Elevance Health, Inc.
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ELV Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Premiums Earned Net | 40,690 | 36,245 | +12.3% |
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| Carelon Services · Operating Segments | 1,190 | 748 | +59.1% |
| Health Benefits · Operating Segments | 39,856 | 35,742 | +11.5% |
| Total · Operating Segments | 1,190 | 748 | +59.1% |
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| Intersegment Elimination | -356 | -245 | -45.3% |
| Revenue (Q) | — | — | — |
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| Product | 6,460 | 6,714 | -3.8% |
| Product · CarelonRx | 6,460 | 6,714 | -3.8% |
| Product · Total | 6,460 | 6,714 | -3.8% |
| Service fees | 2,161 | 2,030 | +6.5% |
| Service fees · Carelon Services | 180 | 196 | -8.2% |
| Service fees · CarelonRx | 2 | 1 | +100.0% |
| Service fees · Health Benefits | 1,979 | 1,838 | +7.7% |
| Service fees · Total | 182 | 197 | -7.6% |
| Operating Revenue | 49,311 | 44,989 | +9.6% |
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| Carelon Services · Operating Segments | 5,645 | 3,825 | +47.6% |
| Carelon Services · Operating Segments | 1,370 | 944 | +45.1% |
| Carelon Services · Operating Segments | 7,015 | 4,769 | +47.1% |
| CarelonRx · Operating Segments | 5,182 | 3,262 | +58.9% |
| CarelonRx · Operating Segments | 6,462 | 6,715 | -3.8% |
| CarelonRx · Operating Segments | 11,644 | 9,977 | +16.7% |
| Corporate And Other · Operating Segments | -83 | -9 | -822.2% |
| Corporate And Other · Operating Segments | -83 | -14 | -492.9% |
| Health Benefits · Operating Segments | 41,835 | 37,580 | +11.3% |
| Health Benefits · Operating Segments | 41,835 | 37,580 | +11.3% |
| Reportable Segments | 49,311 | 44,989 | +9.6% |
| Total · Operating Segments | 10,827 | 7,087 | +52.8% |
| Total · Operating Segments | 7,832 | 7,659 | +2.3% |
| Total · Operating Segments | 18,659 | 14,746 | +26.5% |
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| Intersegment Elimination | -11,100 | -7,323 | -51.6% |
| Intersegment Elimination · Operating revenue - affiliated | -10,744 | -7,078 | -51.8% |
| Intersegment Elimination · Operating revenue - unaffiliated | -356 | -245 | -45.3% |
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| Operating revenue - unaffiliated | 49,311 | 44,989 | +9.6% |
| Net Investment Income | 493 | 527 | -6.5% |
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| Reportable Segments | 493 | 527 | -6.5% |
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| Mosaic Health · Line Of Credit | 5 | 4 | +25.0% |
| Net Losses Gains On Financial Instruments | -57 | -74 | +23.0% |
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| Reportable Segments | -57 | -74 | +23.0% |
| Revenue | 49,747 | 45,442 | +9.5% |
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| Reportable Segments | 49,747 | 45,442 | +9.5% |
| Policyholder Benefits And Claims Incurred Net | 38,065 | 33,500 | +13.6% |
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| Carelon Services · Operating Segments | 6,325 | 3,979 | +59.0% |
| Corporate And Other · Operating Segments | 3 | 4 | -25.0% |
| Health Benefits · Operating Segments | 37,164 | 33,042 | +12.5% |
| Total · Operating Segments | 6,325 | 3,979 | +59.0% |
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| Intersegment Elimination | -5,427 | -3,525 | -54.0% |
| Cost of Revenue | 5,522 | 6,012 | -8.2% |
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| CarelonRx · Operating Segments | 10,700 | 9,229 | +15.9% |
| Total · Operating Segments | 10,700 | 9,229 | +15.9% |
