comes as federal regulators move to rein in how Medicare Advantage plans are marketed and how brokers are paid. The Centers for Medicare & Medicaid Services (CMS) has issued new rules tightening oversight of television ads and call centers and redefining what counts as “compensation” to brokers and agents. The changes cap total payments and seek to close loopholes that allowed insurers to funnel extra money to distributors through administrative or ancillary fees.

CMS has said the rules are intended to curb misleading marketing and protect beneficiaries from being steered into unsuitable plans. Some elements of the broker pay limits have been temporarily blocked by a federal judge in Texas while legal challenges proceed, but the agency and members of Congress from both parties have signaled that scrutiny of Medicare Advantage marketing practices will continue.

Insurers are also sharpening their focus on member retention, quality scores and profit margins as they adjust to evolving payment formulas and star rating methodologies. That, in turn, affects how much they are willing to spend on acquiring new members through brokers and call centers.

A bet on “PlanFit” and AI—under a deadline

GoHealth is trying to align itself with those priorities. The company highlighted what it called “materially improved” retention last year, crediting proprietary “PlanFit” algorithms and a focus on matching consumers to appropriate coverage. It also claims leadership in selling Special Needs Plans, a subset of Medicare Advantage offerings aimed at people with chronic conditions or low incomes, where plans value stability and care coordination.

Executives say they are investing in “agentic AI” and automation tools designed to lower customer acquisition costs, speed up enrollment workflow and support more tailored plan recommendations. The company argues that technology, along with a large base of existing policyholders, will position it to benefit if the fragmented broker market consolidates.

The 2025 results show the cost of that repositioning. Whether the new strategy and technology investments can restore positive cash flow and satisfy lenders and Nasdaq in time is likely to determine if GoHealth emerges as a consolidator in the Medicare broker business—or becomes one more asset to be consolidated.