Elevance Health (ELV) Q4 FY2025 earnings: revenue $49.7 billion, up 9.5% on the year

Elevance Health, Inc. (ELV) reported revenue of $49.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.5% on the same quarter a year earlier. Net income was $547 million, up 30.9% on the year, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue

$49.7 billion

+9.5% on the year · -1.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

0.6%

1.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$547 million

+30.9% on the year · -54.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.47

+36.5% on the year · -53.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 22 new.

Revenue rose 10 percent in quarter: Operating revenue was $49.3 billion in the fourth quarter, up 10 percent, driven by higher premium yields, acquisitions and Medicare Advantage growth, partly offset by Medicaid attrition.
Quarterly and annual EPS figures reported: Fourth quarter diluted EPS was $2.47 against $1.81, and adjusted diluted EPS was $3.33 against $3.23. Full year diluted EPS was $25.21 and adjusted diluted EPS $30.29, against $33.04.
Health Benefits swung to adjusted loss: Health Benefits reported an adjusted operating loss of $0.2 billion in the fourth quarter and an adjusted operating gain of $4.2 billion for the year. Both periods were affected mainly by higher medical cost trend.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	49,747	50,711	45,442	-1.9%	+9.5%
Cost of revenue	5,522	5,380	6,012	+2.6%	-8.2%
Gross profit	44,225	45,331	39,430	-2.4%	+12.2%
Gross margin	88.9%	89.4%	86.8%
Selling, general and administrative	5,415	5,272	4,804	+2.7%	+12.7%
Operating income	309	1,295	673	-76.1%	-54.1%
Operating margin	0.6%	2.6%	1.5%
Interest expense	366	351	340	+4.3%	+7.6%
Pre-tax income	215	1,406	606	-84.7%	-64.5%
Income tax	-331	219	193
Effective tax rate	-154.0%	15.6%	31.8%
Net income	547	1,189	418	-54.0%	+30.9%
Net margin	1.1%	2.3%	0.9%
Diluted EPS	$2.47	$5.32	$1.81	-53.6%	+36.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	84.0	1,135	706	-92.6%	-88.1%
Capital expenditure	293	360	322	-18.6%	-9.0%
Free cash flow	-209	775	384
Free cash flow margin	-0.4%	1.5%	0.8%
Cash from investing	464	-1,224	-1,638
Cash from financing	236	243	1,408	-2.9%	-83.2%
Depreciation and amortisation	406	387	398	+4.9%	+2.0%
Share-based compensation	30.0	84.0	n/a	-64.3%
Buybacks	471	876	1,811	-46.2%	-74.0%
Dividends paid	377	381	373	-1.0%	+1.1%
Dividend per share	$1.71	$1.71	$1.63	0.0%	+4.9%
Diluted shares, weighted	225m	224m	233m	+0.4%	-3.6%
Shares outstanding at period end	221m	222m	227m	-0.6%	-3.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	43,882	43,953	41,315	-0.2%	+6.2%
Non-controlling interest	144	129	111	+11.6%	+29.7%
Short-term borrowings	150	n/a	n/a
Debt	31,896	32,102	31,232	-0.6%	+2.1%
Operating lease liabilities	529	n/a	658		-19.6%
Other liabilities	44,893	46,565	43,573	-3.6%	+3.0%
Total liabilities and equity	121,494	122,749	116,889	-1.0%	+3.9%
Fixed assets	4,679	4,657	4,652	+0.5%	+0.6%
Goodwill	28,344	28,451	28,277	-0.4%	+0.2%
Intangible assets	11,200	11,327	12,094	-1.1%	-7.4%
Investments	27,005	27,394	26,236	-1.4%	+2.9%
Cash and equivalents	9,491	8,713	8,288	+8.9%	+14.5%
Other assets	40,775	42,207	37,342	-3.4%	+9.2%
Total assets	121,494	122,749	116,889	-1.0%	+3.9%

Questions

What was Elevance Health's revenue in Q4 FY2025?

