Elevance Health Reports First Quarter 2025 Results

• 1Q 2025 operating revenue of $48.8 billion, up 15.4% from 1Q 2024
• 1Q 2025 adjusted operating gain¹ of $3.3 billion, up 4.1% from 1Q 2024
• 1Q 2025 diluted EPS² of $9.61; adjusted diluted EPS¹ of $11.97
• Reaffirm FY 2025 adjusted diluted EPS¹ of $34.15 to $34.85
• Returned $1.3 billion of capital to shareholders in 1Q 2025

INDIANAPOLIS--(BUSINESS WIRE)-- Elevance Health, Inc. (NYSE: ELV) reported first quarter 2025 results.

“At Elevance Health, our purpose—to improve the health of humanity—drives everything we do. In the first quarter, we made measurable progress reimagining the healthcare experience with personalized support, real-time digital solutions, and a whole-health model that improves outcomes and reduces cost. Through Carelon and our broader enterprise, we’re delivering on our strategy to be a lifetime trusted health partner—and elevating health beyond healthcare.”

Gail K. Boudreaux
President and Chief Executive Officer

1.		Refer to GAAP reconciliation tables for reconciliation of GAAP to adjusted measures.
2.		Earnings per diluted share ("EPS").

	Elevance Health
	Consolidated Enterprise Highlights
	(Unaudited)
	(In billions)	Three Months Ended
		March 31, 2025		March 31, 2024
	Operating Revenue1	$48.8		$42.3
	Operating Gain1,2	$3.2		$3.0
	Adjusted Operating Gain1,3	$3.3		$3.1
	Operating Margin1	6.5 %		7.1 %
	Adjusted Operating Margin1,3	6.7 %		7.4 %

1.		See “Basis of Presentation.”
2.		Operating Gain for the three months ended March 31, 2025, and March 31, 2024, include items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
3.		Adjusted Operating Gain for the three months ended March 31, 2025, and March 31, 2024, exclude items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

Operating revenue was $48.8 billion in the first quarter of 2025, an increase of $6.5 billion, or 15 percent compared to the prior year quarter. This was driven by higher premium yields in our Health Benefits segment, acquisitions completed in the past year, growth in our Medicare Advantage and Individual ACA membership, and CarelonRx product revenue, partially offset by membership attrition in our Medicaid business.

The benefit expense ratio was 86.4 percent, an increase of 80 basis points year over year, reflecting higher Medicaid medical cost trend, partially offset by out of period premium taxes. Days in Claims Payable stood at 44.0 days as of March 31, 2025, when adjusted for our acquisition of CareBridge. This represents an increase of 0.5 days sequentially on a comparable basis.

The operating expense ratio was 10.9 percent, an improvement of 70 basis points from the prior year. The adjusted operating expense ratio was 10.7 percent, an improvement of 60 basis points, primarily driven by expense leverage associated with growth in operating revenue and ongoing cost management, partially offset by out of period premium tax expense during the quarter.

Cash Flow & Balance Sheet

Operating cash flow was $1.0 billion in the quarter, a decrease of approximately $1.0 billion year over year, reflecting timing-related items that negatively impacted working capital. As of March 31, 2025, cash and investments at the parent company totaled approximately $1.4 billion.

During the first quarter of 2025, the Company repurchased 2.2 million shares of its common stock for $880 million, at a weighted average price of $395.78, and paid a quarterly dividend of $1.71 per share, representing a distribution of cash totaling $386 million. As of March 31, 2025, the Company had approximately $8.4 billion of Board approved share repurchase authorization remaining.

Health Benefits is comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard^®, Medicare, Medicaid, and Federal Employee Program businesses.

	Health Benefits
	Reportable Segment Highlights
	(Unaudited)
	(In billions)	Three Months Ended
		March 31, 2025		March 31, 2024
	Operating Revenue1	$41.4		$37.3
	Operating Gain1,2	$2.2		$2.3
	Adjusted Operating Gain1,3	$2.2		$2.3
	Operating Margin1	5.4 %		6.1 %
	Adjusted Operating Margin1	5.4 %		6.2 %

1.		See “Basis of Presentation.”
2.		Operating Gain for the three months ended March 31, 2024, includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
3.		Operating gain for the three months ended March 31, 2024, includes $16 million of 2024 business dispositions and related items adjusted out of adjusted shareholders' net income for the Health Benefits segment.

Health Benefits segment operating revenue was $41.4 billion in the first quarter of 2025, an increase of $4.2 billion, or 11 percent compared to the prior year quarter, driven primarily by higher premium yields and growth in our Medicare Advantage and Individual ACA plan membership.

