Every material Form 8-K Elevance Health has filed with the SEC since January 24, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Elevance Health reported third-quarter 2026 operating revenue of $50.4 billion, up 0.7% from a year earlier, and diluted earnings per share of $6.27, up 17.9% from $5.32, which included a net non-operating benefit of $1.85 per share. The company raised its full-year 2026 diluted EPS guidance to at least $22.00 and adjusted diluted EPS guidance to at least $29.00, though the Health Benefits operating gain fell 27.5%. For shareholders, the higher outlook is the main change, while nine-month diluted EPS of $21.01 was down 7.3% from the prior year.
Third-quarter operating revenue was $50.4 billion, up 0.7% from $50.1 billion a year earlier.
Diluted EPS was $6.27 versus $5.32 a year earlier; adjusted diluted EPS was $6.99 versus $6.03.
Full-year 2026 diluted EPS guidance was raised to at least $22.00; adjusted diluted EPS guidance was raised to at least $29.00.
Health Benefits operating gain fell 27.5% to $0.4 billion, and a $1.72 quarterly dividend was declared for payment on December 18, 2026.
Elevance Health reported second-quarter 2026 operating revenue of $49.8 billion, up 0.8% from a year earlier, while diluted earnings per share fell 13.1% to $6.71 from $7.72. The company raised its full-year 2026 diluted EPS guidance to at least $20.10 and its adjusted EPS guidance to at least $27.00, and said it is accelerating targeted investments. For shareholders, the higher outlook comes alongside lower quarterly profit and a higher benefit expense ratio.
Operating revenue was $49.8 billion in the second quarter of 2026, up from $49.4 billion a year earlier.
Diluted EPS was $6.71 versus $7.72 a year earlier; adjusted diluted EPS was $7.45 versus $8.84.
Full-year 2026 diluted EPS guidance was raised to at least $20.10 and adjusted diluted EPS guidance to at least $27.00.
Full-year 2026 operating cash flow guidance was raised to at least $6.0 billion; a $1.72 quarterly dividend is payable September 25, 2026.
Elevance Health reported first quarter 2026 operating revenue of $49.5 billion, up 1.5% from a year earlier, while GAAP diluted EPS fell to $8.00 from $9.61 after a $935 million accrual related to a CMS notice. Adjusted diluted EPS rose 5.1% to $12.58, and the company raised its full-year 2026 adjusted EPS guidance to at least $26.75, though GAAP diluted EPS guidance is at least $19.85 including the CMS estimate.
Operating revenue was $49.5 billion, up 1.5% from the prior year quarter, driven by higher premium yields and CarelonRx product revenue.
Diluted EPS was $8.00 versus $9.61 a year earlier; adjusted diluted EPS was $12.58 versus $11.97.
The $935 million accrual reflects the company's current best estimate of potential exposure tied to a CMS notice dated February 27, 2026.
Full-year 2026 adjusted diluted EPS guidance was raised to at least $26.75; the company returned $1.5 billion to shareholders in the quarter and declared a $1.72 per share dividend payable June 25, 2026.
Elevance Health announced management changes: CFO Mark Kaye will add oversight of Carelon, and Felicia Norwood will lead a consolidated Health Benefits organization. Carelon president Peter D. Haytaian leaves that role effective May 4, 2026, and will serve as Special Advisor through December 31, 2026. The company also reaffirmed its 2026 earnings and benefit expense ratio guidance, so the leadership changes come without a change to its outlook.
Peter D. Haytaian leaves his role as President of Carelon effective May 4, 2026, to devote more time to family commitments; he will serve as Special Advisor through December 31, 2026.
CFO Mark Kaye expands his responsibilities to include oversight of Carelon; Felicia Norwood assumes responsibility for the consolidated Health Benefits organization.
2026 guidance reaffirmed: shareholders' earnings of at least $22.30 per diluted share, including about $3.20 per diluted share of net unfavorable items; adjusted earnings of at least $25.50 per diluted share.
Benefit expense ratio guidance for 2026 reaffirmed at 90.2% plus or minus 50 basis points.
Elevance Health reported fourth quarter 2025 operating revenue of $49.3 billion, up 10% from a year earlier, and GAAP diluted EPS of $2.47 versus $1.81. For the full year, GAAP diluted EPS fell 1.8% to $25.21 and adjusted diluted EPS fell 8.3% to $30.29. The company projects 2026 adjusted diluted EPS of at least $25.50 and GAAP diluted EPS of at least $22.30, both below 2025 levels.
Q4 2025 operating gain was $0.3 billion versus $0.7 billion a year earlier; benefit expense ratio rose to 93.5%, up 110 basis points.
Full-year 2025 adjusted operating gain was $7.5 billion versus $9.3 billion in 2024.
2026 outlook: total operating revenue expected to decline at a low single digit rate; adjusted operating gain of at least $6.8 billion.
