Analyst Consensus ?
ConsensusBuy38 ratings
Bullish2771.1%
Neutral1128.9%
Bearish00.0%
Elevance Health Inc. · ELV · FY2025 Q2 · Calendar Q3 2025
Elevance lowers EPS outlook as ACA and Medicaid costs rise
The call weakens the near-term earnings-growth case: Carelon expansion and technology investments provide offsets, but elevated ACA and Medicaid costs have led to lower guidance and leave the recovery dependent on pricing, utilization, and policy outcomes.
Reported Before market openNYSEHealthcare
$89.50B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$8.84
Consensus $8.91
EPS surprise
-0.8%
Reported versus consensus
Reported revenue
$49.42B
Consensus $48.19B
Revenue surprise
+2.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-12.2%
Event window
SPY move
+0.6%
Same window
Abnormal move
-12.8%
Stock minus SPY
Volume
3.9×
Versus trailing sessions
Subsequent drift
-2.3%
Up to 20 sessions
ELVSPY benchmark
Ask FN2 about ELV FY2025 Q2
Transcript, numbers and history already loaded
Why did ELV fall 12.2% after missing EPS estimates in FY2025 Q2?What changed in ELV's guidance and outlook in FY2025 Q2?Give me the bull and bear case for ELV after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The tone shifted from the prior quarter's confident, maintained outlook to a cautious outlook with full-year adjusted EPS guidance lowered to approximately $30. Management still pointed to strong Carelon growth, but emphasized higher ACA costs, slower Medicaid rate alignment, and the need for AI-enabled cost controls.
Guidance delta
Management lowered full-year 2025 adjusted EPS guidance to approximately $30 from the prior-quarter range of $34.15-$34.85.
Key takeaways
- Carelon Rx revenue grew more than 20% and Carelon Services revenue grew more than 50%.
- Management cited AI-enabled prior authorization and payment-integrity actions as cost controls.
- ACA and Medicaid margins remain pressured, with subsidy and policy changes adding uncertainty.
Management priorities
- Invest in AI and Health OS workflow tools
- Scale Carelon and CareBridge risk-based contracts
- Use disciplined pricing in 2026 ACA and Medicaid filings
- Expand value-based oncology and behavioral-health programs
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$412.7Current
$320Low
$468.71Average
$625High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Leerink Partners | Market Perform | Market Perform | Maintain | Jul 17, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 16, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 16, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 16, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 14, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 14, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 7, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 8, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jun 8, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 4, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 4, 2026 |
| UBS | Buy | Buy | Maintain | May 22, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | May 20, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 23, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 20, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 8, 2026 |
| Argus Research | Hold | Buy | Downgrade | Jul 21, 2025 |
| Stephens & Co. | Overweight | Overweight | Maintain | Sep 5, 2024 |
| Loop Capital | Buy | Buy | Maintain | Apr 21, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Jan 26, 2023 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 25, 2022 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 21, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 21, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Apr 14, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 21, 2020 |
| CFRA | Buy | Hold | Upgrade | Apr 29, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Dec 6, 2019 |
| Citigroup | Neutral | Neutral | Maintain | Nov 6, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Jan 3, 2018 |
| Leerink Swann | Outperform | Outperform | Maintain | Nov 7, 2017 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Jan 4, 2017 |
| FBR Capital | Market Perform | Market Perform | Maintain | Jan 28, 2016 |
| Sterne Agee CRT | Buy | Neutral | Upgrade | Jul 27, 2015 |
