# EDGAR Filing Document

**Accession Number:** 0001808220
**File Stem:** 0001628280-26-022434
**Filing Date:** 2026-3
**Character Count:** 39157
**Document Hash:** 268969ad68309b35ba0d21ab3df66267
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-022434.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001628280-26-022434

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260331

**ITEM INFORMATION**: Results of Operations and Financial Condition

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GoHealth, Inc.
- **CENTRAL INDEX KEY:** 0001808220
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39390
- **FILM NUMBER:** 26822296

**BUSINESS ADDRESS:**
- **STREET 1:** 222 W MERCHANDISE MART PLAZA
- **STREET 2:** SUITE 1750
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60654
- **BUSINESS PHONE:** (312) 386-8200

**MAIL ADDRESS:**
- **STREET 1:** 222 W MERCHANDISE MART PLAZA
- **STREET 2:** SUITE 1750
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60654

?xml version='1.0' encoding='ASCII'? goco-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, DC 20549

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): March 31, 2026

_________________________

**GoHealth, Inc.**

(Exact name of registrant as specified in its charter)

_________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39390** | **85-0563805** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **222 W Merchandise Mart Plaza Suite 1750** | **222 W Merchandise Mart Plaza Suite 1750** | **60654** |
| **Chicago,** | **Illinois** | |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**(312) 386-8200**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange <br>on which registered** |
| Class A Common Stock,<br>$0.0001 par value per share | GOCO | The Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On March 31, 2026, GoHealth, Inc. issued a press release announcing its financial results for the twelve months ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 99.1 | <u>[Press release, dated](goco-20251231xexhibit991.htm)[March](goco-20251231xexhibit991.htm)[31](goco-20251231xexhibit991.htm)[, 202](goco-20251231xexhibit991.htm)[6](goco-20251231xexhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **GoHealth, Inc. <br>(Registrant)** | **GoHealth, Inc. <br>(Registrant)** |
| Date: | March 31, 2026 | By: | /s/ Brendan Shanahan |
|  |  |  | Brendan Shanahan<br>Chief Financial Officer<br>*(Principal Financial and Accounting Officer)* |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| | Exhibit 99.1 |
| **GoHealth Prioritizes Consumer Fit, Renewal Economics and Cash Discipline While Continuing Leadership in Special Needs Plans; Reports Full Year 2025 Results** | **GoHealth Prioritizes Consumer Fit, Renewal Economics and Cash Discipline While Continuing Leadership in Special Needs Plans; Reports Full Year 2025 Results** |

---

*Disciplined posture reflects consumer-first enrollment, an intentional Medicare Advantage pullback driven by market realities, continued special needs plans ("SNP") leadership, targeted AI investment, and a focus on cash, back-book durability, and consolidation readiness* 

*CHICAGO, March 31, 2026* — GoHealth, Inc. (NASDAQ: GOCO) ("GoHealth" or the "Company"), a leading health insurance marketplace and Medicare-focused digital health company, today announced financial results for the three and twelve months ended December 31, 2025.

***GoHealth's Chief Executive Officer, Vijay Kotte commented, "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. We anticipated many of these dynamics earlier in the cycle, and our pullback in 2025 was intentional. In this environment, consumers need a trusted partner more than ever. 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. 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."***

GoHealth navigated a materially different Medicare Advantage environment by intentionally pulling back Medicare Advantage activity, while aiming to preserve a consumer-first approach, protect liquidity, and invest in core capabilities, which should enable GoHealth to scale when market conditions stabilize. Based on its analysis, GoHealth believes health plans will continue to emphasize margin integrity, renewal stability, and long-term member value over raw enrollment growth.

