The biggest changes in the 10-K filed 2026-02-06, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
-26.1% Big change FY to 2025-12-31 vs 2024-12-31“The decrease in operating cash flow was primarily due to the Provider Settlement Agreement payment made in September 2025, unfavorable working capital impacts, and lower Shareholders' net income for the year ended December 31, 2025.”
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“The decline in cash provided by operating activities was primarily due to the Provider Settlement Agreement payment made in September 2025, unfavorable working capital impacts, and lower Shareholders' net income for the year ended December 31, 2025.”
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Revenue
+12.5% Big change FY to 2025-12-31 vs 2024-12-31“The increase in operating revenue was primarily driven by premium rate increases in our Health Benefits segment in recognition of medical cost trends, recent acquisitions, and growth in our Medicare Advantage business.”
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“Total operating revenue increased primarily as a result of premium rate increases in our Health Benefits segment in recognition of medical cost trends, recently completed acquisitions, and growth in our Medicare Advantage business.”
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Operating margin
4.4% → 3.6% (-0.8 pts) FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
-5.3% FY to 2025-12-31 vs 2024-12-31“The decrease in net income was primarily due to decreased operating gain within our Health Benefits segment.”
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“Our shareholders’ net income as a percentage of total revenues decreased in 2025 as compared to 2024 as a result of all the factors discussed above.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on ELV in a spreadsheet:
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