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Guidance history, every release

Elevance Health (ELV) · 8 releases, Oct 17, 2024 to Jul 15, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 17, 2024 FY24 Q3	Jan 23, 2025 FY24 Q4	Apr 17, 2025 FY25 Q1	Jul 17, 2025 FY25 Q2	Oct 21, 2025 FY25 Q3	Jan 28, 2026 FY25 Q4	Apr 22, 2026 FY26 Q1	Jul 15, 2026 FY26 Q2
For FY2027
Adjusted EPS growth	—	—	—	—	—	New“at least 12%”	—	Reiterated“at least 12%”
For FY2026
Operating Revenue Growth Rate: Carelon Services	—	—	—	—	—	New“Low single digit growth”	—	—
Premium Revenue	—	—	—	—	—	New“Mid single digit decline”	—	—
Product Revenue	—	—	—	—	—	New“Mid single digit growth”	—	—
Total Operating Revenue	—	—	—	—	—	New“Low single digit decline”	—	—
Adjusted diluted EPS	—	—	—	—	—	—	New“at least $26.75”	Raised“at least $27.00”
Adjusted shareholders' earnings per diluted share	—	—	—	—	—	New“At least $25.50”	Raised“At least $26.75”	Raised“At least $27.00”
Diluted EPS	—	—	—	—	—	—	New“at least $19.85”	Raised“at least $20.10”
GAAP Operating Margin vs. 2025: Carelon Services	—	—	—	—	—	New“0 - 25 bps”	—	—
GAAP Operating Margin vs. 2025: Health Benefits	—	—	—	—	—	New“(50) - (25) bps”	—	—
Projected FY 2026 adjusted diluted EPS	—	—	—	—	—	New“at least $25.50”	—	—
Projected FY 2026 GAAP diluted EPS	—	—	—	—	—	New“at least $22.30”	—	—
Shareholders' earnings per diluted share	—	—	—	—	—	New“At least $22.30”	Lowered“At least $19.85”	Raised“At least $20.10”
Adjusted Effective Tax Rate	—	—	—	—	—	New“22.0% - 24.0%”	—	—
Adjusted Operating Expense Ratio	—	—	—	—	—	New“10.6% +/- 50 bps”	—	—
Adjusted Operating Gain	—	—	—	—	—	New“At least $6.8 billion”	—	—
Amortization of Intangible Assets	—	—	—	—	—	New“($440) million”	—	—
Benefit Expense Ratio	—	—	—	—	—	New“90.2% +/- 50 bps”	—	—
Diluted Shares	—	—	—	—	—	New“219-220 million”	—	—
Dividend	—	—	—	—	—	—	—	New“$1.72 per share”
Dividend	—	—	—	—	—	New“$1.72 per share”	—	—
Dividend declared	—	—	—	—	—	—	New“$1.72 per share”	—
Interest Expense	—	—	—	—	—	New“($1,530) million”	—	—
Net Investment income	—	—	—	—	—	New“$1,875 million”	—	—
Operating cash flow	—	—	—	—	—	—	New“at least $5.5 billion”	Raised“at least $6.0 billion”
Operating Cash Flow	—	—	—	—	—	New“At least $5.5 billion”	—	—
Quarterly dividend declared	—	—	—	—	—	—	—	New“$1.72 per share”
Service Fees	—	—	—	—	—	New“Mid single digit growth”	—	—
Year-End Medical Enrollment: Commercial Fee-Based	—	—	—	—	—	New“27,200 - 27,500”	—	—
Year-End Medical Enrollment: Commercial Risk-Based	—	—	—	—	—	New“4,150 - 4,250”	—	—
Year-End Medical Enrollment: Federal Employee Program	—	—	—	—	—	New“Approximately 1,550”	—	—
Year-End Medical Enrollment: Medicaid	—	—	—	—	—	New“7,650 - 7,850”	—	—
Year-End Medical Enrollment: Medicare Advantage	—	—	—	—	—	New“1,775 - 1,875”	—	—
Year-End Medical Enrollment: Medicare Supplement	—	—	—	—	—	New“Approximately 850”	—	—
Year-End Medical Enrollment: Risk-Based	—	—	—	—	—	New“15,975 - 16,375”	—	—
Year-End Medical Enrollment: Total	—	—	—	—	—	New“43,175 - 43,875”	—	—
For FY2025
Operating Revenue Growth Rate: Carelon Services	—	New“Greater than 50% growth”	—	—	—	—	—	—
Operating Revenue Growth Rate: Health Benefits	—	New“High single digit growth”	—	—	—	—	—	—
Premium Revenue	—	New“Low double digit growth”	—	—	—	—	—	—
Product Revenue	—	New“Low single digit growth”	—	—	—	—	—	—
Total Operating Revenue	—	New“High single to low double digit growth”	—	—	—	—	—	—
Adjusted diluted EPS	—	—	—	—	New“approximately $30.00”	—	—	—
