NYSE : ELV
Elevance Health, Inc. — Financial statements
Healthcare · Healthcare Plans · United States
Last price 422.02 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 91.18B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 164.70B | 164.64B | 144.17B | 142.85B | 133.23B | 117.37B |
| Total Interest & Dividend Income | 3.00B | 2.19B | 2.05B | 1.82B | 1.49B | 1.38B |
| Other Revenue | 34.14B | 32.29B | 30.59B | 26.66B | 21.89B | 19.89B |
| Total Revenue | 201.83B | 199.13B | 176.81B | 171.34B | 156.60B | 138.64B |
| Policy Benefits | 148.48B | 148.22B | 127.57B | 124.33B | 116.64B | 102.57B |
| Amortization of Goodwill & Intangibles | 492.00M | 628.00M | 580.00M | 885.00M | 767.00M | 441.00M |
| Selling, General & Administrative | 44.83B | 41.98B | 38.80B | 36.24B | 30.73B | 26.60B |
| Total Operating Expenses | 193.81B | 190.83B | 166.95B | 161.45B | 148.14B | 129.62B |
| Operating Income | 8.03B | 8.30B | 9.86B | 9.89B | 8.46B | 9.03B |
| Interest Expense | -1.45B | -1.40B | -1.19B | -1.03B | -855.00M | -802.00M |
| EBT Excluding Unusual Items | 6.58B | 6.89B | 8.68B | 8.86B | 7.61B | 8.22B |
| Merger & Restructuring Charges | -202.00M | -55.00M | -268.00M | -752.00M | -7.00M | -202.00M |
| Gain (Loss) on Sale of Assets | 201.00M | |||||
| Asset Writedown | -129.00M | -129.00M | -41.00M | -392.00M | -7.00M | |
| Legal Settlements | -666.00M | |||||
| Other Unusual Items | -21.00M | |||||
| Pretax Income | 6.25B | 6.71B | 7.90B | 7.71B | 7.60B | 8.00B |
| Income Tax Expense | 1.15B | 1.05B | 1.93B | 1.72B | 1.71B | 1.85B |
| Earnings From Continuing Ops. | 5.10B | 5.66B | 5.97B | 5.99B | 5.89B | 6.15B |
| Minority Interest in Earnings | 36.00M | 1.00M | 9.00M | -4.00M | 6.00M | 9.00M |
| Net Income | 5.14B | 5.66B | 5.98B | 5.99B | 5.89B | 6.16B |
| Net Income to Common | 5.14B | 5.66B | 5.98B | 5.99B | 5.89B | 6.16B |
| Shares Outstanding (Basic) | 218.60M | 224.00M | 231.70M | 235.90M | 240.00M | 243.80M |
| Shares Outstanding (Diluted) | 219.35M | 224.60M | 232.90M | 237.40M | 242.80M | 246.80M |
| EPS (Basic) | 23.51 | 25.28 | 25.81 | 25.38 | 24.56 | 25.26 |
| EPS (Diluted) | 23.44 | 25.21 | 25.68 | 25.22 | 24.28 | 24.95 |
| Free Cash Flow | 6.51B | 3.17B | 4.55B | 6.76B | 7.25B | 7.28B |
| Free Cash Flow Per Share | 29.70 | 14.13 | 19.55 | 28.50 | 29.85 | 29.48 |
| Dividend Per Share | 6.87 | 6.84 | 6.52 | 5.92 | 5.12 | 4.52 |
| Operating Margin | 3.98% | 4.17% | 5.58% | 5.77% | 5.40% | 6.51% |
| Profit Margin | 2.55% | 2.84% | 3.38% | 3.49% | 3.76% | 4.44% |
| Free Cash Flow Margin | 3.23% | 1.59% | 2.57% | 3.95% | 4.63% | 5.25% |
| EBITDA | 8.71B | 9.04B | 10.52B | 10.95B | 9.54B | 9.84B |
| EBITDA Margin | 4.32% | 4.54% | 5.95% | 6.39% | 6.09% | 7.10% |
| D&A For EBITDA | 686.00M | 743.00M | 659.00M | 1.06B | 1.08B | 817.00M |
| EBIT | 8.03B | 8.30B | 9.86B | 9.89B | 8.46B | 9.03B |
| EBIT Margin | 3.98% | 4.17% | 5.58% | 5.77% | 5.40% | 6.51% |
