HighGravityDataElevance Health — Jan 28, 2026 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001156039-26-000006
Showing in the filing
Long-term earnings algorithm and segment margin targets
“Reaffirming long-term earnings algorithm; recalibrating segment margin targets”
Period
The long term
Measure
Company-defined measure
Source
Prose
All guidance in this release · 31
Long-term earnings algorithm and segment mar… for the long term
“Reaffirming long-term earnings algorithm; recalibrating segment margin targets”
Adjusted EPS growth for FY2027
“at least 12%”
Dividend for Q1 FY2026
“$1.72 per share”
Projected FY 2026 GAAP diluted EPS for FY2026
“at least $22.30”
Shareholders' earnings per diluted share for FY2026
“At least $22.30”
Adjusted shareholders' earnings per diluted … for FY2026
“At least $25.50”
Projected FY 2026 adjusted diluted EPS for FY2026
“at least $25.50”
Premium Revenue for FY2026
“Mid single digit decline”
Product Revenue for FY2026
“Mid single digit growth”
Service Fees for FY2026
“Mid single digit growth”
Total Operating Revenue for FY2026
“Low single digit decline”
Benefit Expense Ratio for FY2026
“90.2% +/- 50 bps”
Adjusted Operating Expense Ratio for FY2026
“10.6% +/- 50 bps”
Adjusted Operating Gain for FY2026
“At least $6.8 billion”
Net Investment income for FY2026
“$1,875 million”
Interest Expense for FY2026
“($1,530) million”
Amortization of Intangible Assets for FY2026
“($440) million”
Adjusted Effective Tax Rate for FY2026
“22.0% - 24.0%”
Diluted Shares for FY2026
“219-220 million”
Operating Cash Flow for FY2026
“At least $5.5 billion”
Operating Revenue Growth Rate: Carelon Servi… for FY2026
“Low single digit growth”
GAAP Operating Margin vs. 2025: Health Benef… for FY2026
“(50) - (25) bps”
GAAP Operating Margin vs. 2025: Carelon Serv… for FY2026
“0 - 25 bps”
Year-End Medical Enrollment: Commercial Fee-… for FY2026
“27,200 - 27,500”
Year-End Medical Enrollment: Commercial Risk… for FY2026
“4,150 - 4,250”
Year-End Medical Enrollment: Medicaid for FY2026
“7,650 - 7,850”
Year-End Medical Enrollment: Medicare Advant… for FY2026
“1,775 - 1,875”
Year-End Medical Enrollment: Medicare Supple… for FY2026
“Approximately 850”
Year-End Medical Enrollment: Federal Employe… for FY2026
“Approximately 1,550”
Year-End Medical Enrollment: Risk-Based for FY2026
“15,975 - 16,375”
Year-End Medical Enrollment: Total for FY2026
“43,175 - 43,875”
Exhibit 99.1 · the passage around this item
… earlier in the release
adjusted diluted EPS 2 of $30.29 • Projected FY 2026 GAAP diluted EPS 1 to be at least $22.30 • Projected FY 2026 adjusted diluted EPS 2 to be at least $25.50 • Returned $4.1 billion of capital to shareholders in 2025 • Reaffirming long-term earnings algorithm; recalibrating segment margin targets Indianapolis, IN - January 28, 2026 - Elevance Health, Inc. (NYSE: ELV) reported fourth quarter and full year 2025 results. "Elevance Health delivered fourth quarter results in line with our outlook, reflecting disciplined execution in a dynamic environment. As we enter 2026, our focus is on advancing affordability and making healthcare easier to access and navigate for the members we serve. Through pricing discipline and targeted investments, we are strengthening the earnings power of our diversified platform and remain confident in our ability to return to at least 12% adjusted EPS growth in 2027." Gail K. Boudreaux President and Chief Executive Officer 1. Earnings per diluted share ("EPS"). 2. Refer to GAAP reconciliation tables on pages 13 and 14 herein for reconciliation of GAAP to adjusted measures. 1 Elevance Health Consolidated Enterprise Highlights (Unaudited) (In billions) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Operating Revenue 1 $49.3 $45.0 $197.6 $175.2 Operating Gain 1,2 $0.3 $0.7 $7.2 $7.9 Adjusted Operating Gain 1,3 $0.4 $0.8 $7.5 $9.3 Operating Margin 1 0.6 % 1.5 % 3.6 % 4.5 % Adjusted Operati
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.