Elevance Health, Inc.

ELV 10-Q · Q2 2025

ELV Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Premiums Earned Net 41,271 35,416 +16.5%
Show Business Segments breakouts
Carelon Services · Operating Segments 1,863 794 +134.6%
Health Benefits · Operating Segments 39,710 35,096 +13.1%
Total Carelon · Operating Segments 1,863 794 +134.6%
Show Consolidation Items breakouts
Intersegment Elimination -302 -474 +36.3%
Revenue (Q)
Show Product Lines breakouts
Product 6,042 5,530 +9.3%
Product · CarelonRx 6,042 5,530 +9.3%
Product · Total Carelon 6,042 5,530 +9.3%
Service fees 2,108 2,277 -7.4%
Service fees · Carelon Services 232 196 +18.4%
Service fees · CarelonRx 4 1 +300.0%
Service fees · Health Benefits 1,872 2,063 -9.3%
Service fees · Total Carelon 236 197 +19.8%
Operating Revenue 49,421 43,223 +14.3%
Show Business Segments breakouts
Carelon Services · Operating Segments 5,346 3,555 +50.4%
Carelon Services · Operating Segments 2,095 990 +111.6%
Carelon Services · Operating Segments 7,441 4,545 +63.7%
CarelonRx · Operating Segments 4,597 3,243 +41.8%
CarelonRx · Operating Segments 6,046 5,531 +9.3%
CarelonRx · Operating Segments 10,643 8,774 +21.3%
Corporate And Other · Operating Segments 232 105 +121.0%
Corporate And Other · Operating Segments 232 122 +90.2%
Health Benefits · Operating Segments 41,582 37,159 +11.9%
Health Benefits · Operating Segments 41,582 37,159 +11.9%
Reportable Segments 49,421 43,223 +14.3%
Total Carelon · Operating Segments 9,943 6,798 +46.3%
Total Carelon · Operating Segments 8,141 6,521 +24.8%
Total Carelon · Operating Segments 18,084 13,319 +35.8%
Show Consolidation Items breakouts
Intersegment Elimination -10,477 -7,377 -42.0%
Intersegment Elimination · Operating revenue - affiliated -10,175 -6,903 -47.4%
Intersegment Elimination · Operating revenue - unaffiliated -302 -474 +36.3%
Show Major Customers breakouts
Operating revenue - unaffiliated 49,421 43,223 +14.3%
Net Investment Income 486 508 -4.3%
Show Business Segments breakouts
Reportable Segments 486 508 -4.3%
Net Losses Gains On Financial Instruments -131 -85 -54.1%
Show Business Segments breakouts
Reportable Segments -131 -85 -54.1%
Revenue 49,776 43,886 +13.4%
Show Business Segments breakouts
Reportable Segments 49,776 43,886 +13.4%
Policyholder Benefits And Claims Incurred Net 36,706 30,572 +20.1%
Show Business Segments breakouts
Carelon Services · Operating Segments 6,290 3,632 +73.2%
Corporate And Other · Operating Segments 8
Health Benefits · Operating Segments 35,487 30,437 +16.6%
Total Carelon · Operating Segments 6,290 3,632 +73.2%
Show Legal Entity breakouts
Mosaic Health · Equity Method Investee 171
Show Consolidation Items breakouts
Intersegment Elimination -5,079 -3,497 -45.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Liberty Dental 146
Cost of Revenue 5,293 4,820 +9.8%
Show Business Segments breakouts
CarelonRx · Operating Segments 9,884 8,040 +22.9%
Total Carelon · Operating Segments 9,884 8,040 +22.9%
Show Consolidation Items breakouts
Intersegment Elimination -4,591 -3,220 -42.6%
Selling, General & Administrative 4,997 5,066 -1.4%
Show Business Segments breakouts
Carelon Services · Operating Segments 751 705 +6.5%
CarelonRx · Operating Segments 223 237 -5.9%
Corporate And Other · Operating Segments 295 207 +42.5%
Health Benefits · Operating Segments 4,535 4,577 -0.9%
Total Carelon · Operating Segments 974 942 +3.4%
Show Consolidation Items breakouts