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| Intersegment Elimination | -5,178 | -3,217 | -61.0% |
| Selling, General & Administrative | 5,415 | 4,804 | +12.7% |
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| Carelon Services · Operating Segments | 840 | 755 | +11.3% |
| CarelonRx · Operating Segments | 220 | 215 | +2.3% |
| Corporate And Other · Operating Segments | -41 | 84 | -148.8% |
| Health Benefits · Operating Segments | 4,891 | 4,331 | +12.9% |
| Total · Operating Segments | 1,060 | 970 | +9.3% |
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| Intersegment Elimination | -495 | -581 | +14.8% |
| Interest Expense | 366 | 340 | +7.6% |
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| Reportable Segments | 366 | 340 | +7.6% |
| Amortization Of Intangible Assets | 164 | 180 | -8.9% |
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| Reportable Segments | 164 | 180 | -8.9% |
| Benefits Losses And Expenses | 49,532 | 44,836 | +10.5% |
| Income Before Taxes | 215 | 606 | -64.5% |
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| Reportable Segments | 215 | 606 | -64.5% |
| Income Tax Expense (Benefit) | -331 | 193 | -271.5% |
| Net Income | 546 | 413 | +32.2% |
| Net Income | 547 | 418 | +30.9% |
| EPS (Basic) | 2.55 | 1.87 | +36.4% |
| EPS (Diluted) | 2.54 | 1.87 | +35.8% |
| Operating Income | 309 | 673 | -54.1% |
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| Carelon Services · Operating Segments | -150 | 35 | -528.6% |
| CarelonRx · Operating Segments | 724 | 533 | +35.8% |
| Corporate And Other · Operating Segments | -45 | -102 | +55.9% |
| Health Benefits · Operating Segments | -220 | 207 | -206.3% |
| Reportable Segments | 309 | 673 | -54.1% |
| Total · Operating Segments | 574 | 568 | +1.1% |
| Comprehensive Income | 639 | -240 | +366.2% |
| Wtd Avg Shares (Basic) | -1 | -0.6 | -66.7% |
| Wtd Avg Shares (Diluted) | -1 | -0.7 | -42.9% |
| Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 | 37,119 | 32,534 | +14.1% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 9,491 | 8,288 | +14.5% |
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| Parent Company | 2,548 | 1,870 | +36.3% |
| Available For Sale Securities Debt Securities Current | 25,884 | 25,201 | +2.7% |
| Equity Securities Fv Ni | 740 | 1,192 | -37.9% |
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| Common equity securities | 35 | 118 | -70.3% |
| Exchange Traded Funds | 650 | 1,002 | -35.1% |
| Private Equity Funds | 55 | 72 | -23.6% |
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| Parent Company | 24 | 487 | -95.1% |
| Premiums Receivable At Carrying Value | 10,073 | 8,011 | +25.7% |
| Self Funded Receivables Net | 5,162 | 5,044 | +2.3% |
| Other Receivables | 6,307 | 6,016 | +4.8% |
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| Parent Company | 99 | 49 | +102.0% |
| Parent Company · Subsidiaries | 208 | 4,697 | -95.6% |
| Other Assets Current | 5,344 | 4,700 | +13.7% |
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| Parent Company | 683 | 705 | -3.1% |
| Total Current Assets | 63,001 | 58,942 | +6.9% |
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| Parent Company | 3,562 | 7,808 | -54.4% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 4,679 | 4,652 | +0.6% |
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| Parent Company | 151 | 159 | -5.0% |
| Goodwill | 28,344 | 28,277 | +0.2% |
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| Carelon Services | 3,994 | 3,798 | +5.2% |
| CarelonRx | 1,898 | 1,915 | -0.9% |
| Health Benefits | 22,452 | 22,564 | -0.5% |
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| Centers Plan for Healthy Living LLC | 202 | — | — |
