Companies /Healthcare

Elevance Health Inc

NYSE: ELV Healthcare Plans
$394.43
▼ $4.68 (−1.17%) today
Markets closed · 7:11pm ET

Q3 2025 Earnings

Reported Oct 21, 2025, 6:01am ET · SEC source
$6.03
Beat +22.01%
EPS · est. $4.94
$50.7B
Beat +2.45%
Revenue · est. $49.5B
−7.4%
Trailing market
ELV vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%Oct 21Oct 22report 6:01am ETearnings−0.4%−4.8%
−4%0+4%Oct 21Oct 22earnings−0.4%−4.8%
ELV −4.8%S&P 500 −0.4%
−4%0+4%Oct 21Oct 22report 6:01am ETearnings−0.8%−4.8%
−4%0+4%Oct 21Oct 22earnings−0.8%−4.8%
ELV −4.8%NASDAQ −0.8%
−8%−4%0Oct 20Oct 29report 6:01am ETearnings+2.6%−7.9%
−8%−4%0Oct 20Oct 29earnings+2.6%−7.9%
ELV −7.9%S&P 500 +2.6%
−8%−4%0+4%Oct 20Oct 29report 6:01am ETearnings+4.0%−7.9%
−8%−4%0+4%Oct 20Oct 29earnings+4.0%−7.9%
ELV −7.9%NASDAQ +4.0%
−1.22%
Day of report
−1.30%
Next session
−2.96%
One week
−10.22%
30 days

S&P 500 over the same 30 days: −2.79%.

Did ELV Beat Earnings? Q3 2025 Results

Elevance Health delivered a strong third-quarter beat in Q3 2025, posting adjusted diluted EPS of $6.03 against a consensus estimate of $4.94, a 22.01% positive surprise, while revenue of $50.71 billion topped expectations by 2.45% and grew 12.3% year over year. The standout driver behind the earnings outperformance was the continued expansion of Carelon, whose operating revenue surged 33% to $18.30 billion, powered by home health and pharmacy acquisitions and scaling risk-based solutions, helping offset a sharp compression in Health Benefits segment margins tied to elevated Medicare cost trends and Inflation Reduction Act-related Part D seasonality. The benefit expense ratio rose to 91.3%, reflecting anticipated but pronounced cost pressures, particularly in the Medicare business. Despite near-term margin headwinds, institutional interest in the stock has remained constructive, with analysts maintaining a broadly positive consensus outlook. Elevance reaffirmed its full-year 2025 guidance, projecting adjusted diluted EPS of approximately $30.00 and a benefit expense ratio of approximately 90.0%, signaling confidence in execution as management positions the company for 2026.

Key Takeaways
  • Higher premium yields in Health Benefits segment
  • Recently closed acquisitions in home health and pharmacy services
  • Growth in Medicare Advantage membership (up 9.7% YoY)
  • Scaling of Carelon Services risk-based solutions
  • Growth in CarelonRx product revenue
  • AI-enabled digital solutions to simplify access and improve outcomes

“Our third quarter results were in line with expectations and reflect disciplined execution across Elevance Health. In a dynamic healthcare environment, we're focused on advancing affordability and elevating the member experience through our growing value-based care partnerships and AI-enabled digital solutions that simplify access and improve outcomes. As we plan for 2026, we remain disciplined in managing what we can control – positioning our businesses for long-term, sustainable growth and value creation for all stakeholders.”

Elevance Health CEO, on the earnings call

Forward Guidance & Outlook

Elevance Health reaffirmed its FY 2025 guidance with a benefit expense ratio of approximately 90.0% and adjusted diluted EPS of approximately $30.00. The company also provided a GAAP EPS outlook of approximately $24.70 for FY 2025. Management emphasized disciplined execution and positioning for long-term sustainable growth as it plans for 2026.

ELV YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$20.0B$40.0B$45.1B$50.7BRevenue$1.4B$1.3BOperating Income$1.0B$1.2BNet Income
$0$20.0B$40.0BRevenueOperating IncomeNet Income

ELV Revenue by Segment

Health Benefits$42.2B+10.4%
Medicaid$14.2B+8.4%
Commercial$12.8B+10.4%
CarelonRx$11.0B+20.3%
Medicare$11.1B+18.7%
Carelon Services$7.3B+57.9%
Federal Employee Program$4.1B−2.3%
Individual ACA

Figures from SEC filings and company reports. Not investment advice.