The earnings call highlighted strong growth in Carelon and disciplined cost management but was overshadowed by significant challenges in the Medicaid and ACA markets, leading to a revision in EPS guidance. The combination of increased operating revenue and improvements in operating expense ratio was not enough to offset the concerns over elevated cost trends and risk pool issues.

Company Guidance -

Q3 2025

During the Elevance Health Second Quarter 2025 Earnings Conference Call, CEO Gail Boudreaux announced a revised full-year 2025 adjusted EPS guidance of approximately $30, down from previous expectations. This adjustment reflects pressures such as elevated medical cost trends in the ACA market and slower-than-expected Medicaid rate alignment. The call highlighted a strategic focus on managing costs and reinforcing operational foundations to support long-term value creation. In the second quarter, Elevance Health reported a GAAP diluted EPS of $7.72 and an adjusted EPS of $8.84, with operating revenue reaching $49.4 billion, a 14% increase year-over-year. The consolidated benefit expense ratio rose to 88.9%, up 260 basis points from the previous year, while the adjusted operating expense ratio improved by 140 basis points to 10.0%. The company ended the quarter with 45.6 million medical members, a sequential decrease of approximately 200,000. Looking forward, Elevance Health is focusing on stabilizing trends, particularly in high-cost areas, and leveraging technology to enhance care delivery and payment integrity.

Strong Performance in Carelon

Carelon Rx grew operating revenue by over 20% with traction in larger clients and scaling specialty pharmacy assets. Carelon Services delivered greater than 50% growth in revenue and operating gain through expansion of risk-based relationships and integration of CareBridge.

Disciplined Cost Management

Elevation Health delivered adjusted EPS consistent with expectations, reflecting disciplined cost management across key parts of the business.

Increased Operating Revenue

Operating revenue increased by 14% year-over-year to $49.4 billion, driven by higher premium yields and recent acquisitions in home health and specialty pharmacy.

Improvements in Operating Expense Ratio

Adjusted operating expense ratio improved by 140 basis points year-over-year, reflecting ongoing strategic investments.

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

Daily Earnings Calendar >

ELV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	6.76 / -	8.37	―	―	―
Jul 17, 2025	2025 (Q2)	8.91 / 8.84	10.12	-12.65% (-1.28)
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)	―

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

ELV Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 17, 2025	$344.55	$302.45	-12.22%
Apr 22, 2025	$404.90	$414.07	+2.26%
Jan 23, 2025	$387.39	$397.93	+2.72%
Oct 17, 2024	$490.70	$438.76	-10.58%

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.