Elevance Health · Earnings release · 8-K Exhibit 99

E A R

N I N G S R E L E A S E

ELEVANCE HEALTH REPORTS THIRD QUARTER 2025 RESULTS

•

Executing with discipline to improve affordability and elevate the member experience

•

•

•

G1G2T1Reaffirm FY 2025 benefit expense ratio and adjusted diluted EPS guidance of approximately

•

Returned $3.3 billion of capital to shareholders year-to-date

Indianapolis, IN - October 21, 2025 - Elevance

Health, Inc. (NYSE: ELV) reported third quarter 2025 results.

“Our third quarter results were in line with expectations and

reflect disciplined execution across Elevance Health. In a dynamic healthcare environment, T2we’re focused on advancing affordability and elevating the member experience through T3our growing value-based care partnerships and T4AI-enabled digital solutions that simplify access and improve outcomes. As we plan for 2026, we remain disciplined in managing what we can control – positioning our businesses for long-term, sustainable growth

and value creation for all stakeholders.”

Gail K. Boudreaux

President and Chief Executive Officer

1.

Earnings per diluted share (“EPS”).

2.

Refer to GAAP reconciliation tables on pages 13 and 14 herein for reconciliation of GAAP to adjusted measures.

1

Elevance Health

Consolidated

Enterprise Highlights

(Unaudited)

(In billions)

Three Months Ended

Operating Revenue1

Operating Gain1,2

Adjusted Operating Gain1,3

Operating Margin1

Adjusted Operating

1.

See “Basis of Presentation” on page 5 herein.

2.

Operating Gain for the three months ended September 30, 2025, and September 30, 2024,

include items that are excluded from adjusted shareholders’ net income. See “GAAP Reconciliation” on pages 13 and 14 herein.

3.

Adjusted Operating Gain for the three months ended September 30, 2025, and

September 30, 2024, exclude items that are excluded from adjusted shareholders’ net income. See “GAAP Reconciliation” on pages 13 and 14 herein.

Operating revenue was $50.1 billion in the third quarter of 2025, an increase of $5.4 billion, or 12 percent compared to the

prior year quarter. This was driven by higher premium yields in our Health Benefits segment, recently closed acquisitions, and growth in Medicare Advantage membership, partially offset by T5ongoing Medicaid membership losses due to eligibility

reverifications.

The benefit expense ratio was 91.3 percent, an increase of 180 basis points year over year, reflecting T6elevated,

but expected, cost trend primarily in our Medicare business given pronounced seasonality in Part D benefits associated with changes made in the Inflation Reduction Act. Days in Claims Payable stood at 42.6 days as of September 30, 2025, when

adjusted for our acquisition of CareBridge. This represents a decrease of 0.2 days year over year on a comparable basis.

The operating

expense ratio was 10.5 percent, an improvement of 130 basis points. The adjusted operating expense ratio was 10.4 percent, an increase of 100 basis points, primarily driven by targeted investments to scale Carelon’s capabilities,

support and strengthen our workforce, and accelerate technology adoption while maintaining expense discipline.

Cash Flow &

Balance Sheet

Operating cash flow was $4.2 billionyear-to-date, or 0.8 times GAAP net income, a decrease of $0.9 billion year over year reflecting in part the Provider Settlement Agreement payment for the

multi-district BCBSA litigation. As of September 30, 2025, cash and investments at the parent company totaled approximately $2.6 billion.

During the third quarter of 2025, the Company T7repurchased 2.9 million shares of its common stock for $875 million, at a weighted

average price of $303.48, and paid a quarterly dividend of $1.71 per share, representing a distribution of cash totaling $381 million. As of September 30, 2025, the Company had approximately $7.2 billion of Board approved share

repurchase authorization remaining.

2

Health Benefits is comprised of Individual, Employer Group risk-based, Employer Groupfee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses.

Health Benefits

Reportable Segment Highlights

(Unaudited)

(In billions)

Three Months Ended

Operating Revenue1

Operating Gain1,2

Adjusted Operating Gain1,3

Operating Margin1

Adjusted Operating

Margin1

1.

See “Basis of Presentation” on page 5 herein.

2.

Operating Gain for the three months ended September 30, 2024, includes items that are

excluded from adjusted shareholders’ net income. See “GAAP Reconciliation” on pages 13 and 14 herein.

3.

Adjusted Operating Gain for the three months ended September 30, 2024, excludes

$19 million of 2024 business dispositions and related items adjusted out of adjusted shareholders’ net income for the Health Benefits segment.

Health Benefits segment operating revenue was $42.2 billion in the third quarter of 2025, an increase of $4.0 billion, or

10 percent compared to the prior year quarter, driven primarily by higher premium yields, recently closed acquisitions, and growth in our Medicare Advantage membership, partially offset by ongoing Medicaid reverifications.

