NYSE$ELV
Elevance Health Inc · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Elevance Health reported Q4 2025 operating revenue of $49.3B with GAAP EPS of $2.47 and adjusted EPS of $3.33.
Fourth-quarter operating revenue was $49.3 billion; full-year operating revenue was $197.6 billion. GAAP diluted EPS was $2.47 and adjusted diluted EPS was $3.33 in Q4; full-year adjusted EPS was $30.29. The company returned $4.1 billion of capital to shareholders in 2025. Management projected 2026 GAAP diluted EPS of at least $22.30 and adjusted diluted EPS of at least $25.50 while reaffirming its long-term earnings algorithm.
- Q4 operating revenue $49.3B; adjusted EPS $3.33.
- FY25 adjusted EPS $30.29; $4.1B capital returned.
- 2026 adjusted EPS guide at least $25.50.
- Recalibrating segment margin targets under new outlook.
Headline financials
Revenue & EPS history
Elevance Health · Revenue · Quarterly
$49.3M
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 projected 2026 GAAP diluted EPS of at least $22.30 and adjusted diluted EPS of at least $25.50 while reaffirming its long-term earnings algorithm.
Tailwinds
- 2026 adjusted EPS guide at least $25.50.
- Returned $4.1B to shareholders in 2025.
- Long-term earnings algorithm reaffirmed.
- Membership and premium trends stabilizing.
Headwinds
- Medical cost trend and Medicaid redetermination risks.
- Regulatory pressure on managed care margins.
- Q4 GAAP EPS $2.47 below adjusted $3.33.
- Segment margin targets being recalibrated.
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 2025
-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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