GoHealth anticipated this shift and aligned its operating model, accordingly, focusing on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Retention and High-Quality Member Book:* Delivered materially improved year-over-year retention, reinforcing cohort quality and proprietary PlanFit logic while supporting the durability of GoHealth's commission receivable asset and broader back book.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Intentional Pullback Grounded in Consumer Fit and Renewal Economics:* Deliberately pulled back Medicare Advantage activity where first-renewal probability did not support attractive economics, prioritizing appropriate plan fit for consumers and long-term cohort quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leadership with Special Needs Plans ("SNP") populations:* Continued leadership in key SNP categories due to our proprietary enrollment and servicing tools, technology and experience, as health plans pursued targeted growth while member stability, renewal duration, and outcomes remained especially important.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• &nbsp;&nbsp;&nbsp;&nbsp;***Technology and AI Investment:* Continued targeted investment in built-for-purpose, proprietary agentic AI and automation to lower customer acquisition costs, improve year-one payback, reduce operational friction, and enable agents with more capacity to focus on top-of-license advisory work, while supporting a consumer-first approach by helping ensure members are matched with the plans that best meet their needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;*Strategic Flexibility:* Optimized cash, protected the commissions receivable, and preserved operating flexibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consolidation Readiness:* Maintaining high conviction that the fragmented broker landscape will consolidate, positioning GoHealth to lead disciplined integration opportunities with the right partners at the right time.

"Our full-year performance reflect disciplined execution in a market where health plans are prioritizing margin stability and member quality", said Brendan Shanahan, CFO of GoHealth. "Operating cash flow will remain the primary lens for our capital allocation decisions. 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."

**About GoHealth, Inc.**

---

| |
|:---|
| **Investor Relations:** |
| John Shave |

---

------

---

| |
|:---|
| JShave@gohealth.com |
| **Media Relations:** |
| Pressinquiries@gohealth.com |

---

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are made in reliance upon the safe harbor provision of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our liquidity, future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, our pursuit of strategic alternatives and other shifts in our strategy, health plans' respective decisions related to plan offerings and associated compensation for broker services, our expected growth, future capital expenditures, debt service obligations, future ability to continue as a going concern, adoption and use of artificial intelligence technologies, and the impact on our business from regulatory changes, are forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "aims," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "positions", "predicts," "potential," "likely," "future" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions, projections and other statements about future events that are based on current expectations and assumptions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

These forward-looking statements speak only as of the date of this press release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including the factors described in the sections titled "Summary Risk Factors," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ("2024 Annual Report on Form 10-K") and our forthcoming Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("2025 Annual Report on Form 10-K"), as well as our other filings with the Securities and Exchange Commission. The factors described in our 2024 Annual Report on Form 10-K and our forthcoming 2025 Annual Report on Form 10-K should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release, as well as the cautionary statements and other risk factors set forth in our Quarterly Report on Form 10-Q for the first quarter ended March 31, 2025, our Quarterly Report on Form 10-Q for the second quarter ended June 30, 2025, and our Quarterly Report on Form 10-Q for the third quarter ended September 30, 2025 and in our other filings with the Securities and Exchange Commission.

You should read this press release and the documents that we reference in this press release completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

**Non-GAAP Financial Measures**

Throughout this press release, we use a number of non-GAAP financial measures. Non-GAAP financial measures are supplemental measures of our performance that are derived from our consolidated financial information, but which are not presented in our Consolidated Financial Statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). We define these non-GAAP financial measures as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Adjusted EBITDA"* represents, as applicable for the period, EBITDA as further adjusted for certain items summarized in the table furnished below in this press release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Adjusted EBITDA Margin"* refers to Adjusted EBITDA divided by net revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"EBITDA"* represents net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization expense.

We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. Adjusted EBITDA is the primary financial performance measure used by management to evaluate the business and monitor the results of operations, as well as a basis for certain compensation programs sponsored by the Company. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our

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non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to its most directly comparable GAAP financial measure are presented in the tables furnished below in this press release. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-routine items.

