Elevance Health, Inc.

ELV 10-Q · Q1 2026

ELV Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Premiums Earned Net 41,024 40,887 +0.3%
Show Business Segments breakouts
Carelon Services · Operating Segments 779 1,500 -48.1%
Health Benefits · Operating Segments 40,452 39,588 +2.2%
Total Carelon · Operating Segments 779 1,500 -48.1%
Show Consolidation Items breakouts
Intersegment Elimination -207 -201 -3.0%
Revenue (Q)
Show Product Lines breakouts
Product 6,225 5,809 +7.2%
Product · CarelonRx 6,225 5,809 +7.2%
Product · Total Carelon 6,225 5,809 +7.2%
Service fees 2,245 2,069 +8.5%
Service fees · Carelon Services 203 223 -9.0%
Service fees · CarelonRx 4 3 +33.3%
Service fees · Health Benefits 2,038 1,843 +10.6%
Service fees · Total Carelon 207 226 -8.4%
Operating Revenue 49,494 48,765 +1.5%
Show Business Segments breakouts
Carelon Services · Operating Segments 6,383 4,813 +32.6%
Carelon Services · Operating Segments 982 1,723 -43.0%
Carelon Services · Operating Segments 7,365 6,536 +12.7%
CarelonRx · Operating Segments 4,371 4,304 +1.6%
CarelonRx · Operating Segments 6,229 5,812 +7.2%
CarelonRx · Operating Segments 10,600 10,116 +4.8%
Corporate And Other · Operating Segments 4 165 -97.6%
Corporate And Other · Operating Segments 4 165 -97.6%
Health Benefits · Operating Segments 42,490 41,431 +2.6%
Health Benefits · Operating Segments 42,490 41,431 +2.6%
Reportable Segments 49,494 48,765 +1.5%
Total Carelon · Operating Segments 10,754 9,117 +18.0%
Total Carelon · Operating Segments 7,211 7,535 -4.3%
Total Carelon · Operating Segments 17,965 16,652 +7.9%
Show Consolidation Items breakouts
Intersegment Elimination -10,965 -9,483 -15.6%
Intersegment Elimination · Operating revenue - affiliated -10,758 -9,282 -15.9%
Intersegment Elimination · Operating revenue - unaffiliated -207 -201 -3.0%
Show Major Customers breakouts
Operating revenue - unaffiliated 49,494 48,765 +1.5%
Net Investment Income 765 590 +29.7%
Show Business Segments breakouts
Reportable Segments 765 590 +29.7%
Net Losses Gains On Financial Instruments -78 -464 +83.2%
Show Business Segments breakouts
Reportable Segments -78 -464 +83.2%
Revenue 50,181 48,891 +2.6%
Show Business Segments breakouts
Reportable Segments 50,181 48,891 +2.6%
Policyholder Benefits And Claims Incurred Net 35,615 35,312 +0.9%
Show Business Segments breakouts
Carelon Services · Operating Segments 6,085 5,319 +14.4%
Corporate And Other · Operating Segments 9 10 -10.0%
Health Benefits · Operating Segments 35,453 34,393 +3.1%
Total Carelon · Operating Segments 6,085 5,319 +14.4%
Show Legal Entity breakouts
Mosaic Health · Equity Method Investee 193 175 +10.3%
Show Consolidation Items breakouts
Intersegment Elimination -5,932 -4,410 -34.5%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Liberty Dental 133 146 -8.9%
Cost of Revenue 5,463 4,983 +9.6%
Show Business Segments breakouts
CarelonRx · Operating Segments 9,830 9,284 +5.9%
Total Carelon · Operating Segments 9,830 9,284 +5.9%
Show Consolidation Items breakouts
Intersegment Elimination -4,367 -4,301 -1.5%
Selling, General & Administrative 6,330 5,300 +19.4%
Show Business Segments breakouts
Carelon Services · Operating Segments 810 726 +11.6%
CarelonRx · Operating Segments 188 230 -18.3%
Corporate And Other · Operating Segments 1,118 295 +279.0%
Health Benefits · Operating Segments 4,880 4,821 +1.2%
Total Carelon · Operating Segments 998 956 +4.4%
Show Consolidation Items breakouts
Intersegment Elimination -666 -772 +13.7%
Interest Expense 357 344 +3.8%
Show Business Segments breakouts
Reportable Segments 357 344 +3.8%
Amortization Of Intangible Assets 112 155 -27.7%
Show Business Segments breakouts
Reportable Segments 112 155 -27.7%
Benefits Losses And Expenses 47,877 46,094 +3.9%
Income Before Taxes 2,304 2,797 -17.6%
Show Business Segments breakouts
Reportable Segments 2,304 2,797 -17.6%
Income Tax Expense (Benefit) 544 613 -11.3%
Net Income 1,760 2,184 -19.4%
Show Equity Components breakouts
Noncontrolling Interest -4 1 -500.0%
Retained Earnings 1,764 2,183 -19.2%
Net Income Loss Attributable To Noncontrolling Interest 4 -1 +500.0%
Net Income 1,764 2,183 -19.2%
EPS (Basic) 8.03 9.64 -16.7%
EPS (Diluted) 8 9.61 -16.8%
Common Stock Dividends Per Share Declared 1.72 1.71 +0.6%
Operating Income 2,086 3,170 -34.2%
Show Business Segments breakouts
Carelon Services · Operating Segments 470 491 -4.3%
CarelonRx · Operating Segments 582 602 -3.3%
Corporate And Other · Operating Segments -1,123 -140 -702.1%
Health Benefits · Operating Segments 2,157 2,217 -2.7%
Reportable Segments 2,086 3,170 -34.2%
Total Carelon · Operating Segments 1,052 1,093 -3.8%
Comprehensive Income 1,474 2,419 -39.1%
Wtd Avg Shares (Basic) 219.8 226.4 -2.9%
Wtd Avg Shares (Diluted) 220.4 227.2 -3.0%
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 34,553 34,288 +0.8%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 9,657 7,500 +28.8%
Available For Sale Securities Debt Securities Current 25,905 25,437 +1.8%
Equity Securities Fv Ni 1,511 715 +111.3%
Show Financial Instrument breakouts
