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Screener / SEC EDGAR /CIK 0001156039 /10-K filed Feb 6, 2026, compared with Feb 20, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
CICAHELVCNCJNJHUM
NYSE Health care · Health Insurance

Elevance Health ELV

ELV quote by TradingView

Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as “we,” “us,” “our,” the “Company” or “Elevance Health,” is a leading health company bringing together the concepts of elevate and advance. 10-K, Item 1

Headquarters
Indianapolis, IN
CEO
Gail Boudreaux
Next results
around Jan 27, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $199.1B through the costs to a net profit of $5.7B · income statement of the 10-K

4% operating margin
Revenue to Gross profit: $177.9BRevenue to Cost of revenue: $21.2BGross profit to Operating profit: $7.2BGross profit to Operating expenses: $170.7BOperating profit to Net profit: $5.7BOperating profit to Tax & other: $1.5B Revenue: $199.1B REVENUE $199.1B +12% Y/Y Gross profit: $177.9B · 89% margin GROSS PROFIT $177.9B 89% margin Cost of revenue: $21.2B · 11% of revenue COST OF REVENUE $21.2B 11% of revenue Operating profit: $7.2B · 4% margin OPERATING PROFIT $7.2B 4% margin · −8% Y/Y Operating expenses: $170.7B · 86% of revenue OPERATING EXPENSES $170.7B 86% of revenue Net profit: $5.7B · 3% margin NET PROFIT $5.7B 3% margin · −5% Y/Y Tax & other: $1.5B · 1% of revenue TAX & OTHER $1.5B 1% of revenue
Gross profit $177.9B 89% margin
Operating profit $7.2B 4% margin · −8% Y/Y
Net profit $5.7B 3% margin · −5% Y/Y
The full income statement, year by year

ELV among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 12.5%, above 85% of 59 peers (their median 7.1%) REVENUE GROWTH 12.5% · above 85% Gross margin: 89.0%, above 98% of 50 peers (their median 64.2%) GROSS MARGIN 89.0% · above 98% Operating margin: 2.7%, above 18% of 50 peers (their median 13.7%) OPERATING MARGIN 2.7% · above 18% Net margin: 2.5%, above 22% of 59 peers (their median 9.7%) NET MARGIN 2.5% · above 22% FCF margin: 3.2%, above 13% of 55 peers (their median 15.8%) FCF MARGIN 3.2% · above 13% Return on capital: 8.1%, above 34% of 41 peers (their median 9.2%) RETURN ON CAPITAL 8.1% · above 34%
ELV Peer median Below the median

What changed

9 new risk paragraphs. 10-K filed Feb 6, 2026 against Feb 20, 2025.

Risk factors
9 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
8 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
6 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

8 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 8 checks found nothing to note

  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
5 more checks with nothing to note
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Valuation of Incurred but Not Paid Claims
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

9 paragraphs in Risk Factors that were not in the 10-K filed Feb 20, 2025. Quoted as filed.

All 9 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Revenues from the Medicare and Medicaid programs are determined, in whole or in part, by the federal government and/or applicable state governments, and base premium rates paid by each state or federal agency differ depending upon a combination of factors such as defined upper payment limits, a member’s health status, age, gender,…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    We are periodically subject to government audits, including CMS RADV audits of our Medicare Advantage Plans to validate diagnostic data, patient claims and financial reporting, and audits of our Medicare Part D plans by the Medicare Part D Recovery Audit Contractor (“RAC”), as well as state Medicaid RAC programs. Certain of our…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Furthermore, legislative or regulatory actions intended to address rising health-care costs or affordability concerns may result in the imposition of additional requirements on health insurers, including mandated benefits, restrictions on premium increases, or other pricing limitations, which could increase costs, constrain pricing…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    The direct provision of healthcare services by certain of our subsidiaries involves risks of additional litigation brought against us or our associates for alleged malpractice or professional liability claims arising out of the delivery of healthcare and related

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$156.6B$171.3B$177.0B$199.1B
Net income$5.9B$6.0B$6.0B$5.7B
Operating cash flow$8.4B$8.1B$5.8B$4.3B
Free cash flow$7.2B$6.8B$4.6B$3.2B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$199.1B ▲ 12.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

6 filings in the last 30 days · SEC EDGAR

All filings
1 more

About the company

Elevance Health, Indianapolis, IN · from the 10-K filed Feb 6, 2026

Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as “we,” “us,” “our,” the “Company” or “Elevance Health,” is a leading health company bringing together the concepts of elevate and advance. We are focused on enhancing well-being and advancing health outcomes by delivering integrated, whole health solutions across the care journey. We support consumers throughout their full health journeys with medical, pharmacy, and behavioral health services designed to address their whole health needs. Through this comprehensive approach, we aim to improve the health of the people and communities we serve.

Headquarters
Indianapolis, IN
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 21, 2026
Incorporated in
IN

Email alerts

Sources

The 10-K filed Feb 6, 2026 (open at SEC), compared with the 10-K filed Feb 20, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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