エレバンスヘルスの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

January 28, 2026

Date of Report (Date of earliest event reported)

___________________________________

Elevance Health, Inc.

(Exact name of registrant as specified in its charter)

___________________________________


Indiana (State or other jurisdiction of incorporation or organization)			001-16751 (Commission File Number)			35-2145715 (I.R.S. Employer Identification Number)

220 Virginia Ave

Indianapolis, IN 46204

(Address of principal executive offices and zip code)

(833) 401-1577

(Registrant's telephone number, including area code)

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, Par Value $0.01	ELV	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined Rule 405 of the Securities Act (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 - Results of Operations and Financial Condition.

On January 28, 2026, Elevance Health, Inc. issued a press release reporting its fourth quarter and

full year 2025 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.

None of the information furnished in Item 2.02 or Exhibit 99.1 hereto shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Unless expressly set forth by specific reference in such filings, none of the information furnished in this report shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Exhibit
99.1			Press Release, dated January 2 8 , 202 6 , reporting Elevance Health, Inc. financial results for the quarter ended December 31, 202 5 .
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

FORWARD-LOOKING STATEMENTS

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 or sentiment 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.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 28th day of January, 2026.


ELEVANCE HEALTH, INC.

By:						/s/ Kathleen S. Kiefer
Name:						Kathleen S. Kiefer
Title:						Chief Governance Officer and Corporate Secretary

EX-99.1 2 a4q2025elvearningsrelease.htm EX-99.1 Document

E A R N I N G S R E L E A S E

ELEVANCE HEALTH REPORTS FOURTH QUARTER AND

FULL YEAR 2025 RESULTS; SETS FULL YEAR 2026 OUTLOOK

•4Q 2025 operating revenue of $49.3 billion; FY 2025 of $197.6 billion

•4Q 2025 diluted EPS1 of $2.47; adjusted diluted EPS2 of $3.33

•FY 2025 diluted EPS1 of $25.21; adjusted diluted EPS2 of $30.29

•Projected FY 2026 GAAP diluted EPS1 to be at least $22.30

•Projected FY 2026 adjusted diluted EPS2 to be at least $25.50

•Returned $4.1 billion of capital to shareholders in 2025

•Reaffirming long-term earnings algorithm; recalibrating segment margin targets

Indianapolis, IN - January 28, 2026 - Elevance Health, Inc. (NYSE: ELV) reported fourth quarter and full year 2025 results.

"Elevance Health delivered fourth quarter results in line with our outlook, reflecting disciplined execution in a dynamic environment. As we enter 2026, our focus is on advancing affordability and making healthcare easier to access and navigate for the members we serve. Through pricing discipline and targeted investments, we are strengthening the earnings power of our diversified platform and remain confident in our ability to return to at least 12% adjusted EPS growth in 2027."

Gail K. Boudreaux

President and Chief Executive Officer

1.Earnings per diluted share ("EPS").

2.Refer to GAAP reconciliation tables on pages 13 and 14 herein for reconciliation of GAAP to adjusted measures.



Elevance Health
Consolidated Enterprise Highlights
(Unaudited)

(In billions)	Three Months Ended				Twelve Months Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024

Operating Revenue1	$49.3		$45.0		$197.6		$175.2
Operating Gain1,2	$0.3		$0.7		$7.2		$7.9
Adjusted Operating Gain1,3	$0.4		$0.8		$7.5		$9.3

Operating Margin1	0.6	%	1.5	%	3.6	%	4.5	%
Adjusted Operating Margin1,3	0.8	%	1.9	%	3.8	%	5.3	%

1.See “Basis of Presentation” on page 5 herein.

2.Operating Gain for the three and twelve months ended December 31, 2025, and December 31, 2024, includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

3.Adjusted Operating Gain for the three and twelve months ended December 31, 2025, and December 31, 2024, excludes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

Operating revenue was $49.3 billion in the fourth quarter of 2025, an increase of $4.3 billion, or 10 percent compared to the prior year quarter. Operating revenue was $197.6 billion in 2025, an increase of $22.4 billion, or 13 percent. The increase in revenue for the quarter and year was driven by higher premium yields in our Health Benefits segment, contributions from acquisitions, and growth in Medicare Advantage membership, partially offset by membership attrition in our Medicaid business.