Adjusted diluted EPS	—	—	—	New“approximately $30.00”	—	—	—	—
Adjusted diluted EPS average annual growth	—	—	—	New“at least 12%”	—	—	—	—
Adjusted shareholders' earnings per diluted share	—	New“$34.15 to $34.85”	—	Lowered“Approximately $30.00”	Reiterated“Approximately $30.00”	—	—	—
Adjusted shareholders' net income	—	—	New“$11.97 per diluted share”	—	—	—	—	—
GAAP net income per diluted share	—	—	—	New“approximately $24.10”	—	—	—	—
GAAP Operating Margin vs. 2024: Carelon Services	—	New“(100) - (50) bps”	—	—	—	—	—	—
GAAP Operating Margin vs. 2024: CarelonRx	—	New“0 - 20 bps”	—	—	—	—	—	—
GAAP Operating Margin vs. 2024: Health Benefits	—	New“(50) - (25) bps”	—	—	—	—	—	—
GAAP shareholders' net income	—	—	New“$9.61 per diluted share”	—	—	—	—	—
Projected FY 2025 adjusted diluted EPS	—	New“$34.15 to $34.85”	—	—	—	—	—	—
Projected FY 2025 GAAP diluted EPS	—	New“$30.40 to $31.10”	—	—	—	—	—	—
Shareholders' adjusted net income	—	—	New“$34.15 to $34.85 per diluted share”	—	—	—	—	—
Shareholders' earnings per diluted share	—	New“$30.40 to $31.10”	—	Lowered“Approximately $24.10”	Raised“Approximately $24.70”	—	—	—
Adjusted Effective Tax Rate	—	New“22.0% - 24.0%”	—	—	—	—	—	—
Adjusted Operating Expense Ratio	—	New“10.4% +/- 50 bps”	—	—	—	—	—	—
Adjusted Operating Gain	—	New“$9.55 - $9.85 billion”	—	—	—	—	—	—
Amortization of Intangible Assets	—	New“($580) million”	—	—	—	—	—	—
Benefit expense ratio	—	—	—	—	New“approximately 90.0%”	—	—	—
Benefit Expense Ratio	—	New“89.1% +/- 50 bps”	—	—	—	—	—	—
Diluted Shares	—	New“225 - 226 million”	—	—	—	—	—	—
Dividend	—	—	—	—	New“$1.71 per share”	—	—	—
Dividend	—	—	—	New“$1.71 per share”	—	—	—	—
Dividend	—	New“$1.71 per share”	—	—	—	—	—	—
Interest Expense	—	New“($1,475) million”	—	—	—	—	—	—
Medicare Advantage membership	—	—	New“2,200 to 2,250 thousand members”	—	—	—	—	—
Net Investment income	—	New“$1,875 million”	—	—	—	—	—	—
Operating Cash Flow	—	New“Approximately $8.0 billion”	—	—	—	—	—	—
Service Fees	—	New“Approximately flat”	—	—	—	—	—	—
Year-End Medical Enrollment: Commercial Fee-Based	—	New“27,300 - 27,600”	—	—	—	—	—	—
Year-End Medical Enrollment: Commercial Risk-Based	—	New“5,150 - 5,350”	—	—	—	—	—	—
Year-End Medical Enrollment: Federal Employee Program	—	New“Approximately 1,650”	—	—	—	—	—	—
Year-End Medical Enrollment: Medicaid	—	New“8,600 - 8,900”	—	—	—	—	—	—
Year-End Medical Enrollment: Medicare Advantage	—	New“2,200 - 2,250”	—	—	—	—	—	—
Year-End Medical Enrollment: Medicare Supplement	—	New“Approximately 850”	—	—	—	—	—	—
Year-End Medical Enrollment: Risk-Based	—	New“18,450 - 19,000”	—	—	—	—	—	—
Year-End Medical Enrollment: Total	—	New“45,750 - 46,600”	—	—	—	—	—	—
For FY2024
Adjusted shareholders' earnings per diluted share	New“Approximately $33.00”	—	—	—	—	—	—	—
GAAP net income per diluted share	New“approximately $26.50”	—	—	—	—	—	—	—
Shareholders' earnings per diluted share	New“Approximately $26.50”	—	—	—	—	—	—	—
Dividend	New“$1.63 per share”	—	—	—	—	—	—	—
Dividend per share declared	New“$1.63 per share”	—	—	—	—	—	—	—
No period stated
Average annual growth in adjusted diluted EPS	—	—	—	New“at least 12%”	—	—	—	—
Long-term earnings algorithm and segment margin targets	—	—	—	—	—	New“Reaffirming long-term earnings algorithm; recalibrating segment margin targets”	—	—
Common stock repurchase program increase	New“$8.0 billion”	—	—	—	—	—	—	—
Share repurchase program authorization increase	New“$8.0 billion increase”	—	—	—	—	—	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.