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
Operating Cash Flow
“At least $5.5 billion”
Period
FY2026
Measure
GAAP-tied
Source
Guidance table
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
14 Elevance Health Financial Guidance Summary (Unaudited) Full Year 2025 Actual Full Year 2026 Outlook Premium Revenue $164.6 billion Mid single digit decline Product Revenue $24.5 billion Mid single digit growth Service Fees $8.5 billion Mid single digit growth Total Operating Revenue $197.6 billion Low single digit decline Benefit Expense Ratio 90.0% 90.2% +/- 50 bps Adjusted Operating Expense Ratio 10.5% 10.6% +/- 50 bps Adjusted Operating Gain $7.5 billion At least $6.8 billion Other Pre-Tax Items: Net Investment income $2,194 million $1,875 million Interest Expense ($1,402) million ($1,530) million Amortization of Intangible Assets ($628) million ($440) million Adjusted Effective Tax Rate 17.6% 22.0% - 24.0% GAAP Diluted EPS $25.21 At least $22.30 Adjusted Diluted EPS $30.29 At least $25.50 Diluted Shares 224.6 million 219-220 million Operating Cash Flow $4.3 billion At least $5.5 billion Segment Level Guidance Metrics Operating Revenue Growth Rate Health Benefits $167.1 billion Low single digit decline CarelonRx $43.4 billion Low single digit growth Carelon Services $28.3 billion Low single digit growth GAAP Operating Margin vs. 2025 Health Benefits 2.5% (50) - (25) bps CarelonRx 5.6% (25) - 0 bps Carelon Services 3.4% 0 - 25 bps 15 Elevance Health Membership Guidance Summary (Unaudited) Full Year 2025 Actual Full Year 2026 Outlook Year-End Medical Enrollment (in 000s) Commercial Fee-Based 27,092 27,200 - 27,500 Commercial Risk-Based 4,924 4,150 - 4,250 Medicaid 8,500 7,650 - 7,850 Medicare Advantage 2,230 1,775 - 1,875 Medicare Supplement 882 Approximately 850 Federal Employee Program 1,604 Approximately 1,550 Fee-Based 27,092 27,200 - 27,500 Risk-Based 18,140 15,975 - 16,375 Total 45,232 43,175 - 43,875 16 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,” “a
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.