The earnings call reflects a challenging environment with significant pressures in the ACA and Medicaid markets leading to a downward revision of the full-year outlook. Despite strong revenue growth and segment expansion, the persistent elevated cost trends and revised guidance indicate a cautious approach towards recovery.

Company Guidance

During the Elevance Health Second Quarter 2025 Earnings Conference Call, the company provided revised guidance for the full year 2025, setting adjusted EPS expectations to approximately $30. This revision reflects elevated medical cost trends in the ACA market and slower Medicaid rate alignments. Despite these pressures, Elevance Health reported second-quarter GAAP diluted EPS of $7.72 and adjusted diluted EPS of $8.84, with operating revenue increasing by 14% year-over-year to $49.4 billion. The company ended the quarter with 45.6 million medical members, a sequential decrease of approximately 200,000, due to reductions in Medicaid membership and lower effectuation rates in the ACA business. Elevance Health's benefit expense ratio was 88.9%, a 260 basis point increase from the previous year, driven by ACA and Medicaid business dynamics. The company highlighted its continued focus on strategic cost management and care delivery innovations, including AI-enabled tools and value-based care, to stabilize margins and improve long-term earnings potential.

Strong Revenue Growth

Elevance Health reported operating revenue of $49.4 billion, an increase of 14% year-over-year, driven by higher premium yields and recent acquisitions in home health and specialty pharmacy.

Carelon Segment Expansion

Carelon Rx's operating revenue grew by over 20%, and Carelon Services achieved more than 50% revenue growth with the expansion of risk-based relationships and integration of CareBridge.

Stable Medicare Advantage Trends

Medicare Advantage cost trends remained in line with expectations, and stable margins are targeted for the year.

Operating Expense Reduction

The adjusted operating expense ratio improved by 140 basis points year-over-year to 10.0%, reflecting strategic investments in care models and technology.

Elevance Health (ELV) Earnings, Revenues Date & History

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ELV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	5.20 / -	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.