| Effective Tax Rate | 18.35% | 15.63% | 24.46% | 22.35% | 22.53% | 23.09% |
| Revenue as Reported | 201.83B | 199.12B | 177.01B | 171.34B | 156.59B | 138.64B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Equity & Preferred Securities | 6.73B | |||||
| Other Investments | 29.19B | 37.18B | 35.95B | 35.95B | 32.59B | 33.37B |
| Total Investments | 37.14B | 37.18B | 35.95B | 35.95B | 32.59B | 33.37B |
| Cash & Equivalents | 10.35B | 9.49B | 8.29B | 6.53B | 7.39B | 4.88B |
| Other Receivables | 24.78B | 22.41B | 19.47B | 18.41B | 16.48B | 13.61B |
| Property, Plant & Equipment | 4.61B | 5.13B | 5.22B | 4.94B | 4.92B | 4.55B |
| Goodwill | 28.34B | 28.34B | 28.28B | 25.32B | 24.38B | 24.23B |
| Other Intangible Assets | 10.88B | 11.20B | 12.09B | 10.27B | 10.31B | 10.62B |
| Other Current Assets | 5.90B | 4.76B | 4.98B | 5.25B | 4.84B | 4.48B |
| Long-Term Deferred Tax Assets | 298.00M | 206.00M | 228.00M | 137.00M | 103.00M | |
| Other Long-Term Assets | 5.80B | 2.68B | 2.40B | 2.03B | 1.70B | 1.62B |
| Total Assets | 127.80B | 121.49B | 116.89B | 108.93B | 102.75B | 97.46B |
| Accounts Payable | 8.31B | 7.32B | 6.93B | 6.91B | 5.61B | 4.97B |
| Accrued Expenses | 593.00M | 7.00M | 6.00M | 6.00M | ||
| Insurance & Annuity Liabilities | 2.63B | 3.78B | 4.39B | 6.38B | 6.74B | 6.32B |
| Unpaid Claims | 18.44B | 17.08B | 15.75B | 16.11B | 15.60B | 13.52B |
| Unearned Premiums | 1.64B | 1.49B | 1.51B | 1.40B | 1.11B | 1.15B |
| Current Portion of Long-Term Debt | 375.00M | 1.10B | 1.65B | 1.65B | 1.50B | 1.60B |
| Current Portion of Leases | 131.00M | 153.00M | 164.00M | 181.00M | 133.00M | |
| Short-Term Debt | 150.00M | 365.00M | 225.00M | 265.00M | 275.00M | |
| Current Income Taxes Payable | 685.00M | 151.00M | 75.00M | |||
| Long-Term Debt | 30.38B | 30.84B | 29.37B | 23.25B | 22.35B | 21.16B |
| Long-Term Leases | 529.00M | 658.00M | 685.00M | 751.00M | 864.00M | |
| Long-Term Deferred Tax Liabilities | 1.49B | 2.11B | 2.15B | 1.97B | 2.02B | 2.81B |
| Other Current Liabilities | 13.98B | 9.97B | 9.95B | 9.72B | 9.50B | 7.71B |
| Other Long-Term Liabilities | 4.48B | 2.81B | 2.52B | 1.01B | 773.00M | 767.00M |
| Total Liabilities | 83.01B | 77.47B | 75.46B | 69.52B | 66.42B | 61.33B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 8.99B | 8.94B | 8.91B | 8.87B | 9.08B | 9.15B |
| Retained Earnings | 37.37B | 35.39B | 33.55B | 31.75B | 29.65B | 27.09B |
| Comprehensive Income & Other | -1.68B | -451.00M | -1.15B | -1.31B | -2.49B | -178.00M |
| Total Common Equity | 44.68B | 43.88B | 41.31B | 39.31B | 36.24B | 36.06B |
| Minority Interest | 113.00M | 144.00M | 111.00M | 99.00M | 87.00M | 68.00M |
| Shareholders' Equity | 44.79B | 44.03B | 41.43B | 39.41B | 36.33B | 36.13B |
| Total Liabilities & Equity | 127.80B | 121.49B | 116.89B | 108.93B | 102.75B | 97.46B |
| Filing Date Shares Outstanding | 216.06M | 220.70M | 227.35M | 232.67M | 237.46M | 241.30M |
| Total Common Shares Outstanding | 216.11M | 220.72M | 227.48M | 233.07M | 237.96M | 241.77M |