The benefit expense ratio was 93.5 percent in the fourth quarter, an increase of 110 basis points compared to the prior year period, reflecting higher medical cost trend primarily in our Affordable Care Act health plans and heightened Medicare Part D seasonality driven by Inflation Reduction Act changes. For the year, our benefit expense ratio was 90.0 percent, an increase of 150 basis points year over year, driven by elevated medical cost trends.

Days in Claims Payable was 41.3 days as of December 31, 2025, a decrease of 0.1 days from September 30, 2025, and a decrease of 1.9 days compared to December 31, 2024.

The operating expense ratio was 11.0 percent in the fourth quarter and 10.6 percent for the full year. On an adjusted basis, the corresponding operating expense ratios were 10.8 percent and 10.5 percent. We maintained expense discipline while investing to support and strengthen our workforce, scale Carelon's capabilities, and accelerate technology adoption across the enterprise.

Cash Flow & Balance Sheet

Operating cash flow was $4.3 billion in 2025, approximately 0.8 times GAAP net income. As of December 31, 2025, cash and investments at the parent company totaled approximately $2.6 billion.

During the fourth quarter of 2025, the Company repurchased 1.4 million shares of its common stock for $471 million, at a weighted average price of $335.64, and paid a quarterly dividend of $1.71 per share, representing a distribution of cash totaling $377 million. As of December 31, 2025, the Company had approximately $6.7 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				Twelve Months Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024

Operating Revenue1	$41.8		$37.6		$167.1		$150.3
Operating Gain1,2	($0.2)		$0.2		$4.2		$6.2
Adjusted Operating Gain1,3	($0.2)		$0.2		$4.2		$6.3

Operating Margin1	(0.5	%)	0.6	%	2.5	%	4.2	%
Adjusted Operating Margin1	(0.5	%)	0.6	%	2.5	%	4.2	%

1.See “Basis of Presentation” on page 5 herein.

2.Operating Gain for the three and twelve months ended December 31, 2024 includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

3.Adjusted Operating Gain for three and twelve months ended December 31, 2024 excludes $16 and $66 million, respectively, 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 $41.8 billion in the fourth quarter of 2025, an increase of $4.3 billion, or 11 percent compared to the fourth quarter of 2024. Operating revenue was $167.1 billion in 2025, an increase of $16.8 billion, or 11 percent. The increases for the quarter and year were driven primarily by higher premium yields, contributions from acquisitions, and growth in our Medicare Advantage membership, partially offset by membership attrition in our Medicaid business.

The Company reported an adjusted operating loss of $0.2 billion in the fourth quarter of 2025 and an adjusted operating gain of $4.2 billion for the full year. Adjusted operating results in both periods were impacted primarily by higher medical cost trend.

Medical membership totaled approximately 45.2 million as of December 31, 2025, a decrease of 0.5 million, or 1 percent, year over year, driven by attrition in our Medicaid business.

Carelon is comprised of CarelonRx and Carelon Services.



Carelon
Reportable Segment Highlights
(Unaudited)

(In billions)	Three Months Ended				Twelve Months Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024

Operating Revenue1,2	$18.7		$14.7		$71.7		$53.9
Operating Gain1,3	$0.6		$0.6		$3.4		$2.9
Adjusted Operating Gain1,4,5	$0.6		$0.6		$3.4		$3.1

Operating Margin1	3.1	%	3.9	%	4.7	%	5.4	%
Adjusted Operating Margin1	3.3	%	4.4	%	4.8	%	5.8	%

1.See “Basis of Presentation” on page 5 herein.

2.Operating revenue for the three and twelve months ended December 31, 2024 includes $0.2 and $0.8 billion, respectively, of revenue related to 2024 business dispositions and related items that have been excluded from adjusted operating gain.

