Filing Flows › Elevance Health (ELV) › Q3 2025
Elevance Health (ELV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 21, 2025
Elevance Health (ELV) reported revenue of $50.7B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +2% from the quarter before. Operating margin was 2.6%, net earnings $1.2B (2.3% of revenue).
Elevance Health, Q3 2025: revenue $50.7B (+12% year over year), operating margin 2.6%, net earnings $1.2B, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $50.7B | +2% | +12% |
| Operating profit | $1.3B | -47% | -8% |
| Net earnings | $1.2B | -32% | +18% |
| Operating cash flow | $1.1B | -45% | -58% |
| Free cash flow | $775M | -57% | -67% |
What changed
Revenue was $50.7B in Q3 2025, up 12% year over year and up 2% from the previous quarter.
Operating profit was $1.3B, a 2.6% margin (down 0.6 points year over year). Operating profit fell $0.11B even though revenue rose $5.6B versus a year earlier, so costs grew faster than sales. Total costs grew 13% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $1.2B, up 17% year over year. The effective tax rate was 15.6%.
Operating cash flow was $1.1B (down 58% year over year), 96% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.52B. Capital expenditures of $0.36B left free cash flow of $0.78B.
Questions
What was Elevance Health's revenue in the third quarter 2025?
Elevance Health (ELV) reported revenue of $50.7B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +2% from the quarter before.
Was Elevance Health profitable in the third quarter 2025?
Operating profit was $1.3B (2.6% of revenue) and net earnings $1.2B.
Source: Elevance Health 10-Q on SEC EDGAR.