Elevance Health (ELV) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates

Core Insights - Elevance Health reported revenue of $49.42 billion for the quarter ended June 2025, reflecting a 14.3% increase year-over-year, and an EPS of $8.84, down from $10.12 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $48.15 billion by 2.64%, while the EPS fell short of the consensus estimate of $9.16 by 3.49% [1] Financial Performance Metrics - Benefit Expense Ratio was reported at 88.9%, slightly above the average estimate of 88.4% from 16 analysts [4] - Medical Membership - Commercial Risk-Based stood at 4.96 million, below the estimated 5 million [4] - Medical Membership - Commercial Fee-Based was reported at 27.15 million, slightly below the estimate of 27.22 million [4] - Service fees revenue was $2.11 billion, lower than the $2.23 billion estimate, representing a year-over-year decline of 7.4% [4] - Product revenue reached $6.04 billion, slightly below the $6.14 billion estimate, but showed a 9.3% increase year-over-year [4] - Net investment income was $486 million, exceeding the estimate of $464.67 million, but down 4.3% from the previous year [4] - Premiums revenue was reported at $41.27 billion, surpassing the estimate of $39.64 billion, with a year-over-year increase of 16.5% [4] - Total operating revenue from Health Benefits was $41.58 billion, above the estimate of $40.84 billion, reflecting an 11.9% year-over-year increase [4] - Total operating revenue from Carelon was $18.08 billion, exceeding the estimate of $16.86 billion, with a significant year-over-year increase of 35.8% [4] - Total operating revenue from Carelon Services was $7.44 billion, above the estimate of $6.8 billion, representing a remarkable 63.7% increase year-over-year [4] - Total operating revenue from CarelonRx was $10.64 billion, surpassing the estimate of $10.05 billion, with a year-over-year increase of 21.3% [4] Stock Performance - Elevance Health's shares have returned -8.3% over the past month, contrasting with the Zacks S&P 500 composite's increase of 4.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]