FirmAtlas
Company handbook · ELV · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ELV · CIK 1156039 · LATEST FILING: 10-Q JUN '26 · FILED JUL 15, 2026
ELEVANCE HEALTH, INC.
$428.26
−0.17 (−0.04%)
Close, Oct 16, 2026 · 52-week $275–436
Last fiscal year
ELEVANCE HEALTH, INC. reported revenue of $199.1B for the year ended Dec 31, 2025 (FY25), up 12.5% from FY24. Net income was $5.7B. Source: 10-K filed Feb 6, 2026.
Market cap
$94.5B
P/E
19.1
P/B
2.1
Div yield
1.60%
Op. ROE
13.3%
Revenue 1Y
12.5%/yr
EPS 1Y
−1.8%/yr
Shares 1Y
−3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGail Boudreaux
HQIndianapolis, IN
AuditorErnst & Young LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.5%
1.7%
−2.5%
23.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the earnings went · FY24–FY25
$11.6B net income
Dividends
$3.0B
26.1%
Buybacks
$5.5B
47.3%
Retained
$3.1B
26.6%
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Net premiums earned
144,166
164,639+14.2%
—
Net investment income
2,088
2,231+6.8%
—
Total revenue
177,011
199,125+12.5%
201,113
YoY
+12.5%
Losses & loss adjustment expenses
127,567
148,223+16.2%
—
Pre-tax income
7,904
6,710−15.1%
—
Net income
5,980
5,662−5.3%
4,963
YoY
−5.3%
EPS (diluted, $)
25.68
25.21−1.8%
22.51
YoY
−1.8%
Balance sheet
Total assets
116,889
121,494+3.9%
126,438
Cash & short-term investments
8,288
9,491+14.5%
—
Other assets
108,601
112,003+3.1%
—
Total liabilities
75,574
77,612+2.7%
81,555
Loss & LAE reserves
15,746
17,084+8.5%
—
Unearned premiums
1,508
1,493−1.0%
—
Other liabilities
58,320
59,035+1.2%
—
Shareholders’ equity
41,315
43,882+6.2%
44,883
Shares outstanding (M)
227
221−3.0%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,808
4,290−26.1%
7,464
Net income
5,971
5,661−5.2%
—
Depreciation & amortization
105
94−10.5%
—
Stock-based compensation
191
276+44.5%
—
Working capital & other
(459)
(1,741)n/m
—
Cash from investing
(5,167)
(1,344)n/m
—
Capex
(1,256)
(1,116)n/m
—
Acquisitions
(4,809)
88n/m
—
Investments bought
(17,986)
(15,026)n/m
—
Investments sold / matured
2,025
1,771−12.5%
—
Other investing
16,859
12,939−23.3%
—
Cash from financing
1,193
(1,738)−245.7%
—
Debt raised
7,710
2,991−61.2%
—
Debt repaid
(1,650)
(2,147)n/m
—
Dividends
(1,508)
(1,529)n/m
—
Buybacks
(2,900)
(2,605)n/m
—
Shares issued
154
51−66.9%
—
Other financing
(613)
1,501n/m
—
Net change in cash
1,828
1,203−34.2%
—
Free cash flow (OCF − capex)
4,552
3,174−30.3%
6,289
Where the earnings went
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
50,711
49,747
50,181
50,474
vs year-ago quarter
Gross profit
45,331
44,225
44,718
44,982
Gross margin
89.4%
88.9%
89.1%
89.1%
Operating income
1,295
309
2,086
1,763
Net income
1,189
547
1,764
1,463
vs year-ago quarter
Net margin
2.3%
1.1%
3.5%
2.9%
EPS (diluted, $)
5.32
2.48
8.00
6.71
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
122,749
121,494
125,827
126,438
Cash & equivalents
8,713
9,491
9,657
10,232
Total debt
31,353
32,046
31,842
31,044
Shareholders’ equity
43,953
43,882
43,902
44,883
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,135
84
4,332
1,913
Capex
360
293
235
287
Free cash flow
775
(209)
4,097
1,626
vs year-ago quarter