Elevance Health, Inc. (ELV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$6.21	$7.45	+20.0%	—	$50.5B	—
Q1 26	$10.8	$12.6	+16.4%	—	$50.2B	—
Q3 25	$4.94	$6.03	+22.1%	—	$50.7B	—
Q2 25	$8.92	$8.84	-0.9%	—	$49.8B	—
Q1 25	$11.5	$12	+4.3%	—	$48.9B	—
Q4 24	$3.85	$3.84	-0.3%	—	$45.4B	—
Q3 24	$9.65	$8.37	-13.3%	—	$45.1B	—
Q2 24	$10	$10.1	+1.1%	—	$43.6B	—
Q1 24	$10.5	$10.6	+1.0%	—	$42.6B	—
Q4 23	$5.59	$5.62	+0.5%	—	$42.6B	—
Q3 23	$8.46	$8.99	+6.3%	—	$42.8B	—
Q2 23	$8.78	$9.04	+3.0%	—	$43.7B	—
Q1 23	$9.28	$9.46	+1.9%	—	$42.2B	—
Q4 22	$5.19	$5.23	+0.8%	—	$39.9B	—
Q3 22	$7.15	$7.53	+5.3%	—	$39.9B	—
Q2 22	$7.74	$8.04	+3.9%	—	$38.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$25.7	—	—	$199.1B	—
FY24	—	$26.3	—	—	$176.8B	—
FY23	—	$25.7	—	—	$171.3B	—
FY22	—	$25.3	—	—	$156.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$84.9B	$90B	$92.1B	$104.2B	$121.9B	$138.6B	$156.6B	$171.3B	$176.8B	$199.1B
YoY change	+7.21%	+6.1%	+2.29%	+13.1%	+16.9%	+13.8%	+13%	+9.42%	+3.19%	+12.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	84.9B	90B	92.1B	104.2B	121.9B	138.6B	156.6B	171.3B	176.8B	199.1B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.6B	12.7B	14B	13.4B	17.4B	15.9B	17.7B	—	—	—
Operating expenses	12.6B	12.7B	14B	15.4B	26.4B	42.7B	48.4B	37.4B	39.8B	42.2B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	35.1M	33.1M	—	2.8B	10.4B	12.7B	15B	19.5B	22.6B	24.5B
Pretax income	4.6B	4B	5.1B	6B	6.2B	8B	7.6B	7.7B	7.9B	6.7B
Income tax	2.1B	121M	1.3B	1.2B	1.7B	1.8B	1.7B	1.7B	1.9B	1B
Net income	2.5B	3.8B	3.8B	4.8B	4.6B	6.1B	5.9B	6B	6B	5.7B
Net margin	2.91%	4.27%	4.07%	4.61%	3.75%	4.44%	3.76%	3.5%	3.38%	2.84%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	9.36	15	14.6	19	18.6	25.2	25.3	25.7	26.3	25.7
Diluted EPS	9.21	14.3	14.2	18.5	18	24.7	24.8	25.2	25.7	25.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	42.8B	42.6B	42.6B	43.6B	45.1B	45.4B	48.9B	49.8B	50.7B	49.7B	50.2B	50.5B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	10.1B	9.8B	8.7B	9.9B	10.4B	10.8B	10.3B	10.3B	10.7B	10.9B	11.8B	11B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	5.2B	5.4B	4.5B	5.5B	5.9B	6.7B	5.8B	6B	6.2B	6.5B	6.2B	6.3B
Pretax income	1.7B	1B	2.9B	3B	1.4B	606M	2.8B	2.3B	1.4B	215M	2.3B	1.9B
Income tax	354M	170M	690M	685M	365M	193M	613M	548M	219M	-331M	544M	483M
Net income	1.3B	831M	2.2B	2.3B	1B	413M	2.2B	1.7B	1.2B	546M	1.8B	1.5B
Net margin	3.03%	1.95%	5.28%	5.27%	2.23%	0.91%	4.47%	3.5%	2.34%	1.1%	3.51%	2.88%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	5.48	3.67	9.65	9.92	4.38	1.84	9.67	7.75	5.35	2.48	8.12	6.75
Diluted EPS	5.45	3.63	9.59	9.85	4.36	1.81	9.61	7.72	5.32	2.47	8	6.71

