What does Elevance Health do and what are its main business segments?

Did Elevance Health beat or miss consensus estimates last quarter?

What is Elevance Health's gross profit margin?

What were the key takeaways from Elevance Health's earnings call?

What guidance did Elevance Health's management provide for the next earnings period?

What were the key takeaways from Elevance Health’s earnings call?

What is Elevance Health's latest dividend and current dividend yield?

What factors drove the changes in Elevance Health's revenue and profit?

- **2026 EPS Guidance**: $25.50+ with 12%+ 2027 growth target, supported by diversified platform.
- **Medicaid Margin**: -1.75% in 2026, actions to improve care coordination and reduce trend.
- **Medicare MA**: 2%+ margin in 2026 despite 15-20% membership decline, driven by D-SNP focus.
- **Carelon Growth**: Services up 60% in 2025, targeting mid-single-digit margin expansion.
- **Flu Impact**: 20bps Q1 headwind embedded in guidance.
- **Policy Risks**: Medicaid enrollment decline from eligibility checks, but manageable via program changes.


**【CEO Summary Section】**
- **2026 Outlook**: Adjusted EPS guidance of at least $25.50, reflecting prudent assumptions amid cost trend challenges. Long-term target of 12%+ EPS growth from 2027 baseline.
- **Medicaid**: Operating margin expected to be -1.75% in 2026, driven by elevated acuity and rate lag. Actions include care coordination and program integrity initiatives.
- **Medicare Advantage**: Membership decline in high teens (2026), but margin improvement to at least 2% via portfolio repositioning and D-SNP focus.
- **ACA**: Repositioned for higher acuity post-subsidy expiration, guiding to 900k+ members by year-end.
- **Commercial**: Strong ASO growth (11/19 second Blue bids won), with risk-based membership decline due to pricing discipline.
- **Carelon**: Services revenue up 60% in 2025, targeting mid-single-digit margin expansion despite Rx headwinds from health plan membership decline.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Adjusted EPS $3.33, full year $30.29. 2026 guidance includes:
  - Operating revenue decline in low single digits
  - Medical loss ratio 90.2% ±50bps
  - Operating expense ratio 10.6% ±50bps
  - Operating cash flow ≥$5.5B
- **Investments**: $1 of 2026 investments pulled forward, including $0.25 for workforce retention.
- **Flu Impact**: 20bps Q1 headwind embedded in guidance.

**【Q&A Highlights】**
- **Cost Trends**: Medicaid mid-single-digit (2026), ACA accelerating post-subsidy, Medicare Advantage mix-driven.
- **Membership Dynamics**: Medicaid decline 750k (2026), Medicare MA exit of low-margin PPOs, ACA attrition offset by new market growth.
- **Policy Impact**: One Big Beautiful Bill Act may reduce Medicaid enrollment, but manageable via diversified portfolio.
- **Carelon Rx**: Growth in upmarket/jumbo accounts and specialty, but margin compression from mix shift.
- **Medicare Rates**: Flat 2026 notice pressures sustainability, but company focused on benefits and networks to mitigate.


Elevance Health, Inc. (ELV) Q4 2025 Earnings Call Transcript

- **Medicaid Margin Warning**: 2026 operating margin to decline 125+ bps due to acuity/rate misalignment. 
- **AI Investment Payoff**: $1 EPS impact in 2026 via workflow automation. 
- **ACA Risk**: 20-30% membership drop if subsidies expire, pressuring rates. 
- **Carelon Momentum**: Services revenue +50% YoY,Rx +20% YoY, offsetting MA exits. 
- **2025 EPS Guidance**: $30 reaffirmed, excluding $3 of nonrecurring benefits.

**【CEO Summary Section】**
- Reaffirmed 2025 adjusted EPS of $30, excluding $3 of nonrecurring items. 
- Medicaid operating margin expected to decline by at least 125 basis points in 2026 due to acuity-driven cost trends and rate lags.
- 55% of Medicare Advantage (MA) members in 2027 will be in 4-star or higher plans, up from 40% in 2026.
- CarelonRx revenue grew 20% YoY, CarelonServices grew over 50% YoY, driven by integration of CareBridge.
- AI-enabled tools (e.g., virtual assistant) now accessible to 10M+ members, reducing prior auth requests by 68%.

