Elevance Health, Inc.
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Income Statement
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Premiums Earned Net | 41,271 | 35,416 | +16.5% |
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| 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% |
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| Intersegment Elimination | -302 | -474 | +36.3% |
| Revenue (Q) | — | — | — |
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| 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% |
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| 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 |
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| 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% |
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| Operating revenue - unaffiliated | 49,421 | 43,223 | +14.3% |
| Net Investment Income | 486 | 508 | -4.3% |
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| Reportable Segments | 486 | 508 | -4.3% |
| Net Losses Gains On Financial Instruments | -131 | -85 | -54.1% |
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| Reportable Segments | -131 | -85 | -54.1% |
| Revenue | 49,776 | 43,886 | +13.4% |
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| Reportable Segments | 49,776 | 43,886 | +13.4% |
| Policyholder Benefits And Claims Incurred Net | 36,706 | 30,572 | +20.1% |
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| 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% |
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| Mosaic Health · Equity Method Investee | 171 | — | — |
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| Intersegment Elimination | -5,079 | -3,497 | -45.2% |
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| Liberty Dental | 146 | — | — |
| Cost of Revenue | 5,293 | 4,820 | +9.8% |
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| CarelonRx · Operating Segments | 9,884 | 8,040 | +22.9% |
| Total Carelon · Operating Segments | 9,884 | 8,040 | +22.9% |
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| Intersegment Elimination | -4,591 | -3,220 | -42.6% |
| Selling, General & Administrative | 4,997 | 5,066 | -1.4% |
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| 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% |
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| Intersegment Elimination | -807 | -660 | -22.3% |
| Interest Expense | 341 | 280 | +21.8% |
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| Reportable Segments | 341 | 280 | +21.8% |
| Amortization Of Intangible Assets | 147 | 162 | -9.3% |
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| 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% |
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| Reportable Segments | 2,292 | 2,986 | -23.2% |
| Income Tax Expense (Benefit) | 548 | 685 | -20.0% |
| Net Income | 1,744 | 2,301 | -24.2% |
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| 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 |
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| 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
| 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 | — | — |
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| 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 |
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| Centers Plan for Healthy Living LLC | 285 | — | — |
| RSV QOZB LTSS, Inc | 1,814 | — | — |
| Other Non-Current Assets | 2,562 | — | — |
Show Legal Entity breakouts |
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| 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 |
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| Fair Value Inputs Level1 · Common equity securities | 6 | — | — |
| Fair Value Inputs Level3 · Estimate Of Fair Value Fair Value Disclosure | 627 | — | — |
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| Common equity securities | 6 | — | — |
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| Liberty Dental | 118 | — | — |
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| 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% |
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| Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure | 360 | 225 | +60.0% |
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| 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) | — | — | — |
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| 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% |
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| 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
| 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.