Elevance Health, Inc.ELV
Elevance Health, Inc. Financial Overview 2021–2025
Elevance Health expanded its top line with 12.8% growth to reach $197.6 billion in FY2025, yet shareholders' net income simultaneously posted a 5.3% decline to $5.66 billion. The data reveals a clear dynamic: the managed care giant is successfully scaling its footprint through aggressive Medicare Advantage and pharmacy benefit expansions, but rising medical utilization is actively compressing its bottom-line profitability. Looking at the broader trajectory, total operating revenue grew from $136.9 billion in FY2021 to $197.6 billion in FY2025.
Beneath the revenue expansion, a shifting membership mix is redefining the company's margin profile. Total medical membership saw a 1.1% decrease to 45.2 million members in FY2025, driven largely by Medicaid redeterminations that outpaced organic gains in the Individual segment. Consequently, the core Health Benefits segment posted a 33.4% operating gain decrease in FY2025 due to elevated medical cost trends outpacing premium rate increases. To counter this pressure, Elevance is leaning heavily into its healthcare services arm, with CarelonRx delivering 20.7% revenue growth. The company anchored this operational transition with $37.2 billion in total cash and investments by the end of FY2025. At the close of FY2025, the market valued the enterprise at a $77.4 billion market cap, with the stock trading at $350.55 and a multiple of 13.9x earnings.
Recent Developments (Q3 and Q4 2025)
During Q3 2025, Elevance Health generated 12.0% revenue growth to reach $50.1 billion, while quarterly net income rebounded with a 17.0% increase to $1.19 billion. The company aggressively returned capital, executing $2.13 billion in stock buybacks through the first nine months. Elevance fortified its liquidity by closing a $3.0 billion debt offering in September 2025 to refinance existing notes and fund corporate actions. Additionally, Amy W. Schulman joined the Board of Directors in January 2026.
Bulls highlight the explosive 57.7% revenue surge in the Carelon Services segment and management's reaffirmed adjusted earnings guidance of $30.00 per share for the full year. Conversely, bears warn that the projected 90.0% benefit expense ratio signals persistent medical cost pressures. Trading at 13.4x earnings as of February 5, 2026, the stock presents a conservative valuation reflecting market anxiety over ongoing margin compression.
What to watch: performance of the integrated Centers and CareBridge assets; stabilization of medical claims payable.
Rev
$199.13B
FY2025
NI
$5.66B
FY2025
EPS
$25.28
FY2025
OCF
$4.29B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Elevance Health, Inc. 8-K Report, Financial Results (Jan 28, 2026)
Elevance Health, Inc. (ELV) filed a Current Report (8-K) on January 28, 2026, to report its fourth quarter and full year 2025 financial results. The press release containing these results is furnished as an exhibit to this filing. Investors should note that the information provided in this 8-K, specifically within Item 2.02 and Exhibit 99.1, is furnished and not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934. Consequently, this information will not be incorporated by reference into any future SEC filings unless explicitly stated. The report also includes a standard forward-looking statements disclaimer, outlining the inherent risks and uncertainties that could cause actual results to differ materially from any projections. Investors are advised to review the detailed risk factors discussed in Elevance Health's other SEC filings, as these forward-looking statements speak only as of the filing date and are not updated for subsequent events.
Elevance Health, Inc. 8-K Report, Executive Changes (Dec 10, 2025)
Elevance Health, Inc. (ELV) has announced a significant addition to its Board of Directors through an 8-K filing on December 10, 2025. The company elected Amy W. Schulman as an independent director, effective January 12, 2026, with her term extending to the 2028 annual meeting of shareholders. This appointment is notable as Ms. Schulman brings expertise that has also led to her appointment on the Audit and Finance Committees, positions critical for financial oversight. Investors should note that Ms. Schulman has been deemed an independent director by both NYSE listing standards and the company's own guidelines. Furthermore, she meets the criteria for an "audit committee financial expert" according to SEC regulations, underscoring her qualifications for these key financial governance roles. Her compensation will follow the company's standard non-employee director program. The company also furnished a press release detailing this election as an exhibit.
Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Nov 10, 2025)
Elevance Health, Inc. (ELV) has filed an 8-K report on November 10, 2025, primarily to reaffirm its financial guidance for the full year 2025 during upcoming investor meetings. The company expects to maintain its previously issued earnings per diluted share guidance of approximately $24.70. This figure notably includes approximately $5.30 per diluted share attributable to net unfavorable items. Excluding these specific items, Elevance Health anticipates adjusted earnings per diluted share to remain at approximately $30.00, consistent with prior expectations and not incorporating any additional adjustments beyond those already reported in the third quarter of 2025. In addition to earnings guidance, the company also reaffirmed its full-year 2025 benefit expense ratio guidance, projecting it to be around 90.0%. Management attributes these expectations to their current assessment of market conditions, operational performance, the prevailing regulatory and policy environment, and refined business assumptions, including cost trends and medical claims payable estimates. Investors are reminded that actual results could materially differ from these projections due to potential changes in business factors or underlying assumptions.
Elevance Health, Inc. 8-K Report, Financial Results (Oct 21, 2025)
Elevance Health, Inc. (ELV) has filed a Current Report (8-K) on October 21, 2025, to report its financial results for the quarter ended September 30, 2025. This filing primarily serves to attach a press release containing the detailed financial outcomes. While specific financial figures are not embedded within the 8-K itself, the report signifies the official release of these results to the public and the market. Investors should refer to the furnished press release (Exhibit 99.1) for comprehensive details on revenue, earnings, and other key performance indicators for the third quarter of 2025. The report also includes a standard 'Forward-Looking Statements' section, cautioning investors about the inherent risks and uncertainties associated with future projections. These statements, based on current expectations, are subject to various factors that could cause actual results to differ materially. The company highlights potential risks including changes in healthcare costs, regulatory environments, cyber security threats, competitive pressures, and the performance of government programs like Medicare and Medicaid. Investors are advised to review these disclosures carefully alongside the financial results.
Elevance Health, Inc. 8-K Report, Corporate Update (Sep 15, 2025)
Elevance Health, Inc. (ELV) has successfully closed a significant notes offering totaling approximately $3.0 billion. This issuance includes four tranches with varying interest rates and maturity dates: $750 million in 4.000% Notes due 2028, $750 million in 4.600% Notes due 2032, $1,000 million in 5.000% Notes due 2036, and $500 million in 5.700% Notes due 2055. The company raised approximately $2,972.7 million in net proceeds after deducting underwriting discounts and expenses. The primary use of these proceeds is to refinance existing debt, specifically repaying or redeeming $400 million of 5.350% senior notes due 2025 and repurchasing $500 million of 4.900% senior notes due 2026. The remaining funds are earmarked for general corporate purposes, including potential acquisitions, further debt reduction, and share repurchases. This strategic refinancing aims to optimize the company's debt structure and financial flexibility.
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