# EDGAR Filing Document

**Accession Number:** 0001156039
**File Stem:** 0001193125-25-244191
**Filing Date:** 2025-10
**Character Count:** 60428
**Document Hash:** 1a58980823119a71d25416e1a4e2f6c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-244191.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001193125-25-244191

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251021

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevance Health, Inc.
- **CENTRAL INDEX KEY:** 0001156039
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOSPITAL & MEDICAL SERVICE PLANS [6324]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 352145715
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16751
- **FILM NUMBER:** 251405279

**BUSINESS ADDRESS:**
- **STREET 1:** 220 VIRGINIA AVENUE
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204
- **BUSINESS PHONE:** 8003311476

**MAIL ADDRESS:**
- **STREET 1:** 220 VIRGINIA AVENUE
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Anthem, Inc.
- **DATE OF NAME CHANGE:** 20141202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLPOINT, INC
- **DATE OF NAME CHANGE:** 20100105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLPOINT INC
- **DATE OF NAME CHANGE:** 20041130

?xml version='1.0' encoding='ASCII'? 8-K

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### October 21, 2025

#### Date of Report (Date of earliest event reported)

#### Elevance Health, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Indiana** | **001-16751** | **35-2145715** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer Identification Number)** |

---

#### 220 Virginia Ave

#### Indianapolis, IN 46204

#### (Address of principal executive offices and zip code)
(833) 401-1577

#### (Registrant's telephone number, including area code)
 **Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

☐ **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

☐ **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

☐ **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

☐ **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

#### Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| **Common Stock, Par Value $0.01** | **ELV** | **NYSE** |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined Rule 405 of the Securities Act (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act (§240.12b-2 of this chapter).**

**Emerging growth company** ☐

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.**

------

#### Item 2.02 - Results of Operations and Financial Condition.
On October 21, 2025, Elevance Health, Inc. issued a press release reporting its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.

None of the information furnished in this Item 2.02 or Exhibit 99.1 hereto shall be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Unless expressly set forth by specific reference in such filings, none of the information furnished in this report shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| 99.1 | [Press Release, dated October 21, 2025, reporting Elevance Health, Inc. financial results for the quarter ended September 30, 2025.](d270615dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

#### FORWARD-LOOKING STATEMENTS
*This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as "expect," "feel," "believe," "will," "may," "should," "anticipate," "intend," "estimate," "project," "forecast," "plan" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems, or failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity related to the health benefits industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.* 

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 21st day of October, 2025.

---

| | |
|:---|:---|
| **ELEVANCE HEALTH, INC.** | **ELEVANCE HEALTH, INC.** |
| By: | /s/ Kathleen S. Kiefer |
| Name: | Kathleen S. Kiefer |
| Title: | Chief Governance Officer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1** 

**E A R N I N G S R E L E A S E**<br>

![LOGO](g270615g1021034954907.jpg)

**ELEVANCE HEALTH REPORTS THIRD QUARTER 2025 RESULTS** 

• **Executing with discipline to improve affordability and elevate the member experience** 

• **3Q 2025 operating revenue of $50.1 billion, up 12.0% from 3Q 2024** 

• **3Q 2025 diluted EPS<sup>1</sup> of $5.32; adjusted diluted EPS<sup>2</sup> of $6.03** 

• **Reaffirm FY 2025 benefit expense ratio and adjusted diluted EPS guidance of approximately 90.0% and approximately $30.00, respectively** 

• **Returned $3.3 billion of capital to shareholders year-to-date** 

**Indianapolis, IN** - October 21, 2025 - Elevance Health, Inc. (NYSE: ELV) reported third quarter 2025 results.

"Our third quarter results were in line with expectations and reflect disciplined execution across Elevance Health. In a dynamic healthcare environment, we're focused on advancing affordability and elevating the member experience through our growing value-based care partnerships and AI-enabled digital solutions that simplify access and improve outcomes. 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."

Gail K. Boudreaux

President and Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Earnings per diluted share ("EPS").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refer to GAAP reconciliation tables on pages 13 and 14 herein for reconciliation of GAAP to adjusted measures.

