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Elevance Health (ELV) investor relations material
Elevance Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Third quarter 2025 operating revenue reached $50.1 billion, up 12% year-over-year, driven by premium increases, acquisitions, and Medicare Advantage growth, partially offset by Medicaid attrition.
Adjusted diluted EPS was $6.03, with GAAP diluted EPS at $5.32; net income for Q3 2025 was $1.19 billion, up 17-22% year-over-year.
Results aligned with expectations, reflecting disciplined execution, value-based care, and digital innovation.
Strategic investments focused on scaling Carelon, advancing AI and digital strategy, and improving Star ratings.
Year-to-date, $3.3 billion was returned to shareholders through buybacks and dividends.
Financial highlights
Total operating revenue for Q3 2025 was $50.1 billion, up 12% year-over-year; nine-month revenue reached $148.3 billion, up 13.9%.
Benefit expense ratio rose to 91.3%, up 180 basis points, reflecting higher medical costs and seasonality.
Adjusted operating margin for Q3 2025 was 2.7%, down from 5.5% a year ago.
Net investment income was $625 million, including $150 million from discrete valuation adjustments.
Operating cash flow for Q3 2025 was $1.1 billion, impacted by a litigation settlement payment; year-to-date cash flow was $4.2 billion.
Outlook and guidance
Full-year 2025 adjusted EPS guidance reaffirmed at approximately $30, with a baseline of $27 excluding $3 of non-recurring items.
Medicaid operating margin expected to decline at least 125 basis points year-over-year in 2026, with 2026 seen as the trough.
Medicare Advantage operating margin expected to increase slightly in 2025, though still below long-term range.
Several hundred million dollars of incremental investments planned for 2026, focused on technology, Carelon, and quality initiatives.
2027 expected to mark a return to a more balanced earnings growth profile.
Drivers of Health Benefits operating gain decline
What is the outlook for Medicaid membership?
Explain prior year reserve development trend
When will Medicaid margins return to target?
Quantify ACA membership impact if subsidies expire
Detail AI investment benefits and leverage
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Next Elevance Health earnings date
Q4 202522 Jan, 2026
Next Elevance Health earnings date
Q4 202522 Jan, 2026
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Frequently asked questions
Elevance Health Inc., formerly Anthem, Inc., operates as a health benefits company in the United States. The company operates through Blue Cross and Blue Shield Service Operations, Commercial and Specialty Services, and Individual Commercial segments. It is also involved in the offering of complementary health and wellness products; provision of access to contracted primary care providers through its HMO network; and the joint-ventured accountable care organization that contracts with the government to provide health care services to Medicare Advantage populations and fee-for-service Medicare populations. Anthem, Inc. is based in Indianapolis, Indiana.
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