Elevance Health (ELV)

NYSE Health Care Managed Health Care S&P 500

$425.62

-6.38 (-1.48%)

Close of Nov 06, 2026 · end-of-day data

Source: Elevance Health's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$84.86B	$90.04B	$92.11B	$104.21B	$121.87B	$138.64B	$156.59B	$171.34B	$177.01B	$199.12B
Cost of revenue	—	$0	$0	$1.99B	$8.95B	$10.89B	$13.04B	$17.29B	$19.75B	$21.18B
Gross profit	—	$90.04B	$92.11B	$102.22B	$112.91B	$127.74B	$143.56B	$154.05B	$157.26B	$177.95B
Selling, general & admin	$12.56B	$12.65B	$14.02B	$13.36B	$17.45B	$15.92B	$17.70B	$20.09B	$20.02B	$20.98B
Operating income	$4.80B	$4.17B	$5.43B	$6.00B	$6.36B	$7.56B	$8.28B	$8.50B	$7.86B	$7.20B
Interest expense	$723.00M	$739.00M	$753.00M	$746.00M	$784.00M	$798.00M	$851.00M	$1.03B	$1.19B	$1.40B
Pre-tax income	$4.55B	$3.96B	$5.07B	$5.99B	$6.24B	$8.00B	$7.60B	$7.71B	$7.90B	$6.71B
Income tax	$2.08B	$121.00M	$1.32B	$1.18B	$1.67B	$1.85B	$1.71B	$1.72B	$1.93B	$1.05B
Net income	$2.47B	$3.84B	$3.75B	$4.81B	$4.57B	$6.16B	$5.89B	$5.99B	$5.98B	$5.66B
EBITDA	$4.91B	$4.29B	$6.56B	$7.13B	$7.51B	$8.86B	$9.96B	$10.24B	$9.26B	$8.74B
EPS (basic)	$9.39	$14.70	$14.53	$18.81	$18.23	$25.26	$24.56	$25.38	$25.81	$25.28
EPS (diluted)	$9.21	$14.35	$14.19	$18.47	$17.98	$24.95	$24.28	$25.22	$25.68	$25.21
Diluted shares	268.10M	267.80M	264.20M	260.30M	254.30M	246.80M	242.80M	237.40M	232.90M	224.60M
Gross margin	—	100.0%	100.0%	98.1%	92.7%	92.1%	91.7%	89.9%	88.8%	89.4%
Operating margin	5.7%	4.6%	5.9%	5.8%	5.2%	5.5%	5.3%	5.0%	4.4%	3.6%
Net margin	2.9%	4.3%	4.1%	4.6%	3.8%	4.4%	3.8%	3.5%	3.4%	2.8%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$4.08B	$3.61B	$3.93B	$4.94B	$5.74B	$4.88B	$7.39B	$6.53B	$8.29B	$9.49B
Short-term investments	$17.16B	$17.38B	$16.69B	$19.68B	$23.43B	$26.27B	$25.95B	$29.61B	$25.20B	$25.88B
Total current assets	$34.31B	$36.26B	$34.32B	$39.03B	$45.75B	$51.12B	$55.62B	$60.03B	$58.94B	$63.00B
Goodwill	$17.56B	$19.23B	$20.50B	$20.50B	$21.69B	$24.23B	$24.38B	$25.32B	$28.28B	$28.34B
Total assets	$65.08B	$70.54B	$71.57B	$77.45B	$86.61B	$97.46B	$102.75B	$108.93B	$116.89B	$121.49B
Total current liabilities	$21.29B	$23.36B	$21.96B	$23.53B	$29.45B	$34.88B	$39.70B	$41.79B	$40.58B	$41.03B
Short-term debt	$928.40M	$1.27B	$849.00M	$1.60B	$700.00M	$1.60B	$1.50B	$1.65B	$1.65B	$1.10B
Long-term debt	$14.36B	$17.38B	$17.22B	$17.79B	$19.34B	$21.16B	$22.35B	$23.25B	$29.22B	$30.80B
Total debt	$15.29B	$18.66B	$18.07B	$19.39B	$20.04B	$22.76B	$23.85B	$24.89B	$30.87B	$31.90B
Total liabilities	$39.98B	$44.04B	$43.03B	$45.73B	$53.42B	$61.29B	$66.42B	$69.52B	$75.46B	$77.47B
Shareholders' equity	$25.10B	$26.50B	$28.54B	$31.73B	$33.20B	$36.09B	$36.24B	$39.31B	$41.31B	$43.88B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$3.27B	$4.18B	$3.83B	$6.06B	$10.69B	$8.36B	$8.40B	$8.06B	$5.81B	$4.29B
Capital expenditures	$584.00M	$791.00M	$1.21B	$1.08B	$1.02B	$1.09B	$1.15B	$1.30B	$1.26B	$1.12B
Free cash flow	$2.69B	$3.39B	$2.62B	$4.98B	$9.67B	$7.28B	$7.25B	$6.76B	$4.55B	$3.17B
Investing cash flow	-$514.00M	-$5.08B	-$1.26B	-$2.79B	-$7.32B	-$9.64B	-$4.56B	-$5.57B	-$5.17B	-$1.34B
Financing cash flow	-$799.00M	$427.00M	-$2.24B	-$2.27B	-$2.57B	$423.00M	-$1.32B	-$3.35B	$1.19B	-$1.74B
Dividends paid	$684.00M	$705.00M	$776.00M	$818.00M	$954.00M	$1.10B	$1.23B	$1.40B	$1.51B	$1.53B
Share buybacks	$0	$2.00B	$1.69B	$1.70B	$2.70B	$1.90B	$2.32B	$2.68B	$2.90B	$2.60B
Stock-based compensation	$165.00M	$170.00M	$226.00M	$294.00M	$283.00M	$255.00M	$264.00M	$289.00M	$191.00M	$276.00M
Depreciation & amortization	$104.00M	$111.00M	$1.13B	$1.13B	$1.15B	$1.30B	$1.68B	$1.75B	$1.39B	$1.55B