3.Operating Gain for the three and twelve months ended December 31, 2025, and December 31, 2024, includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

4.Adjusted Operating Gain for three and twelve months ended December 31, 2025 excludes $38 million of 2025 business dispositions and related items adjusted out of adjusted shareholders' net income for the Carelon segment.

5.Adjusted Operating Gain for the three and twelve months ended December 31, 2024 excludes $74 and $215 million, respectively, of 2024 business dispositions and related items adjusted out of adjusted shareholders' net income for the Carelon segment.

Operating revenue for Carelon was $18.7 billion in the fourth quarter of 2025, an increase of $3.9 billion, or 27 percent compared to the prior year period, driven by growth in CarelonRx product revenue, the expansion of Carelon Services risk-based solutions, and the acquisition of CareBridge. Operating revenue was $71.7 billion in 2025, an increase of $17.8 billion, or 33 percent.

Adjusted operating gain for Carelon totaled $0.6 billion in the fourth quarter, approximately flat year over year. On a full year basis, adjusted operating gain was $3.4 billion in 2025, an increase of $0.3 billion, or 10 percent, driven by improved CarelonRx performance and growth in Carelon Services risk-based solutions.

Quarterly Dividend

On January 27, 2026, the Audit Committee of the Company's Board of Directors declared a first quarter 2026 dividend to shareholders of $1.72 per share. The first quarter dividend is payable on March 25, 2026 to shareholders of record at the close of business on March 10, 2026.

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 approximately 104 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 Standard Time (“EST”) to discuss the company’s fourth quarter and full year 2025 results and 2026 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)			888-566-0046 (Domestic Replay)
312-470-0178 (International)			203-369-3677 (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. EST today, until the end of the day on February 27, 2026. 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 pages 13 and 14 for the GAAP reconciliation tables.

2.Operating margin is defined as operating gain divided by operating revenue.


Elevance Health Contacts:

Investor Relations			Media
Nathan Rich			Leslie Porras
Investor.Relations@elevancehealth.com			Leslie.Porras@elevancehealth.com

Elevance Health

Earnings Release Financial Schedules and Supplementary Information

Quarter & Year Ended December 31, 2025

•Membership and Other Metrics

•Quarterly & Full Year 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

•Financial Guidance Summary

•Membership Guidance Summary


Elevance Health
Membership and Other Metrics
(Unaudited)

				Change from
Medical Membership (in thousands)	December 31, 2025	December 31, 2024	September 30, 2025	December 31, 2024		September 30, 2025
Individual	1,307	1,287	1,354	1.6	%	(3.5	%)
Employer Group Risk-Based	3,617	3,713	3,616	(2.6	%)	—	%
Commercial Risk-Based	4,924	5,000	4,970	(1.5	%)	(0.9	%)
BlueCard®	6,509	6,630	6,394	(1.8	%)	1.8	%
Employer Group Fee-Based	20,583	20,569	20,608	0.1	%	(0.1	%)
Commercial Fee-Based	27,092	27,199	27,002	(0.4	%)	0.3	%
Medicare Advantage	2,230	2,066	2,245	7.9	%	(0.7	%)
Medicare Supplement	882	891	877	(1.0	%)	0.6	%
Total Medicare	3,112	2,957	3,122	5.2	%	(0.3	%)
Medicaid	8,500	8,917	8,645	(4.7	%)	(1.7	%)
Federal Employee Program	1,604	1,661	1,630	(3.4	%)	(1.6	%)
Total Medical Membership	45,232	45,734	45,369	(1.1	%)	(0.3	%)


Other Metrics (in millions)
CarelonRx Quarterly Adjusted Scripts	88.5	82.9	85.0	6.8	%	4.1	%
Carelon Services Consumers Served	91.8	101.1	97.6	(9.2	%)	(5.9	%)


Elevance Health
Consolidated Statements of Income
(Unaudited)
(In millions, except per share data)	Three Months Ended December 31								Twelve Months Ended December 31
	2025			2024			Change		2025			2024			Change

