ELV 8-K Current Reports

Elevance Health, Inc. 8-K Report, Financial Results (Oct 21, 2026)

Elevance Health, Inc. (ELV) has reported its third quarter 2026 financial results, demonstrating a slight increase in operating revenue to $50.4 billion, up 0.7% year-over-year. The company's performance exceeded expectations, leading to an upward revision of its full-year 2026 guidance for both diluted EPS and adjusted diluted EPS. This positive outlook is supported by improved operating performance and a notable net non-operating benefit recognized in the quarter. The company highlighted increased operating cash flow and continues to invest in capabilities aimed at enhancing the member experience, strengthening its competitive position, and driving long-term growth. The Health Benefits segment saw revenue growth driven by premium yields and service fees, although membership declined in key areas like Medicare Advantage and Medicaid. Conversely, the Carelon segment, encompassing CarelonRx and Carelon Services, experienced robust revenue and operating gain growth, underscoring the strength of its pharmacy and services offerings.

Oct 21, 2026 8-K

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Sep 10, 2026)

Elevance Health, Inc. (ELV) has filed an 8-K report on September 10, 2026, to reaffirm its financial guidance for the full year 2026. The company expects shareholders' earnings to be at least $20.10 per diluted share, which includes approximately $6.90 per diluted share related to net unfavorable items. Excluding these specific items, Elevance Health maintains its adjusted shareholders' earnings expectation of at least $27.00 per diluted share. This guidance does not account for any additional adjustment items beyond those already reported in the second quarter of 2026. Furthermore, the company is reaffirming its full-year 2026 guidance for the benefit expense ratio, projecting it to be 90.2%, with a permissible range of plus or minus 50 basis points. This reaffirmation indicates management's confidence in their ability to manage costs and maintain projected profitability within the specified parameters. Investors should note that the information provided is forward-looking and subject to the risks and uncertainties outlined in the filing.

Sep 10, 2026 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Jul 15, 2026)

Elevance Health (ELV) reported second quarter 2026 results on July 15, 2026, with operating revenue of $49.8 billion, up 0.8% year over year, and diluted EPS of $6.71 (down 13.1% from $7.72). Adjusted diluted EPS was $7.45, down from $8.84, and the company said results were supported by favorable benefit expense performance and an approximately $0.80 per share net below-the-line benefit. The benefit expense ratio rose 80 basis points to 89.7%, driven by elevated medical cost trend in Government businesses, partially offset by better Individual ACA performance. Operating gain fell 27.3% to $1.8 billion, with Health Benefits operating margin compressing to 2.1% from 3.8%. Carelon was the bright spot, with revenue up 6% to $19.2 billion and CarelonRx and Carelon Services growing. Management raised full-year 2026 guidance: diluted EPS to at least $20.10 and adjusted diluted EPS to at least $27.00, and raised operating cash flow guidance to at least $6.0 billion. The company also reaffirmed its target of at least 12% adjusted EPS growth in 2027 off its 2026 baseline, while accelerating targeted investments in medical cost management, member experience, provider connectivity, operating efficiency, and Carelon's value-based solutions. The adjusted operating expense ratio rose 100 basis points to 11.0%, reflecting these investments. Investors should note that the full-year EPS gap between GAAP and adjusted figures is large, driven by a $935 million (about $4.27 per share) accrual tied to a February 27, 2026 CMS notice on historical Medicare Advantage risk adjustment data, along with intangible amortization and investment-related items. On the balance sheet and cash flow side, six-month operating cash flow was $6.2 billion, though Q2 operating cash flow of $1.9 billion was affected by timing of a state Medicaid pass-through payment. Medical membership declined 1.5% year over year to 44.9 million, mainly from Medicare Advantage, Medicaid, and Individual ACA attrition and a commercial fee-based customer transition. The company repurchased $234 million of stock in the quarter, paid a $1.72 per share dividend, and retains about $5.3 billion in buyback authorization. The third-quarter dividend of $1.72 is payable September 25, 2026.

Jul 15, 2026 8-K

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Jun 10, 2026)

Elevance Health, Inc. (ELV) issued an 8-K filing on June 10, 2026, to reaffirm its financial guidance for the full year 2026. The company expects shareholders' earnings per diluted share to be at least $19.85, which includes approximately $6.90 per diluted share from net unfavorable items. Excluding these items, the adjusted shareholders' earnings are projected to be at least $26.75 per diluted share, consistent with expectations set in the first quarter of 2026. This guidance does not incorporate any further adjustment items beyond those already reported. Additionally, Elevance Health is reiterating its full-year 2026 guidance for the benefit expense ratio, which is expected to be 90.2% plus or minus 50 basis points. This filing serves as a communication with investors and analysts, confirming the company's financial outlook and operational expectations for the remainder of the fiscal year.

Jun 10, 2026 8-K

Elevance Health, Inc. 8-K Report, Shareholder Vote Results (May 13, 2026)

Elevance Health, Inc. (ELV) held its Annual Meeting of Shareholders on May 13, 2026, with a substantial quorum represented by over 194 million shares of common stock. The meeting's primary outcomes included the overwhelming election of directors, with all nominees securing significant support and terms extending to 2029. This demonstrates continued confidence in the leadership team guiding the company's strategic direction. Furthermore, shareholders provided advisory approval for the company's executive compensation practices, signaling alignment between executive pay and company performance. The appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026 was also ratified, reinforcing established audit procedures. Notably, a shareholder proposal seeking an independent study on prohibiting corporate contributions to partisan 527 political groups did not receive sufficient support for approval, indicating shareholder sentiment against such an initiative at this time.

May 13, 2026 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Apr 22, 2026)

Elevance Health (ELV) reported first quarter 2026 results that beat its own expectations on an adjusted basis, while GAAP results were weaker. Operating revenue rose 1.5% to $49.5 billion, but GAAP diluted EPS fell 16.8% to $8.00 from $9.61. The GAAP decline is driven largely by a $935 million accrual tied to a February 27, 2026 CMS notice regarding historical Medicare Advantage risk adjustment data, plus a $129 million business optimization charge. Adjusted diluted EPS was $12.58, up 5.1%, helped by roughly $1 per share of non-recurring investment income. The benefit expense ratio rose 40 basis points to 86.8%, mainly from elevated Medicaid medical cost trend, partly offset by Medicare improvement. Days in claims payable rose to 46.6 days, which investors should watch for signs of reserve pressure. Management raised full-year 2026 adjusted diluted EPS guidance to at least $26.75 and set GAAP diluted EPS guidance at at least $19.85, including the estimated CMS financial impact. It reaffirmed operating cash flow of at least $5.5 billion, which includes potential cash payments related to the CMS matter. Operating cash flow was $4.3 billion in the quarter, up $3.3 billion year over year. The company returned $1.5 billion to shareholders in the quarter through $1.1 billion of buybacks and $376 million of dividends, and it has about $5.6 billion of repurchase authorization remaining. The quarter shows a mixed picture. Health Benefits operating margin fell to 5.1% and Carelon margins compressed, while membership declines in Medicare Advantage and Employer Group risk business continued. Investors will need to weigh the adjusted beat and raised guidance against the CMS exposure, the cash outflow it may require, and the rising medical cost pressure in Medicaid.

