The earnings call highlighted strong performance in Elevance Health's commercial and Medicare Advantage segments, as well as significant growth in Carelon services. However, these positives were overshadowed by challenges in the Medicaid business, which led to a reduced earnings outlook and increased expense ratios. The strategic positioning in Medicare and expansion in commercial markets are promising, but the immediate financial outlook is impacted by Medicaid-related issues.

Company Guidance

In the third quarter earnings call for Elevance Health, the company provided detailed guidance and metrics reflecting the challenges and strategies moving forward. The adjusted diluted earnings per share for Q3 2024 were $8.37, falling short due to elevated Medicaid medical costs. Consequently, the full-year adjusted EPS outlook was revised down to approximately $33. While the consolidated benefit expense ratio increased to 89.5%, indicating rising costs, the operating expense ratio improved by 150 basis points to 9.6%. The company anticipates 2024 operating cash flow to be around $4.5 billion. For 2025, Elevance Health expects high single-digit revenue growth, with adjusted EPS anticipated to grow at least in the mid-single-digit range. The Medicaid segment is expected to remain challenging with margins below long-term potential, while the Commercial and Medicare segments are poised for growth and stability.

Commercial Business Performance

Commercial membership has grown by nearly 600,000 year-over-year, driven by strong fee-based and Individual ACA health plan growth. The Commercial businesses are performing well and are on track to achieve their financial targets.

Carelon Services Growth

Carelon services are on track to exceed the upper end of the initial outlook for low 20s percentage revenue growth, with external growth above initial targets for 2024.

Medicare Advantage Strategic Positioning

Elevance Health expects to grow individual Medicare Advantage membership in line or slightly better than the broader market in 2025, with a focus on high-priority markets and products.

Expansion in Individual Exchange Business

Membership in the Individual Exchange business is up more than 30% year-to-date. The company is expanding its Individual and Family ACA plans in Florida, Maryland, and Texas.

CarelonRx Expansion

CarelonRx continues to expand its customer base and value proposition, with recent acquisitions such as Kroger Specialty Pharmacy aligned with delivering whole health affordably.

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Elevance Health (ELV) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ELV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 22, 2025	2024 (Q4)	3.98 / -	5.62	―	―	―
Oct 17, 2024	2024 (Q3)	9.66 / 8.37	8.99	-6.90% (-0.62)
Jul 17, 2024	2024 (Q2)	10.00 / 10.12	9.04	11.95% (+1.08)
Apr 18, 2024	2024 (Q1)	10.52 / 10.64	9.46	12.47% (+1.18)
Jan 24, 2024	2023 (Q4)	5.60 / 5.62	5.23	7.46% (+0.39)
Oct 18, 2023	2023 (Q3)	8.46 / 8.99	7.53	19.39% (+1.46)	―
Jul 19, 2023	2023 (Q2)	8.78 / 9.04	8.04	12.44% (+1.00)	―
Apr 19, 2023	2023 (Q1)	9.29 / 9.46	8.25	14.67% (+1.21)	―
Jan 25, 2023	2022 (Q4)	5.19 / 5.23	5.14	1.75% (+0.09)	―
Oct 19, 2022	2022 (Q3)	7.15 / 7.53	6.79	10.90% (+0.74)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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ELV Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 17, 2024	$494.94	$442.54	-10.59%
Jul 17, 2024	$549.24	$517.25	-5.82%
Apr 18, 2024	$503.85	$519.90	+3.19%
Jan 24, 2024	$465.90	$467.39	+0.32%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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