| Susquehanna | Positive | Positive | Maintain | May 22, 2015 |
| Oppenheimer | Outperform | Outperform | Maintain | May 1, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $412.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $469 | $400.09 | +13.6% | Oct 7, 2026 |
| Leerink Partners | Analyst unavailable | $395 | $369.28 | -4.3% | Jul 17, 2026 |
| Bernstein | Analyst unavailable | $488 | $372.85 | +18.2% | Jul 16, 2026 |
| New Street | Analyst unavailable | $482 | $377.63 | +16.8% | Jul 16, 2026 |
| RBC Capital | Analyst unavailable | $424 | $390.33 | +2.7% | Jul 16, 2026 |
| Goldman Sachs | Analyst unavailable | $395 | $390.33 | -4.3% | Jul 16, 2026 |
| Robert W. Baird | Analyst unavailable | $393 | $390.33 | -4.8% | Jul 16, 2026 |
| Guggenheim | Analyst unavailable | $455 | $390.33 | +10.2% | Jul 16, 2026 |
| Wells Fargo | Stephen Baxter | $473 | $390.33 | +14.6% | Jul 16, 2026 |
| Barclays | Analyst unavailable | $457 | $390.33 | +10.7% | Jul 16, 2026 |
| Truist Financial | Analyst unavailable | $475 | $425.17 | +15.1% | Jul 14, 2026 |
| Wells Fargo | Analyst unavailable | $492 | $416.23 | +19.2% | Jul 13, 2026 |
| RBC Capital | Ben Hendrix | $439 | $425.9 | +6.4% | Jul 9, 2026 |
| Raymond James | Sarah James | $450 | $408.17 | +9.0% | Jul 7, 2026 |
| Bernstein | Analyst unavailable | $482 | $416.19 | +16.8% | Jul 2, 2026 |
| Mizuho Securities | Analyst unavailable | $465 | $415.53 | +12.7% | Jun 8, 2026 |
| Morgan Stanley | Analyst unavailable | $404 | $391.27 | -2.1% | Jun 4, 2026 |
| Truist Financial | David MacDonald | $450 | $393.19 | +9.0% | Jun 1, 2026 |
| Barclays | Andrew Mok | $480 | $386.87 | +16.3% | May 26, 2026 |
| UBS | Analyst unavailable | $460 | $389.82 | +11.5% | May 22, 2026 |
| Mizuho Securities | Analyst unavailable | $435 | $402.27 | +5.4% | May 20, 2026 |
| Deutsche Bank | Analyst unavailable | $498 | $402.27 | +20.7% | May 20, 2026 |
| Guggenheim | Analyst unavailable | $399 | $346.29 | -3.3% | Apr 24, 2026 |
| Barclays | Analyst unavailable | $408 | $346.29 | -1.1% | Apr 24, 2026 |
| Leerink Partners | Analyst unavailable | $364 | $346.21 | -11.8% | Apr 23, 2026 |
| Robert W. Baird | Analyst unavailable | $331 | $328.2 | -19.8% | Apr 23, 2026 |
| Jefferies | David Windley | $391 | $323.05 | -5.3% | Apr 20, 2026 |
| Mizuho Securities | Ann Hynes | $350 | $282.68 | -15.2% | Mar 10, 2026 |
| RBC Capital | Analyst unavailable | $358 | $341.83 | -13.3% | Feb 3, 2026 |
| Truist Financial | Analyst unavailable | $390 | $341.28 | -5.5% | Feb 2, 2026 |
| Piper Sandler | Analyst unavailable | $409 | $340.68 | -0.9% | Feb 2, 2026 |
| Bernstein | Analyst unavailable | $409 | $345.74 | -0.9% | Feb 1, 2026 |
| Wells Fargo | Analyst unavailable | $391 | $346.98 | -5.3% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $393 | $346.98 | -4.8% | Jan 30, 2026 |
| UBS | Analyst unavailable | $400 | $345.27 | -3.1% | Jan 29, 2026 |
| Deutsche Bank | Analyst unavailable | $332 | $345.22 | -19.6% | Jan 29, 2026 |
| Guggenheim | Jason Cassorla | $396 | $341.85 | -4.0% | Jan 29, 2026 |
| Guggenheim | Jason Cassorla | $414 | $369.88 | +0.3% | Jan 22, 2026 |
| Mizuho Securities | Ann Hynes | $413 | $374.77 | +0.1% | Jan 9, 2026 |
| Wolfe Research | Justin Lake | $425 | $366.69 | +3.0% | Jan 8, 2026 |
| Wells Fargo | Analyst unavailable | $424 | $371.37 | +2.7% | Jan 7, 2026 |
| Bernstein | Analyst unavailable | $431 | $368.52 | +4.4% | Jan 6, 2026 |
| Barclays | Andrew Mok | $404 | $354.25 | -2.1% | Jan 5, 2026 |
| Deutsche Bank | George Hill | $320 | $344.6 | -22.5% | Dec 19, 2025 |
| Morgan Stanley | Analyst unavailable | $352 | $345.96 | -14.7% | Dec 18, 2025 |
| Mizuho Securities | Analyst unavailable | $400 | $313.19 | -3.1% | Nov 3, 2025 |
| Barclays | Analyst unavailable | $385 | $340.76 | -6.7% | Oct 22, 2025 |
| Bernstein | Analyst unavailable | $420 | $348.48 | +1.8% | Oct 21, 2025 |
| Truist Financial | Analyst unavailable | $400 | $348.16 | -3.1% | Oct 14, 2025 |
| Morgan Stanley | Erin Wright | $359 | $349.16 | -13.0% | Oct 14, 2025 |
| Goldman Sachs | Analyst unavailable | $343 | $351.42 | -16.9% | Oct 14, 2025 |
| Mizuho Securities | Analyst unavailable | $420 | $362.34 | +1.8% | Oct 9, 2025 |
| Barclays | Analyst unavailable | $395 | $362.34 | -4.3% | Oct 9, 2025 |
| Guggenheim | Analyst unavailable | $398 | $357.49 | -3.6% | Oct 8, 2025 |
