Elevance Health (ELV) reported $49.31 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 9.6%. EPS of $3.33 for the same period compares to $3.84 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $49.53 billion, representing a surprise of -0.45%. The company delivered an EPS surprise of +7.3%, with the consensus EPS estimate being $3.10.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Elevance Health performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Benefit Expense Ratio: 93.5% versus the 17-analyst average estimate of 93.5%.
- Medical Membership - Commercial Risk-Based: 4.92 million versus the 17-analyst average estimate of 4.97 million.
- Total Medical Membership: 45.23 million compared to the 45.4 million average estimate based on 17 analysts.
- Medical Membership - Federal Employees Health Benefits: 1.6 million compared to the 1.63 million average estimate based on 17 analysts.
- Revenues- Premiums: $40.69 billion versus the 18-analyst average estimate of $40.69 billion. The reported number represents a year-over-year change of +12.3%.
- Revenues- Service fees: $2.16 billion compared to the $2.13 billion average estimate based on 18 analysts. The reported number represents a change of +6.5% year over year.
- Revenues- Net investment income: $493 million compared to the $469.69 million average estimate based on 18 analysts. The reported number represents a change of -6.5% year over year.
- Revenues- Product revenue: $6.46 billion versus the 18-analyst average estimate of $6.82 billion. The reported number represents a year-over-year change of -3.8%.
- Total operating revenue- Eliminations: $-11.1 billion versus the 17-analyst average estimate of $-10.34 billion. The reported number represents a year-over-year change of +51.6%.
- Total operating revenue- Carelon Services: $7.02 billion compared to the $7.52 billion average estimate based on 17 analysts. The reported number represents a change of +47.1% year over year.
- Total operating revenue- CarelonRx: $11.64 billion compared to the $11.13 billion average estimate based on 17 analysts. The reported number represents a change of +16.7% year over year.
- Total operating revenue- Health Benefits: $41.84 billion versus $41.3 billion estimated by 17 analysts on average. Compared to the year-ago quarter, this number represents a +11.3% change.
View all Key Company Metrics for Elevance Health here>>>
Shares of Elevance Health have returned -7.4% over the past month versus the Zacks S&P 500 composite's +0.8% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Elevance Health, Inc. (ELV): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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