Revenues
Premiums	$	40,690		$	36,245		12.3%		$	164,639		$	144,166		14.2%
Product revenue	6,460			6,714			(3.8%)		24,470			22,630			8.1%
Service fees	2,161			2,030			6.5%		8,475			8,408			0.8%
Total operating revenue	49,311			44,989			9.6%		197,584			175,204			12.8%
Net investment income	493			527			(6.5%)		2,194			2,051			7.0%
Net losses on financial instruments	(57)			(74)			NM		(653)			(445)			NM
Gain on sale of business	—			—			NM		—			201			NM
Total revenues	49,747			45,442			9.5%		199,125			177,011			12.5%
Expenses
Benefit expense	38,065			33,500			13.6%		148,223			127,567			16.2%
Cost of products sold	5,522			6,012			(8.2%)		21,178			19,750			7.2%
Operating expense	5,415			4,804			12.7%		20,984			20,025			4.8%
Interest expense	366			340			7.6%		1,402			1,185			18.3%
Amortization of other intangible assets	164			180			(8.9%)		628			580			8.3%

Total expenses	49,532			44,836			10.5%		192,415			169,107			13.8%

Income before income tax expense	215			606			(64.5%)		6,710			7,904			(15.1%)

Income tax expense (benefit)	(331)			193			NM		1,049			1,933			(45.7%)
Net income	546			413			32.2%		5,661			5,971			(5.2%)

Net loss attributable to noncontrolling interests	1			5			NM		1			9			NM
Shareholders' net income	$	547		$	418		30.9%		$	5,662		$	5,980		(5.3%)
Shareholders' earnings per diluted share	$	2.47		$	1.81		36.5%		$	25.21		$	25.68		(1.8%)
Diluted shares	221.8			231.1			(4.0%)		224.6			232.9			(3.6%)

Benefit expense as a percentage of premiums	93.5		%	92.4		%	110	bp	90.0		%	88.5		%	150	bp
Operating expense as a percentage of total operating revenue	11.0		%	10.7		%	30	bp	10.6		%	11.4		%	(80)	bp
Income before income tax expense as a percentage of total revenue	0.4		%	1.3		%	(90)	bp	3.4		%	4.5		%	(110)	bp

"NM" = calculation not meaningful


Elevance Health
Condensed Consolidated Balance Sheet
(In millions)	December 31, 2025	December 31, 2024
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$9,491	$8,288
Fixed maturity and equity securities	26,624	26,393
Premium and other receivables	21,542	19,071
Other current assets	5,344	4,700
Assets held for sale	—	490
Total current assets	63,001	58,942

Long-term investments	11,960	10,784
Property and equipment, net	4,679	4,652
Goodwill and other intangible assets	39,544	40,371
Other noncurrent assets	2,310	2,140
Total assets	$121,494	$116,889

Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable	$17,084	$15,746
Short-term borrowings	150	365
Current portion of long-term debt	1,099	1,649
Other current liabilities	22,702	22,668
Liabilities held for sale	—	153
Total current liabilities	41,035	40,581

Long-term debt, less current portion	30,797	29,218
Other noncurrent liabilities	5,636	5,664
Total liabilities	77,468	75,463






Total shareholders’ equity	43,882	41,315
Noncontrolling interests	144	111
Total equity	44,026	41,426
Total liabilities and equity	$121,494	$116,889


Elevance Health
Condensed Consolidated Statement of Cash Flows
(Unaudited)

(In millions)	Twelve Months Ended December 31
	2025		2024

Operating activities
Net income	$	5,661	$	5,971



Depreciation and amortization	1,546		1,393

Share-based compensation	276		191
Changes in operating assets and liabilities	(3,680)		(1,719)
Other non-cash items	487		(28)
Net cash provided by operating activities	4,290		5,808

Investing activities
Proceeds from sale of investments, net of maturities	69		586



Net purchases of subsidiaries, net of cash acquired/sold	88		(4,446)

Purchases of property and equipment	(1,116)		(1,256)
Other, net	(385)		(51)
Net cash used in investing activities	(1,344)		(5,167)

Financing activities
Net change in short-term and long-term borrowings	629		6,200





Repurchase and retirement of common stock	(2,605)		(2,900)
Cash dividends	(1,529)		(1,508)


