Elevance Health, Inc. reported a total medical membership of approximately 45.2 million as of December 31, 2025, a decrease of 1.1% compared to the previous year. This decline was primarily driven by attrition in Medicaid membership due to eligibility redeterminations, as well as decreases in the BlueCard®, Employer Group risk-based, and Federal Employee Program (FEP®) businesses. These decreases were partially offset by growth in Medicare Advantage and Individual segments. The company's operating revenue for the year reached $197.58 billion, an increase of 12.8% from $175.20 billion in 2024, driven by premium rate increases, recent acquisitions, and growth in the Medicare Advantage business.
The company's shareholders' net income for 2025 was $5.66 billion, a 5.3% decrease from $5.98 billion in 2024. This decrease was primarily due to decreased operating gain within the Health Benefits segment, partially offset by increased operating gain in CarelonRx and Carelon Services, increased net investment income, and decreased income tax expense. Fully diluted shareholders' earnings per share (EPS) decreased by 1.8% to $25.21, compared to $25.68 in the prior year, reflecting the decrease in net income partially offset by a reduction in diluted shares outstanding. Operating cash flow for the year was $4.29 billion, representing approximately 0.8 times net income, compared to $5.81 billion in the previous year.
Strategically, Elevance Health continued to focus on expanding its Carelon services, with revenue in the Carelon Services segment increasing by 57.7% to $28.32 billion. This growth was primarily due to the acquisition of CareBridge and the expansion of risk-based capabilities in specialty care solutions and behavioral health services. The CarelonRx segment also saw revenue growth of 20.7%, reaching $43.40 billion, driven by higher prescription volume and recent acquisitions. The company's Health Benefits segment, while still the largest revenue contributor, experienced a decrease in operating gain due to higher medical cost trends and increased investments in workforce and technology.
Looking ahead, Elevance Health anticipates continued growth in its Carelon businesses and ongoing efforts to manage medical costs and improve the efficiency of its Health Benefits segment. The company expects the expiration of enhanced Premium Tax Credits (PTCs) at the end of 2025 to influence the Public Exchange market, potentially impacting individual market enrollment. Elevance Health also faces ongoing regulatory changes and uncertainties, including those related to Medicare Advantage Star Ratings and Medicaid redeterminations, which could affect future financial performance. The company's commitment to innovation, strategic acquisitions, and disciplined capital deployment is expected to drive long-term value creation.
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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