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Elevance Health
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Latest analysis
Updated Oct 21, 2026
Elevance Health Q3 2026: Benefit ratio improves 70bp sequentially but Health Benefits operating gain collapses 27.5% YoY as MA restructuring and Medicaid acuity pressure persist
Elevance Health's Q3 2026 results reveal a company in structural transition: the benefit expense ratio improved 70 basis points year-over-year to 90.6% in the quarter, driven by Medicare improvement, yet Health Benefits segment operating gain fell 27.5% to $436 million as medical costs rose across most lines and operating expenses accelerated on technology investment and regulatory remediation. Total medical membership declined 1.1% year-over-year to 44.9 million, led by a 15.5% contraction in Medicare Advantage enrollment to 1,898 thousand members — a deliberate repositioning — alongside a 4.9% decline in Medicaid driven by eligibility redeterminations. The single most consequential new disclosure is the MA risk adjustment loss contingency accrual recorded in Corporate & Other, which alone drove the nine-month operating gain down 25.7% and signals material exposure to the CMS RADV audit escalation announced in May 2025.
Tone: defensiveRevenue
$199.1B
ELV 10-K · FY 2025
Employees
97,100
Revenue FY2024
$177B
Founded
2001
Profile
ELV 10-K Item 1 · Feb 6, 2026Elevance Health is one of the largest health insurers in the United States, serving approximately 45.2 million medical members through affiliated health plans as of December 31, 2025. The company operates across commercial, Medicare, and Medicaid markets under the Anthem Blue Cross, Wellpoint, and Carelon brands, and also provides pharmacy services and integrated health services through its Carelon businesses. It is an independent licensee of the Blue Cross and Blue Shield Association operating in 14 states plus California.
Read filing description ↓ Collapse description ↑
Elevance Health and its direct and indirect subsidiaries is a leading health company bringing together the concepts of elevate and advance. We are focused on enhancing well-being and advancing health outcomes by delivering integrated, whole health solutions across the care journey. We support consumers throughout their full health journeys with medical, pharmacy, and behavioral health services designed to address their whole health needs. Through this comprehensive approach, we aim to improve the health of the people and communities we serve. We advance our mission by collaborating with care providers and community organizations, fostering innovation that supports growth and equal opportunity for health access, and cultivating a high-performance culture. We are one of the largest health insurers in the United States in terms of medical membership, serving approximately 45.2 million medical members through our affiliated health plans as of December 31, 2025. We offer a broad spectrum of network-based managed care risk-based plans to Individual, Employer Group, Medicaid and Medicare markets. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, care provider network access, medical management, care management, wellness programs, actuarial services and other administrative services. Across these markets, we generate revenue through risk-based premiums, administrative fees from self-funded employers and pharmacy and health service fees through our Carelon businesses. We are an independent licensee of the Blue Cross and Blue Shield Association, and we are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries.
Primary products
- PPO plans
- HMO plans
- Consumer-Driven Health Plans (CDHP)
- Traditional Indemnity plans
- Point-of-Service (POS) plans
- Medicare Advantage
Business segments
End markets
Geographies
Named customers
Through our participation in various federal government programs, we generated approximately 32%, 31% and 29% of our total consolidated revenues from agencies of the U.S. government for the years ended December 31, 2025, 2024 and 2023, respectively.
“We believe our exclusive right to market products under the most recognized brand in the industry, BCBS, in our most significant markets provides us with greater brand recognition over competitive product offerings.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $177.0 billion in 2024 to $199.1 billion in 2025, driven primarily by growth in premium revenue across Health Benefits segments.
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