Returned $4.1 billion to shareholders in 2025; Q1 2026 dividend declared at $1.72 per share, payable March 25, 2026.
Elevance Health's board elected Amy W. Schulman as an independent director, effective January 12, 2026, with a term expiring at the 2028 annual meeting. She was also appointed to the Audit and Finance Committees, and the board determined she qualifies as an audit committee financial expert. The filing reports no financial results, and the appointment is a board governance change rather than a change to the company's operations.
Amy W. Schulman elected independent director by the Board on December 10, 2025, effective January 12, 2026
Term expires at the Company's 2028 annual meeting of shareholders
Appointed to the Audit and Finance Committees; Board determined she qualifies as an audit committee financial expert
Ms. Schulman's director compensation follows the standard non-employee director program
Elevance Health reported third quarter 2025 operating revenue of $50.1 billion, up 12.0% from a year earlier, and GAAP diluted EPS of $5.32, up 22.0%. Adjusted diluted EPS fell to $6.03 from $8.60, and the benefit expense ratio rose 180 basis points to 91.3%, so profit measures moved in different directions. The company reaffirmed its full-year 2025 adjusted diluted EPS guidance of approximately $30.00.
Operating revenue was $50.1 billion, up from $44.7 billion in the third quarter of 2024.
Diluted EPS was $5.32 versus $4.36 a year earlier; adjusted diluted EPS was $6.03 versus $8.60.
Benefit expense ratio was 91.3%, up 180 basis points, reflecting higher cost trend primarily in Medicare.
Full-year 2025 adjusted diluted EPS guidance of approximately $30.00 was reaffirmed; $3.3 billion returned to shareholders year to date.
Elevance Health's board elected Steven H. Collis, Executive Chairman of Cencora, as an independent director effective August 1, 2025, with a term expiring at the 2027 annual meeting. He was also appointed to the Audit and Finance Committees, and the board determined he qualifies as an audit committee financial expert. The filing describes a routine board addition with no financial figures disclosed.
Steven H. Collis elected by the board on July 28, 2025, effective August 1, 2025
Term expires at the Company's 2027 annual meeting of shareholders
Appointed to the Audit and Finance Committees; board determined he is an audit committee financial expert
Previously president and CEO of Cencora for 13 years, and became Executive Chairman in 2024
Elevance Health reported second quarter 2025 operating revenue of $49.4 billion, up 14.3% from a year earlier, but diluted EPS fell to $7.72 from $9.85 and adjusted diluted EPS fell to $8.84 from $10.30. The company revised its full-year 2025 adjusted diluted EPS guidance to approximately $30.00 and projected GAAP diluted EPS of approximately $24.10, citing elevated medical cost trends in ACA and slower rate alignment in Medicaid. Shareholders face lower profit expectations even as sales grew.
Q2 2025 operating revenue $49.4 billion, up 14.3%; benefit expense ratio rose to 88.9% from 86.3% in the prior-year quarter
Q2 2025 diluted EPS $7.72 vs. $9.85 a year earlier; adjusted diluted EPS $8.84 vs. $10.30
2025 adjusted diluted EPS outlook revised to approximately $30.00; GAAP diluted EPS outlook approximately $24.10
Returned $2.0 billion to shareholders year-to-date; third quarter dividend of $1.71 per share payable September 25, 2025
Elevance Health reported first quarter 2025 operating revenue of $48.8 billion, up 15.4% from a year earlier, and adjusted diluted EPS of $11.97, up 10.5%. GAAP diluted EPS was $9.61, roughly flat versus $9.59, and the company reaffirmed its full-year 2025 adjusted diluted EPS outlook of $34.15 to $34.85. Shareholders should note that operating cash flow fell to $1.0 billion, and the benefit expense ratio rose 80 basis points to 86.4 percent.
Operating revenue was $48.8 billion, up 15.4%, driven by higher premium yields, acquisitions and CarelonRx product revenue.
Adjusted diluted EPS was $11.97 versus $10.83; GAAP diluted EPS was $9.61 versus $9.59.
Full-year 2025 adjusted diluted EPS outlook of $34.15 to $34.85 was reaffirmed; GAAP outlook is $28.30 to $29.00.
Operating cash flow was $1.0 billion, down about $1.0 billion year over year; the company returned $1.3 billion to shareholders in the quarter.
Elevance Health said it expects first quarter 2025 GAAP net income of $9.61 per diluted share, including about $2.36 per diluted share of net unfavorable items, and adjusted net income of $11.97 per diluted share. The company reaffirmed full-year 2025 adjusted net income guidance of $34.15 to $34.85 per diluted share, and said Medicare Advantage cost trends were in line with its expectations, though still elevated. Full results are due April 22, 2025.