Operating gain totaled $0.6 billion, impacted principally by higher medical cost trend and increased investments to support and

strengthen our workforce and accelerate technology adoption, partially offset by higher revenue.

Medical membership totaled

approximately 45.4 million as of September 30, 2025, driven by lower year over year BlueCard® and Medicaid membership.

3

Carelon is comprised of CarelonRx and Carelon Services.

Carelon Reportable

Segment Highlights

(Unaudited)

(In billions)

Three Months Ended

Operating Revenue1,2

Operating Gain1,3

Adjusted Operating Gain1,4

Operating Margin1

Adjusted Operating

Margin1

1.

See “Basis of Presentation” on page 5 herein.

2.

Operating Revenue for the three months ended September 30, 2024, includes $0.2 billion

of revenue related to 2024 business dispositions and related items that have been excluded from adjusted operating gain.

3.

Operating Gain for the three months ended September 30, 2024, includes items that are

excluded from adjusted shareholders’ net income. See “GAAP Reconciliation” on pages 13 and 14 herein.

4.

Adjusted Operating Gain for the three months ended September 30, 2024, excludes

$53 million of 2024 business dispositions and related items adjusted out of adjusted shareholders’ net income for the Carelon segment.

T8Operating revenue for Carelon was $18.3 billion in the third quarter of 2025, an increase of $4.5 billion, or 33 percent

compared to the prior year quarter. This was driven by recent acquisitions in home health and pharmacy services, growth in CarelonRx product revenue, and the scaling of Carelon Services risk-based solutions.

Operating gain for Carelon totaled $0.8 billion, reflecting strong Carelon Services performance offset by targeted platform investments

to support growth and the scaling of our pharmacy assets.

4

Quarterly Dividend

On October 15, 2025, the Audit Committee of the Company’s Board of Directors declared a fourth quarter 2025 dividend to

shareholders of $1.71 per share. The fourth quarter dividend is payable on December 19, 2025, to shareholders of record at the close of business on December 5, 2025.

About Elevance Health

Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers,

families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health’s companies serve 109 million consumers through a diverse portfolio

of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

Conference Call and Webcast

Management will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time (“EDT”) to discuss the

company’s third quarter results and outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:

Replay)

Replay)

The access code for today’s conference call is 3972058. There is no access code for the

replay. The replay will be available from 11:30 a.m. EDT today, until the end of the day on November 21, 2025. The call will also be available through a live webcast at www.elevancehealth.com under the “Investors” link. A

webcast replay will be available following the call.

Basis of Presentation

1.

Operating revenue and operating gain/loss are the key measures used by management to evaluate

performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products

sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are

managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to pages 13 and 14 for the GAAP reconciliation tables.

2.

Operating margin is defined as operating gain divided by operating revenue.

Elevance Health Contacts:

Investor Relations

Media

Nathan Rich

Leslie Porras

Investor.Relations@elevancehealth.com

Leslie.Porras@elevancehealth.com

5

Elevance Health

Earnings Release Financial Schedules and Supplementary Information

Quarter & Year-to-Date Ended

•

Membership and Other Metrics

•

Quarterly &Year-to-Date Consolidated Statements of Income

•

Condensed Consolidated Balance Sheet

•

Condensed Consolidated Statement of Cash Flows

•

Supplemental Financial Information - Reportable Segments & Health Benefits Revenue

Detail

•

Supplemental Financial Information - Reconciliation of Medical Claims Payable

•

Reconciliation of Non-GAAP Financial Measures

6

Elevance Health

Membership and Other Metrics

(Unaudited)

Change from

Medical Membership (in thousands)

Individual

Employer Group Risk-Based

— %

Commercial Risk-Based

— %

BlueCard®

Employer Group Fee-Based

Commercial Fee-Based

Medicare Advantage

Medicare Supplement

Total Medicare

Medicaid

Federal Employee Program

Total Medical Membership

Other Metrics (in millions)

CarelonRx Quarterly Adjusted Scripts

Carelon Services Consumers Served

7

Elevance Health

Consolidated Statements of Income

(Unaudited)

(In millions, except per share data)

Three Months Ended

Nine Months Ended

Change

Change

Revenues

Premiums

$

$

$

$

Product revenue

Service fees

Total operating revenue

Net investment income

Net losses on financial instruments

(1)

