Elevance Health Inc. (ELV) financial statements: income statement, balance sheet and cash flow
Elevance Health Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Elevance Health Inc. reported revenue of $199.1B (+12.5% year on year) and net income of $5.7B (-5.2% year on year).
Income statement
Elevance Health Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Premiums
$164.6B
$144.2B
$142.9B
$133.2B
Product and service revenue
$32.9B
$31.0B
—
—
Total operating revenue
$197.6B
$175.2B
$170.2B
$155.7B
Net investment income
$2.2B
$2.1B
$1.8B
$1.5B
Net losses on financial instruments
($653.0M)
($445.0M)
($694.0M)
—
Gain on sale of business
$0
$201.0M
—
—
Total revenues
$199.1B
$177.0B
$171.3B
$156.6B
Benefit expense
$148.2B
$127.6B
$124.3B
$116.5B
Cost of products sold
$21.2B
$19.8B
$17.3B
$13.0B
Operating expense
$21.0B
$20.0B
$20.1B
$17.7B
Interest expense
$1.4B
$1.2B
$1.0B
$851.0M
Amortization of other intangible assets
$628.0M
$580.0M
$885.0M
$767.0M
Total expenses
$192.4B
$169.1B
$163.6B
$148.8B
Income before income tax expense
$6.7B
$7.9B
$7.7B
$7.8B
Income tax expense
$1.0B
$1.9B
$1.7B
$1.8B
Net income
$5.7B
$6.0B
$6.0B
$6.0B
Net loss (gain) attributable to noncontrolling interests
$1.0M
$9.0M
($4.0M)
$6.0M
Shareholders’ net income
$5.7B
$6.0B
$6.0B
$6.0B
Basic (in dollars per share)
$25.28
$25.81
$25.38
$25.10
Diluted (in dollars per share)
$25.21
$25.68
$25.22
$24.81
Elevance Health Inc. income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Premiums
$41.7B
$41.3B
$41.0B
$41.8B
Product and service revenue
$8.7B
$8.5B
$8.5B
$8.3B
Total operating revenue
$50.4B
$49.8B
$49.5B
$50.1B
Net investment income
$1.0B
$704.0M
$765.0M
$625.0M
Net losses on financial instruments
($48.0M)
($56.0M)
($78.0M)
($1.0M)
Total revenues
$51.4B
$50.5B
$50.2B
$50.7B
Benefit expense
$37.8B
$37.0B
$35.6B
$38.1B
Cost of products sold
$5.6B
$5.5B
$5.5B
$5.4B
Operating expense
$5.8B
$5.5B
$6.3B
$5.3B
Interest expense
$358.0M
$364.0M
$357.0M
$351.0M
Amortization of other intangible assets
$106.0M
$110.0M
$112.0M
$162.0M
Total expenses
$49.6B
$48.5B
$47.9B
$49.3B
Income before income tax expense
$1.8B
$1.9B
$2.3B
$1.4B
Income tax expense
$451.0M
$483.0M
$544.0M
$219.0M
Net income
$1.3B
$1.5B
$1.8B
$1.2B
Net loss attributable to noncontrolling interests
$22.0M
$9.0M
$4.0M
$2.0M
Shareholders’ net income
$1.4B
$1.5B
$1.8B
$1.2B
Basic (in dollars per share)
$6.30
$6.74
$8.03
$5.32
Diluted (in dollars per share)
$6.27
$6.71
$8.00
$5.32
Dividends per share (in dollars per share)
$1.72
$1.72
$1.72
$1.71
Balance sheet
Elevance Health Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$9.5B
$8.3B
$6.5B
$7.4B
Fixed maturity securities (amortized cost of $25,773 and $25,879; allowance for credit losses of $21 and $6)
$25.9B
$25.2B
$29.6B
$26.0B
Equity securities
$740.0M
$1.2B
$229.0M
$953.0M
Premium receivables
$10.1B
$8.0B
$7.9B
$7.1B
Self-funded receivables
$5.2B
$5.0B
$4.6B
$4.7B
Other receivables
$6.3B
$6.0B
$5.4B
$4.3B
Other current assets
$5.3B
$4.7B
$5.8B
$5.3B
Assets held for sale
$0
$490.0M
—
—
Total current assets
$63.0B
$58.9B
$60.0B
$55.6B
