Elevance Health, Inc. (NYSE: ELV), a prominent healthcare organization, operates diverse health benefits and services aimed at improving healthcare delivery and access for its members. The company reported a stable increase in its financial performance for the second quarter of 2025.

For the second quarter, Elevance Health’s operating revenue reached $49.4 billion, an increase of $6.2 billion, or 14.3%, from $43.2 billion in the same quarter of the previous year. The company’s diluted earnings per share (EPS) for 2Q 2025 was $7.72, representing a decline of 21.6% from $9.85 in 2Q 2024. The adjusted diluted EPS was recorded at $8.84, a decrease of 14.2% from the prior year.

Elevance Health revised its full-year 2025 adjusted diluted EPS guidance to approximately $30.00 due to rising medical cost trends in the Affordable Care Act (ACA) and slower rate alignment in Medicaid. The company’s GAAP net income per diluted share is expected to be approximately $24.10 for FY 2025.

In terms of expenses, the total benefit expense for 2Q 2025 was $36.7 billion, up from $30.6 billion in 2Q 2024, leading to a benefit expense ratio of 88.9%, an increase of 260 basis points year over year. The operating gain for the quarter was $2.4 billion, down from $2.8 billion a year prior, resulting in an operating margin of 4.9%, compared to 6.4% in the previous year. Adjusted operating gain was $2.5 billion, also a decrease from $2.9 billion in 2Q 2024, with adjusted operating margin at 5.0%, down from 6.7%.

Elevance Health reported a cash flow from operations of $3.1 billion year-to-date, representing an increase of $0.6 billion from the prior year. The company has returned $2.0 billion of capital to shareholders in 2025, which included repurchasing 0.9 million shares for $379 million at an average price of $410.05 per share and paying a quarterly dividend of $1.71 per share, amounting to $385 million in cash distribution.

Medical membership as of June 30, 2025, was approximately 45.6 million, which represents a decrease of 212 thousand from the first quarter of 2025, primarily due to lower Medicaid enrollment. The operating revenue for Elevance Health’s Health Benefits segment totaled $41.6 billion in the second quarter, a rise of $4.4 billion or 12% from the previous year, while the operating gain for this segment was $1.6 billion, down from $2.1 billion year-over-year.

In the Carelon reportable segment, operating revenue was $18.1 billion, an increase of $4.8 billion, or 36%, compared to the prior year. The operating gain for Carelon increased to $0.9 billion, up from $0.7 billion in 2Q 2024.

Elevance Health’s current assets total approximately $63.3 billion, with cash and cash equivalents at $8.6 billion. The total liabilities stand at $78.1 billion, while total equity is reported at $43.9 billion.