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Elevance Health (ELV) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates

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For the quarter ended June 2025, Elevance Health (ELV - Free Report) reported revenue of $49.42 billion, up 14.3% over the same period last year. EPS came in at $8.84, compared to $10.12 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $48.15 billion, representing a surprise of +2.64%. The company delivered an EPS surprise of -3.49%, with the consensus EPS estimate being $9.16.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

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: 88.9% versus the 16-analyst average estimate of 88.4%.
  • Medical Membership - Commercial Risk-Based: 4.96 million versus 5 million estimated by 15 analysts on average.
  • Medical Membership - Commercial Fee-Based: 27.15 million versus 27.22 million estimated by 15 analysts on average.
  • Medical Membership - Commercial Risk-Based - Individual: 1.35 million versus 1.36 million estimated by 15 analysts on average.
  • Revenues- Service fees: $2.11 billion compared to the $2.23 billion average estimate based on 16 analysts. The reported number represents a change of -7.4% year over year.
  • Revenues- Product revenue: $6.04 billion versus $6.14 billion estimated by 16 analysts on average. Compared to the year-ago quarter, this number represents a +9.3% change.
  • Revenues- Net investment income: $486 million versus $464.67 million estimated by 16 analysts on average. Compared to the year-ago quarter, this number represents a -4.3% change.
  • Revenues- Premiums: $41.27 billion versus the 16-analyst average estimate of $39.64 billion. The reported number represents a year-over-year change of +16.5%.
  • Total operating revenue- Health Benefits: $41.58 billion versus the 15-analyst average estimate of $40.84 billion. The reported number represents a year-over-year change of +11.9%.
  • Total operating revenue- Carelon: $18.08 billion versus $16.86 billion estimated by 15 analysts on average. Compared to the year-ago quarter, this number represents a +35.8% change.
  • Total operating revenue- Carelon Services: $7.44 billion versus $6.8 billion estimated by 15 analysts on average. Compared to the year-ago quarter, this number represents a +63.7% change.
  • Total operating revenue- CarelonRx: $10.64 billion versus $10.05 billion estimated by 15 analysts on average. Compared to the year-ago quarter, this number represents a +21.3% change.

View all Key Company Metrics for Elevance Health here>>>

Shares of Elevance Health have returned -8.3% over the past month versus the Zacks S&P 500 composite's +4.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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