| RSV QOZB LTSS, Inc | 1,827 | — | — |
| Series Of Individually Immaterial Business Acquisitions | 121 | 3,066 | -96.1% |
| Other Non-Current Assets | 2,310 | 2,140 | +7.9% |
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| Parent Company | 689 | 584 | +18.0% |
| Total Assets | 121,494 | 116,889 | +3.9% |
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| Parent Company | 79,953 | 75,360 | +6.1% |
| Operating Lease Right-of-Use Assets | 452 | 567 | -20.3% |
| Intangible Assets | 3,043 | 4,201 | -27.6% |
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| Contractual Rights | 130 | 212 | -38.7% |
| Customer Relationships | 2,628 | 3,633 | -27.7% |
| Other Intangible Assets | 285 | 356 | -19.9% |
| Other Assets | |||
| Other Long Term Investments | 10,839 | 9,749 | +11.2% |
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| Fair Value Inputs Level1 · Common equity securities | 6 | 18 | -66.7% |
| Fair Value Inputs Level3 · Estimate Of Fair Value Fair Value Disclosure | 762 | 610 | +24.9% |
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| Common equity securities | 6 | 18 | -66.7% |
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| Parent Company | 3,830 | 3,636 | +5.3% |
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| Carrying Reported Amount Fair Value Disclosure | 781 | 642 | +21.7% |
| Estimate Of Fair Value Fair Value Disclosure | 762 | 610 | +24.9% |
| Intangible Assets Net Excluding Goodwill | 11,200 | 12,094 | -7.4% |
| Current Liabilities | |||
| Liability For Claims And Claims Adjustment Expense | 17,084 | 15,746 | +8.5% |
| Other Policyholder Funds | 3,632 | 4,204 | -13.6% |
| Unearned Premiums | 1,493 | 1,508 | -1.0% |
| Accounts Payable And Accrued Liabilities Current | 7,322 | 6,927 | +5.7% |
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| Parent Company | 1,292 | 737 | +75.3% |
| Short Term Borrowings | 150 | 365 | -58.9% |
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| Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure | 150 | 365 | -58.9% |
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| Carrying Reported Amount Fair Value Disclosure | 150 | 365 | -58.9% |
| Estimate Of Fair Value Fair Value Disclosure | 150 | 365 | -58.9% |
| Current Portion of Long-Term Debt | 1,099 | 1,649 | -33.4% |
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| Parent Company | 1,099 | 1,649 | -33.4% |
| Other Liabilities Current | 10,255 | 10,029 | +2.3% |
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| Parent Company · Nonrelated Party | 687 | 610 | +12.6% |
| Total Current Liabilities | 41,035 | 40,581 | +1.1% |
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| Parent Company | 3,078 | 2,996 | +2.7% |
| Non-Current Liabilities | |||
| Available For Sale Securities Debt Securities Noncurrent | 1,121 | 1,035 | +8.3% |
| Long-Term Debt | 30,797 | 29,218 | +5.4% |
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| Parent Company | 30,772 | 29,193 | +5.4% |
| Deferred Tax Liabilities | 2,110 | 2,148 | -1.8% |
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| Parent Company | 10 | 55 | -81.8% |
| Other Non-Current Liabilities | 3,381 | 3,326 | +1.7% |
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| Parent Company | 2,211 | 1,801 | +22.8% |
| Total Liabilities | 77,468 | 75,463 | +2.7% |
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| Parent Company | 36,071 | 34,045 | +6.0% |
| Long-Term Debt | 31,896 | 30,867 | +3.3% |
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| 1.500%, due 2026 · Senior Unsecured Notes | 750 | 749 | +0.1% |
| 2.250%, due 2030 · Senior Unsecured Notes | 1,084 | 1,075 | +0.8% |
