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Elevance Health Inc (ELV) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · Managed Health Care · DATA UPDATED 2026-07-13

Elevance Health Inc (ELV) operates in the Managed Health Care industry and is headquartered in Indianapolis, United States with about 96,129 employees. Its market capitalization is roughly $82 billion. In the fiscal year ended 2025-12-31, ELV reported $199.1B in revenue and $5.7B in net income.

Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other.

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ELV Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$200.4B	$199.1B	$176.8B	$171.3B	$156.6B	$138.6B	$121.9B	$104.2B	$92.1B	$90.0B	$85.0B	$79.2B	$73.9B	$71.1B	$61.5B	$60.8B	$58.8B	$61.6B	$62.5B	$61.4B	$57.0B
Gross Profit	$46.4B	$50.9B	$49.2B	$47.0B	$40.0B	$36.0B	$33.8B	$22.4B	$20.2B	$17.8B	$18.1B	$18.1B	$17.1B	$14.9B	$13.3B	$13.2B	$13.9B	$14.7B	$14.2B	$15.0B	$14.5B
Gross Margin %	23.2%	25.6%	27.9%	27.4%	25.5%	26.0%	27.8%	21.5%	21.9%	19.8%	21.3%	22.9%	23.1%	20.9%	21.6%	21.6%	23.6%	23.8%	22.8%	24.4%	25.4%
Operating Income (EBIT)	$7.6B	$8.1B	$8.9B	$8.7B	$8.5B	$8.9B	$7.7B	$6.7B	$5.8B	$5.0B	$5.4B	$5.4B	$5.1B	$4.7B	$4.4B	$4.5B	$4.8B	$4.9B	$5.0B	$6.0B	$5.4B
Operating Margin %	3.8%	4.1%	5.0%	5.1%	5.4%	6.5%	6.3%	6.5%	6.3%	5.5%	6.4%	6.8%	6.9%	6.6%	7.2%	7.4%	8.2%	8.0%	7.9%	9.7%	9.4%
Net Income	$5.2B	$5.7B	$6.0B	$6.0B	$5.9B	$6.1B	$4.6B	$4.8B	$3.8B	$3.8B	$2.5B	$2.6B	$2.6B	$2.7B	$2.7B	$2.6B	$2.9B	$4.7B	$2.5B	$3.3B	$3.1B
Net Margin %	2.6%	2.8%	3.4%	3.5%	3.8%	4.4%	3.8%	4.6%	4.1%	4.3%	2.9%	3.2%	3.5%	3.7%	4.3%	4.3%	4.9%	7.7%	4.0%	5.5%	5.4%
EBITDA	$8.9B	$9.7B	$10.5B	$10.5B	$10.1B	$10.0B	$8.2B	$7.9B	$7.0B	$5.6B	$6.2B	$6.2B	$5.8B	$5.4B	$5.1B	$5.0B	$5.4B	$8.4B	$4.2B	$6.3B	$5.9B
Earnings Per Share (EPS)	$23.45	$25.53	$25.68	$25.22	$24.28	$24.73	$17.98	$18.47	$14.75	$14.35	$9.21	$9.38	$8.99	$8.74	$8.18	$7.25	$6.94	$9.82	$4.75	$5.56	$4.82
Shares Outstanding (M)	220M	222M	233M	237M	243M	247M	254M	260M	254M	268M	268M	273M	286M	304M	325M	365M	416M	483M	524M	602M	642M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ELV Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$50.2B	$49.7B	$50.7B	$49.8B	$48.9B	$45.4B	$45.1B	$43.6B
Gross Profit	$9.1B	$11.7B	$12.6B	$13.1B	$13.6B	$11.9B	$12.2B	$13.1B
Gross Margin %	18.1%	23.5%	24.8%	26.3%	27.8%	26.3%	27.0%	29.9%
Operating Income (EBIT)	$2.7B	$581M	$1.8B	$2.6B	$3.1B	$946M	$1.7B	$3.0B
Operating Margin %	5.3%	1.2%	3.5%	5.3%	6.4%	2.1%	3.8%	6.9%
Net Income	$1.8B	$547M	$1.2B	$1.7B	$2.2B	$418M	$1.0B	$2.3B
Net Margin %	3.5%	1.1%	2.3%	3.5%	4.5%	0.9%	2.2%	5.3%