Other, net	1,767		(599)
Net cash provided by (used in) financing activities	(1,738)		1,193

Effect of foreign exchange rates on cash and cash equivalents	(5)		(6)

Change in cash and cash equivalents	1,203		1,828
Cash and cash equivalents at beginning of period	8,288		6,526
Cash and equivalents included in assets held for sale at end of period	—		(66)

Cash and cash equivalents at end of period	$9,491		$8,288

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 Details
(Unaudited)

(In millions)	Three Months Ended December 31						Twelve Months Ended December 31
	2025		2024		Change		2025		2024		Change

Operating Revenue
Health Benefits	$41,835		$37,580		11.3	%	$167,094		$150,275		11.2	%
CarelonRx	11,644		9,977		16.7	%	43,400		35,961		20.7	%
Carelon Services	7,015		4,769		47.1	%	28,316		17,961		57.7	%
Corporate & Other	(83)		(14)		NM6		463		309		49.8	%
Eliminations	(11,100)		(7,323)		NM6		(41,689)		(29,302)		NM6
Total Operating Revenue1	$49,311		$44,989		9.6	%	$197,584		$175,204		12.8	%

Operating Gain (Loss)
Health Benefits2	($220)		$207		NM6		$4,158		$6,243		(33.4	%)
CarelonRx3	724		533		35.8	%	2,418		2,172		11.3	%
Carelon Services2,3	(150)		35		NM6		960		717		33.9	%
Corporate & Other2,3	(45)		(102)		NM6		(337)		(1,270)		NM6
Total Operating Gain1,4	$309		$673		(54.1	%)	$7,199		$7,862		(8.4	%)

Operating Margin
Health Benefits	(0.5	%)	0.6	%	(110) bp		2.5	%	4.2	%	(170) bp
CarelonRx	6.2	%	5.3	%	90 bp		5.6	%	6.0	%	(40) bp
Carelon Services	(2.1	%)	0.7	%	(280) bp		3.4	%	4.0	%	(60) bp
Total Operating Margin1	0.6	%	1.5	%	(90) bp		3.6	%	4.5	%	(90) bp

Health Benefits Revenue Details

(In millions)	Three Months Ended December 31						Twelve Months Ended December 31
	2025		2024		Change		2025		2024		Change
Health Benefits Operating Revenue
Commercial	$12,747		$11,851		7.6	%	$50,401		$46,816		7.7	%
Individual5	2,248		2,117		6.2	%	9,295		8,295		12.1	%
Medicare	10,762		9,054		18.9	%	44,752		36,795		21.6	%
Medicaid	14,500		12,755		13.7	%	56,620		51,937		9.0	%
Federal Employee Program	3,826		3,920		(2.4	%)	15,321		14,727		4.0	%
Total Health Benefits Operating Revenue1	$41,835		$37,580		11.3	%	$167,094		$150,275		11.2	%

1.See “Basis of Presentation” on page 5 herein.

2.Operating Gain for the three and twelve months ended December 31, 2024 included $90 and $281 million, respectively, of 2024 business dispositions and related items; including $74 and $215 million, respectively, for the Carelon Services segment; and $16 and $66 million, respectively, for the Health Benefits segment. Operating Gain for the three and twelve months ended December 31, 2024 included $66 and $224 million, respectively, of transaction and integration related costs, $12 and $692 million, respectively, of litigation and settlement expenses, and $0 and $268 million, respectively, of business optimization charges, all of which reside in the Corporate & Other reportable segment.

3.Operating Gain for the three and twelve months ended December 31, 2025 included $41 million of 2025 business dispositions and related items; including $45 million for the CarelonRx segment; ($7) million for the Carelon Services segment; and $3 million for the Corporate & Other segment. Operating Gain for the three and twelve months ended December 31, 2025 included $54 and $236 million, respectively, of transaction and integration related costs, $5 and $24 million, respectively, of litigation and settlement expenses, and ($34) and ($38) million, respectively, of business optimization charges, all of which reside in the Corporate & Other reportable segment.