Q1 2025 GAAP net income expected at $9.61 per diluted share, including about $2.36 per diluted share of net unfavorable items
Q1 2025 adjusted net income expected at $11.97 per diluted share
Full-year 2025 adjusted net income guidance reaffirmed at $34.15 to $34.85 per diluted share
Full-year 2025 Medicare Advantage membership expected at 2,200 to 2,250 thousand members; full results due April 22, 2025
Elevance Health reported fourth quarter 2024 operating revenue of $45.0 billion, up 6% from a year earlier, but diluted EPS fell to $1.81 from $3.63 and adjusted diluted EPS fell to $3.84 from $5.62. The company also projected 2025 adjusted diluted EPS of $34.15 to $34.85 and raised its quarterly dividend 5% to $1.71 per share, which matters to shareholders because it shows the company's near-term earnings outlook and cash returns.
Q4 2024 operating revenue was $45.0 billion, up 6%; benefit expense ratio rose to 92.4% from 89.2%, driven mainly by higher Medicaid medical cost trends.
Full year 2024 diluted EPS was $25.68, up 1.8%; adjusted diluted EPS was $33.04, down 0.3%.
Projected 2025 GAAP diluted EPS is $30.40 to $31.10 and adjusted diluted EPS is $34.15 to $34.85.
The first quarter 2025 dividend is $1.71 per share, payable March 25, 2025, up 5% from $1.63.
Elevance Health reported third quarter 2024 operating revenue of $44.7 billion, up 5.3% from a year earlier, but GAAP diluted EPS fell 20.0% to $4.36 and the operating gain fell 19.8% to $1.4 billion. The company cited a timing mismatch between Medicaid rates and the higher acuity of its members, which pushed the benefit expense ratio up 270 basis points to 89.5%. It now expects 2024 GAAP EPS of approximately $26.50 and adjusted EPS of approximately $33.00, and on October 15, 2024 it authorized an $8.0 billion increase to its share repurchase program.
Q3 2024 operating revenue $44.7 billion, up $2.2 billion from the prior year quarter, driven by higher premium yields and CarelonRx product revenue
Q3 2024 GAAP diluted EPS $4.36 versus $5.45 a year earlier; adjusted diluted EPS $8.37 versus $8.99
Medical membership fell 3.3% year over year to 45,760 thousand, with Medicaid down 19.0% to 8,926 thousand
Board authorized an $8.0 billion increase to the share repurchase program on October 15, 2024; quarterly dividend of $1.63 per share declared
Elevance Health reported second quarter 2024 results, with GAAP diluted EPS of $9.85, up 26%, and adjusted diluted EPS of $10.12, up 12%. Operating revenue slipped to $43.2 billion from $43.4 billion, while the company said it has prudently maintained its full-year outlook of at least $37.20 in adjusted EPS.
Q2 2024 operating revenue was $43.2 billion, down $0.2 billion from the prior year quarter, driven by Medicaid membership attrition
GAAP diluted EPS was $9.85 versus $7.79 a year earlier; adjusted diluted EPS was $10.12 versus $9.04
Full-year 2024 outlook: GAAP diluted EPS of at least $34.05 and adjusted diluted EPS of at least $37.20
Board declared a third quarter dividend of $1.63 per share, payable September 25, 2024, to holders of record on September 10, 2024
Elevance Health reported first quarter 2024 results on April 18, 2024, with operating revenue of $42.3 billion, up 0.9% from a year earlier, and diluted EPS of $9.59, up 15.5%. The company raised its full-year 2024 guidance to diluted EPS greater than $34.05 and adjusted diluted EPS greater than $37.20, which signals stronger expected earnings for shareholders.
Q1 2024 diluted EPS was $9.59, up 15.5%; adjusted diluted EPS was $10.64, up 12.5%
Operating revenue was $42.3 billion, up 0.9%; total operating margin was 7.1%, up 30 basis points
Full-year 2024 diluted EPS guidance raised to greater than $34.05; adjusted diluted EPS guidance raised to greater than $37.20
Repurchased 1.1 million shares for $566 million in Q1; quarterly dividend of $1.63 per share declared, payable June 25, 2024
Elevance Health reported fourth-quarter and full-year 2023 results in a press release furnished under Item 2.02 of this 8-K. Quarterly operating revenue rose 7.0% to $42.5 billion and GAAP diluted EPS rose 1.1% to $3.63, while the company set a full-year 2024 GAAP diluted EPS outlook of greater than $34.29, compared with $25.22 for 2023, and raised its quarterly dividend 10.1% to $1.63 per share.
4Q 2023 operating revenue $42.5 billion, up 7.0%; GAAP diluted EPS $3.63, up 1.1%; adjusted diluted EPS $5.62, up 15.2%
FY 2024 GAAP diluted EPS outlook greater than $34.29; adjusted diluted EPS outlook greater than $37.10, versus FY 2023 GAAP diluted EPS of $25.22
Quarterly dividend increased 10.1% to $1.63 per share
4Q 2023 operating margin was 3.0%, down from 3.2% in 4Q 2022
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