------

![LOGO](g270615g1021034955266.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Elevance Health<br>Consolidated Enterprise Highlights**<br>(Unaudited) | &nbsp;&nbsp;&nbsp; **Elevance Health<br>Consolidated Enterprise Highlights**<br>(Unaudited) | &nbsp;&nbsp;&nbsp; **Elevance Health<br>Consolidated Enterprise Highlights**<br>(Unaudited) |
| &nbsp;&nbsp;&nbsp; *(In billions)* | Three Months Ended | Three Months Ended |
|  | September 30, <br>2025 | September 30, <br>2024 |
| &nbsp;&nbsp;&nbsp; Operating Revenue<sup>1</sup> | $50.1  | $44.7  |
| &nbsp;&nbsp;&nbsp; Operating Gain<sup>1,2</sup> | $1.3  | $1.4  |
| &nbsp;&nbsp;&nbsp; Adjusted Operating Gain<sup>1,3</sup> | $1.3  | $2.5  |
| &nbsp;&nbsp;&nbsp; Operating Margin<sup>1</sup> | 2.6% | 3.1% |
| &nbsp;&nbsp;&nbsp; Adjusted Operating Margin<sup>1,3</sup> | 2.7% | 5.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. See "Basis of Presentation" on page 5 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Operating Gain for the three months ended September 30, 2025, and September 30, 2024,
include items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Adjusted Operating Gain for the three months ended September 30, 2025, and
September 30, 2024, exclude items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

Operating revenue was $50.1 billion in the third quarter of 2025, an increase of $5.4 billion, or 12 percent compared to the prior year quarter. This was driven by higher premium yields in our 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 percent, an increase of 180 basis points year over year, reflecting elevated, but expected, cost trend primarily in our 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 September 30, 2025, when adjusted for our 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 percent, an improvement of 130 basis points. The adjusted operating expense ratio was 10.4 percent, an increase of 100 basis points, primarily driven by targeted investments to scale Carelon's capabilities, support and strengthen our workforce, and accelerate technology adoption while maintaining expense discipline.

**Cash Flow & Balance Sheet** 

Operating cash flow was $4.2 billion year-to-date, or 0.8 times GAAP net income, a decrease of $0.9 billion year over year reflecting in part the Provider Settlement Agreement payment for the multi-district BCBSA litigation. As of September 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 September 30, 2025, the Company had approximately $7.2 billion of Board approved share repurchase authorization remaining.

------

![LOGO](g270615g1021034955407.jpg) ![LOGO](g270615g1021034955563.jpg)

**Health Benefits** is comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard<sup>®</sup>, Medicare, Medicaid, and Federal Employee Program businesses.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Health Benefits**<br> Reportable Segment Highlights<br> (Unaudited) | &nbsp;&nbsp;&nbsp; **Health Benefits**<br> Reportable Segment Highlights<br> (Unaudited) | &nbsp;&nbsp;&nbsp; **Health Benefits**<br> Reportable Segment Highlights<br> (Unaudited) |
| &nbsp;&nbsp;&nbsp; *(In billions)* | Three Months Ended | Three Months Ended |
|  | September 30, <br>2025 | September 30, <br>2024 |
| &nbsp;&nbsp;&nbsp; Operating Revenue<sup>1</sup> | $42.2  | $38.3  |
| &nbsp;&nbsp;&nbsp; Operating Gain<sup>1,2</sup> | $0.6  | $1.6  |
| &nbsp;&nbsp;&nbsp; Adjusted Operating Gain<sup>1,3</sup> | $0.6  | $1.6  |
| &nbsp;&nbsp;&nbsp; Operating Margin<sup>1</sup> | 1.4% | 4.2% |
| &nbsp;&nbsp;&nbsp; Adjusted Operating Margin<sup>1</sup> | 1.4% | 4.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. See "Basis of Presentation" on page 5 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Operating Gain for the three months ended September 30, 2024, includes items that are
excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Adjusted Operating Gain for the three months ended September 30, 2024, excludes
$19 million of 2024 business dispositions and related items adjusted out of adjusted shareholders' net income for the Health Benefits segment.

Health Benefits segment operating revenue was $42.2 billion in the third quarter of 2025, an increase of $4.0 billion, or 10 percent compared to the prior year quarter, driven primarily by higher premium yields, recently closed acquisitions, and growth in our Medicare Advantage membership, partially offset by ongoing Medicaid reverifications.

Operating gain totaled $0.6 billion, impacted principally by higher medical cost trend and increased investments to support and strengthen our workforce and accelerate technology adoption, partially offset by higher revenue.

Medical membership totaled approximately 45.4 million as of September 30, 2025, driven by lower year over year BlueCard<sup>®</sup> and Medicaid membership.