| Total Debt | 30.76B | 32.75B | 32.19B | 25.97B | 25.05B | 24.03B |
| Net Cash (Debt) | -20.41B | -23.26B | -23.91B | -19.44B | -17.66B | -19.15B |
| Net Cash Per Share | -93.04 | -103.56 | -102.64 | -81.90 | -72.73 | -77.59 |
| Book Value Per Share | 206.75 | 198.81 | 181.62 | 168.64 | 152.31 | 149.15 |
| Tangible Book Value | 5.46B | 4.34B | 944.00M | 3.72B | 1.54B | 1.22B |
| Tangible Book Value Per Share | 25.27 | 19.65 | 4.15 | 15.94 | 6.49 | 5.03 |
| Land | 1.00M | 1.00M | 1.00M | 1.00M | 17.00M | |
| Buildings | 15.00M | 27.00M | 37.00M | 38.00M | 172.00M | |
| Machinery | 986.00M | 940.00M | 955.00M | 828.00M | 1.31B | |
| Leasehold Improvements | 665.00M | 744.00M | 715.00M | 648.00M | 641.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.14B | 5.66B | 5.98B | 5.99B | 5.89B | 6.16B |
| Depreciation & Amortization | 686.00M | 743.00M | 659.00M | 1.06B | 1.08B | 817.00M |
| Other Amortization | 803.00M | 803.00M | 734.00M | 685.00M | 599.00M | 485.00M |
| Gain (Loss) on Sale of Assets | -201.00M | |||||
| Stock-Based Compensation | 240.00M | 276.00M | 191.00M | 289.00M | 264.00M | 255.00M |
| Change in Accounts Receivable | -1.97B | -2.53B | -683.00M | -1.76B | -2.51B | -2.14B |
| Change in Accounts Payable | 3.10B | -720.00M | -272.00M | 1.64B | 824.00M | 719.00M |
| Change in Unearned Revenue | -194.00M | -15.00M | -113.00M | 290.00M | -42.00M | -113.00M |
| Change in Income Taxes | 631.00M | -297.00M | 404.00M | -103.00M | -338.00M | 140.00M |
| Change in Insurance Reserves / Liabilities | 1.46B | 228.00M | -1.84B | 147.00M | 2.41B | 2.52B |
| Change in Other Net Operating Assets | -770.00M | 53.00M | 785.00M | -747.00M | 78.00M | -8.00M |
| Other Operating Activities | -385.00M | 373.00M | 62.00M | 96.00M | 429.00M | 15.00M |
| Operating Cash Flow | 7.60B | 4.29B | 5.81B | 8.06B | 8.40B | 8.36B |
| Capital Expenditures | -1.08B | -1.12B | -1.26B | -1.30B | -1.15B | -1.09B |
| Cash Acquisitions | 35.00M | 88.00M | -4.81B | -1.55B | -649.00M | -3.48B |
| Investment in Securities | -1.82B | 69.00M | 586.00M | -2.70B | -2.34B | -4.06B |
| Other Investing Activities | -137.00M | -385.00M | -51.00M | -24.00M | -421.00M | -1.02B |
| Investing Cash Flow | -3.01B | -1.34B | -5.17B | -5.57B | -4.56B | -9.64B |
| Short-Term Debt Issued | 3.20B | 275.00M | 339.00M | 2.60B | 2.33B | |
| Long-Term Debt Issued | 2.99B | 7.71B | 2.57B | 3.07B | 3.46B | |
| Total Debt Issued | 2.85B | 6.19B | 7.99B | 2.91B | 5.67B | 5.79B |
| Total Debt Repaid | -2.27B | -3.87B | -2.50B | -2.25B | -3.57B | -2.49B |
| Net Debt Issued (Repaid) | 588.00M | 2.33B | 5.49B | 662.00M | 2.10B | 3.30B |
| Issuance of Common Stock | 146.00M | 79.00M | 221.00M | 152.00M | 182.00M | 203.00M |
| Repurchases of Common Stock | -2.20B | -2.64B | -3.01B | -2.77B | -2.41B | -2.00B |
| Common Dividends Paid | -1.50B | -1.53B | -1.51B | -1.40B | -1.23B | -1.10B |
