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Sep 30, 2025
Elevance Health Q3 2025 Earnings Report
Elevance Health reported solid results in Q3 2025 with revenue and earnings growth driven by Medicare Advantage expansion and Carelon performance.
Key Takeaways
Elevance Health posted strong Q3 2025 results with a 12% increase in revenue and a 17% rise in net income. Performance was supported by growth in Medicare Advantage and CarelonRx, partially offset by Medicaid headwinds and increased benefit expenses.
Revenue by Segment
Forward Guidance
Elevance reaffirmed its full-year 2025 guidance, projecting adjusted EPS of approximately $30.00, reflecting confidence in long-term growth despite near-term cost pressures.
Positive Outlook
- Reaffirmed full-year adjusted EPS guidance of ~$30.00
- Solid Medicare Advantage growth
- Strong performance from CarelonRx and Carelon Services
- Operational discipline in a dynamic environment
- Technology investments expected to drive future efficiencies
Challenges Ahead
- Elevated Medicare cost trends impacting margins
- Continued decline in Medicaid membership
- Lower year-over-year operating gain in Health Benefits
- Higher benefit expense ratio due to seasonal Medicare Part D changes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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