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$42.65B	$42.58B	$43.89B	$45.11B	$45.44B	$48.89B	$49.78B	$50.71B	$49.75B	$50.18B	$50.47B	$51.43B
Cost of revenue	$4.84B	$3.83B	$4.82B	$5.09B	$6.01B	$4.98B	$5.29B	$5.38B	$5.52B	$5.46B	$5.49B	$5.64B
Gross profit	$37.81B	$38.75B	$39.07B	$40.01B	$39.43B	$43.91B	$44.48B	$45.33B	$44.23B	$44.72B	$44.98B	$45.79B
Selling, general & admin	$5.00B	$4.89B	$5.07B	$5.27B	$4.80B	$5.30B	$5.00B	$5.27B	$5.42B	$6.33B	$5.55B	$5.75B
Operating income	$1.28B	$3.02B	$2.77B	$1.41B	$673.00M	$3.17B	$2.42B	$1.29B	$309.00M	$2.09B	$1.76B	$1.27B
Interest expense	$259.00M	$265.00M	$280.00M	$300.00M	$340.00M	$344.00M	$341.00M	$351.00M	$366.00M	$357.00M	$364.00M	$358.00M
Pre-tax income	$1.00B	$2.94B	$2.99B	$1.37B	$606.00M	$2.80B	$2.29B	$1.41B	$215.00M	$2.30B	$1.94B	$1.79B
Income tax	$170.00M	$690.00M	$685.00M	$365.00M	$193.00M	$613.00M	$548.00M	$219.00M	-$331.00M	$544.00M	$483.00M	$451.00M
Net income	$856.00M	$2.25B	$2.30B	$1.02B	$418.00M	$2.18B	$1.74B	$1.19B	$547.00M	$1.76B	$1.46B	$1.36B
EBITDA	$1.71B	$3.35B	$2.77B	$1.64B	$1.07B	$3.54B	$2.81B	$1.68B	$715.00M	$2.44B	$2.13B	$1.63B
EPS (basic)	$3.68	$9.65	$9.91	$4.38	$1.87	$9.64	$7.74	$5.32	$2.55	$8.03	$6.74	$6.30
EPS (diluted)	$3.66	$9.59	$9.85	$4.36	$1.87	$9.61	$7.72	$5.32	$2.54	$8.00	$6.71	$6.27
Diluted shares	-600.00K	234.20M	233.40M	233.10M	-700.00K	227.20M	225.80M	223.70M	-1.00M	220.40M	217.90M	217.60M
Gross margin	88.7%	91.0%	89.0%	88.7%	86.8%	89.8%	89.4%	89.4%	88.9%	89.1%	89.1%	89.0%
Operating margin	3.0%	7.1%	6.3%	3.1%	1.5%	6.5%	4.9%	2.6%	0.6%	4.2%	3.5%	2.5%
Net margin	2.0%	5.3%	5.2%	2.3%	0.9%	4.5%	3.5%	2.3%	1.1%	3.5%	2.9%	2.7%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$6.53B	$6.23B	$6.50B	$7.87B	$8.29B	$7.50B	$8.56B	$8.71B	$9.49B	$9.66B	$10.23B	$10.35B
Short-term investments	$29.61B	$29.53B	$28.90B	$28.95B	$25.20B	$25.44B	$25.30B	$26.28B	$25.88B	$25.91B	$25.72B	$25.35B
Total current assets	$60.03B	$60.95B	$62.27B	$62.85B	$58.94B	$61.12B	$63.32B	$63.78B	$63.00B	$67.03B	$67.18B	$68.52B