Apr 22, 2026 8-K

Leadership ChangesRegulation FD

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Mar 10, 2026)

Elevance Health, Inc. (ELV) provided an update via an 8-K filing on March 10, 2026, reaffirming its full-year 2026 adjusted earnings per diluted share guidance of at least $25.50. The company also reaffirmed its 2026 benefit expense ratio guidance of 90.2% +/- 50 basis points. Importantly, both of these guidance figures have been set with the assumption that anticipated sanctions from the Centers for Medicare & Medicaid Services (CMS) will be imposed. These sanctions, which involve suspending enrollment of Medicare beneficiaries and certain communication activities for its Medicare Advantage-Prescription Drug plans effective March 31, 2026, are a significant point of focus. While the company is working to address the issues identified by CMS, the impact of these sanctions, if not satisfactorily resolved, is already factored into the company's financial outlook. Elevance Health is currently unable to provide a GAAP reconciliation for its adjusted earnings guidance due to the uncertainty in estimating potential financial impacts from resolving the CMS matter.

Mar 10, 2026 8-K

Other Events

Elevance Health, Inc. 8-K Report, Corporate Update (Mar 2, 2026)

Elevance Health, Inc. (ELV) disclosed in an 8-K filing dated March 2, 2026, that it has been notified by the Centers for Medicare & Medicaid Services (CMS) of its intent to impose intermediate sanctions. These sanctions include suspending enrollment of new Medicare beneficiaries into the Company's Medicare Advantage-Prescription Drug (MA-PD) plans and halting certain communication activities to Medicare beneficiaries. The sanctions are slated to take effect on March 31, 2026, pending satisfactory resolution of the issues identified by CMS. The core of the CMS action relates to alleged noncompliance with Medicare Advantage risk adjustment data submission requirements for dates of service prior to April 3, 2023. Elevance Health has indicated that it revised its practices in April 2023 following updated regulatory guidance and is actively engaged with CMS to address these concerns. Importantly, the sanctions do not affect current MA-PD members' benefits or plans.

Mar 2, 2026 8-K

Elevance Health, Inc. 8-K Report, Executive Changes (Feb 26, 2026)

Elevance Health (ELV) filed an 8-K on February 26, 2026, disclosing two items: a management reshuffle and a reaffirmation of full-year 2026 guidance. Chief Financial Officer Mark Kaye will expand his remit to oversee Carelon, the company's healthcare services arm (pharmacy services, behavioral health, value-based care, and care delivery). Felicia Norwood, currently EVP and Chief Health Benefits Officer, will consolidate the company's major Health Benefits businesses under a single accountable structure spanning Commercial and Government. Peter D. Haytaian, President of Carelon, will step down effective May 4, 2026, citing family commitments, and will serve as Special Advisor through December 31, 2026. The company states the departure is not related to any disagreement on operations, policies, or practices, and that Carelon's operating priorities and client commitments are unchanged. The guidance reaffirmation is the financially material element for investors. Elevance reiterated 2026 GAAP shareholders' earnings of at least $22.30 per diluted share, which includes approximately $3.20 per diluted share of net unfavorable items. Excluding these items, adjusted shareholders' earnings are expected to be at least $25.50 per diluted share. The benefit expense ratio outlook of 90.2% plus or minus 50 basis points was also reaffirmed. Because the company chose to reaffirm rather than revise guidance, the filing signals management confidence in the existing outlook, though the filing does not itemize the nature of the $3.20 in unfavorable items. The structural changes point toward tighter integration and executive accountability: a single leader for Health Benefits and a CFO with broader operational scope over Carelon. Investors should monitor whether the consolidation delivers the stated efficiency and coordination gains, whether Carelon's leadership transition proceeds without disruption to client relationships, and whether the company's guidance holds through the rest of 2026 given the sizable unfavorable items embedded in the outlook.

Feb 26, 2026 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Jan 28, 2026)

Elevance Health (ELV) reported fourth quarter and full year 2025 results on January 28, 2026, with operating revenue of $49.3 billion in Q4 (up 10% year over year) and $197.6 billion for the full year (up 13%). Profitability came under pressure: Q4 diluted GAAP EPS was $2.47 and adjusted EPS was $3.33, while full-year GAAP diluted EPS was $25.21 and adjusted EPS was $30.29, down 8.3% from $33.04 in 2024. The benefit expense ratio rose 110 basis points in Q4 to 93.5% and 150 basis points for the year to 90.0%, driven by elevated medical cost trend, particularly in ACA plans and Medicare Part D. Health Benefits swung to an adjusted operating loss of $0.2 billion in Q4, while Carelon and CarelonRx continued to grow, with Carelon's full-year adjusted operating gain up 10%. The 2026 outlook is the central investor concern. Management guided to GAAP diluted EPS of at least $22.30 and adjusted diluted EPS of at least $25.50, a meaningful decline from 2025. Total operating revenue is expected to decline at a low single-digit rate, with Medicaid and Medicare Advantage membership both guided lower, and the benefit expense ratio is projected at 90.2% (+/- 50 bps). Management reaffirmed its long-term earnings algorithm and said it expects a return to at least 12% adjusted EPS growth in 2027, while recalibrating segment margin targets. Capital returns remained substantial, with $4.1 billion returned to shareholders in 2025, including $2.6 billion of share repurchases and $1.5 billion of dividends. The Board declared a first-quarter 2026 dividend of $1.72 per share, and about $6.7 billion of repurchase authorization remained at year-end. Operating cash flow was $4.3 billion, about 0.8 times GAAP net income, and 2026 guidance calls for at least $5.5 billion.

Jan 28, 2026 8-K

Leadership Changes

Elevance Health, Inc. 8-K Report, Executive Changes (Dec 10, 2025)

Elevance Health (NYSE: ELV) filed an 8-K on December 10, 2025 to disclose a board appointment rather than any financial results, operational update, or transaction. The Board elected Amy W. Schulman as an independent director effective January 12, 2026, with a term expiring at the 2028 annual meeting. She was also appointed to the Audit and Finance Committees, and the Board determined she qualifies as an independent director under NYSE standards and as an audit committee financial expert under SEC rules. For investors, the filing is primarily a governance event. Adding a director with audit committee financial expert status strengthens oversight of financial reporting, which can be viewed favorably given the scrutiny managed care companies face over medical cost trends, reserve accuracy, and internal controls. The company frames the move as part of an ongoing board refreshment strategy. The filing discloses no compensation beyond the standard non-employee director program, no related-party transactions, and no arrangements tied to her election. The filing does not change Elevance's financial outlook, guidance, capital allocation, or risk profile. Investors should treat it as a routine but relevant governance update, and look to the company's periodic reports and earnings disclosures for financial performance indicators.

Dec 10, 2025 8-K

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.