------

![LOGO](g270615g1021034955719.jpg)

**Carelon** is comprised of CarelonRx and Carelon Services.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Carelon Reportable**<br> Segment Highlights<br> (Unaudited) | &nbsp;&nbsp;&nbsp; **Carelon Reportable**<br> Segment Highlights<br> (Unaudited) | &nbsp;&nbsp;&nbsp; **Carelon Reportable**<br> Segment Highlights<br> (Unaudited) |
| &nbsp;&nbsp;&nbsp; *(In billions)* | Three Months Ended | Three Months Ended |
|  | September 30, <br>2025 | September 30, <br>2024 |
| &nbsp;&nbsp;&nbsp; Operating Revenue<sup>1,2</sup> | $18.3  | $13.8  |
| &nbsp;&nbsp;&nbsp; Operating Gain<sup>1,3</sup> | $0.8  | $0.8  |
| &nbsp;&nbsp;&nbsp; Adjusted Operating Gain<sup>1,4</sup> | $0.8  | $0.9  |
| &nbsp;&nbsp;&nbsp; Operating Margin<sup>1</sup> | 4.2% | 5.8% |
| &nbsp;&nbsp;&nbsp; Adjusted Operating Margin<sup>1</sup> | 4.2% | 6.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. See "Basis of Presentation" on page 5 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Operating Revenue for the three months ended September 30, 2024, includes $0.2 billion
of revenue related to 2024 business dispositions and related items that have been excluded from adjusted operating gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Operating Gain for the three months ended September 30, 2024, includes items that are
excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Adjusted Operating Gain for the three months ended September 30, 2024, excludes
$53 million of 2024 business dispositions and related items adjusted out of adjusted shareholders' net income for the Carelon segment.

Operating revenue for Carelon was $18.3 billion in the third quarter of 2025, an increase of $4.5 billion, or 33 percent compared to the prior year quarter. This was driven by recent acquisitions in home health and pharmacy services, growth in CarelonRx product revenue, and the scaling of Carelon Services risk-based solutions.

Operating gain for Carelon totaled $0.8 billion, reflecting strong Carelon Services performance offset by targeted platform investments to support growth and the scaling of our pharmacy assets.

------

**Quarterly Dividend** 

On October 15, 2025, the Audit Committee of the Company's Board of Directors declared a fourth quarter 2025 dividend to shareholders of $1.71 per share. The fourth quarter dividend is payable on December 19, 2025, to shareholders of record at the close of business on December 5, 2025.

**About Elevance Health** 

Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health's companies serve 109 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

**Conference Call and Webcast** 

Management will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time ("EDT") to discuss the company's third quarter results and outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:

888-947-9963 (Domestic) 800-391-9853 (Domestic Replay) <br> 312-470-0178 (International) 203-369-3269 (International Replay)

The access code for today's conference call is 3972058. There is no access code for the replay. The replay will be available from 11:30 a.m. EDT today, until the end of the day on November 21, 2025. The call will also be available through a live webcast at <u>www.elevancehealth.com</u> under the "Investors" link. A webcast replay will be available following the call.

**Basis of Presentation** 

1. Operating revenue and operating gain/loss are the key measures used by management to evaluate
performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products
sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are
managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to pages 13 and 14 for the GAAP reconciliation tables.

2. Operating margin is defined as operating gain divided by operating revenue.

---

| | |
|:---|:---|
| **Elevance Health Contacts:**<br>|  |
| **Investor Relations** | **Media** |
| **Nathan Rich** | **Leslie Porras** |
| **Investor.Relations@elevancehealth.com**  | **Leslie.Porras@elevancehealth.com** |