Fixed maturity securities (amortized cost of $1,116 and $1,049; allowance for credit losses of $0 and $0)
$1.1B
$1.0B
$876.0M
$752.0M
Other invested assets
$10.8B
$9.7B
$6.1B
$5.7B
Property and equipment, net
$4.7B
$4.7B
$4.4B
$4.3B
Goodwill
$28.3B
$28.3B
$25.3B
$24.4B
Other intangible assets
$11.2B
$12.1B
$10.3B
$10.3B
Other noncurrent assets
$2.3B
$2.1B
$2.0B
$1.7B
Total assets
$121.5B
$116.9B
$108.9B
$102.8B
Medical claims payable
$17.1B
$15.7B
$16.1B
$15.6B
Other policyholder liabilities
$3.6B
$4.2B
$5.6B
$5.9B
Unearned income
$1.5B
$1.5B
$1.4B
$1.1B
Accounts payable and accrued expenses
$7.3B
$6.9B
$6.9B
$5.6B
Short-term borrowings
$150.0M
$365.0M
$225.0M
$265.0M
Current portion of long-term debt
$1.1B
$1.6B
$1.6B
$1.5B
Other current liabilities
$10.3B
$10.0B
$9.9B
$9.7B
Liabilities held for sale
$0
$153.0M
—
—
Total current liabilities
$41.0B
$40.6B
$41.8B
$39.7B
Long-term debt, less current portion
$30.8B
$29.2B
$23.2B
$22.3B
Reserves for future policy benefits
$145.0M
$190.0M
$778.0M
$737.0M
Deferred tax liabilities, net
$2.1B
$2.1B
$2.0B
$2.0B
Other noncurrent liabilities
$3.4B
$3.3B
$1.7B
$1.6B
Total liabilities
$77.5B
$75.5B
$69.5B
$66.4B
Preferred stock, without par value, shares authorized - 100,000,000; shares issued and outstanding - none
0
0
0
0
Common stock, par value $0.01, shares authorized - 900,000,000; shares issued and outstanding - 220,723,898 and 227,479,695
2.0M
2.0M
2.0M
2.0M
Additional paid-in capital
$8.9B
$8.9B
$8.9B
$9.1B
Retained earnings
$35.4B
$33.5B
$31.7B
$29.7B
Accumulated other comprehensive loss
($451.0M)
($1.1B)
($1.3B)
($2.5B)
Total shareholders’ equity
$43.9B
$41.3B
$39.3B
$36.3B
Noncontrolling interests
$144.0M
$111.0M
$99.0M
$87.0M
Total equity
$44.0B
$41.4B
$39.4B
$36.4B
Total liabilities and equity
$121.5B
$116.9B
$108.9B
$102.8B
Elevance Health Inc. balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$10.3B
$10.2B
$9.7B
$8.7B
Fixed maturity securities (amortized cost of $26,806 and $25,773; allowance for credit losses of $60 and $21)
$25.3B
$25.7B
$25.9B
$26.3B
Equity securities
$2.2B
$1.6B
$1.5B
$1.2B
Premium receivables, net
$10.7B
$11.0B
$11.5B
$9.5B
Self-funded receivables, net
$6.3B
$5.6B
$5.1B
$5.1B
Other receivables
$7.6B
$6.8B
$6.2B
$7.7B
Other current assets
$6.1B
$6.3B
$7.2B
$5.2B
Total current assets
$68.5B
$67.2B
$67.0B
$63.8B
Fixed maturity securities (amortized cost of $1,272 and $1,116; allowance for credit losses of $$0 and $0)
$1.2B
$1.3B
$1.1B
$1.1B
Other invested assets
$11.5B
$11.1B
$11.0B
$10.6B
Property and equipment, net
$4.6B
$4.6B
$4.7B
$4.7B
Goodwill
$28.3B
$28.3B
$28.3B
$28.5B
Other intangible assets
$10.9B
$11.0B
$11.1B
$11.3B
Other noncurrent assets
$2.7B
$2.9B
$2.6B
$2.8B
Total assets
$127.8B
$126.4B
$125.8B
$122.7B
Medical claims payable
$18.4B
$18.5B
$18.4B
$17.1B
Other policyholder liabilities
$2.6B
$3.5B
$3.9B
$2.4B
Unearned income
$1.6B
$1.6B
$1.8B
$1.8B
Accounts payable and accrued expenses
$8.3B
$6.6B
$6.2B
$6.1B
Short-term borrowings
$0
$0
$724.0M
$180.0M
Current portion of long-term debt
$375.0M
$375.0M
$350.0M
$749.0M
Other current liabilities
$15.3B
$13.7B
$14.0B
