Filing Flows › Elevance Health (ELV) › Q4 2025
Elevance Health (ELV) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
Elevance Health (ELV) reported revenue of $49.7B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -2% from the quarter before. Operating margin was 0.6%, net earnings $546M (1.1% of revenue).
Elevance Health, Q4 2025: revenue $49.7B (+10% year over year), operating margin 0.6%, net earnings $546M, operating cash flow $84.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.7B | -2% | +9% |
| Operating profit | $309M | -76% | -54% |
| Net earnings | $546M | -54% | +32% |
| Operating cash flow | $84.0M | -93% | -88% |
What changed
Revenue was $49.7B in Q4 2025, up 9% year over year and down 2% from the previous quarter.
Operating profit was $0.31B, a 0.6% margin (down 0.9 points year over year). Operating profit fell $0.36B even though revenue rose $4.3B versus a year earlier, so costs grew faster than sales. Total costs grew 10% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+13%). Net earnings were $0.55B, up 31% year over year. The tax line was a benefit of $0.33B on pre-tax earnings of $0.21B.
Operating cash flow was $0.08B (down 88% year over year), 15% of net earnings. Non-cash charges added back $0.41B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.90B. Capital expenditures of $0.29B exceeded it, leaving free cash flow of −$0.21B.
Questions
What was Elevance Health's revenue in the fourth quarter 2025?
Elevance Health (ELV) reported revenue of $49.7B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -2% from the quarter before.
Was Elevance Health profitable in the fourth quarter 2025?
Operating profit was $309M (0.6% of revenue) and net earnings $546M.
Source: Elevance Health 10-K on SEC EDGAR.