Elevance Health Q1 adjusted EPS rises 10.5% to $11.97; 2025 outlook reaffirmed
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.
Key points
- 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.
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 22, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.