NM

NM

Gain (loss) on sale of business

—

NM

—

NM

Total revenues

Expenses

Benefit expense

Cost of products sold

Operating expense

Interest expense

Amortization of other intangible assets

Total expenses

Income before income tax expense

Income tax expense

Net income

Net loss attributable to noncontrolling interests

2

8

NM

—

4

NM

Shareholders’ net income

$

$

$

$

Shareholders’ earnings per diluted share

$

$

$

$

Diluted shares

Benefit expense as a percentage of premiums

%

%

%

%

Operating expense as a percentage of total operating revenue

%

%

%

%

Income before income tax expense as a percentage of total revenue

%

%

%

%

“NM” = calculation not meaningful

8

Elevance Health

Condensed Consolidated Balance Sheet

(In millions)

Assets

(Unaudited)

Current assets:

Cash and cash equivalents

Fixed maturity and equity securities

Premium and other receivables

Other current assets

Assets held for sale

—

Total current assets

Long-term investments

Property and equipment, net

Goodwill and other intangible assets

Other noncurrent assets

Total assets

Liabilities and equity

Liabilities

Current liabilities:

Medical claims payable

Short-term borrowings

Current portion of long-term debt

Other current liabilities

Liabilities held for sale

—

Total current liabilities

Long-term debt, less current portion

Other noncurrent liabilities

Total liabilities

Total shareholders’ equity

Noncontrolling interests

Total equity

Total liabilities and equity

9

Elevance Health

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(In millions)

Nine Months Ended

Operating activities

Net income

Depreciation and amortization

Share-based compensation

Changes in operating assets and liabilities

Other non-cash items

Net cash provided by operating activities

Investing activities

Purchases of investments, net of sales and maturities

Proceeds from (purchases of) subsidiaries, net of cash

Purchases of property and equipment

Other, net

Net cash used in investing activities

Financing activities

Net change in short-term and long-term borrowings

Repurchase and retirement of common stock

Cash dividends

Other, net

Net cash (used in) provided by financing activities

Effect of foreign exchange rates on cash and cash equivalents

1

2

Change in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and equivalents included in assets held for sale at end of period

—

Cash and cash equivalents at end of period

REPORTABLE SEGMENTS

Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; and Corporate & Other (comprised of

businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).

Elevance Health

Reportable Segment Details

(Unaudited)

(In millions)

Three Months Ended September 30

Nine Months Ended September 30

Change

Change

Operating Revenue

Health Benefits

CarelonRx

Carelon Services

Corporate & Other

Eliminations

NM6

NM6

Total Operating Revenue1

Operating Gain (Loss)

Health Benefits2

CarelonRx

Carelon Services2

Corporate & Other2,3

NM6

NM6

Total Operating Gain1,4

Operating Margin

Health Benefits

CarelonRx

Carelon Services

— bp

Total Operating Margin1

Health Benefits Revenue Details

(In millions)

Three Months Ended September 30

Nine Months Ended September 30

Change

Change

Health Benefits Operating Revenue

Commercial

Individual5

Medicare

Medicaid

Federal Employee Program

Total Health Benefits Operating

Revenue1

1.

See “Basis of Presentation” on page 5 herein.

2.

Operating Gain for the three and nine months ended September 30, 2024, included $72 and $191 million,

respectively, of 2024 business dispositions and related items; including $53 and $141 million, respectively, for the Carelon Services segment; and $19 and $50 million, respectively, for the Health Benefits segment. Operating Gain for the

three and nine months ended September 30, 2024, included $42 and $158 million, respectively, of transaction and integration related costs, $669 and $680 million, respectively, of litigation and settlement expenses, and $268 and

$268 million, respectively, of business optimization charges, all of which reside in the Corporate & Other reportable segment.

3.

Operating Gain for the three and nine months ended September 30, 2025, included $49 and $182 million,

respectively, of transaction and integration related costs, $4 and $19 million, respectively, of litigation and settlement expenses, and ($4) and ($4), respectively, of business optimization charges, all of which reside in the

Corporate & Other reportable segment.

4.

Operating Gain for the three and nine months ended September 30, 2025, and September 30, 2024,

included items excluded from adjusted shareholders’ net income. See “GAAP Reconciliation” on pages 13 and 14 herein.

5.

The Individual business, including ACA products, is reported as part of Commercial Operating Revenue.

6.

“NM” = calculation not meaningful.

Elevance Health

Reconciliation of Medical Claims Payable

Nine Months

Ended

Years Ended

(In millions)

(Unaudited)

(Unaudited)

Gross medical claims payable, beginning of period

$

$

$

$

$

Ceded medical claims payable, beginning of period

(7)

(7)

(6)

Net medical claims payable, beginning of period

Business combinations and purchase adjustments

—

—

Net incurred medical claims:

Current year

Prior years redundancies1

Total net incurred medical claims

Net payments attributable to:

Current year medical claims

Prior years medical claims

Total net payments

Net medical claims payable, end of period

Ceded medical claims payable, end of period

9

7

6

Gross medical claims payable, end of

period2

$

$

$

$

$

Current year medical claims paid as a percentage of current year net incurred medical claims

Prior year redundancies in the current year as a percentage of prior year net medical claims payable

less prior year redundancies in the current year

Prior year redundancies in the current year as a percentage of prior year net incurred medical

claims

1.