**【CFO Financial Commentary】**
- Q3 GAAP EPS: $5.32; Adjusted EPS: $6.03 (vs. $30 annual target). 
- Total revenue: $50.1B (+12% YoY), driven by MA membership growth and acquisitions.
- Medicaid margin: Modestly negative for 2025, with Q4 trends indicating 125+ bps decline in 2026.
- Medicare Advantage margin: Expected slight improvement in 2025, excluding one-time settlement.
- Operating expense ratio: 10.4%, with $100M+ investments in AI, Carelon, and Star ratings.
- Free cash flow: $1.1B (1x GAAP net income), with $875M share buybacks.

**【Q&A Highlights】**
- **Medicaid Margin Drivers**: 50% from acuity/rate lag, 50% from utilization trends. States receptive to program changes (e.g., ABA therapy caps). 
- **AI Investment Impact**: $1 EPS impact in 2026, targeting 68% reduction in prior auth denials. 
- **ACA Subsidy Risk**: 2026 membership could drop 20-30% if enhanced subsidies expire. 
- **Carelon Growth**: External revenue up double digits, with 80%+ retention in pharmacy. 
- **2027 Outlook**: Balanced growth from Commercial, MA, Carelon, and stabilized Medicaid margins.

Elevance Health, Inc. (ELV) Q3 2025 Earnings Call Transcript

- **EPS Guidance Cut**: Full-year 2025 adjusted EPS revised to $30 due to 70% ACA acuity/30% utilization surge and Medicaid rate lag.
- **Carelon Outperformance**: Rx revenue +20%, Services revenue +50%, despite short-term margin pressure from growth.
- **Strategic Actions**: 2026 ACA repricing, AI-driven cost management (e.g., Health OS), and Medicare Advantage margin normalization.
- **Q4 Risk**: ACA utilization spike expected as 2026 subsidies lapse, offsetting $40M Q2 medical cost management savings.
- **Balance Sheet Strength**: Debt-to-capital ratio 40.8%; $6B full-year operating cash flow guidance.

**【CEO Summary Section】**
- Revised full-year 2025 adjusted EPS guidance to $30, reflecting elevated medical cost trends in ACA (70% acuity, 30% utilization) and slower-than-expected Medicaid rate alignment.
- Strategic actions include disciplined 2026 ACA pricing, AI-driven cost management (e.g., Health OS), and expansion of Carelon's value-based care (33% of benefit expense in downside risk arrangements).
- Medicare Advantage bids focus on margin normalization, with stable cost trends and Carelon-led clinical programs.
- Q2 adjusted EPS of $8.84 aligns with expectations, driven by Medicare Advantage growth and Carelon Rx's 20% operating revenue increase.

**【CFO Financial Commentary】**
- Q2 GAAP EPS: $7.72; operating revenue: $49.4B (+14% YoY), benefit expense ratio: 88.9% (up 260bps YoY due to ACA/Medicaid trends).
- ACA medical trend driven by emergency room visits (+2x commercial utilization), behavioral health, and improper billing practices (e.g., IDR misuse).
- Medicaid cost trend deceleration slower than expected, with 2/3 of impact from utilization in LTSS, inpatient, and specialty pharmacy.
- Carelon Rx operating revenue growth of 20%, despite short-term profitability pressure from upmarket expansion.
- Operating cash flow: $2.1B; full-year guidance: $6B, reflecting revised earnings outlook.

**【Q&A Highlights】**
- **ACA/Medicaid Split**: Guidance revision 60% ACA, 40% Medicaid; Q4 ACA utilization surge expected due to subsidy expiration.
- **Medicaid Margin Recovery**: Sequential improvement in 2H25, but rates lagging acuity; states using real-time data for faster adjustments.
- **Medicare Advantage Strategy**: Disciplined bidding, focus on HMO/duals, and margin normalization; 2026 bid details pending.
- **Capital Allocation**: 50% free cash flow for M&A/organic growth, 30% share buybacks, 20% dividends; Q2 share repurchases: $380M.
- **Policy Risks**: Medicaid work requirements and ACA subsidy expiration could exacerbate enrollment shifts; legal action against improper billing practices.
- **Carelon Growth**: Services revenue +50%, Rx revenue +20%; targeting long-term margin stabilization through scale and risk-based contracts.

