Description

Elevance Health: How Carelon Is Quietly Powering Growth And Managing Risk!

Elevance Health reported fourth quarter adjusted diluted earnings per share (EPS) of $3.33 and full-year EPS of $30.29, surpassing guidance partly due to favorable nonrecurring tax-related items totaling $3.75 per share for 2025. The company ended 2025 with 45.2 million members, down approximately 500,000 year-over-year, predominantly from Medicaid membership declines linked to eligibility reverifications. Operating revenue rose 10% year-over-year to $49.3 billion for the quarter, driven by premium rate increases and acquisitions. The consolidated benefit expense ratio for the full year was 90%, in line with guidance, with a fourth quarter ratio of 93.5%. Managed operating expenses were maintained with 2025 full-year adjusted operating expense ratio at 10.5%. Elevance Health positioned 2026 as a year focused on execution, operational discipline, and repositioning in response to evolving market and policy environments. The company established 2026 adjusted EPS guidance of at least $25.