EBITDA	$2.8B	$987M	$2.1B	$3.0B	$3.5B	$1.3B	$2.0B	$3.6B
Earnings Per Share (EPS)	$8.00	$2.47	$5.27	$7.72	$9.61	$1.81	$4.36	$9.85
Shares Outstanding (M)	220M	222M	226M	226M	227M	231M	233M	233M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ELV Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$7.6B	$4.3B	$5.8B	$8.1B	$8.4B	$8.4B	$10.7B	$6.1B	$3.8B	$4.2B	$3.2B	$4.1B	$3.4B	$3.1B	$2.7B	$3.4B	$1.4B	$3.0B	$2.5B	$4.3B	$4.0B
Capital Expenditures (CapEx)	$1.2B	$1.1B	$1.3B	$1.3B	$1.2B	$1.1B	$1.0B	$1.1B	$1.2B	$790M	$584M	$603M	$627M	$607M	$545M	$520M	$451M	$378M	$346M	$322M	$194M
Free Cash Flow (FCF)	$6.5B	$3.2B	$4.6B	$6.8B	$7.2B	$7.3B	$9.7B	$5.0B	$2.6B	$3.4B	$2.6B	$3.5B	$2.7B	$2.4B	$2.2B	$2.9B	$965M	$2.7B	$2.2B	$4.0B	$3.9B
FCF Margin %	3.2%	1.6%	2.6%	4.0%	4.6%	5.2%	7.9%	4.8%	2.8%	3.8%	3.1%	4.4%	3.7%	3.4%	3.6%	4.7%	1.6%	4.3%	3.5%	6.6%	6.8%
Dividends Paid	$1.5B	$1.5B	$1.5B	$1.4B	$1.2B	$1.1B	$954M	$818M	$776M	$705M	$684M	$657M	$481M	$448M	$367M	$358M	$0M	$0M	—	$2.5B	$2.4B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ELV Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$4.3B	$84M	$1.1B	$2.1B	$1.0B	$706M	$2.7B	$447M
Capital Expenditures (CapEx)	$235M	$293M	$360M	$267M	$196M	$322M	$332M	$323M
Free Cash Flow (FCF)	$4.1B	($209M)	$775M	$1.8B	$821M	$384M	$2.3B	$124M
FCF Margin %	8.2%	-0.4%	1.5%	3.6%	1.7%	0.9%	5.2%	0.3%
Dividends Paid	$376M	$377M	$381M	$385M	$386M	$373M	$378M	$378M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ELV Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$125.8B	$121.5B	$116.9B	$108.9B	$102.8B	$97.5B	$88.3B	$78.3B	$72.5B	$71.5B	$66.4B	$63.1B	$62.9B	$60.5B	$60.2B	$53.3B	$51.3B	$52.1B	$48.4B	$52.1B	$51.8B
Cash & Cash Equivalents	$9.7B	$9.5B	$8.3B	$6.5B	$7.4B	$4.9B	$5.7B	$4.9B	$3.9B	$3.6B	$4.1B	$2.1B	$2.2B	$1.6B	$2.5B	$2.2B	$1.8B	$4.8B	$2.2B	$2.8B	$2.6B
Total Liabilities	$81.8B	$77.5B	$75.5B	$69.5B	$66.4B	$61.3B	$55.1B	$46.5B	$43.9B	$45.0B	$41.3B	$40.0B	$38.7B	$35.7B	$36.4B	$30.0B	$27.5B	$27.3B	$27.0B	$29.1B	$27.2B
Total Debt (Short + Long-Term)	$31.5B	$32.2B	$31.4B	$25.3B	$24.3B	$23.2B	$20.1B	$20.2B	$19.2B	$19.9B	$15.7B	$15.9B	$15.2B	$14.5B	$15.0B	$9.8B	$9.0B	$8.4B	$8.8B	$9.0B	$7.0B
Total Shareholders' Equity	$43.9B	$43.9B	$41.3B	$39.3B	$36.2B	$36.1B	$33.2B	$31.7B	$28.5B	$26.5B	$25.1B	$23.0B	$24.3B	$24.8B	$23.8B	$23.3B	$23.8B	$24.9B	$21.4B	$23.0B	$24.6B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive ELV viewer.

Other Companies in Managed Health Care

UNH · UnitedHealth Group — $382 billion
HUM · Humana — $47 billion
CNC · Centene Corporation — $31 billion

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