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ELVElevance Health

Health care · Health Insurance · NYSE

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

ELV quote by TradingView
Headquarters
Indianapolis, IN
CEO
Gail Boudreaux
Next results
around Jan 27, 2027
Compare with peers → Embed
All key numbers (37, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)23.55Sales (ttm)201.8BNet income (ttm)5.1BSales growth+12.5%EPS growth-1.8%Sales Q/Q+1.4%
Free cash flow6.5BGross margin89.0%Oper. margin2.7%Net margin2.5%FCF margin3.2%ROE11.5%
ROA4.0%R&D / sales-Dividend-Debt/Eq0.69Curr. ratio1.47Cash10.3B
Op. cash flow (ttm)7.6BEBITDA8.7BEBITDA margin4.4%Net debt20.4BQuick ratio1.47Interest cover5.13
ROIC8.1%Tax rate15.6%Stock pay / sales0.1%Shares out.216.1MShares Y/Y-3.6%Book / share206.80
Cash / share47.90Sales / share934.16Asset turnover1.58Sales 3Y CAGR+8.3%Sales 5Y CAGR+10.3%EPS 3Y CAGR+1.3%
EPS 5Y CAGR+7.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow fell 30%$4.6B → $3.2B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +12.5%+3.3% → +12.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

ELV against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
ELVPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+12.5%10th of 60 · median +7.1%
Net margin
2.5%48th of 60 · median 9.6%
Return on equity
11.5%29th of 54 · median 13.1%
Free cash flow margin
3.2%49th of 56 · median 15.5%
Debt / equity (less is better)
0.6927th of 49 · median 0.66
ELV and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ELV Elevance Health$201.8B +12.5%89.0%2.5%11.5%3.2%0.69
CI Cigna$286.3B +11.2%20.7%2.1%13.8%-0.68
CAH Cardinal Health$257.8B +14.2%3.9%0.7%-1.9%-
CNC Centene Corporation$203.9B +19.4%7.9%0.7%6.6%1.9%0.70
HUM Humana$154.2B +10.1%-0.8%6.6%2.0%0.66
JNJ Johnson & Johnson$99.3B +6.0%67.6%16.2%19.7%20.7%0.55

From $138.6B of sales to $6.2B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $127.7BRevenue to Cost of revenue: $10.9BGross profit to Operating profit: $7.6BGross profit to Operating expenses: $120.2BOperating profit to Net profit: $6.2BOperating profit to Tax & other: $1.4B Revenue: $138.6B Revenue$138.6B +14% Y/Y Gross profit: $127.7B · 92% margin Gross profit$127.7B92% margin Cost of revenue: $10.9B · 8% of revenue Cost of revenue$10.9B8% of revenue Operating profit: $7.6B · 5% margin Operating profit$7.6B5% margin +19% Y/Y Operating expenses: $120.2B · 87% of revenue Operating expenses$120.2B87% of revenue Net profit: $6.2B · 4% margin Net profit$6.2B4% margin +35% Y/Y Tax & other: $1.4B · 1% of revenue Tax & other$1.4B1% of revenue

Swipe sideways for the whole flow →

From $156.6B of sales to $5.9B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $143.6BRevenue to Cost of revenue: $13.0BGross profit to Operating profit: $8.3BGross profit to Operating expenses: $135.3BOperating profit to Net profit: $5.9BOperating profit to Tax & other: $2.4B Revenue: $156.6B Revenue$156.6B +13% Y/Y Gross profit: $143.6B · 92% margin Gross profit$143.6B92% margin Cost of revenue: $13.0B · 8% of revenue Cost of revenue$13.0B8% of revenue Operating profit: $8.3B · 5% margin Operating profit$8.3B5% margin +10% Y/Y Operating expenses: $135.3B · 86% of revenue Operating expenses$135.3B86% of revenue Net profit: $5.9B · 4% margin Net profit$5.9B4% margin −4% Y/Y Tax & other: $2.4B · 2% of revenue Tax & other$2.4B2% of revenue