| 2.550%, due 2031 · Senior Unsecured Notes | 980 | 971 | +0.9% |
| 2.875%, due 2029 · Senior Unsecured Notes | 823 | 822 | +0.1% |
| 3.125%, due 2050 · Senior Unsecured Notes | 989 | 988 | +0.1% |
| 3.600%, due 2051 · Senior Unsecured Notes | 1,234 | 1,234 | 0.0% |
| 3.650%, due 2027 · Senior Unsecured Notes | 1,597 | 1,596 | +0.1% |
| 3.700%, due 2049 · Senior Unsecured Notes | 813 | 813 | 0.0% |
| 4.000% Senior Unsecured Notes Due 2028 · Senior Unsecured Notes | 747 | — | — |
| 4.100%, due 2032 · Senior Unsecured Notes | 596 | 596 | 0.0% |
| 4.101%, due 2028 · Senior Unsecured Notes | 1,244 | 1,238 | +0.5% |
| 4.375%, due 2047 · Senior Unsecured Notes | 1,389 | 1,389 | 0.0% |
| 4.500%, due 2026 · Senior Unsecured Notes | 349 | 349 | 0.0% |
| 4.550% due 2052 · Senior Unsecured Notes | 690 | 689 | +0.1% |
| 4.550%, due 2048 · Senior Unsecured Notes | 841 | 840 | +0.1% |
| 4.600% Senior Unsecured Notes Due 2032 · Senior Unsecured Notes | 742 | — | — |
| 4.625%, due 2042 · Senior Unsecured Notes | 861 | 860 | +0.1% |
| 4.650%, due 2043 · Senior Unsecured Notes | 975 | 975 | 0.0% |
| 4.650%, due 2044 · Senior Unsecured Notes | 768 | 768 | 0.0% |
| 4.750%, due 2030 · Senior Unsecured Notes | 751 | 731 | +2.7% |
| 4.750%, due 2033 · Senior Unsecured Notes | 1,005 | 973 | +3.3% |
| 4.850%, due 2054 · Senior Unsecured Notes | 247 | 247 | 0.0% |
| 4.950%, due 2031 · Senior Unsecured Notes | 751 | 726 | +3.4% |
| 5.000% Senior Unsecured Notes Due 2036 · Senior Unsecured Notes | 985 | — | — |
| 5.100%, due 2044 · Senior Unsecured Notes | 548 | 548 | 0.0% |
| 5.125%, due 2053 · Senior Unsecured Notes | 1,085 | 1,084 | +0.1% |
| 5.150%, due 2029 · Senior Unsecured Notes | 613 | 601 | +2.0% |
| 5.200%, due 2035 · Senior Unsecured Notes | 1,188 | 1,151 | +3.2% |
| 5.375%, due 2034 · Senior Unsecured Notes | 1,020 | 992 | +2.8% |
| 5.500%, due 2032 · Senior Unsecured Notes | 656 | 635 | +3.3% |
| 5.650%, due 2054 · Senior Unsecured Notes | 986 | 985 | +0.1% |
| 5.700% Senior Unsecured Notes Due 2055 B · Senior Unsecured Notes | 492 | — | — |
| 5.700%, due 2055 · Senior Unsecured Notes | 1,328 | 1,327 | +0.1% |
| 5.800%, due 2040 · Senior Unsecured Notes | 115 | 115 | 0.0% |
| 5.850% due 2064 · Senior Unsecured Notes | 790 | 789 | +0.1% |
| 5.850%, due 2036 · Senior Unsecured Notes | 397 | 397 | 0.0% |
| 5.950%, due 2034 · Senior Unsecured Notes | 335 | 335 | 0.0% |
| 6.100%, due 2052 · Senior Unsecured Notes | 742 | 742 | 0.0% |
| 6.375%, due 2037 · Senior Unsecured Notes | 365 | 364 | +0.3% |
| 9.000%, due 2027 · Surplus Notes | 25 | 25 | 0.0% |
| Operating Lease Liabilities | 529 | 658 | -19.6% |
| Other Liabilities | |||
| Liability For Future Policy Benefits | 145 | 190 | -23.7% |
| Stockholders' Equity | |||
| Common Stock | 2 | 2 | 0.0% |
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| Parent Company | 2 | 2 | 0.0% |
| Additional Paid-In Capital | 8,938 | 8,911 | +0.3% |
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| Parent Company | 8,938 | 8,911 | +0.3% |
| Retained Earnings | 35,393 | 33,549 | +5.5% |
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| Parent Company | 35,393 | 33,549 | +5.5% |
| Accumulated Other Comprehensive Income | -451 | -1,147 | +60.7% |
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| Parent Company | -451 | -1,147 | +60.7% |
| Total Stockholders' Equity | 43,882 | 41,315 | +6.2% |
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| California Department of Managed Health Care Regulated Entities | 2,969 | — | — |
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| Parent Company | 43,882 | 41,315 | +6.2% |
