Company: ELV
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001156039-25-000114
Chunk: 58

Company: Elevance Health, Inc.
Filing Date: 2025-07-17
Form: 10-Q
Item: Item 8
Chunk 58
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 Quarterly Report on Form 10-Q.

Selected Operating Performance

For the twelve months ended June 30, 2025, total medical membership declined by 0.3%. This was primarily driven by attrition in Medicaid membership, primarily as a result of eligibility redeterminations, and decreases in our Commercial Fee-Based business. These decreases were partially offset by increases in our Medicare Advantage and Individual ACA businesses. 

Operating revenue for the three months ended June 30, 2025 was $49,421, an increase of $6,198, or 14.3%, from the three months ended June 30, 2024. Operating revenue for the six months ended June 30, 2025 was $98,186, an increase of $12,690, or 14.8%, from the six months ended June 30, 2024. The increases for both the three and six months ended June 30, 2025 were primarily a result of premium rate increases in our Health Benefits segment in recognition of medical cost trends, 

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recent acquisitions, and growth in Medicare Advantage and Individual ACA membership, partially offset by membership attrition in our Medicaid business.                                                                                                                                                                                                                                                                                                                                                                      

Net income for the three months ended June 30, 2025 was $1,744, a decrease of $557, or 24.2%, from the three months ended June 30, 2024. Net income for the six months ended June 30, 2025 was $3,928, a decrease of $622, or 13.7%, from the six months ended June 30, 2024. The decreases for both the three and six months ended June 30, 2025 were primarily due to decreased operating gain within our Health Benefits segment and increased net losses on financial instruments. These decreases were partially offset by increases in operating gain in our CarelonRx and Carelon Services businesses and decreased income tax expense. 

 Our fully-diluted shareholders’ earnings per share (“EPS”) was $7.72 for the three months ended June 30, 2025, which represented a 21.6% decrease from EPS of $9.85 for the three months ended June 30, 2024. Our EPS was $17.33 for the six months ended June 30, 2025, which represented a 10.9% decrease from EPS of $19.44 for the six months ended June 30, 2024. The decrease in