Elevance Health, Inc. reported significant financial results for the third quarter and the first nine months of 2025, showcasing a notable increase in revenue and a mixed performance in profitability compared to the previous fiscal period. For the three months ended September 30, 2025, the company generated total revenues of $50.7 billion, a 12.4% increase from $45.1 billion in the same period of 2024. The nine-month revenue also rose to $149.4 billion, up 13.5% from $131.6 billion year-over-year. The increase in revenue was primarily driven by higher premiums in the Health Benefits segment, reflecting adjustments for medical cost trends and growth in the Medicare Advantage business.
In terms of profitability, Elevance Health reported a net income of $1.2 billion for the third quarter, marking a 17.8% increase from $1.0 billion in the prior year. However, net income for the nine months decreased to $5.1 billion, down 8.0% from $5.6 billion in 2024. The quarterly increase in net income was attributed to reduced losses on financial instruments and lower income tax expenses, while the annual decline was influenced by decreased operating gains in the Health Benefits segment and increased net losses on financial instruments.
Operationally, Elevance Health served approximately 45.4 million medical members as of September 30, 2025, a slight decrease from 45.8 million a year earlier. The decline was primarily due to attrition in Medicaid membership, offset by growth in the Medicare Advantage segment. The company also reported an increase in its CarelonRx pharmacy services, with quarterly adjusted scripts rising by 6.0% to 85 million. The Carelon Services segment saw a significant revenue increase of 57.9% for the quarter, driven by the acquisition of CareBridge and expansion in specialty care solutions.
Strategically, Elevance Health completed two significant acquisitions in late 2024, including Centers Plan for Healthy Living and CareBridge, which are expected to enhance its capabilities in serving Medicaid and dual-eligible populations. The company also implemented a Business Efficiency Program aimed at optimizing operations and reducing costs, which included staff reductions and the write-off of certain IT assets. Looking ahead, Elevance Health anticipates continued revenue growth driven by premium rate adjustments and strategic investments, although it remains cautious about the impact of regulatory changes and market conditions on its operations and profitability.
About Elevance Health, Inc.
Elevance Health is a leading U.S. health company providing managed care health insurance, pharmacy, and healthcare services. Its core segments include health benefits, pharmacy services, and integrated care delivery, serving individuals, employers, and government programs like Medicare and Medicaid. The company leverages extensive provider networks, value-based care models, and innovative digital tools to improve healthcare quality, affordability, and access across diverse markets.
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