Elevance Health Reports Third Quarter 2025 Results

INDIANAPOLIS—Elevance Health, Inc. released its third quarter 2025 results in a recent announcement. Elevance Health’s President and CEO Gail Boudreaux said the results were in line with expectations and “reflect disciplined execution across Elevance Health.”

“In a dynamic health care environment, we’re focused on advancing affordability and elevating the member experience through our growing value-based care partnerships and [artificial intelligence]-enabled digital solutions that simplify access and improve outcomes,” said Boudreaux. “As we plan for 2026, we remain disciplined in managing what we can control—positioning our businesses for long-term, sustainable growth and value creation for all stakeholders.”

The company reported operating revenue was $50.1 billion in the third quarter of 2025, an increase of $5.4 billion, or 12% compared to the prior year quarter. Elevance said this was driven by higher premium yields in its health benefits segment, recently closed acquisitions and growth in Medicare Advantage membership, partially offset by ongoing Medicaid membership losses due to eligibility reverifications.

The benefit expense ratio was 91.3%, an increase of 180 basis points year over year, reflecting elevated, but expected, cost trend primarily in the company’s Medicare business given pronounced seasonality in Part D benefits associated with changes made in the Inflation Reduction Act. Days in claims payable stood at 42.6 days as of Sept. 30, 2025, when adjusted for Elevance’s acquisition of CareBridge. This represents a decrease of 0.2 days year over year on a comparable basis.

The operating expense ratio was 10.5%, an improvement of 130 basis points. The adjusted operating expense ratio was 10.4%, an increase of 100 basis points.

Operating cash flow was $4.2 billion year-to-date, or 0.8 times generally accepted accounting principles net income, a decrease of $0.9 billion year over year reflecting in part the provider settlement agreement payment for the multi-district Blue Cross Blue Shield Association litigation. As of Sept. 30, 2025, cash and investments at the parent company totaled approximately $2.6 billion.

During the third quarter of 2025, the Company repurchased 2.9 million shares of its common stock for $875 million, at a weighted average price of $303.48, and paid a quarterly dividend of $1.71 per share, representing a distribution of cash totaling $381 million. As of Sept. 30, 2025, the company had approximately $7.2 billion of Board approved share repurchase authorization remaining.