Elevance Health (ELV) Reports Q1 Earnings: What Key Metrics Have to Say

Core Insights - Elevance Health reported $48.77 billion in revenue for Q1 2025, a year-over-year increase of 15.4% and a surprise of +5.95% over the Zacks Consensus Estimate of$ 46.03 billion [1] - The EPS for the same period was $11.97, compared to$ 10.64 a year ago, with an EPS surprise of +6.78% against the consensus estimate of $11.21 [1] Revenue and Membership Metrics - Total Medical Membership stood at 45.83 million, slightly below the estimated 46.24 million [4] - Medicaid Medical Membership was 8.86 million, close to the estimate of 8.89 million [4] - Medicare Medical Membership was 876 thousand, exceeding the estimate of 866.49 thousand [4] - Commercial Risk-Based Medical Membership was 3.64 million, below the estimate of 3.75 million [4] Revenue Breakdown - Premium revenues reached$ 40.89 billion, surpassing the average estimate of $38.70 billion, reflecting a year-over-year change of +14.5% [4] - Service fees totaled$ 2.07 billion, slightly below the estimate of $2.13 billion, showing a -0.4% change year-over-year [4] - Net investment income was$ 590 million, exceeding the estimate of $461.32 million, with a year-over-year increase of +26.9% [4] - Product revenue was$ 5.81 billion, above the estimate of $5.11 billion, representing a +29.1% change year-over-year [4] Operating Revenue Performance - Total operating revenue from Carelon Services was$ 6.54 billion, exceeding the estimate of $5.87 billion, with a year-over-year change of +63% [4] - CarelonRx generated$ 10.12 billion in operating revenue, surpassing the estimate of $9.40 billion, reflecting a +25.4% change year-over-year [4] - Health Benefits operating revenue was$ 41.43 billion, above the estimate of $39.82 billion, with a year-over-year increase of +11.2% [4] - Carelon's total operating revenue was$ 16.65 billion, exceeding the estimate of $15.27 billion, representing a +37.9% change year-over-year [4]