Operating gain totaled $2.2 billion, impacted primarily by higher medical cost trend in our Medicaid business versus the first quarter of 2024, partially offset by premium rate increases and enhanced operating efficiencies.

Medical membership totaled approximately 45.8 million as of March 31, 2025, an increase of 99 thousand from year-end 2024, driven by growth in Medicare Advantage and Commercial risk-based members. This growth was partially offset by a decline in Commercial fee-based membership from a known customer transition.

Carelon is comprised of CarelonRx and Carelon Services.

	Carelon
	Reportable Segment Highlights
	(Unaudited)
	(In billions)	Three Months Ended
		March 31, 2025		March 31, 2024
	Operating Revenue1,2	$16.7		$12.1
	Operating Gain1,3	$1.1		$0.8
	Adjusted Operating Gain1,4	$1.1		$0.9
	Operating Margin1	6.6 %		6.7 %
	Adjusted Operating Margin1	6.6 %		7.1 %

1.		See “Basis of Presentation.”
2.		Operating revenue for the three months ended March 31, 2024, includes $0.2 billion of revenue related to 2024 business dispositions and related items that have been excluded from adjusted operating gain.
3.		Operating Gain for the three months ended March 31, 2024, includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
4.		Operating gain for the three months ended March 31, 2024, includes $44 million of 2024 business dispositions and related items adjusted out of adjusted shareholders' net income for the Carelon segment.

Operating revenue for Carelon was $16.7 billion in the first quarter of 2025, an increase of $4.6 billion, or 38 percent compared to the prior year quarter. This was driven by recent acquisitions in home health and pharmacy services, growth in CarelonRx product revenue, and the scaling of innovative risk-based capabilities in Carelon Services.

Operating gain for Carelon totaled $1.1 billion, an increase of $0.3 billion, or 34 percent, primarily driven by improved Carelon Health performance and higher CarelonRx product revenue.

Quarterly Dividend

On April 16, 2025, the Audit Committee of the Company's Board of Directors declared a second quarter 2025 dividend to shareholders of $1.71 per share. The second quarter dividend is payable on June 25, 2025, to shareholders of record at the close of business on June 10, 2025.

About Elevance Health

Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health’s companies serve over 110 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

Conference Call and Webcast

Management will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time (“EDT”) to discuss the company’s first quarter results and outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:

	888-947-9963 (Domestic)	866-396-1242 (Domestic Replay)
	312-470-0178 (International)	203-369-3272 (International Replay)

The access code for today's conference call is 3972058. There is no access code for the replay. The replay will be available from 11:30 a.m. EDT today, until the end of the day on May 22, 2025. The call will also be available through a live webcast at www.elevancehealth.com under the “Investors” link. A webcast replay will be available following the call.

Basis of Presentation

1. Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to the GAAP reconciliation tables.
   
2. Operating margin is defined as operating gain divided by operating revenue.

Elevance Health
Earnings Release Financial Schedules and Supplementary Information
Quarter Ended March 31, 2025

• Membership and Other Metrics
• Quarterly Consolidated Statements of Income
• Condensed Consolidated Balance Sheet
• Condensed Consolidated Statement of Cash Flows
• Supplemental Financial Information - Reportable Segments
• Supplemental Financial Information - Reconciliation of Medical Claims Payable
• Reconciliation of Non-GAAP Financial Measures

Elevance Health
Membership and Other Metrics
(Unaudited)
							Change from
Medical Membership (in thousands)	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024		December 31, 2024
Individual	1,423		1,246		1,287		14.2 %		10.6 %
Employer Group Risk-Based	3,638		3,648		3,713		(0.3) %		(2.0) %
Commercial Risk-Based	5,061		4,894		5,000		3.4 %		1.2 %
BlueCard®	6,608		6,635		6,630		(0.4) %		(0.3) %
Employer Group Fee-Based	20,522		20,622		20,569		(0.5) %		(0.2) %
Commercial Fee-Based	27,130		27,257		27,199		(0.5) %		(0.3) %
Medicare Advantage	2,255		2,017		2,066		11.8 %		9.1 %
Medicare Supplement	876		896		891		(2.2) %		(1.7) %
Total Medicare	3,131		2,913		2,957		7.5 %		5.9 %
Medicaid	8,862		9,327		8,917		(5.0) %		(0.6) %
Federal Employee Program	1,649		1,658		1,661		(0.5) %		(0.7) %
Total Medical Membership	45,833		46,049		45,734		(0.5) %		0.2 %
Other Metrics (in millions)
CarelonRx Quarterly Adjusted Scripts	83.9		77.0		82.9		9.0 %		1.2 %
Carelon Services Consumers Served	99.5		102.9		101.1		(3.3) %		(1.6) %