Intersegment Elimination -807 -660 -22.3%
Interest Expense 341 280 +21.8%
Show Business Segments breakouts
Reportable Segments 341 280 +21.8%
Amortization Of Intangible Assets 147 162 -9.3%
Show Business Segments breakouts
Reportable Segments 147 162 -9.3%
Benefits Losses And Expenses 47,484 40,900 +16.1%
Income Before Taxes 2,292 2,986 -23.2%
Show Business Segments breakouts
Reportable Segments 2,292 2,986 -23.2%
Income Tax Expense (Benefit) 548 685 -20.0%
Net Income 1,744 2,301 -24.2%
Show Equity Components breakouts
Noncontrolling Interest 1 1 0.0%
Retained Earnings 1,743 2,300 -24.2%
Net Income Loss Attributable To Noncontrolling Interest -1 -1 0.0%
Net Income 1,743 2,300 -24.2%
EPS (Basic) 7.74 9.91 -21.9%
EPS (Diluted) 7.72 9.85 -21.6%
Common Stock Dividends Per Share Declared 1.71 1.63 +4.9%
Operating Income 2,425 2,765 -12.3%
Show Business Segments breakouts
Carelon Services · Operating Segments 400 208 +92.3%
CarelonRx · Operating Segments 536 497 +7.8%
Corporate And Other · Operating Segments -71 -85 +16.5%
Health Benefits · Operating Segments 1,560 2,145 -27.3%
Reportable Segments 2,425 2,765 -12.3%
Total Carelon · Operating Segments 936 705 +32.8%
Comprehensive Income 1,894 2,278 -16.9%
Wtd Avg Shares (Basic) 225.2 232.2 -3.0%
Wtd Avg Shares (Diluted) 225.8 233.4 -3.3%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 8,560 6,497 +31.8%
Available For Sale Securities Debt Securities Current 25,298 28,900 -12.5%
Equity Securities Fv Ni 934
Show Financial Instrument breakouts
Common equity securities 33
Exchange Traded Funds 834
Private Equity Funds 67
Premiums Receivable At Carrying Value 10,465 8,040 +30.2%
Self Funded Receivables Net 5,454 5,297 +3.0%
Other Receivables 7,206 5,881 +22.5%
Other Assets Current 5,407 6,464 -16.4%
Total Current Assets 63,324 62,274 +1.7%
Non-Current Assets
Property, Plant & Equipment 4,641 4,450 +4.3%
Goodwill 28,368 25,962 +9.3%
Show Business Acquisition breakouts
Centers Plan for Healthy Living LLC 285
RSV QOZB LTSS, Inc 1,814
Other Non-Current Assets 2,562
Show Legal Entity breakouts
Mosaic Health · Line Of Credit 188
Total Assets 121,938 112,988 +7.9%
Other Assets
Other Long Term Investments 10,466
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Common equity securities 6
Fair Value Inputs Level3 · Estimate Of Fair Value Fair Value Disclosure 627
Show Financial Instrument breakouts
Common equity securities 6
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Liberty Dental 118
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Nonrecurring 651
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 627
Intangible Assets Net Excluding Goodwill 11,490 10,447 +10.0%
Current Liabilities
Liability For Claims And Claims Adjustment Expense 17,155
Other Policyholder Funds 3,540 4,939 -28.3%
Unearned Premiums 1,561 1,481 +5.4%
Accounts Payable And Accrued Liabilities Current 7,278 5,760 +26.4%
Short Term Borrowings 360 225 +60.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 360 225 +60.0%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Nonrecurring 360 225 +60.0%
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 360 225 +60.0%
Current Portion of Long-Term Debt 1,648 2,900 -43.2%
Other Liabilities Current 12,292 11,139 +10.4%
Total Current Liabilities 43,834 41,813 +4.8%
Non-Current Liabilities
Available For Sale Securities Debt Securities Noncurrent 1,087 849 +28.0%
Long-Term Debt 28,178 24,561 +14.7%
