Elevance Health Q4 revenue rises 10%; 2026 EPS outlook falls below 2025 level
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.
Key points
- 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.
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 January 28, 2026.
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.