$12.4B
Total current liabilities
$46.7B
$44.3B
$45.3B
$40.9B
Long-term debt, less current portion
$30.4B
$30.7B
$30.8B
$31.2B
Deferred tax liabilities, net
$1.5B
$2.2B
$1.8B
$2.3B
Other noncurrent liabilities
$4.5B
$4.3B
$3.9B
$4.1B
Total liabilities
$83.0B
$81.4B
$81.8B
$78.7B
Preferred stock, without par value, shares authorized 100,000,000; shares issued and outstanding – none
0
0
0
0
Common stock, par value $0.01, shares authorized 900,000,000; shares issued and outstanding – 216,113,946 and 220,723,898
2.0M
2.0M
2.0M
2.0M
Additional paid-in capital
$9.0B
$8.9B
$8.8B
$8.9B
Retained earnings
$37.4B
$36.7B
$35.8B
$35.6B
Accumulated other comprehensive loss
($1.7B)
($711.0M)
($741.0M)
($543.0M)
Total shareholders’ equity
$44.7B
$44.9B
$43.9B
$44.0B
Noncontrolling interests
$113.0M
$139.0M
$140.0M
$129.0M
Total equity
$44.8B
$45.0B
$44.0B
$44.1B
Total liabilities and equity
$127.8B
$126.4B
$125.8B
$122.7B
Cash flow statement
Elevance Health Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$5.7B
$6.0B
$6.0B
$6.0B
Net losses on financial instruments
$653.0M
$445.0M
$694.0M
—
Gain on sale of business
$0
($201.0M)
—
—
Equity in net (earnings) losses of other invested assets
($398.0M)
($1.0M)
$33.0M
($293.0M)
Depreciation and amortization
$1.5B
$1.4B
$1.7B
$1.7B
Deferred income taxes
($279.0M)
($374.0M)
($602.0M)
($76.0M)
Impairment of property, equipment and right-of-use assets
$108.0M
$103.0M
$446.0M
—
Share-based compensation
$276.0M
$191.0M
$289.0M
$264.0M
Receivables, net
($2.5B)
($683.0M)
($1.8B)
($2.5B)
Other invested assets
$0
($78.0M)
($79.0M)
$11.0M
Other assets
$57.0M
$824.0M
($675.0M)
$120.0M
Policy liabilities
$228.0M
($1.8B)
$147.0M
$2.3B
Unearned income
($15.0M)
($113.0M)
$290.0M
($42.0M)
Accounts payable and other liabilities
($720.0M)
($272.0M)
$1.6B
$824.0M
Income taxes
($297.0M)
$404.0M
($103.0M)
($338.0M)
Other, net
($4.0M)
$39.0M
$7.0M
($66.0M)
Net cash provided by operating activities
$4.3B
$5.8B
$8.1B
$8.4B
Purchases of investments
($15.0B)
($18.0B)
($16.2B)
($24.9B)
Proceeds from sale of investments
$13.3B
$16.5B
$10.6B
$12.0B
Maturities, calls and redemptions from investments
$1.8B
$2.0B
$2.9B
$10.6B
Changes in securities lending collateral
($385.0M)
$73.0M
$78.0M
($301.0M)
Purchases of subsidiaries, net of cash acquired
$88.0M
($4.8B)
($1.6B)
($649.0M)
Proceeds from sales of subsidiaries, net of cash sold
$0
$363.0M
—
—
Purchases of property and equipment
($1.1B)
($1.3B)
($1.3B)
($1.2B)
Other, net
$0
($124.0M)
($102.0M)
($120.0M)
Net cash used in investing activities
($1.3B)
($5.2B)
($5.6B)
($4.6B)
Proceeds from long-term borrowings, net issuance costs
$3.0B
$7.7B
$2.6B
$3.1B
Repayments of long-term borrowings
($2.1B)
($1.6B)
($1.9B)
($1.9B)
Proceeds from short-term borrowings
$1.5B
$275.0M
$225.0M
$1.4B
Repayments of short-term borrowings
($1.7B)
($135.0M)
($265.0M)
($1.4B)
Changes in securities lending payable
$386.0M
($75.0M)
($77.0M)
$302.0M
Changes in bank overdrafts
$1.3B
($638.0M)
$114.0M
$933.0M
Repurchase and retirement of common stock
($2.6B)
($2.9B)
($2.7B)
($2.3B)
Cash dividends
($1.5B)
($1.5B)
($1.4B)
