Short answer
Elevance Health (ELV) filed its Q3 2025 10-Q quarterly report on Oct 21, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $50.7B (up 12.4% year over year) with net income of $1.2B.
Q3 2025 key financials · XBRL
- Revenue
- $50.7B
- +12.4% YoY · +1.9% QoQ
- Net income
- $1.2B
- +17.0% YoY · −31.8% QoQ
- Operating margin
- 2.6%
- EPS (diluted)
- $5.34
- +22.2% YoY · −30.8% QoQ
Source: XBRL data from the Elevance Health (ELV) Q3 2025 10-Q on SEC EDGAR. USD.
Elevance Health Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $50.1B Q3 2025, up 12.0% YoY ($44.7B Q3 2024); $148.3B YTD, up 13.9% YoY ($130.2B YTD 2024)
- Operating margin 2.6% Q3 2025 vs 3.1% Q3 2024; YTD margin 4.6% vs 5.5% YoY; Health Benefits margin down to 1.4% Q3 from 4.2% YoY
- Best: Carelon Services revenue up 57.9% Q3 YoY, operating margin 3.0% Q3 vs 4.0% YoY; Worst: Health Benefits operating gain down 62.5% Q3 YoY, margin 1.4% vs 4.2% YoY
- Operating cash flow $4.2B YTD 2025 down from $5.1B YTD 2024, impacted by $666M Provider Settlement payment; net income up 17.8% Q3 but down 8.0% YTD
- Management notes continued Medicaid membership attrition, controlled pricing increases, and regulatory headwinds including new federal rules; expects fiscal impacts from inflation reduction act and ongoing medical cost trends
Risk Factors
- No new or changed risk factors since 2024 Annual Report on Form 10-K
- Regulatory risk: ongoing potential adverse impact from healthcare laws and government policy changes
- Operational risk: exposure to disruptions from technology or service providers affecting near-term performance
- Competitive risk: intensifying market competition pressures pricing and growth opportunities
- Financial risk: dependency on maintaining liquidity and managing debt maturities per 10-K disclosures
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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