ELV Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Elevance Health posted a headline beat in Q4 2025 but the results told a more complicated story beneath the surface, with earnings per share of $3.33 topping the $3.09 consensus by 7.77% and revenue of $49.31 billion clearing estimates by 1.96% on 9.… Read more Elevance Health posted a headline beat in Q4 2025 but the results told a more complicated story beneath the surface, with earnings per share of $3.33 topping the $3.09 consensus by 7.77% and revenue of $49.31 billion clearing estimates by 1.96% on 9.5% year-over-year growth, even as margin pressure intensified across the enterprise. The benefit expense ratio climbed to 93.5% in Q4, up 110 basis points year-over-year, driven by elevated medical cost trends in Affordable Care Act plans and Medicare Part D seasonality tied to Inflation Reduction Act changes, a dynamic pressuring peers across the managed care sector as well. The Health Benefits segment swung to a $200 million operating loss from a $207 million gain a year earlier, underscoring how deeply cost trends are biting into the core insurance business. Carelon provided meaningful offset, with Q4 operating revenue surging 27% to $18.70 billion. Still, management's 2026 adjusted EPS guidance of at least $25.50, well below the $30.29 achieved in 2025, signals the recalibration has further to run before Elevance can revisit its targeted 12% earnings growth trajectory in 2027.