Nov 10, 2025 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Oct 21, 2025)

Elevance Health (ELV) reported third quarter 2025 results on October 21, 2025, with headline revenue growth strong but profitability under clear pressure. Operating revenue rose 12.0% year over year to $50.1 billion, driven by higher premium yields, recent acquisitions (notably in home health and pharmacy services at Carelon), and Medicare Advantage membership growth, partially offset by Medicaid membership losses from eligibility reverifications. GAAP diluted EPS was $5.32, up 22.0%, but adjusted diluted EPS fell to $6.03 from $8.60 a year earlier, a 29.9% decline, reflecting a sharp deterioration in the core Health Benefits business. The benefit expense ratio rose 180 basis points to 91.3%, driven by elevated medical cost trend concentrated in Medicare Part D, and the Health Benefits operating margin compressed to 1.4% from 4.2%. Segment mix shifted meaningfully. Health Benefits operating gain fell 62.5% to $0.6 billion, while Carelon's operating revenue grew 33% to $18.3 billion and its operating gain held roughly flat at $0.8 billion, with Carelon Services and CarelonRx showing solid year-to-date growth. Management highlighted disciplined execution, AI-enabled digital solutions, and value-based care partnerships, and characterized third quarter results as in line with expectations. Adjusted operating expense ratio rose 100 basis points to 10.4% due to targeted investments in Carelon capabilities, workforce, and technology, even as GAAP operating expense ratio improved. From a capital perspective, the company reaffirmed its full-year 2025 guidance of approximately 90.0% benefit expense ratio and approximately $30.00 adjusted diluted EPS. Year-to-date operating cash flow was $4.2 billion, down $0.9 billion, reflecting a Provider Settlement Agreement payment tied to BCBSA multi-district litigation. The company returned $3.3 billion to shareholders year to date, repurchased $875 million of stock in the quarter, declared a $1.71 quarterly dividend, and retained about $7.2 billion of buyback authorization. Investors should weigh the reaffirmed guidance against a third quarter that implies a steep second-half earnings ramp, and monitor Medicare cost trends and Medicaid membership attrition heading into 2026 planning.

Oct 21, 2025 8-K

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.

Sep 15, 2025 8-K

Leadership ChangesExhibits & Filings

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Sep 4, 2025)

Elevance Health, Inc. (ELV) has issued a Current Report (8-K) on September 4, 2025, primarily to reaffirm its financial guidance for the full year 2025. The company expects to report diluted earnings per share of approximately $24.10, which includes an estimated $5.90 per diluted share in net unfavorable items. Excluding these specific items, the adjusted earnings per share are projected to be around $30.00, consistent with prior disclosures and not accounting for any additional adjustments beyond those already reported in the second quarter of 2025. Furthermore, Elevance Health is reiterating its guidance for the full year 2025 benefit expense ratio, which is anticipated to be approximately 90.0%. Management attributes these expectations to their current assessment of market conditions, operational performance, the regulatory and policy environment, and refined assumptions regarding cost trends and medical claims payable estimates. Investors are cautioned that actual results may differ materially due to changes in these factors.

Sep 4, 2025 8-K

Elevance Health, Inc. 8-K Report, Executive Changes (Jul 28, 2025)

Elevance Health (ELV) filed an 8-K on July 28, 2025 to disclose a board change: the Board elected Steven H. Collis as an independent director effective August 1, 2025, with a term expiring at the 2027 annual meeting. He was also appointed to the Audit and Finance Committees, and the Board determined he qualifies as an "audit committee financial expert." The filing states he has no material related-party interest under Item 404(a) and no arrangement with any other person tied to his election. For investors, this is a governance event rather than a financial one. The filing contains no earnings, guidance, capital allocation, or operational results. The company's press release frames the appointment as part of a structured board refresh intended to add healthcare operations and long-term value-creation experience, with Chair Ramey Peru citing alignment with strategic objectives. The most relevant point for shareholders is the addition of a director with substantial healthcare supply-chain leadership and audit-committee financial expertise, which may strengthen oversight of financial reporting. Director compensation follows the company's standard non-employee director program, as described in a previously filed 10-Q exhibit. The filing does not indicate any change in company strategy or financial condition.

Jul 28, 2025 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Jul 17, 2025)

Elevance Health (ELV) reported second quarter 2025 results on July 17, 2025, with operating revenue of $49.4 billion, up 14.3% year over year, driven by higher Health Benefits premium yields, acquisitions, and Medicare Advantage growth. However, profitability weakened sharply: the benefit expense ratio rose 260 basis points to 88.9% on elevated medical cost trend in Medicaid and ACA plans, operating gain fell 12.3% to $2.4 billion, and GAAP diluted EPS dropped 21.6% to $7.72 (adjusted EPS $8.84, down 14.2%). Health Benefits operating margin compressed to 3.8% from 5.8%, while Carelon was a bright spot, with segment revenue up 36% and operating gain up 33%. Management revised its full-year 2025 outlook, now expecting GAAP diluted EPS of approximately $24.10 and adjusted diluted EPS of approximately $30.00. Management attributed the revision to elevated cost trends in ACA and slower rate alignment in Medicaid, and reiterated a long-term target of at least 12% average annual adjusted EPS growth. Cash generation was solid, with year-to-date operating cash flow of $3.1 billion (0.8x GAAP net income), and the company returned $2.0 billion to shareholders year to date through buybacks and dividends, with about $8.0 billion of repurchase authorization remaining. The key investor takeaway is that the quarter reflects a cost-trend problem in the core Health Benefits business that offset strong top-line growth and Carelon expansion. Investors should focus on whether medical cost trends in Medicaid and ACA stabilize, the pace of Medicaid rate alignment, and the durability of the revised earnings guidance.

Jul 17, 2025 8-K

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (May 28, 2025)

Elevance Health, Inc. has filed an 8-K report to reaffirm its financial guidance for the full year 2025. The company expects diluted earnings per share to be in the range of $28.30 to $29.00, which includes approximately $5.85 per diluted share in net unfavorable items. Excluding these specific items, the adjusted earnings per diluted share are projected to be between $34.15 and $34.85, consistent with prior statements and not incorporating additional adjustments beyond those reported in Q1 2025. Furthermore, Elevance Health is reiterating its full-year 2025 guidance for the benefit expense ratio, targeting 89.1% with a 50 basis point margin of error. The company also anticipates that 60% of its adjusted shareholders' earnings per diluted share will be realized in the first half of 2025. These reaffirmations reflect management's current assessment of market conditions, operational performance, regulatory environments, and refined business assumptions. Investors are reminded that actual results may differ materially due to inherent uncertainties and risks outlined in the company's SEC filings.

May 28, 2025 8-K

Elevance Health, Inc. 8-K Report, Shareholder Vote Results (May 14, 2025)

Elevance Health, Inc. (ELV) filed an 8-K on May 14, 2025, detailing the outcomes of its Annual Meeting of Shareholders held on May 13, 2025. The report indicates strong shareholder support for the election of directors, with all nominated individuals securing substantial majorities for three-year terms. Additionally, shareholders provided an advisory vote of approval for the company's executive compensation, signaling confidence in the current compensation structure. The appointment of Ernst & Young LLP as the independent registered public accounting firm for 2025 was also overwhelmingly ratified. However, a shareholder proposal requesting a report on the effectiveness of Diversity, Equity, and Inclusion (DEI) efforts did not receive majority approval from shareholders. This suggests a divergence of opinion on the urgency or format of reporting on DEI initiatives among the company's investor base. The results of these votes are important for understanding shareholder sentiment regarding corporate governance, executive pay, and key ESG-related initiatives at Elevance Health.

