Elevance Health Reports 13.4% Revenue Growth to $49.8 Billion in Q2 2025

Elevance Health, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $49.8 billion, a 13.4% increase from $43.9 billion in the same period last year. The company's operating revenue for the three months ended June 30, 2025, reached $49.4 billion, up from $43.2 billion in the prior year, driven primarily by premium rate increases in its Health Benefits segment and growth in Medicare Advantage and Individual ACA membership. However, net income for the quarter was $1.7 billion, a decrease of 24.2% compared to $2.3 billion in the second quarter of 2024, attributed to increased operating costs and net losses on financial instruments.

For the first half of 2025, Elevance Health's total revenue was $98.7 billion, reflecting a 14.1% increase from $86.5 billion in the same period of 2024. Operating revenue for the six months ended June 30, 2025, was $98.2 billion, compared to $85.5 billion in the previous year. The company reported a net income of $3.9 billion for the first half, down 13.7% from $4.6 billion in 2024. The decline in net income was primarily due to decreased operating gains within the Health Benefits segment and increased losses on financial instruments, although this was partially offset by improved performance in CarelonRx and Carelon Services.

Elevance Health's total medical membership as of June 30, 2025, was approximately 45.6 million, a slight decrease of 0.3% from the previous year, primarily due to attrition in Medicaid membership. The company has been actively expanding its services, including the acquisition of Centers Plan for Healthy Living and CareBridge, which are expected to enhance its capabilities in serving Medicaid and dual-eligible populations. The company also reported a significant increase in its Carelon Services segment, which saw a 63.4% rise in operating revenue, driven by the acquisition of CareBridge and the expansion of risk-based capabilities.

The company’s financial position remains strong, with total assets of $121.9 billion as of June 30, 2025, compared to $116.9 billion at the end of 2024. Elevance Health's cash and cash equivalents increased to $8.6 billion, up from $8.3 billion at the end of the previous year. The company continues to maintain a robust capital structure, with a debt-to-capital ratio of 40.8%, indicating a stable financial footing. Looking ahead, Elevance Health anticipates continued growth in its Health Benefits segment, although it remains cautious about potential challenges related to Medicaid membership and regulatory changes impacting pricing and reimbursement.