Filing Flows › Elevance Health (ELV) › Q2 2025
Elevance Health (ELV) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 17, 2025
Elevance Health (ELV) reported revenue of $49.8B for the second quarter 2025 (Q2 2025), +13% from a year earlier and +2% from the quarter before. Operating margin was 4.9%, net earnings $1.7B (3.5% of revenue).
Elevance Health, Q2 2025: revenue $49.8B (+13% year over year), operating margin 4.9%, net earnings $1.7B, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.8B | +2% | +13% |
| Operating profit | $2.4B | -24% | -12% |
| Net earnings | $1.7B | -20% | -24% |
| Operating cash flow | $2.1B | +102% | +360% |
| Free cash flow | $1.8B | +118% | 14× |
What changed
Revenue was $49.8B in Q2 2025, up 13% year over year and up 2% from the previous quarter.
Operating profit was $2.4B, a 4.9% margin (down 1.4 points year over year). Operating profit fell $0.34B even though revenue rose $5.9B versus a year earlier, so costs grew faster than sales. Total costs grew 15% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $1.7B, down 24% year over year. The effective tax rate was 23.9%.
Operating cash flow was $2.1B (up 360% year over year), 118% of net earnings. Non-cash charges added back $0.38B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.15B. Capital expenditures of $0.27B left free cash flow of $1.8B.
Questions
What was Elevance Health's revenue in the second quarter 2025?
Elevance Health (ELV) reported revenue of $49.8B for the second quarter 2025 (Q2 2025), +13% from a year earlier and +2% from the quarter before.
Was Elevance Health profitable in the second quarter 2025?
Operating profit was $2.4B (4.9% of revenue) and net earnings $1.7B.
Source: Elevance Health 10-Q on SEC EDGAR.