May 14, 2025 8-K

Earnings & ResultsRegulation FD

Elevance Health, Inc. 8-K Report, Financial Results (Apr 22, 2025)

Elevance Health (ELV) reported first-quarter 2025 results with operating revenue of $48.8 billion, up 15.4% year over year, driven by higher Health Benefits premium yields, acquisitions, Medicare Advantage and ACA membership growth, and CarelonRx product revenue. Adjusted operating gain rose 4.1% to $3.3 billion, but the adjusted operating margin contracted to 6.7% from 7.4%, as the benefit expense ratio rose 80 basis points to 86.4% on higher Medicaid medical cost trend. GAAP diluted EPS was $9.61, roughly flat versus $9.59 a year earlier, while adjusted diluted EPS rose 10.5% to $11.97. Net losses on financial instruments of $464 million weighed on GAAP results. Cash generation was weaker. Operating cash flow fell to $1.0 billion from $2.0 billion, reflecting timing-related working capital items, and the company returned $1.3 billion to shareholders through $880 million of buybacks (2.2 million shares at about $395.78) and $386 million of dividends. About $8.4 billion of repurchase authorization remained at quarter end. Management reaffirmed full-year 2025 adjusted diluted EPS guidance of $34.15 to $34.85, while GAAP EPS guidance of $28.30 to $29.00 implies a reconciliation of about $5.85 per share in adjustments, mainly amortization of intangibles, transaction costs, and net losses on financial instruments. Segment performance was mixed. Health Benefits revenue grew 11% to $41.4 billion, but its operating gain fell 3.1% to $2.2 billion and its margin dropped to 5.4% from 6.1%, pressured by Medicaid cost trend, even as Medicaid membership declined 5% year over year. Carelon was the stronger contributor, with revenue up 38% to $16.7 billion and operating gain up 34% to $1.1 billion, aided by acquisitions in home health and pharmacy and growth in CarelonRx product revenue. Total medical membership of 45.8 million was roughly flat, with Medicare Advantage up 11.8% offsetting Medicaid attrition.

Apr 22, 2025 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Apr 17, 2025)

Elevance Health, Inc. (ELV) has filed a Current Report (8-K) on April 17, 2025, providing a pre-release of its first quarter 2025 financial results. The company anticipates reporting GAAP earnings per diluted share of $9.61, which includes approximately $2.36 per diluted share from unfavorable items. Excluding these, adjusted earnings per diluted share are expected to be $11.97. This performance reflects medical cost trends aligning with expectations, even within the Medicare Advantage segment where costs remain elevated but are consistent with the company's pricing and outlook. Crucially for investors, Elevance Health intends to reaffirm its full-year 2025 adjusted net income guidance, projecting it to be between $34.15 and $34.85 per diluted share. The company also anticipates its Medicare Advantage membership to remain within the previously provided range of 2,200 to 2,250 thousand members for the full year. More comprehensive details regarding first quarter results and the updated full-year outlook will be disclosed during the official earnings release on April 22, 2025.

Apr 17, 2025 8-K

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Mar 10, 2025)

Elevance Health, Inc. has reaffirmed its 2025 earnings per diluted share guidance, projecting it to be between $30.40 and $31.10. This guidance includes approximately $3.75 per diluted share attributed to net unfavorable items. Excluding these specific items, the company anticipates adjusted earnings per diluted share to range from $34.15 to $34.85. Furthermore, Elevance Health expects its total medical enrollment for the full year 2025 to align with projections previously shared in its Fourth Quarter 2024 Earnings Release. Notably, this includes an expectation for Medicare Advantage membership to fall between 2.2 million and 2.25 million members. These reaffirmations are being communicated as company officers engage with investors over the coming weeks.

Mar 10, 2025 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Jan 23, 2025)

Elevance Health (ELV) reported fourth quarter 2024 results that fell well short of prior-year profitability, driven by Medicaid cost pressures, while full-year revenue still grew. Q4 operating revenue rose 6% to $45.0 billion and full-year revenue rose 3% to $175.2 billion, supported by higher premium yields, 2024 acquisitions, and growth in CarelonRx and Carelon Services. However, the benefit expense ratio rose 320 basis points to 92.4% in Q4 and 150 basis points to 88.5% for the year, mainly from higher Medicaid medical cost trends tied to eligibility redeterminations. Q4 GAAP diluted EPS was $1.81 versus $3.63 a year earlier, and adjusted EPS was $3.84 versus $5.62. Full-year GAAP diluted EPS was $25.68 and adjusted EPS was $33.04, down 0.3% from $33.14. Health Benefits operating gain fell 73% in Q4 to $0.2 billion, while Carelon's adjusted operating gain grew 32% in the quarter. Management guided to 2025 adjusted diluted EPS of $34.15 to $34.85 and GAAP EPS of $30.40 to $31.10. The adjusted operating gain outlook of $9.55 to $9.85 billion implies growth from the 2024 level of $9.3 billion. Guidance assumes a benefit expense ratio of 89.1% (plus or minus 50 basis points), total operating revenue growth in the high single to low double digits, and operating cash flow of about $8.0 billion. Medicaid membership is expected to decline further to 8.6 to 8.9 million. The company also raised its quarterly dividend 5% to $1.71 per share and retains about $9.3 billion of share repurchase authorization. The key investor question is whether Medicaid cost trends stabilize and whether the 2025 margin recovery is achievable. Full-year operating cash flow of $5.8 billion fell from $8.1 billion in 2023, and cash flow conversion was about 1.0 times GAAP net income. Total debt rose meaningfully during the year, with long-term debt increasing to $29.2 billion from $23.2 billion, which reflects acquisition funding. Investors will likely focus on medical cost trend execution, the pace of Carelon growth, and free cash flow generation relative to the dividend and buybacks.

Jan 23, 2025 8-K

Elevance Health, Inc. 8-K Report, Corporate Update (Oct 31, 2024)

Elevance Health, Inc. (ELV) has announced the successful closing of a significant notes offering, raising approximately $5.138 billion in net proceeds. This offering comprises multiple series of notes with varying interest rates and maturity dates, ranging from 2026 to 2064. The company intends to utilize these proceeds for general corporate purposes, including working capital, potential acquisitions, debt repayment, and share repurchases. This strategic move provides Elevance Health with substantial liquidity to fuel its growth initiatives and manage its capital structure. Investors should note the diversified debt maturity profile and the stated uses of proceeds, which suggest a focus on both strategic growth and shareholder returns. The terms of the notes include provisions for redemption and a change of control clause that offers protection to noteholders under specific circumstances.

Oct 31, 2024 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Oct 17, 2024)

Elevance Health (ELV) reported third quarter 2024 results on October 17, 2024, with operating revenue of $44.7 billion (up 5.3% year over year) and adjusted operating gain of $2.4 billion. GAAP diluted EPS was $4.36 versus $5.45 a year earlier, while adjusted diluted EPS was $8.37 versus $8.99. The quarter was dominated by margin pressure in Medicaid: the benefit expense ratio rose 270 basis points to 89.5%, driven mainly by a timing mismatch between Medicaid rates and higher member acuity. Health Benefits operating margin fell to 4.2% from 5.0%, and Medicaid membership declined 19% year over year to 8.9 million, reflecting eligibility redeterminations and footprint changes. Offsetting this, Carelon and CarelonRx performed well. Carelon operating revenue grew 15% to $13.8 billion, and CarelonRx operating margin expanded to 6.8%. Operating expense discipline was strong, with the adjusted operating expense ratio improving 150 basis points to 9.6%, and Days in Claims Payable declined to 42.8 days. Management's 2024 outlook was cut to GAAP EPS of approximately $26.50 and adjusted EPS of approximately $33.00, reflecting the Medicaid timing issues. Capital allocation remained shareholder-friendly despite the earnings pressure. The Board's Audit Committee authorized an $8.0 billion increase to the share repurchase program, to be used over a multi-year period, and declared a fourth-quarter dividend of $1.63 per share. Investors should weigh the strength of the diversified businesses against near-term Medicaid margin risk and the GAAP charges, including $669 million in litigation and settlement expenses, that drove the gap between GAAP and adjusted results.

