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Dec 31, 2025
Elevance Health Q4 2025 Earnings Report
Elevance Health reported Q4 2025 results with revenue and earnings growth, supported by Medicare Advantage gains but pressured by Medicaid attrition and elevated costs.
Key Takeaways
Elevance Health delivered solid Q4 2025 results with higher revenues and EPS, driven by premium increases and Medicare Advantage growth, despite margin pressures from medical costs and Medicaid attrition.
Revenue by Segment
Forward Guidance
Elevance Health expects modest EPS growth in 2026, with headwinds from Medicaid and Medicare mix shifts, while continuing investment in technology and value-based care.
Positive Outlook
- Adjusted EPS expected to be at least $25.50 in FY 2026
- Operating cash flow projected to exceed $5.5 billion
- CarelonRx and Carelon Services expected to grow at low single digits
- Focus on pricing discipline and technology investment
- Reaffirmed long-term EPS growth target of 12% by 2027
Challenges Ahead
- Total operating revenue expected to decline slightly in FY 2026
- Health Benefits segment revenue expected to decline
- Adjusted operating gain projected to decline to at least $6.8 billion
- Medicaid and Medicare Advantage memberships expected to decline
Historical Earnings Impact
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Avg. Return Before/After Earnings
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