---

------

**Elevance Health** 

**Earnings Release Financial Schedules and Supplementary Information** 

**Quarter & Year-to-Date Ended September 30, 2025** 

**•** **Membership and Other Metrics** 

**•** **Quarterly & Year-to-Date Consolidated Statements of Income** 

**•** **Condensed Consolidated Balance Sheet** 

**•** **Condensed Consolidated Statement of Cash Flows** 

**•** **Supplemental Financial Information - Reportable Segments & Health Benefits Revenue Detail** 

**•** **Supplemental Financial Information - Reconciliation of Medical Claims Payable** 

**•** **Reconciliation of Non-GAAP Financial Measures** 

------

**Elevance Health** 

**Membership and Other Metrics** 

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Change from | Change from |
| **<u>Medical Membership (in thousands)</u>** | September 30,<br>2025 | September 30,<br>2024 | June 30,<br>2025 | September 30,<br>2024 | June 30,<br>2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer Group Risk-Based | 3616 | 3672 | 3615 | (1.5) % | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Risk-Based | 4970 | 4971 | 4963 | — % | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCard<sup>®</sup> | 6394 | 6677 | 6570 | (4.2) % | (2.7) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer Group Fee-Based | 20608 | 20589 | 20584 | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Fee-Based | 27002 | 27266 | 27154 | (1.0) % | (0.6) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medicare Advantage | 2245 | 2047 | 2255 | 9.7% | (0.4) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medicare Supplement | 877 | 894 | 874 | (1.9) % | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Medicare | 3122 | 2941 | 3129 | 6.2% | (0.2) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medicaid | 8645 | 8926 | 8733 | (3.1) % | (1.0) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Employee Program | 1630 | 1656 | 1642 | (1.6) % | (0.7) % |
|  **Total Medical Membership** | **45369** | **45760** | **45621** | **(0.9) %** | **(0.6) %** |
|  **<u>Other Metrics (in millions)</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarelonRx Quarterly Adjusted Scripts | 85.0 | 80.2 | 83.3 | 6.0% | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carelon Services Consumers Served | 97.6 | 101.3 | 97.3 | (3.7) % | 0.3% |

---

------

**Elevance Health** 

**Consolidated Statements of Income** 

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions, except per share data)* | Three Months Ended<br>September 30 | Three Months Ended<br>September 30 | Three Months Ended<br>September 30 | Nine Months Ended<br>September 30 | Nine Months Ended<br>September 30 | Nine Months Ended<br>September 30 |
|  | 2025 | 2024 | Change | 2025 | 2024 | Change |
|  **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums | $41791 | $36809 | 13.5% | $123949 | $107921 | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product revenue | 6159 | 5887 | 4.6% | 18010 | 15916 | 13.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 2137 | 2023 | 5.6% | 6314 | 6378 | (1.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating revenue** | **50087** | **44719** | **12.0%** | **148273** | **130215** | **13.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 625 | 551 | 13.4% | 1701 | 1524 | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net losses on financial instruments | (1) | (125) | NM | (596) | (371) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on sale of business |  | (39) | NM |  | 201 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues** | **50711** | **45106** | **12.4%** | **149378** | **131569** | **13.5%** |
|  **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit expense | 38140 | 32949 | 15.8% | 110158 | 94067 | 17.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of products sold | 5380 | 5093 | 5.6% | 15656 | 13738 | 14.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expense | 5272 | 5269 | 0.1% | 15569 | 15221 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 351 | 300 | 17.0% | 1036 | 845 | 22.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of other intangible assets | 162 | 122 | 32.8% | 464 | 400 | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **49305** | **43733** | **12.7%** | **142883** | **124271** | **15.0%** |
|  Income before income tax expense | 1406 | 1373 | 2.4% | 6495 | 7298 | (11.0)% |
|  Income tax expense | 219 | 365 | (40.0)% | 1380 | 1740 | (20.7)% |
|  **Net income** | **1187** | **1008** | **17.8%** | **5115** | **5558** | **(8.0)%** |
|  **Net loss attributable to noncontrolling interests** | **2** | **8** | **NM** | **—** | **4** | **NM** |
|  **Shareholders' net income** | $**1189** | $**1016** | **17.0%** | $**5115** | $**5562** | **(8.0)%** |
|  **Shareholders' earnings per diluted share** | $**5.32** | $**4.36** | **22.0%** | $**22.67** | $**23.81** | **(4.8)%** |
|  Diluted shares | 223.7 | 233.1 | (4.0)% | 225.6 | 233.6 | (3.4)% |
|  Benefit expense as a percentage of premiums | 91.3% | 89.5% | 180 bp | 88.9% | 87.2% | 170 bp |
| Operating expense as a percentage of total operating revenue | 10.5% | 11.8% | (130)bp | 10.5% | 11.7% | (120)bp |
| Income before income tax expense as a percentage of total revenue | 2.8% | 3.0% | (20)bp | 4.3% | 5.5% | (120)bp |

---

"NM" = calculation not meaningful

------

**Elevance Health** 

**Condensed Consolidated Balance Sheet** 

---

| | | |
|:---|:---|:---|
| *(In millions)* | **September 30,<br>2025** | **December 31,<br>2024** |
|  **Assets** | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $8713 | $8288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity and equity securities | 27503 | 26393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium and other receivables | 22349 | 19071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 5213 | 4700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** | **63778** | **58942** |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term investments | 11759 | 10784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 4657 | 4652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill and other intangible assets | 39778 | 40371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other noncurrent assets | 2777 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **$122749** | **$116889** |
|  **Liabilities and equity** |  |  |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical claims payable | $17148 | $15746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | 180 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 749 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 22801 | 22668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities held for sale |  | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** | **40878** | **40581** |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, less current portion | 31173 | 29218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other noncurrent liabilities | 6616 | 5664 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **78667** | **75463** |
|  **Total shareholders' equity** | **43953** | **41315** |
|  Noncontrolling interests | 129 | 111 |
|  **Total equity** | **44082** | **41426** |
|  **Total liabilities and equity** | **$122749** | **$116889** |