**Key Business Performance and Operating Metrics**

In addition to traditional financial metrics, we rely upon certain business and operating metrics to evaluate our business performance and facilitate our operations. The most relevant business and operating metrics are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Direct Operating Cost of Submission"* is an operating metric that represents costs directly attributable to Submissions generated during a reporting period and excludes costs that are indirect or fixed. Direct Operating Cost of Submission is comprised of the portion of the respective operating expenses for revenue share, marketing and advertising and consumer care and enrollment that are directly related to the Submissions generated in the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Direct Operating Cost per Submission"* is an operating metric that represents the average performance of Submissions generated during a reporting period. Direct Operating Cost per Submission refers to (x) Direct Operating Cost of Submission for a reporting period divided by (y) the number of Submissions generated for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Sales/Direct Operating Cost of Submission"* represents (x) the numerator of Sales per Submission, as defined below, divided by (y) Direct Operating Cost of Submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Sales per Submission"* is an operating metric that represents the average performance of Submissions generated during a reporting period. Sales per Submission measures revenues only from the Submissions generated in the period and excludes items that are unrelated to such Submissions, including any impact of revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods. Sales per Submission equals (x) the sum of (i) Medicare agency revenues, comprised of the expected amount of initial commission revenue and any renewal commissions to be paid from the health plan partners on such placement as long as the policyholder remains with the same insurance product, as well as partner marketing and other revenue, (ii) Medicare non-agency revenues, comprised of the enrollment and engagement services for which cash is collected in advance or in close proximity to the point in time revenue is recognized, and (iii) revenues from GoHealth Protect, divided by (y) the number of Submissions generated for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Submission"* refers to either (i) a completed Medicare application with our licensed agent that is submitted to the health plan partner and subsequently approved by the health plan partner during the indicated period, (ii) a transfer by our agent to the health plan partner through the Encompass operating model during the indicated period, or (iii) a completed GoHealth Protect application with our licensed agent that is submitted, approved by the health plan partner, and for which the payment information was received by the health plan partner during the indicated period.

Sales per Submission and Direct Operating Cost per Submission are key operating metrics used by management to understand the Company's underlying financial performance and trends.

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The following table sets forth the components of our results of operations for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Twelve months ended Dec. 31,** | **Twelve months ended Dec. 31,** | **Twelve months ended Dec. 31,** | **Twelve months ended Dec. 31,** | | |
| (in thousands, except percentages and per share amounts) | **2025** | **2025** | **2024** | **2024** |  |  |
| (in thousands, except percentages and per share amounts) | **Dollars** | **% of Net Revenues** | **Dollars** | **% of Net Revenues** | **$ Change** | **% Change** |
| Net revenues | $361845 | 100.0% | $798894 | 100.0% | $(437049) | (54.7)% |
| *Operating expenses:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue share | 96126 | 26.6% | 130612 | 16.3% | (34486) | (26.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and advertising | 116379 | 32.2% | 235696 | 29.5% | (119317) | (50.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer care and enrollment | 106045 | 29.3% | 222414 | 27.8% | (116369) | (52.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 34904 | 9.6% | 41046 | 5.1% | (6142) | (15.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 90789 | 25.1% | 82116 | 10.3% | 8673 | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 70542 | 19.5% | 94057 | 11.8% | (23515) | (25.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indefinite and long-lived asset impairment charges | 259961 | 71.8% |  | —% | 259961 | *NM* |
| Total operating expenses | 774746 | 214.1% | 805941 | 100.9% | (31195) | (3.9)% |
| Income (loss) from operations | (412901) | (114.1)% | (7047) | (0.9)% | (405854) | 5759.2% |
| Interest expense | 87320 | 24.1% | 72868 | 9.1% | 14452 | 19.8% |
| Gain on bargain purchase |  | —% | (84492) | (10.6)% | 84492 | *NM* |
| Loss on extinguishment of debt | 1655 | 0.5% | 10463 | 1.3% | (8808) | *(84.2) %* |
| Other (income) expense, net | (786) | (0.2)% | (834) | (0.1)% | 48 | (5.8)% |
| Income (loss) before income taxes | (501090) | (138.5)% | (5052) | (0.6)% | (496038) | 9818.6% |
| Income tax expense (benefit) | (3335) | (0.9)% | 2267 | 0.3% | (5602) | (247.1)% |
| Net income (loss) | (497755) | (137.6)% | (7319) | (0.9)% | (490436) | 6700.9% |
| Net income (loss) attributable to noncontrolling interests | (240629) | (66.5)% | (4391) | (0.5)% | (236238) | 5380.1% |
| **Net income (loss) attributable to GoHealth, Inc.** | $**(257126)** | **(71.1)%** | $**(2928)** | **(0.4)%** | $**(254198)** | **8681.6%** |
| *Net income (loss) per share:* |  |  |  |  |  |  |
| Net income (loss) per share of Class A common stock — basic and diluted | $(20.17) |  | $(0.66) |  |  |  |
| Weighted-average shares of Class A common stock outstanding — basic and diluted | 12940 |  | 9980 |  |  |  |
| *Non-GAAP financial measures:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $(333664) |  | $173706 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $(35109) |  | $120319 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) margin | (137.6)% |  | (0.9)% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | (9.7)% |  | 15.1% |  |  |  |