($1.2B)
Proceeds from issuance of common stock under employee stock plans
$79.0M
$221.0M
$152.0M
$182.0M
Taxes paid through withholding of common stock under employee stock plans
($32.0M)
($109.0M)
($99.0M)
($93.0M)
Other, net
$22.0M
$2.0M
$7.0M
$41.0M
Net cash provided by (used in) financing activities
($1.7B)
$1.2B
($3.3B)
($1.3B)
Effect of foreign exchange rates on cash and cash equivalents
($5.0M)
($6.0M)
($1.0M)
($14.0M)
Change in cash and cash equivalents
$1.2B
$1.8B
($861.0M)
$2.5B
Cash and cash equivalents at beginning of year
$8.3B
$6.5B
$7.4B
$4.9B
Less cash and cash equivalents included in assets held for sale at end of year
$0
($66.0M)
—
—
Cash and cash equivalents at end of year
$9.5B
$8.3B
—
$7.4B
Elevance Health Inc. cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net income
$4.6B
$3.2B
$1.8B
$5.1B
Net losses on financial instruments
$182.0M
$134.0M
$78.0M
$596.0M
Equity in net earnings of other invested assets
($1.1B)
($567.0M)
($305.0M)
($251.0M)
Depreciation and amortization
$1.1B
$720.0M
$354.0M
$1.1B
Deferred income taxes
($266.0M)
($123.0M)
($274.0M)
$43.0M
Impairment of property and equipment
$70.0M
$37.0M
$4.0M
$70.0M
Share-based compensation
$210.0M
$130.0M
$55.0M
$246.0M
Receivables, net
($2.7B)
($1.8B)
($1.2B)
($3.3B)
Other invested assets
$0
$0
$0
($70.0M)
Other assets
($1.3B)
($1.4B)
($1.6B)
($403.0M)
Policy liabilities
$358.0M
$1.2B
$1.6B
($873.0M)
Unearned income
$144.0M
$147.0M
$266.0M
$323.0M
Accounts payable and other liabilities
$5.4B
$4.1B
$2.9B
$1.5B
Income taxes
$915.0M
$488.0M
$644.0M
($13.0M)
Other, net
($8.0M)
($3.0M)
—
$26.0M
Net cash provided by operating activities
$7.5B
$6.2B
$4.3B
$4.2B
Purchases of investments
($13.9B)
($7.9B)
($4.7B)
($12.3B)
Proceeds from sale of investments
$10.3B
$6.1B
$3.1B
$10.7B
Maturities, calls and redemptions from investments
$1.4B
$984.0M
$552.0M
$1.2B
Changes in securities lending collateral
($373.0M)
($142.0M)
($313.0M)
($576.0M)
Purchases of subsidiaries, net of cash acquired
$2.0M
$5.0M
$5.0M
$55.0M
Purchases of property and equipment
($789.0M)
($522.0M)
($235.0M)
($823.0M)
Other, net
($7.0M)
($11.0M)
($10.0M)
($52.0M)
Net cash used in investing activities
($3.5B)
($1.5B)
($1.6B)
($1.8B)
Proceeds from long-term borrowings
$0
—
—
$3.0B
Repayments of long-term borrowings
($750.0M)
($750.0M)
($750.0M)
($2.1B)
Proceeds from short-term borrowings
$825.0M
$825.0M
$724.0M
$990.0M
Repayments of short-term borrowings
($975.0M)
($975.0M)
($150.0M)
($1.2B)
Changes in securities lending payable
$373.0M
$142.0M
$313.0M
$576.0M
Changes in bank overdrafts
$100.0M
($1.2B)
($1.2B)
$77.0M
Repurchase and retirement of common stock
($1.7B)
($1.4B)
($1.1B)
($2.1B)
Cash dividends
($1.1B)
($749.0M)
($376.0M)
($1.2B)
Proceeds from issuance of common stock under employee stock plans
$88.0M
$63.0M
$37.0M
$21.0M
Taxes paid through withholding of common stock under employee stock plans
($36.0M)
($35.0M)
($34.0M)
($31.0M)
Other, net
$14.0M
$9.0M
($3.0M)
$10.0M
Net cash used in financing activities
($3.2B)
($4.0B)
($2.5B)
($2.0B)
Effect of foreign exchange rates on cash and cash equivalents