---

------

**Elevance Health** 

**Condensed Consolidated Statement of Cash Flows** 

(Unaudited)

---

| | | |
|:---|:---|:---|
| *(In millions)* | Nine Months Ended<br>September 30 | Nine Months Ended<br>September 30 |
|  | 2025 | 2024 |
|  **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $5115 | $5558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1140 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 246 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities | (2753) | (1701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-cash items | 458 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | **4206** | **5102** |
|  **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments, net of sales and maturities | (412) | (1614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from (purchases of) subsidiaries, net of cash | 55 | (725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | (823) | (934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | (628) | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | **(1808)** | **(3529)** |
|  **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in short-term and long-term borrowings | 659 | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase and retirement of common stock | (2134) | (1089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividends | (1152) | (1135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 653 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used in) provided by financing activities** | **(1974)** | **(215)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Effect of foreign exchange rates on cash and cash equivalents | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in cash and cash equivalents** | **425** | **1360** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents at beginning of period** | **8288** | **6526** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash and equivalents included in assets held for sale at end of period** | **—** | **(20)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents at end of period** | **$8713** | **$7866** |

---

------

**REPORTABLE SEGMENTS** 

Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard<sup>®</sup>, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; and Corporate & Other (comprised of businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).

**Elevance Health** 

**Reportable Segment Details** 

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(In millions)* | Three Months Ended September 30 | Three Months Ended September 30 | Three Months Ended September 30 | Nine Months Ended September 30 | Nine Months Ended September 30 | Nine Months Ended September 30 |
|  | 2025 | 2024 | Change | 2025 | 2024 | Change |
| **Operating Revenue** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Benefits | $42246 | $38278 | 10.4% | $125259 | $112695 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; CarelonRx | 10997 | 9143 | 20.3% | 31756 | 25984 | 22.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Carelon Services | 7324 | 4638 | 57.9% | 21301 | 13192 | 61.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate & Other | 149 | 74 | 101.4% | 546 | 323 | 69.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Eliminations | (10629) | (7414) | NM<sup>6</sup> | (30589) | (21979) | NM<sup>6</sup> |
| Total Operating Revenue<sup>1</sup> | $50087 | $44719 | 12.0% | $148273 | $130215 | 13.9% |
| **Operating Gain (Loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Benefits<sup>2</sup> | $601 | $1604 | (62.5)% | $4378 | $6036 | (27.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; CarelonRx | 556 | 619 | (10.2)% | 1694 | 1639 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Carelon Services<sup>2</sup> | 219 | 184 | 19.0% | 1110 | 682 | 62.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate & Other<sup>2,3</sup> | (81) | (999) | NM<sup>6</sup> | (292) | (1168) | NM<sup>6</sup> |
| Total Operating Gain<sup>1,4</sup> | $1295 | $1408 | (8.0)% | $6890 | $7189 | (4.2)% |
| **Operating Margin** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Benefits | 1.4% | 4.2% | (280)bp | 3.5% | 5.4% | (190)bp |
| &nbsp;&nbsp;&nbsp;&nbsp; CarelonRx | 5.1% | 6.8% | (170)bp | 5.3% | 6.3% | (100)bp |
| &nbsp;&nbsp;&nbsp;&nbsp; Carelon Services | 3.0% | 4.0% | (100)bp | 5.2% | 5.2% | — bp |
| Total Operating Margin<sup>1</sup> | 2.6% | 3.1% | (50)bp | 4.6% | 5.5% | (90)bp |
| **Health Benefits Revenue Details** | **Health Benefits Revenue Details** | **Health Benefits Revenue Details** | **Health Benefits Revenue Details** | **Health Benefits Revenue Details** | **Health Benefits Revenue Details** | **Health Benefits Revenue Details** |
| *(In millions)* | Three Months Ended September 30 | Three Months Ended September 30 | Three Months Ended September 30 | Nine Months Ended September 30 | Nine Months Ended September 30 | Nine Months Ended September 30 |
|  | 2025 | 2024 | Change | 2025 | 2024 | Change |
| **Health Benefits Operating Revenue** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial | $12849 | $11639 | 10.4% | $37654 | $34965 | 7.7% |
|  Individual<sup>5</sup> | 2358 | 2082 | 13.3% | 7047 | 6178 | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Medicare | 11138 | 9385 | 18.7% | 33990 | 27741 | 22.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Medicaid | 14166 | 13063 | 8.4% | 42120 | 39182 | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Employee Program | 4093 | 4191 | (2.3)% | 11495 | 10807 | 6.4% |
|  Total Health Benefits Operating Revenue<sup>1</sup> | $42246 | $38278 | 10.4% | $125259 | $112695 | 11.1% |

