Elevance Health started 2025 with robust revenue growth and strong performances in key segments like Medicare Advantage and Carelon Services. However, the company faces challenges with elevated Medicaid costs and lower-than-expected ACA membership effectuation rates. Overall, the positive achievements in strategic areas were tempered by ongoing cost pressures.

Company Guidance

During the first quarter of 2025, Elevance Health reported substantial progress across its strategic initiatives, with a focus on whole-person health and operational excellence. The company supported over 6 million members with patient advocacy solutions, achieving a 95% satisfaction rate. HealthOS, their digital platform, expanded to support over 88,000 care providers. They eliminated prior authorization requirements for more than 400 outpatient procedures for high-performing providers. The value-based oncology care model was expanded to Medicare Advantage. Elevance Health reported a GAAP diluted EPS of $9.61 and an adjusted EPS of $11.97, with operating revenue reaching $48.8 billion, reflecting a 15% increase. The benefit expense ratio was 86.4%, with Carelon's operating gain increasing by 34%. The company ended Q1 with 45.8 million medical members, a 99,000 increase from the previous year, and maintained a debt-to-capital ratio of approximately 41%. Guidance for 2025 remained unchanged, with adjusted EPS expected between $34.15 and $34.85, and operating cash flow projected at $8 billion.

Strong Start to 2025

Elevance Health delivered results aligned with expectations, with GAAP diluted EPS at $9.61 and adjusted diluted EPS at $11.97, reflecting over 10% year-over-year growth.

Revenue Growth

Operating revenue for Q1 was $48.8 billion, an increase of over 15% driven by higher premium yields, growth in Medicare Advantage and Individual ACA membership, and CarelonRx product revenue.

Carelon Services and CarelonRx Growth

Carelon Services reported over 60% growth, with expansion in offerings such as post-acute care and behavioral health. CarelonRx also showed strong performance, particularly in SpecialtyRx.

Medicare Advantage Success

Medicare Advantage retention remained strong with targeted and disciplined growth supporting both margin and membership sustainability.

Value-Based Care Savings

Value-based care models drove nearly $100 per member per month savings across medical and pharmacy.

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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
Jul 16, 2025	2025 (Q2)	9.43 / -	10.12	―	―	―
Apr 22, 2025	2025 (Q1)	11.41 / 11.97	10.64	12.50% (+1.33)
Jan 23, 2025	2024 (Q4)	4.01 / 3.84	5.62	-31.67% (-1.78)
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)	―

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
Apr 22, 2025	$406.69	$415.90	+2.26%
Jan 23, 2025	$389.10	$399.68	+2.72%
Oct 17, 2024	$492.87	$440.69	-10.59%
Jul 17, 2024	$546.94	$515.09	-5.82%

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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