Elevance Health (ELV) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Health Care· Jan 28, 2026

Source: earnings call transcript

Elevance Health is strategically repositioning its portfolio in 2026, focusing on pricing discipline and operational rigor to strengthen margins and reduce volatility, particularly in Medicaid and Medicare Advantage. The company anticipates a return to at least 12% adjusted EPS growth in 2027, leveraging its diversified platform and targeted investments in Carelon and digital capabilities. This approach aims to deliver sustainable earnings growth despite a dynamic operating environment.

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ELV operating KPIs by quarter

ELV operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Medical members	45.8M We ended the first quarter with 45.8 million medical members, up 99,000 from year-end, driven primarily by targeted expansion and better-than-expected retention rates in Medicare Advantage. Source: earnings call transcript	45.6M We ended the second quarter with 45.6 million medical members, down approximately 200,000 sequentially, driven by a reduction in Medicaid membership and lower effectuation rates in our ACA business, a dynamic we first highlighted on last quarter's earnings call. Source: earnings call transcript	45.4M We ended the quarter with 45.4 million medical members. Source: earnings call transcript	45.2M We ended the year with 45.2 million members, a decrease of approximately 500,000 year-over-year, principally reflecting a decline in Medicaid membership due to continued eligibility reverifications. Source: earnings call transcript	45.4M We ended March with 45.4 million members, an increase of nearly 200,000 from year-end, driven by growth in our commercial fee-based membership and higher enrollment in Individual ACA. Source: earnings call transcript	44.9M We ended the quarter with 44.9 million medical members. Source: earnings call transcript	~44.9M We ended the quarter with approximately 44.9 million medical members. Source: earnings call transcript	—
Medical care ratio	86.4% Our consolidated benefit expense ratio was 86.4%, an increase of 80 basis points year-over-year. Source: earnings call transcript	88.9% The consolidated benefit expense ratio was 88.9%, an increase of 260 basis points year-over-year, driven by our ACA and Medicaid businesses, partially offset by a favorable out-of-period settlement with a value-based care provider. Source: earnings call transcript	91.3% The consolidated benefit expense ratio was 91.3%, aligned with our expectations. Source: earnings call transcript	93.5% Our consolidated benefit expense ratio was 93.5% for the quarter and 90% for the full year, in line with our guidance. Source: earnings call transcript	86.8% Our consolidated benefit expense ratio was 86.8%. Source: earnings call transcript	—	90.6% Our consolidated benefit expense ratio was 90.6%, an improvement of 70 basis points. Source: earnings call transcript	—
Days in claims payable	—	—	—	41.3 Days in claims payable was 41.3 days, a decrease of 0.1 days sequentially. Source: earnings call transcript	46.6 Days in claims payable were 46.6 days, an increase of 5.3 days sequentially. Source: earnings call transcript	45.4 Days in claims payable were 45.4 days as of June 30, an increase of 2.9 days year-over-year. Source: earnings call transcript	44.9 Days in Claims Payable were 44.9 days as of September 30, an increase of 3.5 days year-over-year. Source: earnings call transcript	-1.1%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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