---

1. See "Basis of Presentation" on page 5 herein.

2. Operating Gain for the three and nine months ended September 30, 2024, included $72 and $191 million,
respectively, of 2024 business dispositions and related items; including $53 and $141 million, respectively, for the Carelon Services segment; and $19 and $50 million, respectively, for the Health Benefits segment. Operating Gain for the
three and nine months ended September 30, 2024, included $42 and $158 million, respectively, of transaction and integration related costs, $669 and $680 million, respectively, of litigation and settlement expenses, and $268 and
$268 million, respectively, of business optimization charges, all of which reside in the Corporate & Other reportable segment.

3. Operating Gain for the three and nine months ended September 30, 2025, included $49 and $182 million,
respectively, of transaction and integration related costs, $4 and $19 million, respectively, of litigation and settlement expenses, and ($4) and ($4), respectively, of business optimization charges, all of which reside in the
Corporate & Other reportable segment.

4. Operating Gain for the three and nine months ended September 30, 2025, and September 30, 2024,
included items excluded from adjusted shareholders' net income. See "GAAP Reconciliation" on pages 13 and 14 herein.

5. The Individual business, including ACA products, is reported as part of Commercial Operating Revenue.

6. "NM" = calculation not meaningful.

------

**Elevance Health** 

**Reconciliation of Medical Claims Payable** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Nine Months Ended<br>September 30 | Nine Months Ended<br>September 30 | Nine Months Ended<br>September 30 | Nine Months Ended<br>September 30 | Years Ended December 31 | Years Ended December 31 | Years Ended December 31 |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2023 | 2022 |
| *(In millions)* | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |  |  |  |
| Gross medical claims payable, beginning of period | $| 15580  | $| 15865  | $15865  | $15348  | $13282  |
| Ceded medical claims payable, beginning of period |  | (13)  |  | (7)  | (7)  | (6)  | (21)  |
| Net medical claims payable, beginning of period |  | 15567  |  | 15858  | 15858  | 15342  | 13261  |
| Business combinations and purchase adjustments |  | 344  |  | —  | 143  | —  | 133  |
| Net incurred medical claims: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year |  | 108423  |  | 92715  | 125370  | 121798  | 113414  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years redundancies<sup>1</sup> |  | (1266)  |  | (1610)  | (1731)  | (1571)  | (869)  |
| Total net incurred medical claims |  | 107157  |  | 91105  | 123639  | 120227  | 112545  |
| Net payments attributable to: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year medical claims |  | 93545  |  | 79220  | 110930  | 107146  | 98997  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years medical claims |  | 12699  |  | 12567  | 13143  | 12565  | 11600  |
| Total net payments |  | 106244  |  | 91787  | 124073  | 119711  | 110597  |
| Net medical claims payable, end of period |  | 16824  |  | 15176  | 15567  | 15858  | 15342  |
| Ceded medical claims payable, end of period |  | 44  |  | 9  | 13  | 7  | 6  |
| Gross medical claims payable, end of period<sup>2</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16868  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15185  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15580  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15865  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15348  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year medical claims paid as a percentage of current year net incurred medical claims |  | 86.3% |  | 85.4% | 88.5% | 88.0% | 87.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior year redundancies in the current year as a percentage of prior year net medical claims payable less prior year redundancies in the current year |  | 8.9% |  | 11.3% | 12.3% | 11.4% | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior year redundancies in the current year as a percentage of prior year net incurred medical claims |  | 1.0% |  | 1.3% | 1.4% | 1.4% | 0.9% |

---

1. Negative amounts reported for net incurred medical claims related to prior years result from
claims being settled for amounts less than originally estimated.

