Q3 25 EPS
$6.03
BEAT +22.01%
Est. $4.94
Q3 25 Revenue
$50.71B
BEAT +2.45%
Est. $49.50B
vs S&P Since Q3 25
+3.6%
BEATING MARKET
ELV +10.9% vs S&P +7.4%
Market Reaction
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% yea… Read more 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
ELV YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
ELV Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Gail K. Boudreaux, Q3 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% |