Oct 17, 2024 8-K

Earnings & Results

Elevance Health, Inc. 8-K Report, Financial Results (Jul 17, 2024)

Elevance Health (ELV) reported second quarter 2024 results that beat on earnings while revenue was roughly flat. Operating revenue was $43.2 billion, down 0.4% year over year, as Medicaid membership attrition offset higher premium yields and CarelonRx product growth. Adjusted diluted EPS was $10.12, up 12%, and GAAP diluted EPS was $9.85, up 26%, helped by a $240 million gain on the sale of a business. Total operating gain rose 5.2% to $2.8 billion, and operating margin expanded 30 basis points to 6.4%. The quality of the quarter was mixed. The benefit expense ratio improved 10 basis points to 86.3%, reflecting premium rate increases to cover medical cost trend and disciplined commercial underwriting. Days in claims payable fell to 45.3 days. However, the operating expense ratio rose 60 basis points to 11.7% (50 basis points to 11.5% excluding adjustment items) due to targeted investment and integration spending. Health Benefits revenue fell 2% and its operating gain was flat at $2.1 billion, while Carelon revenue grew 10% to $13.3 billion and its operating gain rose 8% to $0.7 billion, driven by risk-based arrangements in Carelon Services. Cash generation weakened sharply. Year-to-date operating cash flow was $2.4 billion, down $6.0 billion year over year, including $4.3 billion of timing-related items and $1.3 billion of outflows tied to medical claims payable. Management maintained its full-year 2024 outlook, with GAAP EPS of at least $34.05 and adjusted EPS of at least $37.20, and declared a $1.63 per share third-quarter dividend. Investors will likely focus on whether the cash flow shortfall reverses in the second half and whether Medicaid attrition stabilizes.

Jul 17, 2024 8-K

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Jun 12, 2024)

Elevance Health, Inc. filed an 8-K on June 12, 2024, primarily to reaffirm its financial guidance for the full year 2024. The company indicated that officers will be speaking with investors and intend to reaffirm the previously issued net income guidance. Specifically, Elevance expects full-year 2024 net income to be greater than $34.05 per diluted share. This includes an estimated $3.15 per diluted share attributed to net unfavorable items. Excluding these specific unfavorable items, Elevance Health continues to anticipate adjusted net income to be greater than $37.20 per diluted share. Investors should note that this guidance is based on information available as of the first quarter of 2024 earnings release and does not incorporate any further adjustments not previously disclosed. The filing also includes standard forward-looking statements and risk factors that investors should consider.

Jun 12, 2024 8-K

Elevance Health, Inc. 8-K Report, Corporate Update (May 30, 2024)

Elevance Health, Inc. (ELV) announced on May 29, 2024, the closing of a significant notes offering, raising approximately $2.57 billion in net proceeds. This offering included $600 million in 5.150% Notes due 2029, $1 billion in 5.375% Notes due 2034, and $1 billion in 5.650% Notes due 2054. The company intends to use these funds for general corporate purposes, including working capital, potential acquisitions, debt repayment, and share repurchases. This financing action provides Elevance Health with substantial liquidity to support its strategic initiatives and financial flexibility. Investors should note the specific interest rates and maturity dates associated with each tranche of notes, as well as the terms for redemption and potential change of control provisions that could trigger an accelerated repurchase of the notes. The company's ability to continue incurring debt under the indenture provides further operational flexibility.

May 30, 2024 8-K

Elevance Health, Inc. 8-K Report, Shareholder Vote Results (May 15, 2024)

Elevance Health, Inc. (ELV) filed an 8-K on May 15, 2024, reporting the results of its Annual Meeting of Shareholders held on May 14, 2024. The filing indicates that all director nominees were elected for three-year terms, demonstrating continued shareholder confidence in the company's leadership. Additionally, shareholders provided an advisory vote approving the compensation of the company's named executive officers. This suggests alignment between shareholder interests and executive compensation strategies. The company also successfully ratified the appointment of Ernst & Young LLP as its independent registered public accounting firm for 2024, a standard but important procedural vote for financial oversight. A notable outcome was the rejection of a shareholder proposal requesting annual political activity reporting from certain third parties prior to company donations. This indicates that a majority of shareholders did not support this specific disclosure initiative at this time.

May 15, 2024 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Apr 18, 2024)

Elevance Health (ELV) reported first quarter 2024 results on April 18, 2024, with operating revenue of $42.3 billion, up 0.9% year over year, and diluted EPS of $9.59, up 15.5%. Adjusted diluted EPS was $10.64, up 12.5%. Operating gain rose 6.5% to $3.0 billion and total operating margin expanded 30 basis points to 7.1%, driven primarily by premium rate adjustments to offset medical cost trend in Health Benefits and improved risk-based performance in Carelon Services. The benefit expense ratio improved 20 basis points to 85.6%, while the operating expense ratio rose 10 basis points to 11.6% (unchanged at 11.4% excluding adjustment items). Top-line growth was muted by Medicaid membership attrition, which fell 21.5% year over year to 9.3 million members as eligibility redeterminations and footprint adjustments reduced enrollment. Total medical membership declined 3.9% to 46.2 million, partly offset by growth in Individual (+32.3%), Employer Group fee-based, and BlueCard. Days in claims payable rose to 49.0, up 3.0 days year over year, which warrants monitoring alongside the reserve position, as prior-year reserve redundancies contributed $1.2 billion to the quarter's results. Management raised full-year 2024 guidance to diluted EPS greater than $34.05 and adjusted diluted EPS greater than $37.20. Capital deployment was active: the company repurchased $566 million of stock and paid $379 million in dividends, leaving about $3.6 billion of authorization. Operating cash flow was $2.0 billion, or 0.9 times net income, below the prior-year period. Management also announced a strategic partnership with Clayton, Dubilier & Rice to advance primary care and physician enablement. Total debt rose on a short-term basis, with $1.6 billion in short-term borrowings and $2.9 billion in current long-term debt.

Apr 18, 2024 8-K

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Mar 4, 2024)

Elevance Health, Inc. (ELV) filed an 8-K on March 4, 2024, primarily to reaffirm its full-year 2024 financial guidance and to announce positive developments regarding its Medicare Advantage Star Ratings. The company reiterated its net income guidance to be greater than $34.29 per diluted share, and adjusted net income to be greater than $37.10 per diluted share, after accounting for approximately $2.81 per diluted share in unfavorable items. Furthermore, Elevance Health received notification from the Centers for Medicare & Medicaid Services (CMS) that four of its Medicare Advantage contracts received an updated, higher Star Rating. This positive revision means that the company now expects approximately 49% of its Medicare Advantage members to be enrolled in plans rated at least 4-Star for the 2024 Star Ratings (which impacts payment year 2025 revenue). The company estimates this reconsideration will add approximately $190 million to its payment year 2025 revenue, a notable benefit for future financial performance.

