Elevance Health, Inc. · NYSE:ELV
Elevance Health — Q4 2025 Earnings Presentation
16 slides from Elevance Health's earnings presentation, Jan 28, 2026
Slide 1: Elevance Health 4Q 2025 Earnings Presentation
Elevance Health 4Q 2025 Earnings Presentation January 28, 2026
Slide 2: Key Highlights
Key Highlights 1 2025 Results Elevance Health fourth quarter operational results consistent with expectations • • 4Q 2025 and full year adjusted diluted EPS1 of $3.33 and $30.29, respectively 4Q 2025 benefit expense ratio of 93.5% in line with guidance • Cost trend development consistent with expect
Slide 3: Fourth Quarter & Full Year 2025 Results
Fourth Quarter & Full Year 2025 Results Key Highlights Elevance Health 4Q 2025 4Q 2024 Change 2025 2024 Change • Elevance Health fourth quarter results were consistent with our outlook Operating Revenue1 $49.3B $45.0B 9.6% $197.6B $175.2B 12.8% • Operating revenue of $197.6 billion in 2025 grew 13%
Slide 4: 2026 Outlook
2026 Outlook Key Highlights Elevance Health 2026 Outlook 2025 Actual • 2026 guidance for adjusted diluted earnings per share of at least $25.50 Premium Revenue Mid Single Digit Decline $164.6B • Operating revenue outlook reflects a Product Revenue Mid Single Digit Growth $24.5B low double digit decl
Slide 5: Health Benefits
Health Benefits 2025 Results | 2026 Outlook Key Highlights Health Benefits 4Q 2025 4Q 2024 Change 2025 2024 Change • In Health Benefits, we navigated a dynamic operating environment, Operating Revenue1 $41.8B $37.6B 11.3% $167.1B $150.3B 11.2% principally in Medicaid and ACA, while Commercial Group
Slide 6: Health Services
Health Services 2025 Results | 2026 Outlook Key Highlights Carelon 4Q 2025 4Q 2024 Change 2025 2024 Change • We are growing Carelon’s capabilities to improve outcomes and reduce costs Operating Revenue1 $18.7B $14.7B 26.5% $71.7B $53.9B 33.0% • Carelon remains well positioned in Adjusted Operating G
Slide 7: Elevance Health is a Lifetime, Trusted Health Partner
Elevance Health is a Lifetime, Trusted Health Partner WHAT A lifetime, trusted health partner committed to making healthcare better… better costs, better experience, better outcomes – for your whole health. HOW Lowering the cost of healthcare Making healthcare simple We anticipate health trends earl
Slide 8: Flywheel Supports Our Long-Term Growth Algorithm
Flywheel Supports Our Long-Term Growth Algorithm Health Benefits Health Services Over 45M medical members balanced Optimize Invest in As an integrated portfolio of whole across commercial, Medicaid, Medicare, the Core Growth health solutions serving approximately and the Federal Employee Program, 92
Slide 9: Long-Term Growth Algorithm
Long-Term Growth Algorithm Reaffirming at least 12% average annual growth in Adjusted Diluted EPS, while recalibrating margin targets for the enterprise Adjusted Operating Gain – High Single Digit to Low Double Digit CAGR1 Revenue Growth High Single Digit CAGR1 + Adjusted Operating Margin Expanding
Slide 10: Committed to Strong Growth Over the Long-Term
Committed to Strong Growth Over the Long-Term Recalibrating segment margin targets for our current portfolio and our strategic trajectory Health Benefits Carelon2 Elevance Health High Single Dividends Digit CAGR1 Mid to High Single Digit 20% CAGR1 $198B $167B Mid Teens CAGR1 M&A/ Organic Reinvestmen
Slide 11: Forward-Looking Statements
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 su
Slide 12: Non-GAAP Measures and Basis of Presentation
Non-GAAP Measures and Basis of Presentation This document references 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. Re
Slide 13: GAAP Reconciliation — Shareholders’ Net Income and Earnings Per Diluted Share
Elevance Health GAAP Reconciliation — Shareholders’ Net Income and Shareholders’ Earnings Per Diluted Share Three Months Ended Dec 31 Twelve Months Ended Dec 31 (In millions, except per share data) 2025 2024 Change 2025 2024 Change Shareholders' net income $547 $418 30.9% $5,662 $5,980 (5.3%) Add /
Slide 14: GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2026 Outlook
Elevance Health GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2026 Outlook Three Months Ended Dec 31 Twelve Months Ended Dec 31 (In millions) 2025 2024 Change 2025 2024 Change Reportable segments operating gain $309 $673 (54.1%) $7,199 $7,862 (8.4%) Add / (Subtract): Transaction
Slide 15: Reportable Segment & Health Benefits Revenue Details
Elevance Health Reportable Segment & Health Benefits Revenue Details 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; Carelo
Slide 16: Elevance Health
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