Elevance Beats Q3 Estimates, Posts $1.19B GAAP Profit

Elevance Health reported stronger-than-expected Q3 2025 results, with adjusted EPS of $6.03 beating analysts' roughly $4.93 estimate and revenue rising about 12% to roughly $50.1–$50.7 billion. On a GAAP basis the company recorded net income of $1.19 billion, or $5.32 a share. The benefit‑expense ratio increased to about 91.3% from 89.5%, which management attributed mainly to elevated but expected Medicare costs, and medical membership slipped about 0.9% to approximately 45.4 million. Management reiterated full‑year adjusted EPS guidance around $30 and a benefit‑expense ratio target near 90%, and emphasized disciplined execution, affordability, value‑based care partnerships and AI‑enabled digital initiatives. Elevance reports results across Health Benefits, CarelonRx, Carelon Services and Corporate segments and cited acquisitions expanding its Medicaid and dual‑eligible presence. Shares jumped in premarket trading after the beat, though the stock has underperformed the S&P year‑to‑date.