Elevance Health (ELV) reported revenue of $49.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.5% on the same quarter a year earlier.

How much did Elevance Health earn in Q4 FY2025?

Net income for Q4 FY2025 was $547 million, up 30.9% on the year, and diluted earnings per share $2.47.

When did Elevance Health report Q4 FY2025 results?

Elevance Health filed its 10-K for the year that ended with the quarter on 6 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	36,581	38,095	38,632	39,939	39,929	42,172	43,672	42,849	42,647	42,577	43,886	45,106	45,442	48,891	49,776	50,711	49,747	50,181	50,474	51,429
Cost of revenue	3,070	2,883	3,069	3,437	3,646	3,481	4,327	4,648	4,837	3,825	4,820	5,093	6,012	4,983	5,293	5,380	5,522	5,463	5,492	5,640
Gross profit	33,511	35,212	35,563	36,502	36,283	38,691	39,345	38,201	37,810	38,752	39,066	40,013	39,430	43,908	44,483	45,331	44,225	44,718	44,982	45,789
Gross margin	92%	92%	92%	91%	91%	92%	90%	89%	89%	91%	89%	89%	87%	90%	89%	89%	89%	89%	89%	89%
SG&A	4,222	4,341	4,269	4,514	4,562	4,800	4,818	5,470	4,999	4,886	5,066	5,269	4,804	5,300	4,997	5,272	5,415	6,330	5,547	5,752
Operating income	1,188	2,427	2,346	2,251	1,259	2,831	2,628	1,756	1,284	3,016	2,765	1,408	673	3,170	2,425	1,295	309	2,086	1,763	1,269
Operating margin	3%	6%	6%	6%	3%	7%	6%	4%	3%	7%	6%	3%	1%	6%	5%	3%	1%	4%	3%	2%
Interest expense	200	201	208	213	229	251	261	259	259	265	280	300	340	344	341	351	366	357	364	358
Pre-tax income	1,400	2,306	2,122	2,127	1,045	2,619	2,441	1,654	1,001	2,939	2,986	1,373	606	2,797	2,292	1,406	215	2,304	1,937	1,794
Tax rate	20%	23%	23%	25%	16%	23%	24%	21%	17%	23%	23%	27%	32%	22%	24%	16%	-154%	24%	25%	25%
Net income	1,137	1,789	1,637	1,603	865	1,989	1,853	1,289	856	2,246	2,300	1,016	418	2,183	1,743	1,189	547	1,764	1,463	1,365
Net margin	3%	5%	4%	4%	2%	5%	4%	3%	2%	5%	5%	2%	1%	4%	4%	2%	1%	4%	3%	3%
Diluted EPS	$4.64	$7.32	$6.73	$6.62	$3.95	$8.30	$7.79	$5.45	$3.63	$9.59	$9.85	$4.36	$1.81	$9.61	$7.72	$5.32	$2.47	$8.00	$6.71	$6.27
Operating cash flow	1,672	2,541	2,452	4,924	-1,518	6,469	1,950	2,613	-2,971	1,978	447	2,677	706	1,017	2,054	1,135	84.0	4,332	1,913	1,267
Capital expenditure	340	254	295	305	298	301	350	319	326	279	323	332	322	196	267	360	293	235	287	267
Free cash flow	1,332	2,287	2,157	4,619	-1,816	6,168	1,600	2,294	-3,297	1,699	124	2,345	384	821	1,787	775	-209	4,097	1,626	1,000
Buybacks	522	545	624	579	568	622	646	480	928	566	463	60.0	1,811	880	378	876	471	1,124	234	330
Dividends paid	273	309	309	306	305	351	350	348	346	379	378	386	373	386	385	381	377	376	373	373
Shares outstanding	242m	241m	240m	239m	238m	237m	236m	235m	233m	233m	232m	232m	227m	226m	225m	222m	221m	217m	217m	216m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 6 February 2026: the filing.