Swipe sideways for the whole flow →

From $171.3B of sales to $6.0B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $154.0BRevenue to Cost of revenue: $17.3BGross profit to Operating profit: $8.5BGross profit to Operating expenses: $145.5BOperating profit to Net profit: $6.0BOperating profit to Tax & other: $2.5B Revenue: $171.3B Revenue$171.3B +9% Y/Y Gross profit: $154.0B · 90% margin Gross profit$154.0B90% margin Cost of revenue: $17.3B · 10% of revenue Cost of revenue$17.3B10% of revenue Operating profit: $8.5B · 5% margin Operating profit$8.5B5% margin +3% Y/Y Operating expenses: $145.5B · 85% of revenue Operating expenses$145.5B85% of revenue Net profit: $6.0B · 3% margin Net profit$6.0B3% margin +2% Y/Y Tax & other: $2.5B · 1% of revenue Tax & other$2.5B1% of revenue

Swipe sideways for the whole flow →

From $177.0B of sales to $6.0B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $157.3BRevenue to Cost of revenue: $19.8BGross profit to Operating profit: $7.9BGross profit to Operating expenses: $149.4BOperating profit to Net profit: $6.0BOperating profit to Tax: $1.9B Revenue: $177.0B Revenue$177.0B +3% Y/Y Gross profit: $157.3B · 89% margin Gross profit$157.3B89% margin Cost of revenue: $19.8B · 11% of revenue Cost of revenue$19.8B11% of revenue Operating profit: $7.9B · 4% margin Operating profit$7.9B4% margin −7% Y/Y Operating expenses: $149.4B · 84% of revenue Operating expenses$149.4B84% of revenue Net profit: $6.0B · 3% margin Net profit$6.0B3% margin +0% Y/Y Tax: $1.9B · 1% of revenue Tax$1.9B1% of revenue

Swipe sideways for the whole flow →

From $199.1B of sales to $5.7B of profit

FY2025, from the 10-K income statement
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$177.9B89% margin Cost of revenue: $21.2B · 11% of revenue Cost of revenue$21.2B11% of revenue Operating profit: $7.2B · 4% margin Operating profit$7.2B4% margin −8% Y/Y Operating expenses: $170.7B · 86% of revenue Operating expenses$170.7B86% of revenue Net profit: $5.7B · 3% margin Net profit$5.7B3% margin −5% Y/Y Tax & other: $1.5B · 1% of revenue Tax & other$1.5B1% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median2.5% vs 9.6%
  • !
    Return on equity below 15%11.5%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 2.9% → 2.8%

