Elevance Health Inc. (ELV) Stock Rises on Strong Q3 Earnings and $50B Revenue Surge

Elevance Health Inc. (ELV) shares climbed 1.52% to close at $354.07 on October 21, 2025, following a robust third-quarter performance. The healthcare giant reported a 12% year-over-year revenue increase to $50.1 billion, driven by Medicare Advantage growth and strategic acquisitions. Adjusted diluted earnings per share reached $6.03, while GAAP diluted EPS stood at $5.32.

The Health Benefits segment saw revenue rise to $42.2 billion, fueled by premium yields and Medicare enrollment gains. Medicaid membership declines, resulting from eligibility revisions, were partially offset by Medicare growth. Carelon revenue surged 33%, contributing to operating margin expansion and digital growth initiatives.

Despite a 180-basis-point increase in the benefit expense ratio to 91.3%—primarily due to Medicare Part D costs linked to the Inflation Reduction Act—Elevance maintained disciplined expense control. The company returned $3.3 billion to shareholders and reaffirmed its 2025 outlook, targeting $30 in adjusted EPS.