Elevance Health
Consolidated Statements of Income
(Unaudited)
(In millions, except per share data)	Three Months Ended March 31
		2025				2024			Change
Revenues
Premiums	$	40,887			$	35,696			14.5	%
Product revenue		5,809				4,499			29.1	%
Service fees		2,069				2,078			(0.4	)%
Total operating revenue		48,765				42,273			15.4	%
Net investment income		590				465			26.9	%
Net losses on financial instruments		(464	)			(161	)		NM
Total revenues		48,891				42,577			14.8	%
Expenses
Benefit expense		35,312				30,546			15.6	%
Cost of products sold		4,983				3,825			30.3	%
Operating expense		5,300				4,886			8.5	%
Interest expense		344				265			29.8	%
Amortization of other intangible assets		155				116			33.6	%
Total expenses		46,094				39,638			16.3	%
Income before income tax expense		2,797				2,939			(4.8	)%
Income tax expense		613				690			(11.2	)%
Net income		2,184				2,249			(2.9	)%
Net income attributable to noncontrolling interests		(1	)			(3	)		NM
Shareholders' net income	$	2,183			$	2,246			(2.8	)%
Shareholders' earnings per diluted share	$	9.61			$	9.59			0.2	%
Diluted shares		227.2				234.2			(3.0	)%
Benefit expense as a percentage of premiums		86.4	%			85.6	%		80 bp
Operating expense as a percentage of total operating revenue		10.9	%			11.6	%		(70) bp
Income before income tax expense as a percentage of total revenue		5.7	%			6.9	%		(120) bp
"NM" = calculation not meaningful

Elevance Health
Condensed Consolidated Balance Sheet
(In millions)	March 31, 2025		December 31, 2024
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$7,500		$8,288
Fixed maturity and equity securities	26,152		26,393
Premium and other receivables	22,181		19,071
Other current assets	5,288		4,700
Assets held for sale	—		490
Total current assets	61,121		58,942
Long-term investments	11,227		10,784
Property and equipment, net	4,617		4,652
Goodwill and other intangible assets	40,360		40,371
Other noncurrent assets	2,392		2,140
Total assets	$119,717		$116,889
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable	$16,812		$15,746
Short-term borrowings	250		365
Current portion of long-term debt	1,643		1,649
Other current liabilities	23,993		22,668
Liabilities held for sale	—		153
Total current liabilities	42,698		40,581
Long-term debt, less current portion	28,110		29,218
Other noncurrent liabilities	6,289		5,664
Total liabilities	77,097		75,463
Total shareholders’ equity	42,503		41,315
Noncontrolling interests	117		111
Total equity	42,620		41,426
Total liabilities and equity	$119,717		$116,889

Elevance Health
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(In millions)	Three Months Ended March 31
	2025			2024
Operating activities
Net income	$2,184			$2,249
Depreciation and amortization	373			331
Share-based compensation	81			62
Changes in operating assets and liabilities	(1,785	)		(988	)
Other non-cash items	164			324
Net cash provided by operating activities	1,017			1,978
Investing activities
Proceeds from (purchases of) investments, net of sales and maturities	610			(670	)
Proceeds from (purchases of) subsidiaries, net of cash acquired/sold	4			(1,120	)
Purchases of property and equipment	(196	)		(279	)
Other, net	(315	)		(241	)
Net cash used in investing activities	103			(2,310	)
Financing activities
Net change in short-term and long-term borrowings	(1,365	)		1,350
Repurchase and retirement of common stock	(880	)		(566	)
Cash dividends	(386	)		(379	)
Other, net	722			(373	)
Net cash (used in) provided by financing activities	(1,909	)		32
Effect of foreign exchange rates on cash and cash equivalents	1			—
Change in cash and cash equivalents	(788	)		(300	)
Cash and cash equivalents at beginning of period	8,288			6,526
Cash and cash equivalents at end of period	$7,500			$6,226