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $30.8B Debt$30.8B Long-term debt: $30.4B · 95% Long-term debt$30.4B · 95% Due within a year: $375.0M · 1% Due within a year$375.0M · 1% Next 12 months: $1.1B · 3% Next 12 months$1.1B · 3% Year 2: $1.6B · 5% Year 2$1.6B · 5% Year 3: $2.0B · 6% Year 3$2.0B · 6% Year 4: $1.4B · 4% Year 4$1.4B · 4% Year 5: $1.9B · 6% Year 5$1.9B · 6% After year 5: $24.1B · 75% After year 5$24.1B · 75%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
3.650%, due 2027 (Senior Unsecured Notes)Secured3.65%not stated$1.6B
4.375%, due 2047 (Senior Unsecured Notes)Secured4.38%not stated$1.4B
5.700%, due 2055 (Senior Unsecured Notes)Secured5.70%not stated$1.3B
4.101%, due 2028 (Senior Unsecured Notes)Secured4.10%not stated$1.2B
3.600%, due 2051 (Senior Unsecured Notes)Secured3.60%not stated$1.2B
5.200%, due 2035 (Senior Unsecured Notes)Secured5.20%not stated$1.2B
5.125%, due 2053 (Senior Unsecured Notes)Secured5.12%not stated$1.1B
2.250%, due 2030 (Senior Unsecured Notes)Secured2.25%not stated$1.1B
5.375%, due 2034 (Senior Unsecured Notes)Secured5.38%not stated$1.0B
4.750%, due 2033 (Senior Unsecured Notes)Secured4.75%not stated$1.0B
3.125%, due 2050 (Senior Unsecured Notes)Secured3.12%not stated$989.0M
5.650%, due 2054 (Senior Unsecured Notes)Secured5.65%not stated$986.0M
5.000% Senior Unsecured Notes Due 2036 (Senior Unsecured Notes)Secured5.00%not stated$985.0M
2.550%, due 2031 (Senior Unsecured Notes)Secured2.55%not stated$980.0M
4.650%, due 2043 (Senior Unsecured Notes)Secured4.65%not stated$975.0M
4.625%, due 2042 (Senior Unsecured Notes)Secured4.62%not stated$861.0M
4.550%, due 2048 (Senior Unsecured Notes)Secured4.55%not stated$841.0M
2.875%, due 2029 (Senior Unsecured Notes)Secured2.88%not stated$823.0M
3.700%, due 2049 (Senior Unsecured Notes)Secured3.70%not stated$813.0M
5.850% due 2064 (Senior Unsecured Notes)Secured5.85%not stated$790.0M
4.650%, due 2044 (Senior Unsecured Notes)Secured4.65%not stated$768.0M
4.750%, due 2030 (Senior Unsecured Notes)Secured4.75%not stated$751.0M
4.950%, due 2031 (Senior Unsecured Notes)Secured4.95%not stated$751.0M
1.500%, due 2026 (Senior Unsecured Notes)Secured1.50%not stated$750.0M
4.000% Senior Unsecured Notes Due 2028 (Senior Unsecured Notes)Secured4.00%not stated$747.0M
4.600% Senior Unsecured Notes Due 2032 (Senior Unsecured Notes)Secured4.60%not stated$742.0M
6.100%, due 2052 (Senior Unsecured Notes)Secured6.10%not stated$742.0M
4.550% due 2052 (Senior Unsecured Notes)Secured4.55%not stated$690.0M
5.500%, due 2032 (Senior Unsecured Notes)Secured5.50%not stated$656.0M
5.150%, due 2029 (Senior Unsecured Notes)Secured5.15%not stated$613.0M
4.100%, due 2032 (Senior Unsecured Notes)Secured4.10%not stated$596.0M
5.100%, due 2044 (Senior Unsecured Notes)Secured5.10%not stated$548.0M
5.700% Senior Unsecured Notes Due 2055 B (Senior Unsecured Notes)Secured5.70%not stated$492.0M
5.850%, due 2036 (Senior Unsecured Notes)Secured5.85%not stated$397.0M
6.375%, due 2037 (Senior Unsecured Notes)Secured6.38%not stated$365.0M
4.500%, due 2026 (Senior Unsecured Notes)Secured4.50%not stated$349.0M
5.950%, due 2034 (Senior Unsecured Notes)Secured5.95%not stated$335.0M
4.850%, due 2054 (Senior Unsecured Notes)Secured4.85%not stated$247.0M
5.800%, due 2040 (Senior Unsecured Notes)Secured5.80%not stated$115.0M
9.000%, due 2027 (Surplus Notes)Notes and bonds9.00%not stated$25.0M
All 40 lines