4.Operating Gain for the three and twelve months ended December 31, 2025, and December 31, 2024, included items excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

5.The Individual business, including ACA products, is reported as part of Commercial Operating Revenue.

6."NM" = calculation not meaningful.


Elevance Health
Reconciliation of Medical Claims Payable

	Years Ended December 31
	2025			2024			2023
(In millions)	(Unaudited)

Gross medical claims payable, beginning of year	$	15,580		$	15,865		$	15,348
Ceded medical claims payable, beginning of year	(13)			(7)			(6)
Net medical claims payable, beginning of year	15,567			15,858			15,342

Business combinations and purchase adjustments	344			143			—

Net incurred medical claims:
Current year	145,566			125,370			121,798
Prior years redundancies1	(1,290)			(1,731)			(1,571)
Total net incurred medical claims	144,276			123,639			120,227

Net payments attributable to:
Current year medical claims	130,265			110,930			107,146
Prior years medical claims	13,141			13,143			12,565
Total net payments	143,406			124,073			119,711

Net medical claims payable, end of year	16,781			15,567			15,858
Ceded medical claims payable, end of year	48			13			7
Gross medical claims payable, end of year2	$	16,829		$	15,580		$	15,865

Current year medical claims paid as a percentage of current year net incurred medical claims	89.5		%	88.5		%	88.0		%

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	9.0		%	12.3		%	11.4		%

Prior year redundancies in the current year as a percentage of prior year net incurred medical claims	1.0		%	1.4		%	1.4		%

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 December 31						Twelve Months Ended December 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 / (Subtract):
Amortization of other intangible assets	164		180				628		580
Net losses on financial instruments	57		74				653		445
Transaction and integration related costs1	54		66				236		224
Business dispositions and related items2	41		90				41		281
Litigation and settlement expenses1	5		12				24		692
Gain on sale of business	—		—				—		(201)
Business optimization charges1	(34)		—				(38)		268
Tax impact of non-GAAP adjustments	(95)		(93)				(402)		(575)
Net adjustment items	192		329				1,142		1,714
Adjusted shareholders' net income	$	739	$	747	(1.1	%)	$	6,804	$	7,694	(11.6	%)

Shareholders' earnings per diluted share	$	2.47	$	1.81	36.5	%	$	25.21	$	25.68	(1.8	%)
Add / (Subtract):
Amortization of other intangible assets	0.74		0.78				2.80		2.49
Net losses on financial instruments	0.26		0.32				2.91		1.91
Transaction and integration related costs1	0.24		0.29				1.05		0.96
Business dispositions and related items2	0.18		0.39				0.18		1.21
Litigation and settlement expenses1	0.02		0.05				0.11		2.97
Gain on sale of business	—		—				—		(0.86)
Business optimization charges1	(0.15)		—				(0.17)		1.15
Tax impact of non-GAAP adjustments	(0.43)		(0.40)				(1.79)		(2.47)

Net adjustment items	0.86		1.42				5.08		7.36
Adjusted shareholders' earnings per diluted share	$	3.33	$	3.23	3.1	%	$	30.29	$	33.04	(8.3	%)

	Three Months Ended December 31						Twelve Months Ended December 31
(In millions)	2025		2024		Change		2025		2024		Change

Income before income tax expense	$	215	$	606	(64.5	%)	$	6,710	$	7,904	(15.1	%)
Net investment income	(493)		(527)				(2,194)		(2,051)
Gain on sale of business	—		—				—		(201)
Net losses on financial instruments	57		74				653		445
Interest expense	366		340				1,402		1,185
Amortization of other intangible assets	164		180				628		580


Reportable segments operating gain	$	309	$	673	(54.1	%)	$	7,199	$	7,862	(8.4	%)

1.Adjustment item resides in the Corporate & Other reportable segment.