Elevance Health, Inc. (ELV) Q2 2025 Earnings Call Transcript

- **Strategic Momentum**: Q1 2025 results reflect disciplined execution, with Carelon Services growing 60% YoY and CareBridge driving $100/Month savings in risk-based care.
- **Financial Resilience**: Adjusted EPS up 10% YoY to $11.97, supported by $48.8B revenue growth and 10.7% operating expense ratio.
- **Trend Management**: Medicare Advantage trends elevated but manageable, with Part D seasonality shifting earnings to Q1.
- **ACA Market Caution**: Mid-single-digit attrition expected in Q2, though 2025 ACA growth remains solid.
- **External Expansion**: Carelon Services contracts with Blues plans validate scalability, while Part D changes highlight need for proactive claims monitoring.
- **Medicaid Focus**: Rate alignment discussions ongoing, with Q2 updates expected to stabilize margins in H2.


**【CEO Strategic Overview】**
- Delivered Q1 2025 performance in line with expectations, emphasizing disciplined execution across strategic initiatives.
- Patient Advocacy Solutions supported 6M+ members, achieving 95% satisfaction, a key differentiator for employers.
- HealthOS platform now integrates with 88K care providers, reducing administrative friction and improving care access.
- Expanded value-based oncology care to Medicare Advantage, driving reduced inpatient admissions and adherence rates.
- Carelon Services grew 60% YoY, with new contracts in post-acute and behavioral health, validating external scalability.
- Acquired CareBridge to strengthen home-based care, achieving $100/Month savings across medical/pharmacy through risk-based models.

**【CFO Financial Highlights】**
- GAAP EPS: $9.61; Adjusted EPS: $11.97 (10%+ YoY growth).
- Medical Members: 45.8M (up 99K QoQ), driven by Medicare Advantage retention and targeted expansion.
- Operating Revenue: $48.8B (+15% YoY), fueled by premium yields, MA/ACA growth, and CarelonRx contributions.
- Benefit Expense Ratio: 86.4% (80bps YoY increase due to Medicaid trend, offset by Part D seasonality).
- Operating Expense Ratio: 10.7% (60bps improvement vs. prior year).
- Health Benefits Operating Gain: $2.2B (down on higher Medicaid costs, offset by CarelonRx growth).
- Net Investment Income: $1B (beat expectations, timing-driven outperformance).
- Operating Cash Flow: $1B (timing-related items, expected to reverse in H2).
- Share Repurchases: $880M (2.2M shares), reflecting confidence in intrinsic value.

**【Q&A Key Themes】**
- **Medicare Advantage Trends**: Elevated but manageable, with flu-related costs moderating in Q1. Retention strong, disciplined growth aligned with margin sustainability.
- **ACA Market Dynamics**: Effectuation rates tracking below expectations due to Medicaid-to-ACA transitions. Anticipate mid-single-digit attrition in Q2, stabilizing for 2025.
- **Part D Seasonality**: IRA changes shift earnings cadence, with higher Q1 margins offset by Q4 headwinds. Q1 MLR impact from flu: 15-20bps.
- **Carelon Growth**: 34% operating gain driven by pharmacy volumes and risk-based capabilities. External expansion with Blues plans validates model scalability.
- **Medicaid Rate Alignment**: April adjustments as expected; July renewals (1/3 of membership) in early stages, focused on aligning rates with acuity.
- **V28 Risk Model Impact**: Anticipated changes incorporated into 2025 planning, with focus on care coordination and member engagement to mitigate risks.


Elevance Health (ELV)-22 Apr 25-2025 Q1 Earnings call transcript

- **2025 EPS Growth**: Guided to $34.15-34.85, reflecting disciplined margin management amid elevated Medicaid costs. 
- **Medicare Expansion**: 7-9% MA membership growth expected, supported by 18 new national accounts and ACA exchange surge. 
- **Carelon Acceleration**: $2.3B share buyback and 5% dividend hike signal confidence in Carelon's ability to drive long-term value. 
- **Operational Efficiency**: 10.4% operating expense ratio target highlights cost control efforts in a challenging environment. 


