Elevance Health — Oct 21, 2025 release
Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001193125-25-244191
Showing in the filing
Adjusted shareholders' earnings per diluted share
“Approximately $30.00”
Period
FY2025
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 5
Benefit expense ratio for FY2025
“approximately 90.0%”
Dividend for Q4 FY2025
“$1.71 per share”
Shareholders' earnings per diluted share for FY2025
“Approximately $24.70”
Adjusted diluted EPS for FY2025
“approximately $30.00”
Adjusted shareholders' earnings per diluted … for FY2025
“Approximately $30.00”
Exhibit 99.1 · the passage around this item
… earlier in the release
Adjustment item resides in the Health Benefits and Carelon Services reportable segments.
13
Elevance Health
GAAP Reconciliation
(Unaudited)
Three Months Ended September 30
Nine Months Ended September 30
(In millions)
2025
2024
Change
2025
2024
Change
Reportable segments operating gain
$ 1,295
$ 1,408
(8.0)%
$ 6,890
$ 7,189
(4.2)%
Add / (Subtract):
Transaction and integration related
costs 1
49
42
182
158
Litigation and settlement expenses 1
4
669
19
680
Business dispositions and related
items 2
—
72
—
191
Business optimization charges 1
(4)
268
(4)
268
Net adjustment items
49
1,051
197
1,297
Reportable segments adjusted operating gain
$ 1,344
$ 2,459
(45.3)%
$ 7,087
$ 8,486
(16.5)%
Three Months Ended September 30
Nine Months Ended September 30
(In millions)
2025
2024
Change
2025
2024
Change
Operating expense
$ 5,272
$ 5,269
0.1%
$ 15,569
$ 15,221
2.3%
Add / (Subtract):
Transaction and integration related
costs 1
(49)
(42)
(182)
(158)
Litigation and settlement expenses 1
(4)
(669)
(19)
(680)
Business dispositions and related
items 2
—
(72)
—
(191)
Business optimization charges 1
4
(268)
4
(268)
Net adjustment items
(49)
(1,051)
(197)
(1,297)
Adjusted operating expense
$ 5,223
$ 4,218
23.8%
$ 15,372
$ 13,924
10.4%
Operating revenue
$
50,087
$
44,719
12.0%
$
148,273
$
130,215
13.9%
Operating expense ratio
10.5%
11.8%
(130)bp
10.5%
11.7%
(120)bp
Adjusted operating expense ratio
10.4%
9.4%
100 bp
10.4%
10.7%
(30) bp
Full Year
2025 Outlook
Shareholders’ earnings per diluted share
Approximately $24.70
Add / (Subtract):
Amortization of other intangible
assets 3
$2.98
Net losses on financial instruments 3
$2.90
Transaction and integration related
costs 1,3
$1.03
Litigation and settlement expenses 1,3
$0.10
Business optimization charges 1
($0.02)
Tax impact of non-GAAP adjustments 3
Approximately ($1.69)
Net adjustment items
$5.30
Adjusted shareholders’ earnings per diluted share
Approximately $30.00
1.
Adjustment item resides in the Corporate & Other reportable segment.
2.
Adjustment item resides in the Health Benefits and Carelon Services reportable segments.
3.
Adjustment item represents the midpoint of a projected range and serves as the estimated full
year adjustment amount.
14
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,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These
statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements
rega
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.