REPORTABLE SEGMENTS
Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; and Corporate & Other (comprised of businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).
	Elevance Health
	Reportable Segment Highlight Details
	(Unaudited)
	(In millions)	Three Months Ended March 31
		2025			2024			Change
	Operating Revenue
	Health Benefits	$41,431			$37,258			11.2%
	CarelonRx	10,116			8,067			25.4%
	Carelon Services	6,536			4,009			63.0%
	Corporate & Other	165			127			29.9%
	Eliminations	(9,483	)		(7,188	)		NM5
	Total Operating Revenue1	$48,765			$42,273			15.4%
	Operating Gain (Loss)
	Health Benefits2	$2,217			$2,287			(3.1)%
	CarelonRx	602			523			15.1%
	Carelon Services2	491			290			69.3%
	Corporate & Other2,3	(140	)		(84	)		NM5
	Total Operating Gain1,4	$3,170			$3,016			5.1%
	Operating Margin
	Health Benefits	5.4	%		6.1	%		(70) bp
	CarelonRx	6.0	%		6.5	%		(50) bp
	Carelon Services	7.5	%		7.2	%		30 bp
	Total Operating Margin1	6.5	%		7.1	%		(60) bp

1.		See “Basis of Presentation.”
2.		Operating Gain for the three months ended March 31, 2024, included $60 million of 2024 business dispositions and related items; including $44 million for the Carelon Services segment; and $16 million for the Health Benefits segment. Operating Gain for the three months ended March 31, 2024, included $52 million of transaction and integration related costs, $2 million of litigation and settlement expenses, and ($4) million of business optimization charges, all of which reside in the Corporate & Other reportable segment.
3.		Operating Gain for the three months ended March 31, 2025, included $80 million of transaction and integration related costs and $5 million of litigation and settlement expenses, which reside in the Corporate & Other reportable segment.
4.		Operating Gain for the three months ended March 31, 2025, and March 31, 2024, included items excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
5.		"NM" = calculation not meaningful.

Elevance Health
Reconciliation of Medical Claims Payable
	Three Months Ended March 31								Years Ended December 31
		2025				2024				2024				2023				2022
(In millions)	(Unaudited)				(Unaudited)
Gross medical claims payable, beginning of period	$	15,580			$	15,865			$	15,865			$	15,348			$	13,282
Ceded medical claims payable, beginning of period		(13	)			(7	)			(7	)			(6	)			(21	)
Net medical claims payable, beginning of period		15,567				15,858				15,858				15,342				13,261
Business combinations and purchase adjustments		(85	)			—				143				—				133
Net incurred medical claims:
Current year		35,313				30,708				125,370				121,798				113,414
Prior years redundancies1		(1,025	)			(1,205	)			(1,731	)			(1,571	)			(869	)
Total net incurred medical claims		34,288				29,503				123,639				120,227				112,545
Net payments attributable to:
Current year medical claims		23,392				19,580				110,930				107,146				98,997
Prior years medical claims		9,863				9,606				13,143				12,565				11,600
Total net payments		33,255				29,186				124,073				119,711				110,597
Net medical claims payable, end of period		16,515				16,175				15,567				15,858				15,342
Ceded medical claims payable, end of period		14				8				13				7				6
Gross medical claims payable, end of period2	$	16,529			$	16,183			$	15,580			$	15,865			$	15,348
Current year medical claims paid as a percentage of current year net incurred medical claims		66.2	%			63.8	%			88.5	%			88.0	%			87.3	%
Prior year redundancies in the current year as a percentage of prior year net medical claims payable less prior year redundancies in the current year		7.1	%			8.2	%			12.3	%			11.4	%			7.0	%
Prior year redundancies in the current year as a percentage of prior year net incurred medical claims		0.8	%			1.1	%			1.4	%			1.4	%			0.9	%

1.		Negative amounts reported for net incurred medical claims related to prior years result from claims being settled for amounts less than originally estimated.
2.		Excludes insurance lines other than short duration.