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*NM = Not meaningful*

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The following table sets forth the reconciliations of GAAP net income (loss) to EBITDA and Adjusted EBITDA for the periods indicated:

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| | | |
|:---|:---|:---|
| | **Twelve months ended Dec. 31,** | **Twelve months ended Dec. 31,** |
|<br>(in thousands) | **2025** | **2024** |
| **Net revenues** | $**361845** | $**798894** |
| Net income (loss) | (497755) | (7319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 87320 | 72868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (3335) | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 80106 | 105890 |
| EBITDA | (333664) | 173706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase<sup>1</sup> |  | (84492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt<sup>2</sup> | 1655 | 10463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense<sup>3</sup> | 9170 | 11281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services<sup>4</sup> | 11463 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees<sup>5</sup> | 5042 | 2917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) loss related to the adjustment of liabilities under the Tax Receivable Agreement<sup>6</sup> |  | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance costs<sup>7</sup> | 11550 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indefinite and long-lived asset impairment charges<sup>8</sup> | 259675 |  |
| Adjusted EBITDA | $(35109) | $120319 |
| Net income (loss) margin | (137.6)% | (0.9)% |
| Adjusted EBITDA margin | (9.7)% | 15.1% |

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*(1)Represents the excess of the acquisition-date fair value of the net assets acquired over the acquisition-date fair value of the consideration transferred related to the acquisition of e-TeleQuote.*

*(2)Represents the loss on debt extinguishment related to the write-down of deferred debt discount and debt issuance costs in conjunction with the refinancing of the Term Loan Facilities.*

*(3)Represents non-cash share-based compensation expense relating to equity awards as well as share-based compensation expense relating to liability classified awards that will be settled in cash.*

*(4)Represents costs associated with non-routine consulting fees and other professional services.*

*(5)Represents legal fees, settlement accruals and other expenses related to certain acquisitions, litigation, Credit Agreement amendments and other non-routine legal or regulatory matters.*

*(6)Represents expense related to the measurement of our Tax Receivable Agreement obligation.*

*(7)Represents severance costs and other fees associated with a reduction in workforce unrelated to restructuring activities.*

*(8)Represents indefinite-lived intangible asset, definite-lived intangible asset, capitalized software and other long-lived asset impairment charge for the twelve months ended December 31, 2025. Impairment charge for 2025 includes remeasurement of the lease liability and adjustment of the ROU asset (which was previously impaired) related to the early termination of leases during the first half of the fiscal year.*

The table below depicts the disaggregation of revenue and is consistent with how the Company evaluates its financial performance:

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| | | |
|:---|:---|:---|
| | **Twelve months ended Dec. 31,** | **Twelve months ended Dec. 31,** |
| (in thousands) | **2025** | **2024** |
| Medicare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Medicare Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission Revenue<sup>(1)</sup> | $272973 | $506516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partner Marketing and Other Revenue | 32217 | 75160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Medicare Agency Revenue | 305190 | 581676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medicare Non-Agency Revenue | 37003 | 212289 |
| Total Medicare Revenue | **342193** | **793965** |
| Other Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Non-Agency Revenue | 18515 | 3411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Agency Revenue | 1137 | 1518 |
| Total Other Revenue | 19652 | 4929 |
| *Total Net Revenue* | $**361845** | $**798894** |

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*(1)Commission revenue excludes commissions generated through Non-Encompass BPO Services as well as from the sale of individual and family plan insurance products.*

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The following table sets forth our balance sheets for the periods indicated:

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| | | |
|:---|:---|:---|
| | **Dec. 31,** | **Dec. 31,** |
| (in thousands, except per share amounts) | **2025** | **2024** |
| **Assets** |  |  |
| *Current assets:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $32904 | $40921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $5 in 2025 and $1 in 2024 | 72 | 4452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions receivable - current | 239644 | 320399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expense and other current assets | 13168 | 34639 |
| Total current assets | 285788 | 400411 |
| Commissions receivable - non-current | 685527 | 733161 |
| Operating lease ROU asset | 9621 | 19317 |
| Property, equipment, and capitalized software, net | 5147 | 29320 |
| Intangible assets, net |  | 302497 |
| Other long-term assets | 1297 | 3717 |
| **Total assets** | $**987380** | $**1488423** |
| **Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)** |  |  |
| *Current liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $6924 | $14591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 34647 | 121346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions payable - current | 63947 | 98771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term operating lease liability | 7160 | 5705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 25493 | 53720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt |  | 39500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 3329 | 4419 |
| Total current liabilities | 141500 | 338052 |
| *Non-current liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions payable - non-current | 156532 | 177656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liability | 28694 | 34900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current portion | 636740 | 447865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 18588 | 22350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 10645 | 9200 |
| Total non-current liabilities | 851199 | 691971 |
| Commitments and Contingencies |  |  |
| Series A redeemable convertible preferred stock — $0.0001 par value; 50 shares authorized; 50 shares issued and outstanding as of both December 31, 2025 and December 31, 2024. Liquidation preference of $58.5 million and $54.6 million as of December 31, 2025 and December 31, 2024, respectively. | 56886 | 52962 |
| ***Stockholders' equity (Deficit):*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common stock – $0.0001 par value; 1,100,000 shares authorized; 16,984 and 10,614 shares issued; 16,191 and 10,292 shares outstanding as of December 31, 2025 and December 31, 2024, respectively. | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock – $0.0001 par value; 615,825 and 615,917 shares authorized as of December 31, 2025 and 2024, respectively; 12,621 and 12,711 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock – $0.0001 par value; 20,000 shares authorized (including 50 shares of Series A redeemable convertible preferred stock authorized and 200 shares of Series A-1 convertible preferred stock authorized); 50 shares issued and outstanding as of both December 31, 2025 and December 31, 2024. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 convertible preferred stock— $0.0001 par value; 200 shares authorized; no shares issued and outstanding as of both December 31, 2025 and December 31, 2024. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock – at cost; 793 and 322 shares of Class A common stock as of December 31, 2025 and December 31, 2024, respectively. | (9371) | (4150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 727635 | 669346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (59) | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (680334) | (423208) |
| Total stockholders' equity attributable to GoHealth, Inc. | 37873 | 241839 |
| Non-controlling interests | (100078) | 163599 |
| Total stockholders' equity (deficit) | (62205) | 405438 |
| **Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)** | $**987380** | $**1488423** |

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The following table sets forth the net cash provided by (used in) operating activities for the periods presented:

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| | | |
|:---|:---|:---|
| | **Twelve months ended Dec. 31,** | **Twelve months ended Dec. 31,** |
| (in thousands) | **2025** | **2024** |
| **Operating Activities** |  |  |
| Net income (loss) | $(497755) | $(7319) |
| *Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 9170 | 11281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 9564 | 11833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 70542 | 94057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 7578 | 8950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase |  | (84492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 1655 | 10463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | (3762) | 4480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 2976 | 4039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items, net | (346) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest payable in kind | 39327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indefinite and long-lived asset impairment charges | 259961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Changes in assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 4379 | (2168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions receivable | 128447 | (51364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 22554 | 14952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (7667) | (5060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (86649) | 27644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (28228) | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions payable | (55949) | (45560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (2894) | (6100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 5150 | (8563) |
| Net cash provided by (used in) operating activities | (121947) | (21607) |
| **Investing Activities** |  |  |
| Acquisition of business, net |  | 17536 |
| Purchases of property, equipment and software | (8248) | (13729) |
| Net cash (used in) provided by investing activities | (8248) | 3807 |
| **Financing Activities** |  |  |
| Proceeds from borrowings | 137999 | 558251 |
| Repayment of borrowings | (2375) | (556047) |
| Payment of debt discount and issuance costs | (8408) | (33126) |
| Repurchase of shares to satisfy employee tax withholding obligations | (5221) | (1510) |
| Proceeds from stock option exercises | 1 | 399 |
| Payment of preferred stock dividends |  |  |
| Net cash provided by (used in) financing activities | 121996 | (32033) |
| Effect of exchange rate changes on cash and cash equivalents | 182 | (55) |
| Increase (decrease) in cash and cash equivalents | (8017) | (49888) |
| Cash and cash equivalents at beginning of period | 40921 | 90809 |
| **Cash and cash equivalents at end of period** | $**32904** | $**40921** |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| Interest paid | $45813 | $65531 |
| Income taxes paid | $432 | $416 |
| *Non-cash investing and financing activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, equipment and software included in accounts payable | $— | $252 |

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In addition to traditional financial metrics, we rely upon certain business and operating metrics to evaluate our business performance and facilitate our operations. Below are the most relevant business and operating metrics for our single operating and reportable segment.

The following table presents the number of Submissions for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Submissions** | | | | |
| **Submissions** | Twelve months ended Dec. 31, | Twelve months ended Dec. 31, |  |  |
| **Submissions** | 2025 | 2024 | Change | % Change |
| **Submissions** | 534657 | 1016182 | (481525) | (47.4)% |
| **Submissions** |  |  |  |  |
| **Submissions** |  |  |  |  |
| **Submissions** |  |  |  |  |

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The following table presents the Sales per Submission for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sales Per Submission** | | | | |
| **Sales Per Submission** | Twelve months ended Dec. 31, | Twelve months ended Dec. 31, |  |  |
| **Sales Per Submission** | 2025 | 2024 | $ Change | % Change |
| **Sales Per Submission** | $668 | $781 | $(113) | (14.5)% |
| **Sales Per Submission** |  |  |  |  |
| **Sales Per Submission** |  |  |  |  |
| **Sales Per Submission** |  |  |  |  |

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The following table presents the Direct Operating Cost per Submission for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Direct Operating Cost Per Submission** | | | | |
| **Direct Operating Cost Per Submission** | Twelve months ended Dec. 31, | Twelve months ended Dec. 31, |  |  |
| **Direct Operating Cost Per Submission** | 2025 | 2024 | $ Change | % Change |
| **Direct Operating Cost Per Submission** | $594 | $578 | $16 | 2.8% |
| **Direct Operating Cost Per Submission** |  |  |  |  |
| **Direct Operating Cost Per Submission** |  |  |  |  |
| **Direct Operating Cost Per Submission** |  |  |  |  |

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