Elevance Health reported operating revenue of $49.3 billion in Q4 2025, up 10% year-over-year, and $197.6 billion for the full year, a 13% increase versus 2024. The quarterly gain was driven by higher premium yields in the Health Benefits segment, contributions from recent acquisitions, and an uptick in Medicare Advantage membership. Full-year revenue growth reflected similar factors, led by a $22.4 billion increase in premium income. Despite rising medical cost trends—particularly in ACA plans and seasonal Part D pressures—Elevance maintained disciplined pricing to support top-line expansion.

In the Health Benefits segment, Q4 revenue rose to $41.8 billion, up 11% from the prior year, but operating results swung to a $200 million adjusted loss as benefit expense ratio climbed by 110 basis points to 93.5%. Annual membership in this segment stood at approximately 45.2 million, down 1% largely due to Medicaid attrition. The Carelon segment delivered $18.7 billion in Q4 revenue—an increase of 27%—driven by CarelonRx product growth, expansion of risk-based solutions, and the CareBridge acquisition. Carelon’s adjusted operating gain for the year reached $3.4 billion, up 10% year-over-year.

Elevance generated $4.3 billion in operating cash flow for 2025, equivalent to 0.8 times GAAP net income, and ended the year with $2.6 billion in parent-company cash and investments. During Q4, the company repurchased 1.4 million shares for $471 million and paid $377 million in dividends ($1.71 per share). The board has $6.7 billion of repurchase authorization remaining. For 2026, management forecasts continued investment in affordability and technology, targeting a return to at least 12% adjusted EPS growth by 2027, while navigating elevated medical cost trends and moderating premium growth assumptions.