2. Excludes insurance lines other than short duration.

------

**Elevance Health** 

**GAAP Reconciliation** 

(Unaudited)

This document references non-GAAP measures, including "Adjusted Shareholders' Net Income," "Adjusted Shareholders' Net Income Per Share," "Adjusted EPS," "Adjusted Operating Gain," "Adjusted Operating Expense" and "Adjusted Operating Expense Ratio," which are non-GAAP measures. These non-GAAP measures are intended to aid investors when comparing Elevance Health's financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are available below. In addition to these non-GAAP measures, references are made to the measures "Operating Revenue" and "Operating Gain/Loss," "Operating Margin" and "Adjusted EPS". Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Each of these measures is provided to further aid investors in understanding and analyzing Elevance Health's operating and financial results. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein. A reconciliation of the non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP, together with a reconciliation of reportable segments operating gain to income before income tax expense, is provided below. Prior amounts may be grouped differently to conform to the current presentation. Net adjustment items per share may not sum due to rounding. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30** | **Three Months Ended<br>September 30** | | **Nine Months Ended<br>September 30** | **Nine Months Ended<br>September 30** | |
| *(In millions, except per share data)* | **2025** | **2024** | Change | **2025** | **2024** | Change |
| **Shareholders' net income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1189**  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1016**  | 17.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5115**  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5562**  | (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add / (Subtract): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of other intangible assets | 162  | 122  |  | 464  | 400  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and integration related costs<sup>1</sup> | 49  | 42  |  | 182  | 158  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation and settlement expenses<sup>1</sup> | 4  | 669  |  | 19  | 680  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net losses on financial instruments | 1  | 125  |  | 596  | 371  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business dispositions and related items<sup>2</sup> | —  | 72  |  | —  | 191  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business | —  | 39  |  | —  | (201) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business optimization charges<sup>1</sup> | (4) | 268  |  | (4) | 268  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax impact of non-GAAP adjustments | (52) | (348) |  | (307) | (482) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net adjustment items | 160  | 989  |  | 950  | 1385  |  |
|  **Adjusted shareholders' net income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1349**  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2005**  | (32.7)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6065**  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6947**  | (12.7)% |
|  **Shareholders' earnings per diluted share** | $**5.32**  | $**4.36**  | 22.0% | $**22.67**  | $**23.81**  | (4.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add / (Subtract): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of other intangible assets | 0.72  | 0.52  |  | 2.06  | 1.71  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and integration related costs<sup>1</sup> | 0.22  | 0.18  |  | 0.81  | 0.68  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation and settlement expenses<sup>1</sup> | 0.02  | 2.87  |  | 0.08  | 2.91  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net losses on financial instruments | —  | 0.54  |  | 2.64  | 1.59  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business dispositions and related items<sup>2</sup> | —  | 0.31  |  | —  | 0.82  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business | —  | 0.17  |  | —  | (0.86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business optimization charges<sup>1</sup> | (0.02) | 1.15  |  | (0.02) | 1.15  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax impact of non-GAAP adjustments | (0.23) | (1.49) |  | (1.36) | (2.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net adjustment items | 0.71  | 4.24  |  | 4.21  | 5.93  |  |
|  **Adjusted shareholders' earnings per diluted share** | $**6.03**  | $**8.60**  | (29.9)% | $**26.88**  | $**29.74**  | (9.6)% |
|  | **Three Months Ended<br>September 30** | **Three Months Ended<br>September 30** |  | **Nine Months Ended<br>September 30** | **Nine Months Ended<br>September 30** |  |
| *(In millions)* | **2025** | **2024** | Change | **2025** | **2024** | Change |
|  **Income before income tax expense** | $**1406**  | $**1373**  | 2.4% | $**6495**  | $**7298**  | (11.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (625) | (551) |  | (1701) | (1524) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business | —  | 39  |  | —  | (201) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net losses on financial instruments | 1  | 125  |  | 596  | 371  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 351  | 300  |  | 1036  | 845  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of other intangible assets | 162  | 122  |  | 464  | 400  |  |
|  **Reportable segments operating gain** | $**1295**  | $**1408**  | (8.0)% | $**6890**  | $**7189**  | (4.2)% |