| Wells Fargo | Stephen Baxter | $412 | $349.94 | -0.2% | Oct 7, 2025 |
| Truist Financial | David MacDonald | $500 | $389.61 | +21.2% | Jun 9, 2025 |
| Argus Research | Analyst unavailable | $465 | $421.68 | +12.7% | Apr 25, 2025 |
| Jefferies | David Windley | $529 | $430.77 | +28.2% | Oct 21, 2024 |
| Leerink Partners | Whit Mayo | $515 | $430.77 | +24.8% | Oct 21, 2024 |
| Raymond James | Sarah James | $485 | $432.53 | +17.5% | Oct 18, 2024 |
| RBC Capital | Ben Hendrix | $478 | $444.35 | +15.8% | Oct 18, 2024 |
| Truist Financial | David MacDonald | $520 | $444.35 | +26.0% | Oct 18, 2024 |
| Robert W. Baird | Michael Ha | $625 | $483.87 | +51.4% | Oct 16, 2024 |
| RBC Capital | Ben Hendrix | $585 | $502.06 | +41.7% | Jul 18, 2024 |
| Truist Financial | David MacDonald | $620 | $535.54 | +50.2% | Jul 15, 2024 |
| Morgan Stanley | Erin Wright | $643 | $534.42 | +55.8% | Jun 24, 2024 |
| Robert W. Baird | Michael Ha | $649 | $505.52 | +57.3% | May 29, 2024 |
| RBC Capital | Ben Hendrix | $575 | $525.19 | +39.3% | Apr 19, 2024 |
| UBS | AJ Rice | $605 | $525.19 | +46.6% | Apr 19, 2024 |
| Wells Fargo | Stephen Baxter | $600 | $525.19 | +45.4% | Apr 19, 2024 |
| Jefferies | David Windley | $604 | $525.19 | +46.4% | Apr 19, 2024 |
| Barclays | Andrew Mok | $621 | $525.19 | +50.5% | Apr 19, 2024 |
| Mizuho Securities | Analyst unavailable | $575 | $521.88 | +39.3% | Nov 10, 2022 |
| Loop Capital Markets | Joseph France | $550 | $454.76 | +33.3% | Jun 16, 2022 |
| Wells Fargo | Stephen Baxter | $580 | $501.53 | +40.5% | May 25, 2022 |
| BMO Capital | Analyst unavailable | $625 | $495.61 | +51.4% | Apr 25, 2022 |
| Deutsche Bank | Analyst unavailable | $574 | $510.4 | +39.1% | Apr 22, 2022 |
| Morgan Stanley | Analyst unavailable | $607 | $528.45 | +47.1% | Apr 21, 2022 |
| Goldman Sachs | Analyst unavailable | $605 | $529.84 | +46.6% | Apr 21, 2022 |
| Leerink Partners | Analyst unavailable | $555 | $529.84 | +34.5% | Apr 21, 2022 |
| Credit Suisse | Jonathan Yong | $584 | $522.87 | +41.5% | Apr 21, 2022 |
| RBC Capital | Ben Hendrix | $544 | $522.87 | +31.8% | Apr 21, 2022 |
| Evercore ISI | Michael Newshel | $335 | $529.84 | -18.8% | Apr 20, 2022 |
| Mizuho Securities | Ann Hynes | $510 | $529.84 | +23.6% | Apr 20, 2022 |
| Jefferies | David Windley | $625 | $529.84 | +51.4% | Apr 20, 2022 |
| Truist Financial | David MacDonald | $590 | $510.64 | +43.0% | Apr 11, 2022 |
| UBS | Kevin Caliendo | $541 | $489.34 | +31.1% | Apr 4, 2022 |
| J.P. Morgan | Lisa Gill | $500 | $434.61 | +21.2% | Jan 27, 2022 |
| BMO Capital | Matthew Borsch | $510 | $434.61 | +23.6% | Jan 27, 2022 |
| RBC Capital | Ben Hendrix | $452 | $434.61 | +9.5% | Jan 27, 2022 |
| Seaport Global | Joseph France | $480 | $427.24 | +16.3% | Jan 26, 2022 |
| Evercore ISI | Michael Newshel | $335 | $427.24 | -18.8% | Jan 26, 2022 |
| Bernstein | Lance Wilkes | $574 | $452.46 | +39.1% | Jan 11, 2022 |
| Wells Fargo | Steve Baxter | $523 | $438.22 | +26.7% | Jan 6, 2022 |
| Goldman Sachs | Nathan Rich | $517 | $432.72 | +25.3% | Dec 14, 2021 |
| Wolfe Research | Justin Lake | $433 | $403.96 | +4.9% | Nov 30, 2021 |
| Credit Suisse | A.J. Rice | $486 | $428 | +17.8% | Oct 21, 2021 |
| Barclays | Steven Valiquette | $485 | $428 | +17.5% | Oct 21, 2021 |
| Bank of America Securities | Kevin Fischbeck | $465 | $428 | +12.7% | Oct 21, 2021 |
| Cantor Fitzgerald | Steven Halper | $470 | $421.68 | +13.9% | Oct 20, 2021 |
Track every rating change on ELV the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationOperating as a major health benefits organization, Elevance Health Inc. commits to guiding consumers, families, and communities across their entire health and wellness path. It facilitates access to vital care, assistance, and tools designed to enable healthier living for approximately 118 million individuals. The company's comprehensive offerings span medical, digital, pharmaceutical, behavioral health, clinical, and other care solutions. Founded in 1944 and based in Indianapolis, Indiana, this entity adopted its current name, Elevance Health Inc., in June 2022, having previously operated as Anthem, Inc.
Historical context
All ELV earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-11T01:10:44.512361+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T01:10:44.509479+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.