Elevance Health, Inc. · NYSE:ELV
Elevance Health — Q3 2025 Earnings Presentation
15 slides from Elevance Health's earnings presentation, Oct 21, 2025
Slide 1: Elevance Health 3Q 2025 Earnings Presentation
Elevance Health 3Q 2025 Earnings Presentation October 21, 2025
Slide 2: Key Highlights
Key Highlights 1 3Q 2025 Results & 2025 Outlook Elevance Health third quarter operational results consistent with expectations • • Benefit expense ratio of 91.3% in line with revised outlook Adjusted diluted EPS1 of $6.03 reflects ~$1 of higher net investment income and timing of certain tax benefit
Slide 3: 3Q 2025 Results
3Q 2025 Results Key Highlights Elevance Health 3Q 2025 3Q 2024 Change (%/bps) • Elevance Health third quarter results reflect solid execution as we focus on the Operating Revenue1 $50.1B $44.7B 12.0% levers within our control to deliver sustainable, long-term performance Benefit Expense Ratio 91.3%
Slide 4: Health Benefits
Health Benefits Key Highlights 3Q 2025 Results • Health Benefits results were consistent with expectations; reflect incremental investments to support our long-term Health Benefits 3Q 2025 3Q 2024 Change (%/bps) performance • Operating revenue grew 10.4% year over Operating Revenue1 $42.2B $38.3B 10
Slide 5: Health Services
Health Services Key Highlights 3Q 2025 Results • Carelon’s results driven by strength of our integrated platform and continued execution across Pharmacy and Services, Carelon 3Q 2025 3Q 2024 Change (%/bps) with investments to sustain growth • CarelonRx operating revenue grew ~20% Operating Revenue1
Slide 6: 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 early
Slide 7: 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, 10
Slide 8: Long-Term Growth Algorithm
Long-Term Growth Algorithm Targeting at least 12% average annual growth in Adjusted Diluted EPS Adjusted Operating Gain – High Single Digit to Low Double Digit CAGR1 Revenue Growth High Single Digit CAGR1 + Adjusted Operating Margin Expanding to 6.5% - 7.0% + Capital Deployment Approximately 4% Cont
Slide 9: Committed to Strong Growth Over the Long-Term
Committed to Strong Growth Over the Long-Term Health Benefits Carelon2 Elevance Health Dividends High Single 20% Mid to High Digit CAGR1 Single Digit CAGR1 $175B $150B M&A/ Organic Reinvestment Mid Teens CAGR1 Capital 50% Revenue $54B Allocation (in billions) 2024 Target 2024 Target 2024 Target Shar
Slide 10: 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 11: 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 12: 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 Sep 30 Nine Months Ended Sep 30 (In millions, except per share data) 2025 2024 Change 2025 2024 Change Shareholders' net income $1,189 $1,016 17.0% $5,115 $5,562 (8.0)% Add
Slide 13: GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2025 Outlook
Elevance Health GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2025 Outlook Three Months Ended Sep 30 Nine Months Ended Sep 30 (In millions) 2025 2024 Change 2025 2024 Change Reportable segments operating gain $1,295 $1,408 (8.0)% $6,890 $7,189 (4.2)% Add / (Subtract): Transactio
Slide 14: 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 15: Elevance Health
nw Elevance Health