Elevance Health

ELV · Health Care · Market cap $81.6B

Q3 FY25 Sep 30, 2025 reported Oct 21, 2025

Revenue$50.7B +12% year over year

Gross profit$45.3B

Operating profit$1.3B

Net profit$1.2B 2% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	50.7	100%	+12%
Health Benefits	42.2	83%
Carelon Services	7.3	14%
Other	1	2%
Corporate & Other	0.1	0%
Cost of revenue	−5.4	11%
Gross profit	45.3	89% margin	+1pp
SG&A	−5.3	10%	−1pp
Other	−38.8	76%	+0pp
Operating profit	1.3	3% margin	−1pp
Tax	−0.2
Net profit	1.2	2%	+0pp

All figures in billions of U.S. dollars, for Q4 FY24 (period ends Dec 31, 2024).
Item	Value	Share of revenue	Year over year
Revenue	45.4	100%	+7%
CarelonRx	36	79%
Health Benefits	7.6	17%
Carelon Services	0.8	2%
Other	0.8	2%
Corporate & Other	0.3	1%
Cost of revenue	−6	13%
Gross profit	39.4	87% margin	−2pp
SG&A	−4.8	11%	−1pp
Other	−34	75%	+0pp
Operating profit	0.7	1% margin	−2pp
Tax	−0.2
Interest & other costs	−0.1
Net profit	0.4	1%	−1pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q3 FY25	Sep 30, 2025	Oct 21, 2025	$50.7B	+12%	3%	$1.2B	2%
Q4 FY24	Oct 1 – Dec 31, 2024	Feb 20, 2025	$45.4B	+7%	2%	$0.4B	1%