Elevance Health GAAP Reconciliation (Unaudited)
This document references non-GAAP measures, including “Adjusted Shareholders’ Net Income,” “Adjusted Shareholders’ Net Income Per Share,” “Adjusted EPS,” “Adjusted Operating Gain,” “Adjusted Operating Expense” and “Adjusted Operating Expense Ratio,” which are non-GAAP measures. These non-GAAP measures are intended to aid investors when comparing Elevance Health’s financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are available below. In addition to these non-GAAP measures, references are made to the measures “Operating Revenue” and “Operating Gain/Loss,” “Operating Margin” and “Adjusted EPS”. Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Each of these measures is provided to further aid investors in understanding and analyzing Elevance Health’s operating and financial results. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein. A reconciliation of the non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP, together with a reconciliation of reportable segments operating gain to income before income tax expense, is provided below. Prior amounts may be grouped differently to conform to the current presentation. Net adjustment items per share may not sum due to rounding. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein.
	Three Months Ended March 31
(In millions, except per share data)		2025				2024			Change
Shareholders' net income	$	2,183			$	2,246			(2.8	)%
Add / (Subtract):
Net losses on financial instruments		464				161
Amortization of other intangible assets		155				116
Transaction and integration related costs1		80				52
Litigation and settlement expenses1		5				2
Business dispositions and related items2		—				60
Business optimization charges1		—				(4	)
Tax impact of non-GAAP adjustments		(168	)			(96	)
Net adjustment items		536				291
Adjusted shareholders' net income	$	2,719			$	2,537			7.2	%
Shareholders' earnings per diluted share	$	9.61			$	9.59			0.2	%
Add / (Subtract):
Net losses on financial instruments		2.04				0.69
Amortization of other intangible assets		0.68				0.50
Transaction and integration related costs1		0.35				0.22
Litigation and settlement expenses1		0.02				0.01
Business dispositions and related items2		—				0.26
Business optimization charges1		—				(0.02	)
Tax impact of non-GAAP adjustments		(0.74	)			(0.41	)
Net adjustment items		2.36				1.24
Adjusted shareholders' earnings per diluted share	$	11.97			$	10.83			10.5	%
	Three Months Ended March 31
(In millions)		2025				2024			Change
Income before income tax expense	$	2,797			$	2,939			(4.8	)%
Net investment income		(590	)			(465	)
Net losses on financial instruments		464				161
Interest expense		344				265
Amortization of other intangible assets		155				116
Reportable segments operating gain	$	3,170			$	3,016			5.1	%

1.		Adjustment item resides in the Corporate & Other reportable segment.
2.		Adjustment item resides in the Health Benefits and Carelon Services reportable segments.

Elevance Health GAAP Reconciliation (Unaudited)
	Three Months Ended March 31
(In millions)		2025				2024			Change
Reportable segments operating gain	$	3,170			$	3,016			5.1	%
Add / (Subtract):
Transaction and integration related costs1		80				52
Litigation and settlement expenses1		5				2
Business dispositions and related items2		—				60
Business optimization charges1		—				(4	)
Net adjustment items		85				110
Reportable segments adjusted operating gain	$	3,255			$	3,126			4.1	%
	Three Months Ended March 31
(In millions)		2025				2024			Change
Operating expense	$	5,300			$	4,886			8.5	%
Add / (Subtract):
Transaction and integration related costs1		(80	)			(52	)
Litigation and settlement expenses1		(5	)			(2	)
Business dispositions and related items2		—				(60	)
Business optimization charges1		—				4
Net adjustment items		(85	)			(110	)
Adjusted operating expense	$	5,215			$	4,776			9.2	%
Operating revenue	$	48,765			$	42,273			15.4	%
Operating expense ratio		10.9	%			11.6	%		(70) bp
Adjusted operating expense ratio		10.7	%			11.3	%		(60) bp
	Full Year 2025 Outlook
Shareholders' earnings per diluted share	$28.30 to $29.00
Add / (Subtract):
Net losses on financial instruments3	$3.21
Amortization of other intangible assets3	$2.98
Transaction and integration related costs1,3	$1.35
Litigation and settlement expenses1,3	$0.06
Tax impact of non-GAAP adjustments3	Approximately ($1.75)
Net adjustment items	$5.85
Adjusted shareholders' earnings per diluted share	$34.15 to $34.85

1.		Adjustment item resides in the Corporate & Other reportable segment.
2.		Adjustment item resides in the Health Benefits and Carelon Services reportable segments.
3.		Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems, or failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity related to the health benefits industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250421567802/en/

Elevance Health Contacts:

Investor Relations

Nathan Rich

Investor.Relations@elevancehealth.com

Media

Leslie Porras

Leslie.Porras@elevancehealth.com

Source: Elevance Health, Inc.

FAQ

What was Elevance Health's (ELV) revenue growth in Q1 2025?

Elevance Health's operating revenue grew 15.4% year-over-year to $48.8 billion in Q1 2025.

How much capital did ELV return to shareholders in Q1 2025?

Elevance Health returned $1.3 billion to shareholders through $880 million in share repurchases and $386 million in dividends.

What is Elevance Health's (ELV) dividend payment for Q2 2025?

ELV declared a Q2 2025 dividend of $1.71 per share, payable on June 25, 2025, to shareholders of record as of June 10, 2025.

How did ELV's medical membership change in Q1 2025?

Medical membership increased by 99,000 from year-end 2024, driven by growth in Medicare Advantage and Commercial risk-based members.

What is Elevance Health's (ELV) earnings guidance for 2025?

ELV reaffirmed its full-year 2025 adjusted diluted EPS guidance range of $34.15 to $34.85.