From the debt note in the 10-K's XBRL (0001156039-26-000013), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 199.1B Net income 5.7B
FY2016 revenue 84.9B · Revenues, 0001156039-19-000004 FY2016 net income 2.5B · NetIncomeLoss, 0001156039-19-000004 84.9B FY2016 FY2017 revenue 90.0B · Revenues, 0001156039-20-000003 FY2017 net income 3.8B · NetIncomeLoss, 0001156039-20-000003 90.0B FY2017 FY2018 revenue 92.1B · Revenues, 0001156039-21-000012 FY2018 net income 3.8B · NetIncomeLoss, 0001156039-21-000012 92.1B FY2018 FY2019 revenue 104.2B · Revenues, 0001156039-22-000009 FY2019 net income 4.8B · NetIncomeLoss, 0001156039-22-000009 104.2B FY2019 FY2020 revenue 121.9B · Revenues, 0001156039-23-000007 FY2020 net income 4.6B · NetIncomeLoss, 0001156039-23-000007 121.9B FY2020 FY2021 revenue 138.6B · Revenues, 0001156039-24-000015 FY2021 net income 6.2B · NetIncomeLoss, 0001156039-24-000015 138.6B FY2021 FY2022 revenue 156.6B · Revenues, 0001156039-25-000010 FY2022 net income 5.9B · NetIncomeLoss, 0001156039-25-000010 156.6B FY2022 FY2023 revenue 171.3B · Revenues, 0001156039-26-000013 FY2023 net income 6.0B · NetIncomeLoss, 0001156039-26-000013 171.3B FY2023 FY2024 revenue 177.0B · Revenues, 0001156039-26-000013 FY2024 net income 6.0B · NetIncomeLoss, 0001156039-26-000013 177.0B FY2024 FY2025 revenue 199.1B · Revenues, 0001156039-26-000013 FY2025 net income 5.7B · NetIncomeLoss, 0001156039-26-000013 199.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

ELV's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue199.1B
FY2016: 84.9BFY2017: 90.0BFY2018: 92.1BFY2019: 104.2BFY2020: 121.9BFY2021: 138.6BFY2022: 156.6BFY2023: 171.3BFY2024: 177.0BFY2025: 199.1B FY2017FY2019FY2021FY2023FY2025
Net income5.7B
FY2016: 2.5BFY2017: 3.8BFY2018: 3.8BFY2019: 4.8BFY2020: 4.6BFY2021: 6.2BFY2022: 5.9BFY2023: 6.0BFY2024: 6.0BFY2025: 5.7B FY2017FY2019FY2021FY2023FY2025
Free cash flow3.2B
FY2016: 2.7BFY2017: 3.4BFY2018: 2.6BFY2019: 5.0BFY2020: 9.7BFY2021: 7.3BFY2022: 7.2BFY2023: 6.8BFY2024: 4.6BFY2025: 3.2B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)25.21
FY2016: 9.21FY2017: 14.35FY2018: 14.19FY2019: 18.47FY2020: 17.98FY2021: 24.95FY2022: 24.28FY2023: 25.22FY2024: 25.68FY2025: 25.21 FY2017FY2019FY2021FY2023FY2025
Dividend per share5.92
FY2016: 2.60FY2017: 2.70FY2018: 3.00FY2019: 3.20FY2020: 3.80FY2021: 4.52FY2022: 5.12FY2023: 5.92FY2024: -FY2025: - FY2017FY2019FY2021FY2023FY2025
Diluted shares224.6M
FY2016: 268.1MFY2017: 267.8MFY2018: 264.2MFY2019: 260.3MFY2020: 254.3MFY2021: 246.8MFY2022: 242.8MFY2023: 237.4MFY2024: 232.9MFY2025: 224.6M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Product revenue 24.5B12.3% +8.1%
Service fees 8.5B4.3% +0.8%