Negative amounts reported for net incurred medical claims related to prior years result from

claims being settled for amounts less than originally estimated.

2.

Excludes insurance lines other than short duration.

Elevance Health

GAAP Reconciliation

(Unaudited)

This document references non-GAAP measures, including “Adjusted

Shareholders’ Net Income,” “Adjusted Shareholders’ Net Income Per Share,” “Adjusted EPS,” “Adjusted Operating Gain,” “Adjusted Operating Expense” and “Adjusted Operating Expense

Ratio,” which are non-GAAP measures. These non-GAAP measures are intended to aid investors when comparing Elevance Health’s financial results among periods

and are not intended to be alternatives to any measure calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP

are available below. In addition to these non-GAAP measures, references are made to the measures “Operating Revenue” and “Operating Gain/Loss,” “Operating Margin” and

“Adjusted EPS”. Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable segments, allocate resources, set incentive compensation targets and to forecast future

operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest

expense, amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Each of

these measures is provided to further aid investors in understanding and analyzing Elevance Health’s operating and financial results. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income

herein. A reconciliation of the non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP, together with a reconciliation of reportable segments operating gain to income

before income tax expense, is provided below. Prior amounts may be grouped differently to conform to the current presentation. Net adjustment items per share may not sum due to rounding. A reconciliation of Operating Revenue to Total Revenue is set

forth in the Consolidated Statements of Income herein.

Three Months Ended

Nine Months Ended

(In millions, except per share data)

Change

Change

Shareholders’ net income

$

$

$

$

Add / (Subtract):

Amortization of other intangible assets

Transaction and integration related costs1

Litigation and settlement expenses1

4

Net losses on financial instruments

1

Business dispositions and related items2

—

—

(Gain) loss on sale of business

—

—

Business optimization charges1

(4)

(4)

Tax impact of non-GAAPadjustments

Net adjustment items

Adjusted shareholders’ net income

$

$

$

$

Shareholders’ earnings per diluted share

$

$

$

$

Add / (Subtract):

Amortization of other intangible assets

Transaction and integration related costs1

Litigation and settlement expenses1

Net losses on financial instruments

—

Business dispositions and related items2

—

—

(Gain) loss on sale of business

—

—

Business optimization charges1

Tax impact of non-GAAPadjustments

Net adjustment items

Adjusted shareholders’ earnings per diluted share

$

$

$

$

Three Months Ended

Nine Months Ended

(In millions)

Change

Change

Income before income tax expense

$

$

$

$

Net investment income

(Gain) loss on sale of business

—

—

Net losses on financial instruments

1

Interest expense

Amortization of other intangible assets

Reportable segments operating gain

$

$

$

$

1.

Adjustment item resides in the Corporate & Other reportable segment.

2.

Adjustment item resides in the Health Benefits and Carelon Services reportable segments.

Elevance Health

GAAP Reconciliation

(Unaudited)

Three Months Ended

Nine Months Ended

(In millions)

Change

Change

Reportable segments operating gain

Add / (Subtract):

Transaction and integration related

costs1

Litigation and settlement expenses1

4

Business dispositions and related

items2

—

—

Business optimization charges1

(4)

(4)

Net adjustment items

Reportable segments adjusted operating gain

Three Months Ended

Nine Months Ended

(In millions)

Change

Change

Operating expense

Add / (Subtract):

Transaction and integration related

costs1

Litigation and settlement expenses1

(4)

Business dispositions and related

items2

—

—

Business optimization charges1

4

4

Net adjustment items

Adjusted operating expense

Operating revenue

$

$

$

$

Operating expense ratio

Adjusted operating expense ratio

Full Year

G3Shareholders’ earnings per diluted share

Add / (Subtract):

Amortization of other intangible

assets3

Net losses on financial instruments3

Transaction and integration related

Litigation and settlement expenses1,3

Business optimization charges1

Tax impact of non-GAAP adjustments3

Approximately ($1.69)

Net adjustment items

Adjusted shareholders’ earnings per diluted share

1.

Adjustment item resides in the Corporate & Other reportable segment.

2.

Adjustment item resides in the Health Benefits and Carelon Services reportable segments.

3.

Adjustment item represents the midpoint of a projected range and serves as the estimated full

year adjustment amount.

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.