Q2 25 EPS
$8.84
MISS 3.79%
Est. $9.19
Q2 25 Revenue
$49.78B
BEAT +3.15%
Est. $48.26B
vs S&P Since Q2 25
+12.1%
BEATING MARKET
ELV +26.8% vs S&P +14.7%
Market Reaction
Did ELV Beat Earnings? Q2 2025 Results
Elevance Health delivered a mixed second quarter for 2025, posting an earnings miss alongside a solid revenue beat as rising medical costs weighed heavily on the bottom line. The managed care giant reported EPS of $8.84, falling short of the $9.19 co… Read more Elevance Health delivered a mixed second quarter for 2025, posting an earnings miss alongside a solid revenue beat as rising medical costs weighed heavily on the bottom line. The managed care giant reported EPS of $8.84, falling short of the $9.19 consensus estimate by 3.79%, even as revenue climbed 14.0% year over year to $49.78 billion, clearing Wall Street's $48.26 billion forecast by 3.15%. The central culprit was a benefit expense ratio that surged to 88.9%, up 260 basis points year over year, driven by elevated medical cost trends in the ACA business and slower rate alignment in Medicaid, pressures that also forced management to cut its full-year adjusted EPS outlook to approximately $30.00. The quarter stands in contrast to some peers that have recently reported more favorable cost dynamics in their insurance businesses. CEO Gail Boudreaux acknowledged the headwinds while pointing to strong Carelon segment growth and expense discipline as offsetting factors, with the company reiterating its long-term target of at least 12% average annual adjusted EPS growth.
Key Takeaways
- • Higher premium yields in Health Benefits segment
- • Recently closed acquisitions in home health and pharmacy services
- • Growth in Medicare Advantage membership (11.0% YoY)
- • Growth in CarelonRx product revenue
- • Improved Carelon Health performance
- • Operating expense discipline — adjusted operating expense ratio improved 140 basis points to 10.0%
ELV YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
ELV Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the second quarter, Elevance Health made meaningful progress in delivering an experience that is simple and personal to those we serve, while advancing our efforts to enhance efficiency across the healthcare system. We are updating our outlook to reflect elevated medical cost trends in ACA and slower rate alignment in Medicaid. While the external environment continues to evolve, we are focused on the areas within our control - managing healthcare costs, deploying targeted investments in advanced technology and value-based care delivery, and reinforcing the operational foundation that supports long-term value creation. With the embedded earnings power of our diversified Health Benefits and Carelon businesses, we remain confident in achieving at least 12% average annual growth in adjusted diluted EPS over time.”
— Gail K. Boudreaux, Q2 2025 Earnings Press Release
ELV Earnings Trends
ELV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ELV EPS Trend
Earnings per share: estimate vs actual
ELV Revenue Trend
Quarterly revenue: estimate vs actual
ELV Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $12.58 | — | $50.18B | +4.23% |
| Q4 25 BEAT FY | $3.09 | $3.33 | +7.77% | $49.31B | +1.96% |
| FY Full Year | $29.97 | $30.29 | +1.06% | $197.58B | -0.08% |
| Q3 25 BEAT | $4.94 | $6.03 | +22.01% | $50.71B | +2.45% |
| Q2 25 MISS | $9.19 | $8.84 | -3.79% | $49.78B | +3.15% |
| Q1 25 BEAT | $11.48 | $11.97 | +4.30% | $48.89B | +5.72% |