10-K 0001156039-26-000013, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue84.9B90.0B92.1B104.2B121.9B138.6B156.6B171.3B177.0B199.1B
Cost of revenue-002.0B9.0B10.9B13.0B17.3B19.8B21.2B
SG&A12.6B12.7B14.0B13.4B17.4B15.9B17.7B20.1B20.0B21.0B
Operating income4.8B4.2B5.4B6.0B6.4B7.6B8.3B8.5B7.9B7.2B
Interest expense723.0M739.0M753.0M746.0M784.0M798.0M851.0M1.0B1.2B1.4B
Pretax income4.6B4.0B5.1B6.0B6.2B8.0B7.6B7.7B7.9B6.7B
Income tax2.1B121.0M1.3B1.2B1.7B1.8B1.7B1.7B1.9B1.0B
Net income2.5B3.8B3.8B4.8B4.6B6.2B5.9B6.0B6.0B5.7B
EPS (diluted)9.2114.3514.1918.4717.9824.9524.2825.2225.6825.21
Diluted shares268.1M267.8M264.2M260.3M254.3M246.8M242.8M237.4M232.9M224.6M
Depreciation & amortization104.0M111.0M1.1B1.1B1.2B1.3B1.7B1.7B1.4B1.5B
EBITDA4.9B4.3B6.6B7.1B7.5B8.9B10.0B10.2B9.3B8.7B
Operating margin5.7%4.6%5.9%5.8%5.2%5.5%5.3%5.0%4.4%3.6%
Net margin2.9%4.3%4.1%4.6%3.8%4.4%3.8%3.5%3.4%2.8%
Revenue growth-+6.1%+2.3%+13.1%+16.9%+13.8%+13.0%+9.4%+3.3%+12.5%
EPS growth-+55.8%-1.1%+30.2%-2.7%+38.8%-2.7%+3.9%+1.8%-1.8%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash4.1B3.6B3.9B4.9B5.7B4.9B7.4B6.5B8.3B9.5B
Short-term investments17.2B17.4B16.7B19.7B23.4B26.3B26.0B29.6B25.2B25.9B
Current assets34.3B36.3B34.3B39.0B45.8B51.1B55.6B60.0B58.9B63.0B
Property & equipment2.0B2.2B2.7B3.1B3.5B3.9B4.3B4.4B4.7B4.7B
Goodwill17.6B19.2B20.5B20.5B21.7B24.2B24.4B25.3B28.3B28.3B
Total assets65.1B70.5B71.6B77.5B86.6B97.5B102.8B108.9B116.9B121.5B
Current liabilities21.3B23.4B22.0B23.5B29.5B34.9B39.7B41.8B40.6B41.0B
Total debt15.7B19.9B18.8B19.8B20.3B23.1B24.1B25.1B31.2B32.0B
Total liabilities40.0B44.0B43.0B45.7B53.4B61.3B66.4B69.5B75.5B77.5B
Shareholders' equity25.1B26.5B28.5B31.7B33.2B36.1B36.2B39.3B41.3B43.9B
Retained earnings16.6B18.1B20.0B22.6B23.8B27.1B29.6B31.7B33.5B35.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow3.3B4.2B3.8B6.1B10.7B8.4B8.4B8.1B5.8B4.3B
Capital spending584.0M791.0M1.2B1.1B1.0B1.1B1.2B1.3B1.3B1.1B
Free cash flow2.7B3.4B2.6B5.0B9.7B7.3B7.2B6.8B4.6B3.2B
Stock-based pay (added back)165.0M170.0M226.0M294.0M283.0M255.0M264.0M289.0M191.0M276.0M
Dividends paid684.0M705.0M776.0M818.0M954.0M1.1B1.2B1.4B1.5B1.5B
Buybacks02.0B1.7B1.7B2.7B1.9B2.3B2.7B2.9B2.6B
Acquisitions02.1B1.8B02.0B3.5B649.0M1.6B4.8B-88.0M
Debt raised05.5B835.0M2.5B2.5B3.5B3.1B2.6B7.7B3.0B
Debt repaid02.8B1.7B1.1B1.9B1.1B1.9B1.9B1.6B2.1B
Investing cash flow-514.0M-5.1B-1.3B-2.8B-7.3B-9.6B-4.6B-5.6B-5.2B-1.3B
Financing cash flow-799.0M427.0M-2.2B-2.3B-2.6B423.0M-1.3B-3.3B1.2B-1.7B
Dividend per share2.602.703.003.203.804.525.125.92--

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)165.0M170.0M226.0M294.0M283.0M255.0M264.0M289.0M191.0M276.0M
Stock-based pay / revenue0.2%0.2%0.2%0.3%0.2%0.2%0.2%0.2%0.1%0.1%
Operating lease cost---198.0M438.0M261.0M143.0M155.0M147.0M116.0M
Operating lease cash paid---176.0M207.0M198.0M204.0M206.0M202.0M176.0M
Right-of-use assets--637.0M--628.0M604.0M584.0M567.0M452.0M
Operating lease liabilities--728.0M-957.0M997.0M932.0M849.0M811.0M660.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on ELV in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ELV/export.csv") into a cell.