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

Elevance Health

GAAP Reconciliation

(Unaudited)


	Three Months Ended December 31								Twelve Months Ended December 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 and integration related costs1	54			66					236			224
Business dispositions and related items2	41			90					41			281
Litigation and settlement expenses1	5			12					24			692
Business optimization charges1	(34)			—					(38)			268
Net adjustment items	66			168					263			1,465
Reportable segments adjusted operating gain	$	375		$	841		(55.4	%)	$	7,462		$	9,327		(20.0	%)

	Three Months Ended December 31								Twelve Months Ended December 31
(In millions)	2025			2024			Change		2025			2024			Change
Operating expense	$	5,415		$	4,804		12.7	%	$	20,984		$	20,025		4.8	%
Add / (Subtract):
Transaction and integration related costs1	(54)			(66)					(236)			(224)
Business dispositions and related items2	(41)			(90)					(41)			(281)
Litigation and settlement expenses1	(5)			(12)					(24)			(692)
Business optimization charges1	34			—					38			(268)
Net adjustment items	(66)			(168)					(263)			(1,465)
Adjusted operating expense	$	5,349		$	4,636		15.4	%	$	20,721		$	18,560		11.6	%

Operating revenue	$	49,311		$	44,989		9.6	%	$	197,584		$	175,204		12.8	%

Operating expense ratio	11.0		%	10.7		%	30 bp		10.6		%	11.4		%	(80) bp
Adjusted operating expense ratio	10.8		%	10.3		%	50 bp		10.5		%	10.6		%	(10) bp


	Full Year 2026 Outlook
Shareholders' earnings per diluted share	At least $22.30
Add / (Subtract):
Amortization of other intangibles3	$2.00


Net losses on financial instruments3	$1.15
Transaction and integration related costs1,3	$0.90
Litigation and settlement expenses1,3	$0.10

Tax impact of non-GAAP adjustments3	Approximately ($0.95)
Net adjustment items	$3.20
Adjusted shareholders' earnings per diluted share	At least $25.50

1.Adjustment item resides in the Corporate & Other reportable segment.

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

3.Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount.

Elevance Health

Financial Guidance Summary

(Unaudited)

Full Year 2025 Actual

Full Year 2026 Outlook

Premium Revenue

$164.6 billion

Mid single digit decline

Product Revenue

$24.5 billion

Mid single digit growth

Service Fees

$8.5 billion

Mid single digit growth

Total Operating Revenue

$197.6 billion

Low single digit decline

Benefit Expense Ratio

90.0%

90.2% +/- 50 bps

Adjusted Operating Expense Ratio

10.5%

10.6% +/- 50 bps

Adjusted Operating Gain

$7.5 billion

At least $6.8 billion

Other Pre-Tax Items:

Net Investment income

$2,194 million

$1,875 million

Interest Expense

($1,402) million

($1,530) million

Amortization of Intangible Assets

($628) million

($440) million

Adjusted Effective Tax Rate

17.6%

22.0% - 24.0%

GAAP Diluted EPS

$25.21

At least $22.30

Adjusted Diluted EPS

$30.29

At least $25.50

Diluted Shares

224.6 million

219-220 million

Operating Cash Flow

$4.3 billion

At least $5.5 billion

Segment Level Guidance Metrics

Operating Revenue Growth Rate

Health Benefits

$167.1 billion

Low single digit decline

CarelonRx

$43.4 billion

Low single digit growth

Carelon Services

$28.3 billion

Low single digit growth

GAAP Operating Margin vs. 2025

Health Benefits

2.5%

(50) - (25) bps

CarelonRx

5.6%

(25) - 0 bps

Carelon Services

3.4%

0 - 25 bps


Elevance Health
Membership Guidance Summary
(Unaudited)

	Full Year 2025 Actual	Full Year 2026 Outlook
Year-End Medical Enrollment (in 000s)
Commercial Fee-Based	27,092	27,200 - 27,500
Commercial Risk-Based	4,924	4,150 - 4,250
Medicaid	8,500	7,650 - 7,850
Medicare Advantage	2,230	1,775 - 1,875
Medicare Supplement	882	Approximately 850
Federal Employee Program	1,604	Approximately 1,550

Fee-Based	27,092	27,200 - 27,500
Risk-Based	18,140	15,975 - 16,375
Total	45,232	43,175 - 43,875

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,” “potential,” “predict” 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; 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 or sentiment 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.