Guidance
Elevance guides 2026 EPS at least $25.50, a trough year
Guidance tone
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수요
ELV
FY2025 Q4
IN LINE
Elevance Health, Inc. 실적 발표
Buzzberg 분석
Elevance guides 2026 EPS at least $25.50, a trough year
Elevance Health reported full-year 2025 adjusted EPS of $30.29, including $3.75 of non-recurring items. Management provided cautious 2026 guidance of at least $25.50 EPS, reflecting intentional portfolio repositioning and margin discipline across Medicaid, Medicare Advantage, and ACA. They expect 2026 to be a trough year with improvement in 2027 targeting at least 12% adjusted EPS growth. Long-term margin targets were revised lower to reflect current business mix. No cross-company mentions were made. 2025 adjusted EPS came in at $30.29, above prior expectations due to tax favorability; underlying operations in line with guidance.
Buzzberg 분석 Elevance guides 2026 EPS at least $25.50, a trough year Elevance Health reported full-year 2025 adjusted EPS of $30.29, including $3.75 of non-recurring items. Management provided cautious 2026 guidance of at least $25.50 EPS, reflecting intentional portfolio repositioning and margin discipline across Medicaid, Medicare Advantage, and ACA. They expect 2026 to be a trough year with improvement in 2027 targeting at least 12% adjusted EPS growth. Long-term margin targets were revised lower to reflect current business mix. No cross-company mentions were made. 2025 adjusted EPS came in at $30.29, above prior expectations due to tax favorability; underlying operations in line with guidance. 전체 분석 보기분석 접기
Elevance Health reported full-year 2025 adjusted EPS of $30.29, including $3.75 of non-recurring items. Management provided cautious 2026 guidance of at least $25.50 EPS, reflecting intentional portfolio repositioning and margin discipline across Medicaid, Medicare Advantage, and ACA. They expect 2026 to be a trough year with improvement in 2027 targeting at least 12% adjusted EPS growth. Long-term margin targets were revised lower to reflect current business mix. No cross-company mentions were made. 2025 adjusted EPS came in at $30.29, above prior expectations due to tax favorability; underlying operations in line with guidance.
- 2026 adjusted EPS guided to at least $25.50, reflecting non-recurrence of $3.75 in one-time items and deliberate margin-improvement actions.
- Medicaid margin expected at -1.75% in 2026 (trough year), with mid-single-digit cost trend still outpacing rate increases.
- Medicare Advantage membership to decline high teens percent in 2026, but margin expected to improve to at least 2% through portfolio discipline.
Revenue
$49.747B
-2% QoQ
EPS
$3.33
-45% QoQ
Gross margin
23.48%
reported
MEDICAID op margin
-1.75%
reported
이번 분기에 달라진 점
Medicare
Medicare Advantage membership to decline high teens, improve margins
2025 adjusted EPS came in at $30.29, above prior expectations due to tax favorability; underlying operations in line with guidance.
Margins
Medicaid margin expected at negative 1.75%, trough year
Reported gross margin was 23.48%, reinforcing the quarter's better-than-guided profitability.
Margins
Long-term margin target cut to 5-6% enterprise
Reported gross margin was 23.48%, reinforcing the quarter's better-than-guided profitability.
수요
수주 및 전환
Management is cautious about 2026, framing it as a trough year with disciplined actions, but expresses confidence in returning to at least 12% EPS growth in 2027, indicating a neutral-to-cautiously-optimistic tone.
톤 · Measured
Management acknowledged a challenging environment and took prudent actions, but expressed confidence in the long-term strategy and achievable guidance.
향후 가이던스
In LineGuidance tone
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $25.50 | $25.50 | INITIATED |
| Free cash flow | FY2026 | $5.5B | $5.5B | GUIDED |
| Gross margin | FY2026 | 89.7%–90.7% | 90.2% | GUIDED |
| Op marginMEDICAID | FY2026 | -1.75% | -1.75% | GUIDED |
| Op marginMEDICARE_ADVANTAGE | FY2026 | 2% | 2% | GUIDED |
가이던스 신뢰도
1 / 1달성 또는 상회
| 제시 시점 | 지표 | 목표 기간 | 가이던스 | 실제 | 결과 |
|---|---|---|---|---|---|
| FY2025 Q3 | EPS | FY2025 | $30.00 | $30.29 | Met / beat |