Elevance Health

Health Care Managed Health Care Indianapolis, Indiana Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$199.1B
                    3y CAGR +8.3%
                    
                    P66
                    
                    +12.5%
                    
                    Net income
                    FY2025
                
$5.7B
                    Net margin +2.8%
                    
                    P23
                    
                    -5.3%
                    
                    Total assets
                    FY2025
                
$121.5B
                    ROA +4.7%
                    
                    P43
                    
                    +3.9%
                    
                    Operating cash flow
                    FY2025
                
$4.3B
                    FCF margin +1.6%
                    
                    P16
                    
                    -26.1%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

28 accounts · 3 years

Total assets $121.5B

Total liabilities $77.5B

Shareholders equity $43.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$9.5B 14.5%	$8.3B 27.0%	$6.5B
Short Term Investments	$25.9B 2.7%	$25.2B -14.9%	$29.6B
Prepaid Expenses	$5.3B 13.7%	$4.7B -18.9%	$5.8B
Other Current Assets	$5.3B 13.7%	$4.7B -18.9%	$5.8B
Total Current Assets	$63.0B 6.9%	$58.9B -1.8%	$60.0B
Property,Plant and Equipment	$4.7B 0.6%	$4.7B 6.7%	$4.4B
Goodwill	$28.3B 0.2%	$28.3B 11.7%	$25.3B
Intangible Assets	$11.2B -7.4%	$12.1B 17.7%	$10.3B
Long Term Investments	$1.1B 8.3%	$1.0B 18.2%	$876.0M
Other Noncurrent Assets	$2.3B 7.9%	$2.1B 8.8%	$2.0B
Total Assets	$121.5B 3.9%	$116.9B 7.3%	$108.9B
Liabilities
Accounts Payable	$7.3B 5.7%	$6.9B 0.2%	$6.9B
Accrued Liabilities	$41.0B 1.1%	$40.6B -2.9%	$41.8B
Current Portion of Long Term Debt	$1.1B -33.4%	$1.6B 0.0%	$1.6B
Other Current Liabilities	$10.3B 2.3%	$10.0B 1.4%	$9.9B
Total Current Liabilities	$41.0B 1.1%	$40.6B -2.9%	$41.8B
Long Term Debt	$30.8B 5.4%	$29.2B 25.7%	$23.2B
Deferred Tax Liabilities	$2.1B -1.8%	$2.1B 9.0%	$2.0B
Other Noncurrent Liabilities	$3.4B 1.7%	$3.3B 91.4%	$1.7B
Total Liabilities	$77.5B 2.7%	$75.5B 8.5%	$69.5B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$2.0M 0.0%	$2.0M 0.0%	$2.0M
Additional Paid In Capital	$8.9B 0.3%	$8.9B 0.5%	$8.9B
Retained Earnings	$35.4B 5.5%	$33.5B 5.7%	$31.7B
Accumulated Other Comprehensive Income	$-451.0M 60.7%	$-1.1B 12.6%	$-1.3B
Noncontrolling Interest	$144.0M 29.7%	$111.0M 12.1%	$99.0M
Total Stockholders Equity	$43.9B 6.2%	$41.3B 5.1%	$39.3B
Total Liabilitiesand Equity	$121.5B 3.9%	$116.9B 7.3%	$108.9B

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $199.1B

Operating income $7.2B

Net income $5.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$199.1B 12.5%	$177.0B 3.3%	$171.3B
Expenses Cost of Revenue	$21.2B 7.2%	$19.8B 14.2%	$17.3B
Expenses Selling,General and Administrative	$21.0B 4.8%	$20.0B -0.3%	$20.1B
Expenses Depreciation and Amortization	$628.0M 8.3%	$580.0M -34.5%	$885.0M
Expenses Share Based Compensation	$276.0M 44.5%	$191.0M -33.9%	$289.0M
Other Income Expense Operating Income	$7.2B -8.4%	$7.9B -7.5%	$8.5B
Other Income Expense Interest Income	$2.2B 6.8%	$2.1B 11.8%	$1.9B
Other Income Expense Interest Expense	$1.4B 18.3%	$1.2B 15.0%	$1.0B
Other Income Expense Income Before Tax	$6.7B -15.1%	$7.9B 2.4%	$7.7B
Income Tax Income Tax Expense	$1.0B -45.7%	$1.9B 12.1%	$1.7B
net Income net Income	$5.7B -5.3%	$6.0B -0.1%	$6.0B
net Income Comprehensive Income	$6.4B 3.4%	$6.1B -14.2%	$7.2B
Earnings Per Share Basic Eps	$25 -2.1%	$26 1.7%	$25
Earnings Per Share Diluted Eps	$25 -1.8%	$26 1.8%	$25
Earnings Per Share Weighted Average Shares Basic	$224.0M -3.3%	$231.7M -1.8%	$235.9M
Earnings Per Share Weighted Average Shares Diluted	$224.6M -3.6%	$232.9M -1.9%	$237.4M

