Summary
Elevance Health, Inc. (ELV) reported a year of increased revenue and strategic acquisitions, but saw a slight decrease in net income for the year ended December 31, 2025. Total operating revenue grew by 12.8% to $197.6 billion, driven by premium rate increases across its Health Benefits segment, growth in Medicare Advantage, and the impact of acquisitions. However, shareholders' net income declined by 5.3% to $5.66 billion, or $25.21 per diluted share, primarily due to higher medical cost trends within the Health Benefits segment and increased investments in technology and workforce. The company experienced a 1.1% decrease in total medical membership, largely due to Medicaid redeterminations and attrition in other segments, partially offset by growth in Medicare Advantage and Individual businesses. Key strategic moves during the year included the acquisition of Centers and CareBridge, aimed at strengthening its Medicaid and long-term care offerings and its Carelon Services segment. The company also managed its capital effectively, repurchasing shares and paying dividends, while maintaining a strong liquidity position. Looking ahead, Elevance Health is navigating evolving regulatory landscapes and persistent medical cost pressures.
Financial Highlights
51 data points| Revenue | $199.13B |
| Cost of Revenue | $21.18B |
| Gross Profit | $177.95B |
| SG&A Expenses | $20.98B |
| Operating Income | $7.20B |
| Net Income | $5.66B |
| EPS (Basic) | $25.28 |
| EPS (Diluted) | $25.21 |
| Shares Outstanding (Basic) | 224.00M |
| Shares Outstanding (Diluted) | 224.60M |
Key Highlights
- 1Total operating revenue increased by 12.8% to $197.6 billion in 2025, driven by premium rate adjustments, acquisitions, and Medicare Advantage growth.
- 2Shareholders' net income decreased by 5.3% to $5.66 billion, or $25.21 per diluted share, impacted by higher medical cost trends and strategic investments.
- 3Total medical membership saw a slight decline of 1.1% to 45.2 million members, primarily due to Medicaid redeterminations, partially offset by growth in Medicare Advantage and Individual segments.
- 4The company completed strategic acquisitions of Centers and CareBridge, enhancing its capabilities in long-term care, Medicaid, and home and community-based services.
- 5The Health Benefits segment operating revenue increased by 11.2% to $167.1 billion, but its operating gain decreased by 33.4% due to higher medical cost trends.
- 6CarelonRx and Carelon Services segments showed strong revenue growth (20.7% and 57.7%, respectively) and increased operating gains, indicating continued expansion of these businesses.
- 7Elevance Health maintained a strong financial position, with total cash, cash equivalents, and investments of $37.2 billion at year-end 2025, and a debt-to-capital ratio of 42.1%.