| Minority Interest | 144 | 111 | +29.7% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 44,026 | 41,426 | +6.3% |
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| Accumulated Defined Benefit Plans Adjustment Including Portion Attributable To Noncontrolling Interest | -332 | -399 | +16.8% |
| Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest | -28 | -24 | -16.7% |
| Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest | -199 | -207 | +3.9% |
| Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest | 106 | -523 | +120.3% |
| Accumulated Other Comprehensive Income | -451 | -1,147 | +60.7% |
| Additional Paid In Capital | 8,938 | 8,911 | +0.3% |
| Aoci Including Portion Attributable To Noncontrolling Interest | -451 | -1,147 | +60.7% |
| Common Stock | 2 | 2 | 0.0% |
| Future policy benefits: | 5 | 8 | -37.5% |
| Non-credit components of impairments on investments: | -3 | -2 | -50.0% |
| Noncontrolling Interest | 144 | 111 | +29.7% |
| Retained Earnings | 35,393 | 33,549 | +5.5% |
| Total Liabilities & Equity | 121,494 | 116,889 | +3.9% |
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| Parent Company | 79,953 | 75,360 | +6.1% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Income Loss From Equity Method Investments | -147 | -16 | -818.8% |
| Depreciation Amortization And Accretion Net | 406 | 398 | +2.0% |
| Deferred Income Taxes | -322 | -116 | -177.6% |
| Asset Impairment Charges | 38 | 0 | — |
| Stock-Based Compensation | 30 | -29 | +203.4% |
| Increase Decrease In Receivables | 756 | -193 | +491.7% |
| Increase Decrease In Other Operating Assets | 460 | 1,758 | -73.8% |
| Increase Decrease In Insurance Liabilities | 1,101 | -28 | +4032.1% |
| Increase Decrease In Deferred Revenue | -338 | -505 | +33.1% |
| Increase Decrease In Accounts Payable And Other Operating Liabilities | -2,259 | -1,200 | -88.2% |
| Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable | -284 | 173 | -264.2% |
| Increase Decrease In Other Operating Capital Net | -30 | -18 | -66.7% |
| Net Cash from Operations | 84 | 706 | -88.1% |
| Investing Activities | |||
| Payments To Acquire Investments | -2,761 | -3,280 | +15.8% |
| Proceedsfromsaleofequityandfixedmaturitysecurities | 2,666 | 4,936 | -46.0% |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 576 | 544 | +5.9% |
| Increase Decrease In Collateral Held Under Securities Lending | 191 | 233 | -18.0% |
| Payments To Acquire Businesses Net Of Cash Acquired | 33 | -3,685 | +100.9% |
| Capital Expenditures | -293 | -322 | +9.0% |
| Net Cash from Investing | 464 | -1,638 | +128.3% |
| Financing Activities | |||
| Proceeds From Issuance Of Long Term Debt | -3 | 5,130 | -100.1% |
| Repayments Of Long Term Debt | 3 | -850 | +100.4% |
| Proceeds From Short Term Debt | 515 | 65 | +692.3% |
| Repayments Of Short Term Debt | -545 | -60 | -808.3% |
| Increase Decrease In Securities Lending Payable | -190 | -233 | +18.5% |
| Increase Decrease In Outstanding Checks Financing Activities | 1,235 | -466 | +365.0% |
| Share Repurchases | -471 | -1,811 | +74.0% |
| Payments Of Dividends | -377 | -373 | -1.1% |
| Tax Withholding for Share Compensation | -1 | -3 | +66.7% |
| Proceeds From Payments For Other Financing Activities | 12 | -7 | +271.4% |
| Net Cash from Financing | 236 | 1,408 | -83.2% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -6 | -8 | +25.0% |
| Net Change in Cash | 778 | 468 | +66.2% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 9,491 | 8,288 | +14.5% |
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| Parent Company | 2,548 | 1,870 | +36.3% |
Values in millions USD. Source: SEC EDGAR 10-K filing.