| Other Financing Activities | 26.00M | 22.00M | 2.00M | 7.00M | 41.00M | 27.00M |
| Financing Cash Flow | -2.94B | -1.74B | 1.19B | -3.35B | -1.32B | 423.00M |
| Foreign Exchange Rate Adjustments | -20.00M | -5.00M | -6.00M | -1.00M | -14.00M | -10.00M |
| Miscellaneous Cash Flow Adjustments | -66.00M | |||||
| Net Cash Flow | 1.64B | 1.20B | 1.76B | -861.00M | 2.51B | -861.00M |
| Free Cash Flow | 6.51B | 3.17B | 4.55B | 6.76B | 7.25B | 7.28B |
| Free Cash Flow Margin | 3.23% | 1.59% | 2.57% | 3.95% | 4.63% | 5.25% |
| Free Cash Flow Per Share | 29.70 | 14.13 | 19.55 | 28.50 | 29.85 | 29.48 |
| Levered Free Cash Flow | 7.99B | 3.40B | 7.26B | 3.00B | 8.43B | 3.61B |
| Unlevered Free Cash Flow | 8.89B | 4.28B | 8.00B | 3.65B | 8.96B | 4.11B |
| Cash Interest Paid | 1.41B | 1.41B | 1.24B | 1.03B | 878.00M | 822.00M |
| Cash Income Tax Paid | 315.00M | 315.00M | 1.59B | 1.30B | ||
| Change in Working Capital | 2.26B | -3.28B | -1.72B | -535.00M | 423.00M | 1.12B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 90.76B | 77.91B | 85.56B | 110.80B | 122.51B | 112.51B |
| Enterprise Value | 111.17B | 101.42B | 104.94B | 125.71B | 138.38B | 130.82B |
| PE Ratio | 17.92 | 13.76 | 14.31 | 18.51 | 20.79 | 18.27 |
| PS Ratio | 0.45 | 0.39 | 0.48 | 0.65 | 0.78 | 0.81 |
| PB Ratio | 2.03 | 1.77 | 2.06 | 2.81 | 3.37 | 3.11 |
| P/FCF Ratio | 13.93 | 24.55 | 18.80 | 16.38 | 16.91 | 15.46 |
| P/OCF Ratio | 11.95 | 18.16 | 14.73 | 13.74 | 14.59 | 13.45 |
| EV/Sales Ratio | 0.55 | 0.51 | 0.59 | 0.73 | 0.88 | 0.94 |
| EV/EBITDA Ratio | 12.76 | 11.22 | 9.97 | 11.48 | 14.51 | 13.29 |
| EV/EBIT Ratio | 13.85 | 12.22 | 10.64 | 12.71 | 16.35 | 14.49 |
| EV/FCF Ratio | 17.07 | 31.95 | 23.05 | 18.58 | 19.09 | 17.98 |
| Debt / Equity Ratio | 0.69 | 0.74 | 0.78 | 0.66 | 0.69 | 0.67 |
| Debt / EBITDA Ratio | 3.47 | 3.57 | 3.01 | 2.34 | 2.58 | 2.37 |
| Debt / FCF Ratio | 4.72 | 10.32 | 7.07 | 3.84 | 3.46 | 3.30 |
| Net Debt / Equity Ratio | 0.46 | 0.53 | 0.58 | 0.49 | 0.49 | 0.53 |
| Net Debt / EBITDA Ratio | 2.34 | 2.57 | 2.27 | 1.78 | 1.85 | 1.95 |
| Net Debt / FCF Ratio | 3.13 | 7.33 | 5.25 | 2.87 | 2.44 | 2.63 |
| Quick Ratio | 1.33 | 1.41 | 1.32 | 1.30 | 1.27 | 1.33 |
| Current Ratio | 1.47 | 1.53 | 1.45 | 1.44 | 1.40 | 1.47 |
| Asset Turnover | 1.61 | 1.67 | 1.57 | 1.62 | 1.56 | 1.51 |
| Return on Equity (ROE) | 11.48% | 13.25% | 14.77% | 15.82% | 16.25% | 17.74% |
| Return on Assets (ROA) | 4.00% | 4.35% | 5.46% | 5.84% | 5.28% | 6.13% |
| Return on Invested Capital (ROIC) | 8.64% | 9.31% | 10.72% | 12.12% | 10.79% | 12.14% |
| Earnings Yield | 5.58% | 7.27% | 6.99% | 5.40% | 4.81% | 5.47% |
| FCF Yield | 7.18% | 4.07% | 5.32% | 6.11% | 5.92% | 6.47% |
| Dividend Yield | 1.64% | 1.94% | 1.73% | 1.24% | 0.99% | 0.97% |
| Payout Ratio | 29.36% | 27.00% | 25.22% | 23.30% | 20.85% | 17.93% |
| Buyback Yield / Dilution | 3.33% | 3.56% | 1.90% | 2.22% | 1.62% | 2.95% |
| Total Shareholder Return | 4.96% | 5.50% | 3.63% | 3.47% | 2.61% | 3.92% |