Deferred Tax Liabilities 2,008 2,037 -1.4%
Other Non-Current Liabilities 3,904 1,985 +96.7%
Total Liabilities 78,087 70,691 +10.5%
Long-Term Debt (Q)
Show Debt Instrument breakouts
Senior Unsecured Notes · Senior Notes 29,801 27,436 +8.6%
Surplus Notes 25 25 0.0%
Other Liabilities
Liability For Future Policy Benefits 163 295 -44.7%
Stockholders' Equity
Common Stock 2 2 0.0%
Additional Paid-In Capital 8,931 9,001 -0.8%
Retained Earnings 35,549 34,575 +2.8%
Accumulated Other Comprehensive Income -760 -1,387 +45.2%
Total Stockholders' Equity 43,722 42,191 +3.6%
Minority Interest 129 106 +21.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 43,851 42,297 +3.7%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable To Noncontrolling Interest -402 -451 +10.9%
Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest -22 -23 +4.3%
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest -199 -205 +2.9%
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest -142 -714 +80.1%
Accumulated Other Comprehensive Income -760 -1,387 +45.2%
Additional Paid In Capital 8,931 9,001 -0.8%
Aoci Including Portion Attributable To Noncontrolling Interest -760 -1,387 +45.2%
Common Stock 2 2 0.0%
Future policy benefits: 9 9 0.0%
Non-credit components of impairments on investments: -4 -3 -33.3%
Noncontrolling Interest 129 106 +21.7%
Retained Earnings 35,549 34,575 +2.8%
Total Liabilities & Equity 121,938 112,988 +7.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Income Loss From Equity Method Investments -138 26 -630.8%
Depreciation Amortization And Accretion Net 753 666 +13.1%
Deferred Income Taxes -226 -34 -564.7%
Stock-Based Compensation 162 154 +5.2%
Increase Decrease In Receivables -4,097 -1,341 -205.5%
Increase Decrease In Trading Securities -35 -47 +25.5%
Increase Decrease In Other Operating Assets -604 -743 +18.7%
Increase Decrease In Insurance Liabilities 387 -1,366 +128.3%
Increase Decrease In Deferred Revenue 53 80 -33.8%
Increase Decrease In Accounts Payable And Other Operating Liabilities 1,690 300 +463.3%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable 603 174 +246.6%
Net Cash from Operations 3,071 2,425 +26.6%
Investing Activities
Payments To Acquire Investments -8,102 -10,035 +19.3%
Proceedsfromsaleofequityandfixedmaturitysecurities 7,683 7,584 +1.3%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 748 1,036 -27.8%
Increase Decrease In Collateral Held Under Securities Lending -466 -321 -45.2%
Payments To Acquire Businesses Net Of Cash Acquired 54 -1,124 +104.8%
Capital Expenditures -463 -602 +23.1%
Other Investing Activities -38 -65 +41.5%
Net Cash from Investing -584 -3,128 +81.3%
Financing Activities
Repayments Of Long Term Debt -1,250
Repayments Of Short Term Debt -5
Increase Decrease In Securities Lending Payable 466 320 +45.6%
Increase Decrease In Outstanding Checks Financing Activities 631 -479 +231.7%
Share Repurchases -1,258 -1,029 -22.3%
Payments Of Dividends -771 -757 -1.8%
Proceeds From Stock Options Exercised 21 157 -86.6%
Tax Withholding for Share Compensation -40 -100 +60.0%
Proceeds From Payments For Other Financing Activities -11 8 -237.5%
Net Cash from Financing -2,217 700 -416.7%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2 -5 +140.0%
Net Change in Cash 272 -8 +3500.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 8,560 6,497 +31.8%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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