**【CEO Opening Remarks】**
- **Medicaid Cost Management**: Q4 2024 Medicaid cost trend remained elevated, but state rate adjustments are expected to improve margins in 2025. 
- **Medicare Advantage Growth**: Anticipates 7-9% membership growth in 2025, driven by stable benefit designs and new group MA wins. 
- **Commercial Business Strength**: 18 new national accounts selected Elevance for 2025, including sole-source medical/pharmacy providers. ACA exchange enrollment grew >30% YoY. 
- **Carelon Expansion**: Acquired CareBridge to bolster home-based care services, aligning with long-term Carelon growth targets. 

**【CFO Financial Highlights】**
- **2024 Results**: Adjusted EPS of $33.04, total revenue $175.2B (+3% YoY). Operating cash flow $5.8B (1x GAAP net income). 
- **2025 Guidance**: Adjusted EPS $34.15-34.85, revenue growth high single to low double digits. 
- **Key Ratios**: 
  - Medical loss ratio: 89.1% ±50bps (vs 88.5% in 2024) 
  - Operating expense ratio: 10.4% ±50bps (improving from 10.6% in 2024) 
- **Share Repurchases**: $2.3B planned for 2025, with bias towards H1. Dividend increased 5% to $1.71/Q. 

**【Q&A Key Takeaways】**
- **Medicare Margin Outlook**: 2025 MA margins expected to improve modestly but remain below long-term targets due to elevated Medicaid costs. 
- **Enrollment Quality**: Strong retention in MA reflects member satisfaction with stable benefits. ACA exchange growth driven by innovative, affordable product designs. 
- **Carelon Synergies**: Integration of CareBridge expected to enhance care coordination and improve outcomes for complex members. 


Actual																6.48	9.2	4.2	2.54	7.01	7.03	6.79	5.14	8.25	8.04	7.53	5.23	9.46	9.04	8.99	5.62	10.64	10.12	8.37	3.84	11.97	8.84	6.03	3.33
Forecast																6.4723	8.7378	4.122	2.5318	6.4135	6.3362	6.3719	5.1149	7.806	7.7463	7.1525	5.1906	9.2881	8.7843	8.4602	5.5974	10.5194	9.9983	9.6571	4.0133	11.4125	8.9093	4.933	3.0964
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+0.12%	+5.29%	+1.89%	+0.32%	+9.30%	+10.95%	+6.56%	+0.49%	+5.69%	+3.79%	+5.28%	+0.76%	+1.85%	+2.91%	+6.26%	+0.40%	+1.15%	+1.22%	-13.33%	-4.32%	+4.88%	-0.78%	+22.24%	+7.54%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	29.45B	29.18B	30.65B	31.53B	32.10B	33.28B	35.55B	36.02B	37.89B	38.63B	39.63B	39.67B	41.90B	43.38B	42.48B	42.45B	42.27B	43.22B	44.72B	44.99B	48.77B	49.42B	50.09B	49.31B
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	28.69B	29.39B	29.86B	30.90B	32.97B	33.13B	35.35B	36.50B	37.39B	37.91B	39.29B	39.77B	40.92B	41.64B	42.76B	42.19B	42.49B	42.99B	43.47B	44.95B	46.30B	48.19B	49.40B	49.84B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+2.65%	-0.72%	+2.65%	+2.04%	-2.65%	+0.46%	+0.57%	-1.32%	+1.31%	+1.89%	+0.85%	-0.27%	+2.39%	+4.18%	-0.66%	+0.64%	-0.52%	+0.55%	+2.88%	+0.08%	+5.32%	+2.55%	+1.39%	-1.07%

ELV

ELV fundamentals

ELV Q4 2025 Earnings

Earnings Call

You can ask Aime

ELV

ELV fundamentals

ELV Q4 2025 Earnings

Earnings Call

ELV Earnings Call Summary for Q4/20258:30 AM on Jan 28, 2026

ELV Earnings Call Summary for Q3/20258:30 AM on Oct 21, 2025

ELV Earnings Call Summary for Q2/20258:30 AM on Jul 17, 2025

ELV Earnings Call Summary for Q1/20258:30 AM on Apr 22, 2025

ELV Earnings Call Summary for Q4/20246:00 AM on Jan 23, 2025

You can ask Aime