Mar 4, 2024 8-K

Other Events

Elevance Health, Inc. 8-K Report, Corporate Update (Jan 25, 2024)

Elevance Health, Inc. (ELV) announced a quarterly cash dividend of $1.63 per share on January 23, 2024. This action by the Audit Committee of the Board of Directors demonstrates a continued commitment to returning capital to shareholders. The dividend payment is scheduled for March 22, 2024, with a record date of March 8, 2024, providing a clear timeline for investors to participate in this distribution.

Jan 25, 2024 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Jan 24, 2024)

Elevance Health (ELV) reported fourth-quarter and full-year 2023 results that met its growth and profitability targets, and it set a 2024 outlook calling for higher earnings. Fourth-quarter operating revenue was $42.5 billion, up 7.0% year over year, and full-year operating revenue was $170.2 billion, up 9.3%. Growth came mainly from higher premium revenue in Health Benefits and pharmacy product revenue at CarelonRx. Adjusted diluted EPS rose 15.2% to $5.62 in the quarter and 16.2% to $33.14 for the year. GAAP diluted EPS was $3.63 for the quarter (up 1.1%) and $25.22 for the year (up 3.9%). GAAP EPS was held back by $719 million of full-year business optimization charges, along with net losses on financial instruments and amortization of intangibles. Cost trends were favorable. The full-year benefit expense ratio improved 60 basis points to 87.0%, reflecting premium rate increases that covered medical cost trend. The operating expense ratio rose 40 basis points to 11.8%, mainly because of the business optimization charges. Fourth-quarter operating margin slipped to 3.0% from 3.2%, as Health Benefits operating gain fell 2% on growth investments. Medical membership ended the year at about 47.0 million, down 1.2%, driven by Medicaid attrition as eligibility redeterminations resumed. For 2024, management guided to GAAP diluted EPS above $34.29 and adjusted diluted EPS above $37.10. It also expects total operating revenue to be flat to low-single-digit growth and adjusted operating gain above $10.3 billion, versus $9.4 billion in 2023. Capital returns remained strong: the company raised its quarterly dividend 10.1% to $1.63 per share, bought back 5.8 million shares for $2.7 billion in 2023, and had about $4.2 billion of repurchase authorization remaining. Operating cash flow was $8.1 billion, or 1.3 times GAAP net income.

Jan 24, 2024 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Oct 18, 2023)

Elevance Health (NYSE: ELV) reported third quarter 2023 results on October 18, 2023, with a mixed picture: headline GAAP earnings fell sharply while core operating performance in its Health Benefits and Carelon segments improved. GAAP net income was $5.45 per diluted share, down 17.7% year-over-year, driven by a $697 million business optimization charge and $124 million of net investment losses. Excluding these and other adjustment items, adjusted EPS was $8.99, up 20.5% from $7.46. Consolidated operating gain excluding the charge grew about 12.6% to $2.5 billion, and operating cash flow was $2.6 billion, though that was $2.3 billion lower than the prior year due to timing of CMS payments. Management raised its full-year 2023 outlook, now expecting GAAP EPS greater than $26.40 and adjusted EPS greater than $33.00, citing outperformance year-to-date. Health Benefits remains the core earnings engine, with the segment's operating margin rising to 5.0% from 4.7% on premium rate increases that offset medical cost trend. The benefit expense ratio improved 40 basis points to 86.8%. Offsetting concerns include medical membership that was essentially flat year-over-year at 47.3 million but down 664 thousand sequentially, mainly from Medicaid attrition, and Days in Claims Payable rising to 48.6 days. Investors should weigh the one-time nature of the business optimization charge, which the company associates with a strategic review of operations, technology assets, and real estate footprint, against ongoing risks. These include Medicaid redeterminations, a $2.4 billion net unrealized investment loss, and rising claims payable days. The company also repurchased $1.7 billion of stock year-to-date and paid a $1.48 quarterly dividend, with $5.1 billion of buyback authorization remaining.

Oct 18, 2023 8-K

Corporate ChangesExhibits & Filings

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Oct 13, 2023)

Elevance Health, Inc. (ELV) has disclosed via an 8-K filing on October 13, 2023, that its 2024 Medicare Advantage Star Ratings are projected to significantly decline. Specifically, the percentage of members in plans rated 4 Stars or higher is expected to drop from approximately 64% (based on 2023 ratings) to about 34%. This decline is primarily attributed to three large contracts, representing 36% of Medicare Advantage members, that are moving from 4 or 4.5 Stars to 3.5 Stars. The company attributes this performance dip to challenges in Consumer Assessment of Healthcare Providers and Systems (CAHPS) measures, such as perceived access to care, and the impact of CMS's new outlier methodology, which raised cut points for ratings. While the company expresses disappointment and outlines ongoing investments in service, product, network, and operations to improve future performance, it also notes that the financial impact on Star quality bonus payments and plan-level rebates will not be felt until 2025. Elevance Health is actively exploring mitigation strategies, including contract diversification and operational initiatives, to offset potential earnings headwinds. Despite this anticipated rating decline, the company highlights positive performance in specific areas, such as all plans in Florida achieving at least 4.5 Stars, with two receiving a perfect 5 Stars, and strong ratings in Puerto Rico and other select states. Investors should monitor the company's efforts to improve Star ratings and its success in mitigating the financial consequences of this development.

Oct 13, 2023 8-K

Elevance Health, Inc. 8-K Report, Bylaw Amendment (Oct 5, 2023)

Elevance Health, Inc. (ELV) announced on October 4, 2023, an amendment to its Bylaws, effective immediately. This update is primarily driven by the need to align with the Securities and Exchange Commission's (SEC) "universal proxy" rules (Rule 14a-19). The amendments introduce new procedural and informational requirements for shareholders intending to nominate directors at company meetings. Key changes include enhanced disclosure requirements for nominating shareholders regarding their plans and agreements related to the company's securities, a certification mandate to confirm compliance with universal proxy rules regarding proxy statement distribution, and the reservation of a specific proxy card color for the Board's use. These modifications aim to standardize and clarify the director nomination and proxy solicitation processes, ensuring compliance with regulatory updates and potentially strengthening the Board's governance procedures in the context of shareholder activism.

Oct 5, 2023 8-K

Leadership ChangesRegulation FDExhibits & Filings

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Sep 20, 2023)

Elevance Health, Inc. (ELV) issued a Current Report (8-K) on September 20, 2023, primarily to reaffirm its financial guidance for the full year 2023. The company expects net income to be greater than $29.09 per share. This figure includes approximately $3.76 per share of net unfavorable items. Excluding these specific unfavorable items, Elevance Health maintains its expectation for adjusted net income to exceed $32.85 per share. This guidance remains consistent with information previously provided in the company's second quarter 2023 earnings release and does not account for any additional adjustment items beyond those already reported.