Common equity securities 35 32 +9.4%
Exchange Traded Funds 1,428 621 +130.0%
Private Equity Funds 48 62 -22.6%
Premiums Receivable At Carrying Value 11,525 10,359 +11.3%
Self Funded Receivables Net 5,098 5,246 -2.8%
Other Receivables 6,167 6,576 -6.2%
Other Assets Current 7,169 5,288 +35.6%
Total Current Assets 67,032 61,121 +9.7%
Non-Current Assets
Property, Plant & Equipment 4,657 4,617 +0.9%
Goodwill 28,340
Other Non-Current Assets 2,582
Total Assets 125,827 119,717 +5.1%
Other Assets
Other Long Term Investments 11,009
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Common equity securities 4
Fair Value Inputs Level3 · Estimate Of Fair Value Fair Value Disclosure 765
Show Financial Instrument breakouts
Common equity securities 4
Show Legal Entity breakouts
Mosaic Health · Line Of Credit 282
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Liberty Dental 145
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Nonrecurring 787
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 765
Show Investment Type breakouts
Other Long Term Investments 1,742
Intangible Assets Net Excluding Goodwill 11,093 11,940 -7.1%
Current Liabilities
Liability For Claims And Claims Adjustment Expense 18,425 16,812 +9.6%
Other Policyholder Funds 3,857 3,796 +1.6%
Unearned Premiums 1,759 1,640 +7.3%
Accounts Payable And Accrued Liabilities Current 6,209 7,131 -12.9%
Short Term Borrowings 724 250 +189.6%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 724 250 +189.6%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Nonrecurring 724 250 +189.6%
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 724 250 +189.6%
Current Portion of Long-Term Debt 350
Other Liabilities Current 13,985 11,426 +22.4%
Total Current Liabilities 45,309 42,698 +6.1%
Non-Current Liabilities
Available For Sale Securities Debt Securities Noncurrent 1,114 1,060 +5.1%
Long-Term Debt 30,768
Deferred Tax Liabilities 1,786 2,121 -15.8%
Other Non-Current Liabilities 3,922 3,994 -1.8%
Total Liabilities 81,785 77,097 +6.1%
Long-Term Debt 31,118
Show Debt Instrument breakouts
Senior Unsecured Notes · Senior Notes 31,093 29,728 +4.6%
Surplus Notes 25 25 0.0%
Other Liabilities
Preferred Stock Shares Authorized 100,000,000
Stockholders' Equity
Common Stock 2 2 0.0%
Additional Paid-In Capital 8,845 8,866 -0.2%
Retained Earnings 35,796 34,546 +3.6%
Accumulated Other Comprehensive Income -741 -911 +18.7%
Total Stockholders' Equity 43,902 42,503 +3.3%
Minority Interest 140 117 +19.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 44,042 42,620 +3.3%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable To Noncontrolling Interest -329 -404 +18.6%
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest -167 -289 +42.2%
Additional Paid In Capital 8,845 8,866 -0.2%
AOCI, Other Components [Member] -245 -218 -12.4%
Common Stock 2 2 0.0%
Noncontrolling Interest 140 117 +19.7%
Retained Earnings 35,796 34,546 +3.6%
Total Liabilities & Equity 125,827 119,717 +5.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Income Loss From Equity Method Investments -305 -126 -142.1%
Depreciation Amortization And Accretion Net 354 373 -5.1%
Deferred Income Taxes -274 -174 -57.5%
Asset Impairment Charges 4
Stock-Based Compensation 55 81 -32.1%
Increase Decrease In Receivables -1,174 -3,174 +63.0%
Increase Decrease In Other Operating Assets -1,552 -647 -139.9%
Increase Decrease In Insurance Liabilities 1,590 600 +165.0%
Increase Decrease In Deferred Revenue 266 132 +101.5%
Increase Decrease In Accounts Payable And Other Operating Liabilities 2,886 952 +203.2%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable 644 357 +80.4%
Net Cash from Operations 4,332 1,017 +326.0%
Investing Activities
Payments To Acquire Investments -4,735 -3,964 -19.5%
Proceedsfromsaleofequityandfixedmaturitysecurities 3,094 4,150 -25.4%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 552 424 +30.2%
Increase Decrease In Collateral Held Under Securities Lending -313 -290 -7.9%
Payments To Acquire Businesses Net Of Cash Acquired 5 4 +25.0%
Capital Expenditures -235 -196 -19.9%
Other Investing Activities -10 -25 +60.0%
Net Cash from Investing -1,642 103 -1694.2%
Financing Activities
Repayments Of Long Term Debt -750 -1,250 +40.0%
Proceeds From Short Term Debt 724
Repayments Of Short Term Debt -150 -115 -30.4%
Increase Decrease In Securities Lending Payable 313 290 +7.9%
Increase Decrease In Outstanding Checks Financing Activities -1,152 546 -311.0%
Share Repurchases -1,124 -880 -27.7%
Payments Of Dividends -376 -386 +2.6%
Proceeds From Stock Options Exercised 37 23 +60.9%
Tax Withholding for Share Compensation -34 -123 +72.4%
Proceeds From Payments For Other Financing Activities -3 -14 +78.6%
Net Cash from Financing -2,515 -1,909 -31.7%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -9 1 -1000.0%
Net Change in Cash 166 -788 +121.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 9,657 7,500 +28.8%

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

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