Elevance Health posted nearly a $5.7 billion profit in 2025, the insurer revealed in its full-year and fourth-quarter earnings report published Jan. 28.
Elevance had cut its earnings guidance in July due to steeper individual market and Medicaid costs.
Total fourth-quarter revenue was $49.3 billion, up 9.6% year over year. Operating revenue was $197.6 billion in 2025, a 12.8% increase from the previous year. Total revenue was $199.1 billion, up 12.5%.
Net income in the fourth quarter was $547 million, a 30.9% year-over-year boost.
Elevance’s health benefits segment, which includes Anthem and Wellpoint, saw $41.8 billion in total operating revenue for the fourth quarter, an 11.2% increase from the same period in 2024. For 2025 overall, total operating revenue was $167.1 billion, also an 11.2% increase. The business had a 2.5% operating margin for the year.
Health services arm Carelon reported total operating revenue of $18.7 billion in the fourth quarter, up 27.2%. In 2025, Carelon’s total operating revenue was $71.7 billion, a 33% increase over 2024. This segment had a 4.7% operating margin for the year.
Elevance’s benefit expense ratio was 93.5% in the fourth quarter and 90% for the full year. Increases were attributed to elevated medical cost patterns. As of Dec. 31, days in claims payable were 41.3.
Total medical membership decreased 1.1% year over year, dipping to 45.2 million members at the end of 2025. The company has 8.5 million Medicaid and 2.2 million Medicare Advantage members.
The company projects 2026 adjusted diluted earnings per share to be at least $25.50.
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