NYSE$ELV
Elevance Health Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Elevance Health reported strong Q4 2023 results, driven by customer experience, affordability, and strategic investments.
Elevance Health reported Q4 2023 operating revenue of $42.5 billion, a 7.0% increase year-over-year. GAAP diluted EPS was $3.63, up 1.1%, and adjusted diluted EPS was $5.62, up 15.2%. The company projects FY 2024 GAAP diluted EPS and adjusted diluted EPS of greater than $34.29 and $37.10 per share, respectively.
- Q4 2023 operating revenue reached $42.5 billion, up 7.0% from Q4 2022.
- GAAP diluted EPS for Q4 2023 was $3.63, a 1.1% increase from Q4 2022.
- Adjusted diluted EPS for Q4 2023 was $5.62, a 15.2% increase.
- The company increased its quarterly dividend by 10.1% to $1.63 per share.
Headline financials
Revenue & EPS history
Elevance Health · Revenue · Quarterly
$42.5B
Revenue by segment
Elevance Health · $62B total across 4 segments · Q2 2026
- Health Benefits$42.7B—69.0%
- CarelonRx$11.3B—18.2%
- Carelon Services$7.98B—12.9%
- Corporate & Other$6M—0.0%
Forward guidance
Elevance Health projects FY 2024 GAAP diluted EPS and adjusted diluted EPS of greater than $34.29 and $37.10 per share, respectively.
Tailwinds
- Fee-Based Medical Enrollment between 27.4 and 27.6 million
- Risk-Based Medical Enrollment between 18.4 and 19.0 million
- Total Operating Revenue growth flat to low-single digit
- Adjusted Operating Gain greater than $10.3 billion
- Operating Cash Flow greater than $8.1 billion
Headwinds
- Premium Revenue approximately flat
- Health Benefits revenue approximately flat
- CarelonRx revenue low-single digit
- Carelon Services operating margin down (30) - 0 bps
- Amortization of Intangible Assets ($450) million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2023
-0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+2.4%
Avg return
30 days after
54%
25 / 46 earnings
Positive
+11.1%
Q4 2018
Best reaction
-15.0%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +2.3% | +8.5% | +20.3% | |
| Q4 2025 | +5.1% | +5.9% | -0.9% | |
| Q3 2025 | -1.1% | -3.3% | -11.3% | |
| Q2 2025 | +0.3% | +6.0% | +5.9% | |
| Q1 2025 | +2.1% | +3.7% | -5.5% | |
| Q4 2024 | +2.9% | +3.8% | -1.4% | |
| Q3 2024 | -15.0% | -15.5% | -19.4% | |
| Q2 2024 | -8.7% | -8.9% | -1.7% | |
| Q1 2024 | +4.1% | +4.7% | +7.6% | |
| Q4 2023 | +1.8% | +3.0% | +8.9% | |
| Q3 2023 | -0.6% | -3.0% | -0.6% | |
| Q2 2023 | +7.2% | +6.2% | +4.3% | |
| Q1 2023 | -5.8% | -4.2% | -5.2% | |
| Q4 2022 | +3.6% | +2.2% | -0.1% | |
| Q3 2022 | +2.0% | +10.1% | +3.6% | |
| Q2 2022 | -7.6% | -5.3% | +1.2% | |
| Q1 2022 | +1.1% | -2.0% | -4.7% | |
| Q4 2021 | -0.8% | +0.4% | +3.3% | |
| Q3 2021 | +9.3% | +10.4% | +5.5% | |
| Q2 2021 | -1.4% | -2.9% | -3.1% | |
| Q1 2021 | -0.5% | -1.1% | +3.7% | |
| Q4 2020 | -3.8% | -6.4% | -3.0% | |
| Q3 2020 | -8.6% | -6.9% | +4.7% | |
| Q2 2020 | +4.5% | +2.1% | +4.5% | |
| Q1 2020 | +4.7% | +1.0% | +9.7% | |
| Q4 2019 | -8.4% | -8.2% | -11.4% | |
| Q3 2019 | -0.3% | +2.9% | +12.1% | |
| Q2 2019 | -2.9% | -1.4% | -13.9% | |
| Q1 2019 | +2.1% | +6.2% | +10.6% | |
| Q4 2018 | +11.1% | +11.6% | +12.8% | |
| Q3 2018 | +0.2% | +1.4% | +9.3% | |
| Q2 2018 | +0.4% | +2.5% | +7.8% | |
| Q1 2018 | +5.3% | +4.9% | +3.3% | |
| Q4 2017 | +0.2% | -5.3% | -4.3% | |
| Q3 2017 | +6.0% | +7.3% | +12.9% | |
| Q2 2017 | -3.7% | -2.3% | +1.1% | |
| Q1 2017 | +3.4% | +3.9% | +6.2% | |
| Q4 2016 | +2.3% | +1.7% | +7.7% | |
| Q3 2016 | +2.2% | +5.2% | +23.6% | |
| Q2 2016 | -3.4% | -7.3% | -9.2% | |
| Q1 2016 | -2.1% | — | — | |
| Q4 2015 | -8.2% | — | — | |
| Q3 2015 | -2.3% | — | — | |
| Q2 2015 | +0.4% | — | — | |
| Q1 2015 | -2.1% | — | — | |
| Q4 2014 | -0.5% | — | — | |
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