Gail K. Boudreaux, President and Chief Executive Officer at Anthem | Anthem
Elevance Health, Inc. (NYSE: ELV) has announced its financial results for the third quarter of 2025, reporting operating revenue of $50.1 billion, which is a 12 percent increase from the same period in 2024. The company also posted diluted earnings per share (EPS) of $5.32 and adjusted diluted EPS of $6.03.
President and Chief Executive Officer Gail K. Boudreaux stated, "Our third quarter results were in line with expectations and reflect disciplined execution across Elevance Health. In a dynamic healthcare environment, we’re focused on advancing affordability and elevating the member experience through our growing value-based care partnerships and AI-enabled digital solutions that simplify access and improve outcomes. As we plan for 2026, we remain disciplined in managing what we can control – positioning our businesses for long-term, sustainable growth and value creation for all stakeholders.”
The company reaffirmed its full-year 2025 guidance for a benefit expense ratio of approximately 90 percent and adjusted diluted EPS of about $30.00.
The rise in operating revenue was mainly attributed to higher premium yields within the Health Benefits segment, recent acquisitions, and increased Medicare Advantage membership. These gains were partially offset by continued declines in Medicaid membership due to eligibility reverifications.
The benefit expense ratio rose to 91.3 percent—an increase of 180 basis points year over year—reflecting higher costs primarily within Medicare as a result of seasonality linked to changes from the Inflation Reduction Act.
Operating cash flow stood at $4.2 billion year-to-date but decreased by $0.9 billion compared to last year, partly due to payments related to multi-district litigation settlements involving Blue Cross Blue Shield Association providers.
During the third quarter, Elevance Health repurchased 2.9 million shares at a total cost of $875 million and paid out dividends totaling $381 million.
The Health Benefits segment reported operating revenue of $42.2 billion—a rise driven by higher premiums, acquisitions, and Medicare Advantage growth—but experienced lower BlueCard and Medicaid membership compared with last year.
Carelon—which includes CarelonRx and Carelon Services—saw its operating revenue climb by 33 percent year over year to reach $18.3 billion thanks to new acquisitions in home health and pharmacy services as well as expanded product offerings.
On October 15, the company's Board declared a fourth-quarter dividend of $1.71 per share payable December 19, 2025.
Elevance Health provides medical, pharmacy, behavioral health, clinical care, home health services, and complex care solutions across its portfolio serving more than 109 million consumers nationwide through various channels including www.elevancehealth.com.
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