Sep 20, 2023 8-K

Elevance Health, Inc. 8-K Report, Executive Changes (Aug 8, 2023)

Elevance Health (ELV) announced on August 8, 2023 that Mark Kaye, currently Executive Vice President and CFO of Moody's Corporation, will become its new Executive Vice President and Chief Financial Officer effective November 1, 2023. He joins the company as CFO Designate starting September 6, 2023, and succeeds John Gallina, who is retiring after nearly three decades at the company (CFO since 2016). Gallina will remain with Elevance as Special Advisor to the CEO to support a smooth transition. The leadership change is a planned succession rather than a response to operational distress, and the transition overlap period of roughly two months is designed to limit disruption. Kaye's compensation package is substantial and signals the board's intent to attract an experienced finance leader. It includes a $900,000 base salary, a 120% target annual bonus, and $5.5 million in annual long-term incentive awards beginning in 2024. He also receives one-time equity awards of $8.0 million in restricted stock units to offset forfeited equity from Moody's, plus a prorated 2023 long-term incentive award of $3.7 million, and a $2.5 million cash sign-on award subject to a three-year clawback if he leaves voluntarily or is terminated for cause. Standard executive protections apply, including two years of salary and target bonus severance under the Executive Agreement Plan. In a separate Regulation FD disclosure, Elevance reaffirmed its 2023 guidance: GAAP net income of greater than $29.09 per share, including approximately $3.76 per share of net unfavorable items, and adjusted net income of greater than $32.85 per share. Investors should note that this reaffirmation, not the executive change, is the most financially material element of the filing, since it reassures the market that earnings expectations are unchanged following the second quarter 2023 results.

Aug 8, 2023 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Jul 19, 2023)

Elevance Health (ELV) reported second quarter 2023 results on July 19, 2023, showing strong top-line and earnings growth. Operating revenue rose 12.7% year-over-year to $43.4 billion, and operating gain increased 12.0% to $2.6 billion. GAAP diluted EPS was $7.79, including net negative adjustment items of $1.25 per share, while adjusted EPS was $9.04. Medical membership reached 48.0 million, up 938 thousand (2.0%) year-over-year, though it declined by 135 thousand sequentially due to Medicaid attrition from the resumption of eligibility redeterminations. Profitability improved on several fronts. The benefit expense ratio fell 70 basis points to 86.4%, driven by premium rate adjustments, and the operating expense ratio held flat at 11.1%. Health Benefits operating gain rose about 21% to $2.1 billion, though it absorbed a charge tied to a state court ruling on prior-year COVID-19 costs. Carelon operating gain grew modestly to $632 million, and Corporate & Other posted a larger loss of $152 million on higher unallocated corporate expenses. Operating cash flow was approximately $2.0 billion, or 1.1 times net income. Management raised its full-year 2023 outlook, now guiding to GAAP EPS greater than $29.09 and adjusted EPS greater than $32.85. The company also returned capital through share repurchases of $646 million in the quarter (1.4 million shares) and a $1.48 per share dividend, with $5.6 billion of repurchase authorization remaining. Investors should note the company's substantial debt load, which rose to about $24.9 billion of long-term debt, and the unrealized investment portfolio loss of $1.9 billion.

Jul 19, 2023 8-K

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Jun 13, 2023)

Elevance Health, Inc. (ELV) has reaffirmed its full-year 2023 net income guidance for investors. The company expects net income to be greater than $29.50 per share, which includes approximately $3.20 per share attributable to net unfavorable items. Excluding these specific items, Elevance Health anticipates adjusted net income to exceed $32.70 per share. This guidance remains consistent with the financial outlook provided in the first quarter of 2023 and does not incorporate any additional adjustment items beyond those previously reported. This reaffirmation of guidance suggests management's confidence in the company's ongoing performance and its ability to navigate the current business environment. Investors should note that the guidance is subject to the inherent risks and uncertainties outlined in the company's forward-looking statements, including potential impacts from healthcare cost trends, regulatory changes, and competitive pressures. The company intends to communicate these projections and other forward-looking information during upcoming investor meetings.

Jun 13, 2023 8-K

Elevance Health, Inc. 8-K Report, Shareholder Vote Results (May 11, 2023)

Elevance Health, Inc. (ELV) filed an 8-K on May 10, 2023, reporting the results of its Annual Meeting of Shareholders held on May 9, 2023. The key takeaway for investors is the overwhelmingly positive shareholder support for the election of directors and the company's executive compensation practices, as well as the ratification of Ernst & Young LLP as the independent auditor. These outcomes suggest continued confidence in the current leadership and financial oversight of the company. Furthermore, shareholders have indicated a preference for an annual advisory vote on executive compensation. Notably, two shareholder proposals, one concerning the right to call a special meeting and another requesting annual reporting from third parties seeking financial support, did not receive majority approval. This indicates that the current governance structure and reporting practices remain largely intact as determined by the shareholder vote.

May 11, 2023 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Apr 19, 2023)

Elevance Health reported first-quarter 2023 results that beat its own growth benchmarks on the top and bottom line. Operating revenue rose 10.6% year-over-year to $41.9 billion, driven by Medicaid and Medicare Advantage membership growth, Health Benefits premium rate increases, and growth in CarelonRx pharmacy product revenue. Operating gain rose 16.6% to $2.8 billion, and GAAP net income was $8.30 per diluted share, up 13.4% from the restated prior-year figure. Adjusted EPS was $9.46, up 15.5%. Medical enrollment reached 48.1 million, up 1.3 million (2.9%) year-over-year. The benefit expense ratio improved 30 basis points to 85.8%, led by commercial risk-based plans. Management raised its full-year 2023 outlook, now calling for GAAP EPS greater than $29.50 and adjusted EPS greater than $32.70. The filing does not state the prior guidance, so the size of the raise cannot be measured from this document. Operating cash flow of about $6.5 billion includes an early receipt of April premium payments from CMS. Excluding that timing benefit, operating cash flow was $3.5 billion, or 1.7 times net income. Investors should treat the headline figure with caution. Capital deployment remained active. The company repurchased $622 million of stock in the quarter, leaving about $6.3 billion of authorization, and declared a $1.48 per share second-quarter dividend. Balance sheet items to watch include a rise in long-term debt to $25.2 billion from $22.3 billion, goodwill and intangibles growth from acquisitions (cash paid for acquisitions was $1.6 billion), and a $1.8 billion net unrealized loss in the investment portfolio. The filing also includes forward-looking statement risk factors covering medical cost trends, Medicare and Medicaid rules, and cyber risk, and notes that the press release is furnished rather than filed.

Apr 19, 2023 8-K

Elevance Health, Inc. 8-K Report, Regulation FD Disclosure (Mar 22, 2023)

Elevance Health, Inc. (ELV) has filed a Current Report (8-K) on March 22, 2023, primarily to announce its upcoming Investor Conference scheduled for March 23, 2023. During this conference, company officers are expected to reaffirm the previously issued full-year 2023 financial guidance. Additionally, Elevance Health plans to discuss its long-term financial targets extending through 2027. This event presents a key opportunity for investors to gain deeper insights into the company's strategic outlook and financial trajectory. While no new financial results or material changes were disclosed in this specific filing, the reaffirmation of guidance and the discussion of long-term targets signal management's confidence in their current business plans and future performance. Investors should pay close attention to the Investor Conference for more detailed information and any updates that may emerge. The company has also provided a standard forward-looking statement disclaimer, cautioning about the inherent risks and uncertainties in their projections.