---

1. Adjustment item resides in the Corporate & Other reportable segment.

2. Adjustment item resides in the Health Benefits and Carelon Services reportable segments.

------

**Elevance Health** 

**GAAP Reconciliation** 

(Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30** | **Three Months Ended<br>September 30** | **Three Months Ended<br>September 30** | **Three Months Ended<br>September 30** | | **Nine Months Ended<br>September 30** | **Nine Months Ended<br>September 30** | **Nine Months Ended<br>September 30** | **Nine Months Ended<br>September 30** | |
| *(In millions)* |  | **2025** |  | **2024** | Change |  | **2025** |  | **2024** | Change |
| **Reportable segments operating gain** | **$1295** | **$1295** | **$1408** | **$1408** | (8.0)% | **$6890** | **$6890** | **$7189** | **$7189** | (4.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add / (Subtract): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and integration related costs<sup>1</sup> |  | 49 |  | 42 |  |  | 182 |  | 158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation and settlement expenses<sup>1</sup> |  | 4 |  | 669 |  |  | 19 |  | 680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business dispositions and related items<sup>2</sup> |  |  |  | 72 |  |  |  |  | 191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business optimization charges<sup>1</sup> |  | (4) |  | 268 |  |  | (4) |  | 268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net adjustment items |  | 49 |  | 1051 |  |  | 197 |  | 1297 |  |
| **Reportable segments adjusted operating gain** | **$1344** | **$1344** | **$2459** | **$2459** | (45.3)% | **$7087** | **$7087** | **$8486** | **$8486** | (16.5)% |
|  | <br> **Three Months Ended<br>September 30** | <br> **Three Months Ended<br>September 30** | <br> **Three Months Ended<br>September 30** | <br> **Three Months Ended<br>September 30** |  | **Nine Months Ended<br>September 30** | **Nine Months Ended<br>September 30** | **Nine Months Ended<br>September 30** | **Nine Months Ended<br>September 30** |  |
| *(In millions)* |  | **2025** |  | **2024** | Change |  | **2025** |  | **2024** | Change |
| **Operating expense** | **$5272** | **$5272** | **$5269** | **$5269** | 0.1% | **$15569** | **$15569** | **$15221** | **$15221** | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add / (Subtract): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and integration related costs<sup>1</sup> |  | (49) |  | (42) |  |  | (182) |  | (158) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation and settlement expenses<sup>1</sup> |  | (4) |  | (669) |  |  | (19) |  | (680) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business dispositions and related items<sup>2</sup> |  |  |  | (72) |  |  |  |  | (191) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business optimization charges<sup>1</sup> |  | 4 |  | (268) |  |  | 4 |  | (268) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net adjustment items |  | (49) |  | (1051) |  |  | (197) |  | (1297) |  |
| **Adjusted operating expense** | **$5223** | **$5223** | **$4218** | **$4218** | 23.8% | **$15372** | **$15372** | **$13924** | **$13924** | 10.4% |
| Operating revenue | $| 50087 | $| 44719 | 12.0% | $| 148273 | $| 130215 | 13.9% |
|  Operating expense ratio |  | 10.5% |  | 11.8% | (130)bp |  | 10.5% |  | 11.7% | (120)bp |
| Adjusted operating expense ratio |  | 10.4% |  | 9.4% | 100 bp |  | 10.4% |  | 10.7% | (30) bp |
|  | <br> **Full Year**<br> **2025 Outlook** | <br> **Full Year**<br> **2025 Outlook** | <br> **Full Year**<br> **2025 Outlook** | <br> **Full Year**<br> **2025 Outlook** |  |  |  |  |  |  |
|  **Shareholders' earnings per diluted share** |  | Approximately $24.70 | Approximately $24.70 | Approximately $24.70 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add / (Subtract): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of other intangible assets<sup>3</sup> |  | $2.98 | $2.98 | $2.98 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net losses on financial instruments<sup>3</sup> |  | $2.90 | $2.90 | $2.90 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and integration related costs<sup>1,3</sup> |  | $1.03 | $1.03 | $1.03 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation and settlement expenses<sup>1,3</sup> |  | $0.10 | $0.10 | $0.10 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business optimization charges<sup>1</sup> |  | ($0.02) | ($0.02) | ($0.02) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax impact of non-GAAP adjustments<sup>3</sup> |  | Approximately ($1.69) | Approximately ($1.69) | Approximately ($1.69) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net adjustment items |  | $5.30 | $5.30 | $5.30 |  |  |  |  |  |  |
|  **Adjusted shareholders' earnings per diluted share** |  | Approximately $30.00 | Approximately $30.00 | Approximately $30.00 |  |  |  |  |  |  |

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1. Adjustment item resides in the Corporate & Other reportable segment.

2. Adjustment item resides in the Health Benefits and Carelon Services reportable segments.

3. Adjustment item represents the midpoint of a projected range and serves as the estimated full
year adjustment amount.

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**Forward-Looking Statements** 

*This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as "expect," "feel," "believe," "will," "may," "should," "anticipate," "intend," "estimate," "project," "forecast," "plan" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems, or failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity related to the health benefits industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.*