Elevance Health Inc reported Q3 2025 revenue of $50.71 billion, up 12.3% year-over-year, and net income of $1.19 billion with a diluted EPS of $5.32. The quarter delivered an operating margin of 3.46% and a gross margin of 14.18%, reflecting a combination of favorable top-line growth and ongoing cost pressures within a large, complex US health benefits portfolio. While cash flow remains solid, free cash flow per share stood at $3.43, underscoring Elevance’s ability to convert earnings into cash despite a modest bottom-line margin profile. Leverage remains minimal, with debt ratios well below peer levels, enhancing balance sheet resilience in a volatile macro environment. Management commentary, if available, would typically focus on utilization trends, medical loss ratios, and efficiency initiatives that could drive margin expansion over time.