Goodwill	$25.32B	$25.95B	$25.96B	$25.97B	$28.28B	$28.42B	$28.37B	$28.45B	$28.34B	$28.34B	$28.34B	$28.34B
Total assets	$108.93B	$111.89B	$112.99B	$116.53B	$116.89B	$119.72B	$121.94B	$122.75B	$121.49B	$125.83B	$126.44B	$127.80B
Total current liabilities	$41.79B	$44.33B	$41.81B	$42.03B	$40.58B	$42.70B	$43.83B	$40.88B	$41.03B	$45.31B	$44.25B	$46.66B
Short-term debt	$1.65B	$2.90B	$2.90B	$2.10B	$1.65B	$1.64B	$1.65B	$749.00M	$1.10B	$350.00M	$375.00M	$375.00M
Long-term debt	$23.25B	$21.98B	$24.56B	$24.69B	$29.22B	$28.11B	$28.18B	$31.17B	$30.80B	$30.77B	$30.67B	$30.38B
Total debt	$24.89B	$24.88B	$27.46B	$26.79B	$30.87B	$29.75B	$29.83B	$31.92B	$31.90B	$31.12B	$31.04B	$30.76B
Total liabilities	$69.52B	$71.18B	$70.69B	$72.65B	$75.46B	$77.10B	$78.09B	$78.67B	$77.47B	$81.78B	$81.42B	$83.01B
Shareholders' equity	$39.31B	$40.61B	$42.19B	$43.77B	$41.31B	$42.50B	$43.72B	$43.95B	$43.88B	$43.90B	$44.88B	$44.68B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	-$2.97B	$1.98B	$447.00M	$2.68B	$706.00M	$1.02B	$2.05B	$1.14B	$84.00M	$4.33B	$1.91B	$1.27B
Capital expenditures	$326.00M	$279.00M	$323.00M	$332.00M	$322.00M	$196.00M	$267.00M	$360.00M	$293.00M	$235.00M	$287.00M	$267.00M
Free cash flow	-$3.30B	$1.70B	$124.00M	$2.35B	$384.00M	$821.00M	$1.79B	$775.00M	-$209.00M	$4.10B	$1.63B	$1.00B
Investing cash flow	-$1.03B	-$2.31B	-$818.00M	-$401.00M	-$1.64B	$103.00M	-$687.00M	-$1.22B	$464.00M	-$1.64B	$159.00M	-$1.99B
Financing cash flow	-$394.00M	$32.00M	$668.00M	-$915.00M	$1.41B	-$1.91B	-$308.00M	$243.00M	$236.00M	-$2.52B	-$1.49B	$838.00M
Dividends paid	$346.00M	$379.00M	$378.00M	$386.00M	$373.00M	$386.00M	$385.00M	$381.00M	$377.00M	$376.00M	$373.00M	$373.00M
Share buybacks	$928.00M	$566.00M	$463.00M	$60.00M	$1.81B	$880.00M	$378.00M	$876.00M	$471.00M	$1.12B	$234.00M	$330.00M
Stock-based compensation	$72.00M	$62.00M	$92.00M	$66.00M	-$29.00M	$81.00M	$81.00M	$84.00M	$30.00M	$55.00M	$75.00M	$80.00M
Depreciation & amortization	$424.00M	$331.00M	$0	$231.00M	$398.00M	$373.00M	$380.00M	$387.00M	$406.00M	$354.00M	$366.00M	$363.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.