[8-K] Elevance Health, Inc. Reports Material Event

Rhea-AI Filing Summary

Elevance Health management expects to reaffirm full-year 2025 shareholders' earnings guidance of approximately $24.10 per diluted share, which includes about $5.90 per diluted share of net unfavorable items. Excluding those items, the Company expects adjusted shareholders' earnings of approximately $30.00 per diluted share.

The company also plans to reaffirm a full-year 2025 benefit expense ratio guidance of approximately 90.0%. Management cautions these expectations reflect current views of market, operational, regulatory and claim-cost assumptions and may change, and the filing includes standard forward-looking statement disclosures.

Positive

• Reaffirmed full-year GAAP shareholders' earnings guidance of approximately $24.10 per diluted share
• Clear adjusted earnings expectation of approximately $30.00 per diluted share excluding specified net unfavorable items
• Provided explicit benefit expense ratio guidance of approximately 90.0% for full-year 2025

Negative

• Includes approximately $5.90 per share of net unfavorable items reducing GAAP EPS versus adjusted EPS
• Guidance is conditional on management assumptions about market, operational, regulatory, and claims-cost trends and may materially change
• Filing contains numerous forward-looking risk disclosures (healthcare costs, enrollment, regulation, cyber, IT) indicating potential downside drivers

Insights

Financial Analyst

TL;DR: Elevance reaffirmed 2025 GAAP and adjusted EPS guidance and a ~90% benefit expense ratio, signaling steady outlook under current assumptions.

The reaffirmation of $24.10 GAAP EPS and $30.00 adjusted EPS provides clarity on management's current performance expectations and implies the company anticipates meaningful one-time or nonoperational $5.90 per-share unfavorable items impacting GAAP results. A 90.0% benefit expense ratio guidance frames margin expectations and will be a key metric to watch against premium trends and medical cost developments. These figures are material for modeling 2025 earnings but are explicitly conditional on evolving cost and claims assumptions.

Risk Analyst

TL;DR: Guidance is conditional and accompanied by broad forward-looking risk disclosures that could materially alter outcomes.

Elevance's disclosures reiterate standard but comprehensive forward-looking risk factors, including healthcare cost trends, enrollment, regulatory change, pandemics, cyber events, and IT modernization risks. The statement underscores that the guidance is management's current view and could change if underlying assumptions shift, indicating uncertainty around claims and regulatory exposures that investors should monitor.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

September 4, 2025

Date of Report (Date of earliest event reported)

___________________________________

Elevance Health, Inc.

(Exact name of registrant as specified in its charter)

___________________________________

Indiana (State or other jurisdiction of incorporation or organization) 001-16751 (Commission File Number) 35-2145715 (I.R.S. Employer Identification Number)

220 Virginia Ave

Indianapolis, IN 46204

(Address of principal executive offices and zip code)

(833) 401-1577

(Registrant's telephone number, including area code)

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, Par Value $0.01			ELV			NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined Rule 405 of the Securities Act (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 7.01 - Regulation FD Disclosure

Officers of Elevance Health, Inc. (the “Company”) expect to speak with investors over the next several weeks. During these meetings, Company officers expect to reaffirm the Company’s shareholders’ earnings guidance for full year 2025 to be approximately $24.10 per diluted share, including approximately $5.90 per diluted share of net unfavorable items. Excluding these items, the Company continues to expect adjusted shareholders’ earnings to be approximately $30.00 per diluted share. This does not include any other adjustment items beyond those reported in the Company's second quarter 2025 earnings.

During these meetings, Company officers are also expected to reaffirm full year 2025 benefit expense ratio guidance of approximately 90.0%.

The Company notes that these expectations reflect management's current view of market conditions, operational performance, the regulatory and policy landscape, and refinement of key business assumptions, including cost trends and medical claims payable estimates. To the extent business factors or assumptions change, the Company's actual results could materially differ from management's current guidance.

None of the information furnished in Item 7.01 hereto shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Unless expressly set forth by specific reference in such filings, none of the information furnished in this report shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems, or failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to

effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity related to the health benefits industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 4th day of September, 2025.

ELEVANCE HEALTH, INC.
By:			/s/ Kathleen S. Kiefer
Name:			Kathleen S. Kiefer
Title:			Chief Governance Officer and Corporate Secretary

FAQ

What 2025 earnings guidance did Elevance Health (ELV) reaffirm?

Elevance reaffirmed full-year 2025 shareholders' earnings guidance of approximately $24.10 per diluted share.

What is Elevance Health's adjusted earnings expectation for 2025?

Excluding specified net unfavorable items, the company expects adjusted shareholders' earnings of approximately $30.00 per diluted share.

How much of the GAAP guidance reflects net unfavorable items?

Management expects approximately $5.90 per diluted share of net unfavorable items included in the $24.10 GAAP guidance.

What benefit expense ratio did Elevance guide to for 2025?

The company reaffirmed a full-year 2025 benefit expense ratio guidance of approximately 90.0%.

Are Elevance's guidance figures guaranteed?

No. Management states guidance reflects current assumptions and market conditions and could materially differ if business factors or assumptions change.