Mar 22, 2023 8-K

Leadership Changes

Elevance Health, Inc. 8-K Report, Executive Changes (Feb 22, 2023)

Elevance Health, Inc. (ELV) announced a key executive leadership transition in its 8-K filing dated February 22, 2023. Gloria M. McCarthy will be stepping down from her role as Executive Vice President and Chief Administrative Officer, effective April 1, 2023. She will transition to a new position as Special Advisor to the Chief Executive Officer. This change in the Chief Administrative Officer role is the primary focus of this filing. Investors should monitor how this transition impacts operational oversight and administrative functions within the company. While McCarthy's move to a special advisor role suggests a continued, albeit different, involvement, the specific responsibilities and impact on strategic execution will be of interest going forward.

Feb 22, 2023 8-K

Elevance Health, Inc. 8-K Report, Corporate Update (Feb 8, 2023)

Elevance Health, Inc. (ELV) announced the successful closing of a significant notes offering on February 8, 2023, raising approximately $2.57 billion in net proceeds. This offering comprises three tranches of senior unsecured notes: $500 million of 4.900% Notes due 2026, $1 billion of 4.750% Notes due 2033, and $1.1 billion of 5.125% Notes due 2053. The company intends to use these proceeds for general corporate purposes, including funding potential acquisitions, repaying existing debt, and repurchasing its common stock. This capital raise provides Elevance Health with substantial financial flexibility. Investors should note the diverse maturity dates of the notes, offering a range of durations for fixed-income exposure. The proceeds' intended use suggests strategic initiatives, including potential M&A activity and shareholder return programs, which could be key drivers of future company growth and valuation.

Feb 8, 2023 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Jan 25, 2023)

Elevance Health (NYSE: ELV) reported fourth quarter and full-year 2022 results on January 25, 2023, showing strong top-line growth and operating earnings progress. Full-year operating revenue rose 13.7% year-over-year to $155.7 billion, driven by Medicaid and Medicare Advantage membership growth and premium rate increases, while full-year operating gain grew 12.9% to $8.5 billion. Full-year GAAP EPS was $24.81 (up 0.3%) and adjusted EPS was $29.07 (up 11.9%). Q4 GAAP EPS of $3.93 fell 15.1% year-over-year, largely reflecting $1.30 per share of net negative adjustment items, including $0.46 of investment losses and $0.16 of business optimization charges, though Q4 adjusted EPS rose 1.8% to $5.23. Quality and margin trends were mixed. The full-year benefit expense ratio improved 10 basis points to 87.4%, but this was largely due to a realignment of quality improvement costs rather than underlying performance; excluding that realignment, the ratio would have risen on Medicaid business mix shift. Operating cash flow was $8.4 billion for the year, though Q4 showed a $1.5 billion outflow due to timing of CMS premium receipts. Medical membership reached 47.5 million, up 4.8%, with Medicaid growth boosted by the suspension of eligibility recertifications. For capital allocation and outlook, management guided 2023 GAAP EPS to greater than $29.80 and adjusted EPS to greater than $32.60, with operating revenue expected around $164 billion. The Board raised the quarterly dividend 16% to $1.48 per share and the Audit Committee added $5.0 billion to the share repurchase program, which management intends to use over multiple years. The company also announced plans to welcome Blue Cross and Blue Shield of Louisiana, expanding its Blue plan footprint to 15 states.

Jan 25, 2023 8-K

Leadership ChangesExhibits & Filings

Elevance Health, Inc. 8-K Report, Corporate Update (Nov 4, 2022)

Elevance Health, Inc. (ELV) announced the closing of a notes offering on November 4, 2022, raising a total of approximately $1.78 billion after deducting underwriting discounts and expenses. This offering consisted of three tranches: $400.0 million in 5.350% Notes due 2025, $650.0 million in 5.500% Notes due 2032, and $750.0 million in 6.100% Notes due 2052. The net proceeds from this issuance are earmarked for general corporate purposes, including working capital, potential acquisitions, debt repayment, and share repurchases. This debt issuance provides Elevance Health with significant financial flexibility to pursue strategic initiatives and manage its capital structure. The terms of the notes include specific redemption provisions, both at the company's option and under certain "change of control" scenarios coupled with a credit rating downgrade. Investors should note the differing interest rates and maturity dates across the three series of notes, reflecting varying terms and market conditions at the time of issuance.

Nov 4, 2022 8-K

Elevance Health, Inc. 8-K Report, Executive Changes (Oct 25, 2022)

Elevance Health (NYSE: ELV) filed an 8-K on October 25, 2022 to disclose a board appointment rather than any financial results or operational event. The Board elected Deanna Strable-Soethout, executive vice president and CFO of Principal Financial Group, as an independent director effective November 1, 2022, with a term running to the 2023 annual meeting. She was also appointed to the Audit and Governance Committees, and the Board determined she qualifies as an audit committee financial expert. For investors, the filing is governance-focused and carries no disclosed financial impact. The filing states she has no material related-party interest under Item 404(a) and no arrangement with any other person for her election. Her compensation follows the company's standard non-employee director program, previously filed as Exhibit 10.7 to the Q2 2022 10-Q, so no new pay package was disclosed. The most notable element for investors is the addition of a seasoned insurance-industry CFO to the Audit Committee, which may strengthen financial oversight. The accompanying press release also notes the Board will be over 70% women and/or racially or ethnically diverse directors, and that Elevance serves more than 118 million people. The filing does not include any updated guidance, earnings data, or material corporate developments.

Oct 25, 2022 8-K

Elevance Health, Inc. 8-K Report, Financial Results (Oct 19, 2022)

Elevance Health (NYSE: ELV) reported third quarter 2022 results on October 19, 2022, with double-digit top-line and operating earnings growth and a raised full-year outlook. Operating revenue rose 11.5% year-over-year to $39.6 billion, and operating gain grew 10.2% to $2.3 billion. GAAP net income was $6.68 per diluted share, including net negative adjustment items of $0.85 per share, while adjusted EPS was $7.53, up 10.9% from $6.79. Medical membership reached 47.3 million, up 2.2 million (4.9%) year-over-year, driven largely by Medicaid growth and acquisitions, with 232 thousand net adds in the quarter. Profitability showed mixed signals. The benefit expense ratio improved 50 basis points to 87.2%, but that improvement was largely due to a realignment of quality improvement costs rather than underlying cost performance; excluding it, the ratio would have been roughly flat. The SG&A ratio rose 30 basis points to 11.4%. Segment results were uneven: Commercial & Specialty operating gain rose 26.6%, Government Business fell 10.2% on higher operating costs, and IngenioRx grew 16.0%. Operating cash flow was about $4.9 billion, aided by timing of CMS payments and partly offset by a BCBSA litigation settlement payment. Management raised full-year 2022 guidance to GAAP EPS greater than $25.33 and adjusted EPS greater than $28.95. The company also declared a $1.28 quarterly dividend, repurchased $579 million of stock in the quarter, and retained about $2.4 billion of buyback authorization. Investors should note the $2.8 billion net unrealized loss in the investment portfolio and the company's substantial debt, along with the forward-looking risk factors cited in the filing.

Oct 19, 2022 8-K