Cash Flow Statement

Operating, investing, and financing flows

24 accounts · 3 years

Operating cash flow $4.3B

Investing cash flow $-1.3B

Financing cash flow $-1.7B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$5.7B -5.3%	$6.0B -0.1%	$6.0B
Operating Activities Depreciation and Amortization	$94.0M -10.5%	$105.0M -1.9%	$107.0M
Operating Activities Stock Based Compensation	$276.0M 44.5%	$191.0M -33.9%	$289.0M
Operating Activities Deferred Income Taxes	$-279.0M 25.4%	$-374.0M 37.9%	$-602.0M
Operating Activities Changes In Operating Assets and Liabilities	$-15.0M 86.7%	$-113.0M -139.0%	$290.0M
Operating Activities net Cash From Operating Activities	$4.3B -26.1%	$5.8B -27.9%	$8.1B
Investing Activities Capital Expenditures	$1.1B -11.1%	$1.3B -3.1%	$1.3B
Investing Activities Business Acquisitions	$-88.0M -101.8%	$4.8B 209.9%	$1.6B
Investing Activities Purchases of Investments	$15.0B -16.5%	$18.0B 10.8%	$16.2B
Investing Activities Proceeds From Sale of Investments	$1.8B -12.5%	$2.0B -31.1%	$2.9B
Investing Activities Other Investing Activities	$0 -100.0%	$124.0M 21.6%	$102.0M
Investing Activities net Cash From Investing Activities	$-1.3B 74.0%	$-5.2B 7.3%	$-5.6B
Financing Activities Proceeds From Debt	$3.0B -61.2%	$7.7B 199.5%	$2.6B
Financing Activities Repayment of Debt	$2.1B 30.1%	$1.6B -13.6%	$1.9B
Financing Activities Repurchase of Common Stock	$2.6B -10.2%	$2.9B 8.4%	$2.7B
Financing Activities Dividends Paid	$1.5B 1.4%	$1.5B 8.1%	$1.4B
Financing Activities Proceeds From Stock Issuance	$51.0M -66.9%	$154.0M 77.0%	$87.0M
Financing Activities Tax Withholding On Stock Based Compensation	$32.0M -70.6%	$109.0M 10.1%	$99.0M
Financing Activities Other Financing Activities	$22.0M 1000.0%	$2.0M -71.4%	$7.0M
Financing Activities net Cash From Financing Activities	$-1.7B -245.7%	$1.2B 135.6%	$-3.3B
Cash Reconciliation Effect of Exchange Rate On Cash	$-5.0M 16.7%	$-6.0M -500.0%	$-1.0M
Cash Reconciliation net Change In Cash	$1.2B -34.2%	$1.8B 312.3%	$-861.0M
Cash Reconciliation Cash At Beginning of Period	$9.5B 14.5%	$8.3B 27.0%	$6.5B
Cash Reconciliation Cash At End of Period	$9.5B 14.5%	$8.3B 27.0%	$6.5B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+89.4%	+88.8%	+89.9%
Operating margin	+3.6%	+4.4%	+5.0%
Net margin	+2.8%	+3.4%	+3.5%
FCF margin	+1.6%	+2.6%	+3.9%
Growth
Revenue CAGR (3y)	+8.3%	+8.5%	+12.0%
Returns
ROE	+12.9%	+14.5%	+15.2%
ROA	+4.7%	+5.1%	+5.5%
ROIC	+9.2%	+9.3%	+11.4%
Liquidity
Current ratio	1.54x	1.45x	1.44x
Quick ratio	—	—	—
Leverage
D/E	1.77x	1.83x	1.77x
Interest coverage	5.13x	6.63x	8.25x
Efficiency
Asset turnover	1.64x	1.51x	1.57x
Cash conversion cycle	—	—	—

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FY2025 fundamentals · no price

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Elevance Health

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