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	37.9B	57.6B	67.6B	76.4B	78.8B	112.1B	122.1B	109.9B	83.9B	77.4B	85.6B
Enterprise value	32.4B	56.6B	66.2B	71.9B	69.7B	104B	112.8B	98.9B	81.7B	74B	79.6B
Shares outstanding	263.7M	256.1M	257.4M	252.9M	245.4M	241.8M	238M	233.1M	227.5M	220.7M	220.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.4	15	18	15.9	17.2	18.2	20.7	18.3	14.1	13.7	17.4
P/S	0.45	0.64	0.73	0.73	0.65	0.81	0.78	0.64	0.47	0.39	0.43
P/B	1.51	2.17	2.37	2.41	2.37	3.1	3.36	2.79	2.03	1.76	1.91
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	9.56
EV/Sales	0.38	0.63	0.72	0.69	0.57	0.75	0.72	0.58	0.46	0.37	0.4
Earnings yield	6.51%	6.67%	5.55%	6.29%	5.8%	5.49%	4.82%	5.45%	7.12%	7.32%	5.73%
FCF yield	7.08%	5.89%	3.87%	6.52%	12.3%	6.49%	5.94%	6.16%	5.42%	4.1%	5.03%
PEG	—	—	—	—	—	—	—	—	—	—	-1.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	4.56%
Net margin	2.91%	4.27%	4.07%	4.61%	3.75%	4.44%	3.76%	3.5%	3.38%	2.84%	2.47%
ROE	9.84%	14.5%	13.1%	15.2%	13.8%	17%	16.2%	15.2%	14.4%	12.9%	11.1%
ROA	—	—	—	—	—	—	—	—	5.11%	4.66%	3.83%
Return on tangible assets	—	—	—	—	—	—	—	—	16.5%	13.3%	10.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	1.52
Debt / equity	0.63	0.75	0.67	0.63	0.6	0.64	0.66	0.64	0.75	0.73	0.69
Debt / assets	—	—	—	—	—	—	—	—	0.27	0.26	0.25
Net debt / EBITDA	—	—	—	—	—	—	—	—	—	—	-0.78
Interest coverage	7.3	6.36	7.73	9.02	8.96	11	9.93	8.49	7.67	5.79	5.08
Effective tax rate	45.8%	3.05%	26%	19.7%	26.7%	23.1%	22.5%	22.3%	24.5%	15.6%	15.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	321.8	351.6	357.8	412	496.6	573.4	658.1	735.1	777.3	902.1	912.9
EPS (basic)	9.36	15	14.6	19	18.6	25.2	25.3	25.7	26.3	25.7	25.7
EPS (diluted)	9.21	14.3	14.2	18.5	18	24.7	24.8	25.2	25.7	25.2	22.6
Book value per share	95.2	103.5	110.9	125.4	135.3	149.4	152.7	169.1	182.1	199.5	207
FCF per share	10.2	13.3	10.2	19.7	39.4	30.1	30.5	29	20	14.4	28.9
Cash per share	80.6	82	80.2	97.3	118.9	128.8	140.1	155.1	147.2	160.3	173
Capex per share	2.21	3.09	4.69	4.26	4.16	4.5	4.84	5.56	5.52	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.69%	0.88%	1.31%	1.03%	0.84%	0.78%	0.74%	0.76%	0.71%	—	—
Capex / operating cash flow	33.4%	45.5%	35.1%	31.6%	16.9%	20.3%	28.5%	25.9%	21.3%	—	—
Payout ratio	27.7%	18.3%	20.7%	17%	20.9%	18%	20.9%	23.3%	25.3%	27%	30.3%
Dividend yield	1.8%	1.22%	1.15%	1.07%	1.21%	0.99%	1.01%	1.27%	1.8%	1.98%	1.74%

Yield

1.74%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.72

ex-dividend Sep 10, 2026

Payout ratio

30%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$1.72
Jun 10, 2026	$1.72
Mar 10, 2026	$1.72

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$42.8B	$42.6B	$42.6B	$43.6B	$45.1B	$45.4B	$48.9B	$49.8B	$50.7B	$49.7B	$50.2B	$50.5B
YoY change	+7.29%	+6.81%	+0.96%	-0.06%	+5.36%	+6.55%	+14.8%	+14%	+12.3%	+9.47%	+2.64%	+1.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	21.3B	21B	20.6B	24.6B	29.2B	31.1B	33.3B	36.1B	33.5B	35.4B
Receivables	5.9B	6.2B	6.7B	5B	5.3B	5.7B	7.1B	7.9B	8B	10.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	51.1B	55.2B	59B	58.3B	62.2B	69.7B	69.4B	71.2B	80.7B	79.1B
Total assets	—	—	—	—	—	—	—	—	116.9B	121.5B
Accounts payable	11.9B	13B	12.4B	13B	16.9B	18.5B	21.2B	23B	22.7B	24.4B
Short-term debt	1.4B	2.5B	2B	2.3B	700M	1.9B	1.8B	1.9B	2B	1.2B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	14.4B	17.4B	17.2B	17.8B	19.3B	21.2B	22.3B	23.2B	29.2B	30.8B
Total liabilities	—	—	—	—	—	—	—	—	75.5B	77.5B
Shareholders' equity	25.1B	26.5B	28.5B	31.7B	33.2B	36.1B	36.3B	39.4B	41.4B	44B
Total debt	15.7B	19.9B	19.2B	20.1B	20B	23B	24.1B	25.1B	31.2B	32B
Net debt	11.7B	16.3B	15.3B	15.1B	14.3B	18.2B	16.7B	18.6B	22.9B	22.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	38.7B	36.1B	35.8B	35.4B	36.8B	33.5B	32.9B	33.9B	35B	35.4B	35.6B	36B
Receivables	7.9B	7.9B	8.9B	8B	7.2B	8B	10.4B	10.5B	9.5B	10.1B	11.5B	11B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	71.6B	71.2B	73.3B	72.8B	72.6B	80.7B	80.7B	79.7B	79.6B	79.1B	78.9B	78.6B
Total assets	—	—	—	113B	116.5B	116.9B	119.7B	121.9B	122.7B	121.5B	125.8B	126.4B
Accounts payable	22.2B	23B	22.1B	21B	21.6B	22.7B	23.9B	24.4B	23.2B	24.4B	24.6B	25.1B
Short-term debt	799M	1.9B	4.5B	3.1B	2.5B	2B	1.9B	2B	929M	1.2B	1.1B	375M
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	24B	23.2B	22B	24.6B	24.7B	29.2B	28.1B	28.2B	31.2B	30.8B	30.8B	30.7B
Total liabilities	—	—	—	70.7B	72.7B	75.5B	77.1B	78.1B	78.7B	77.5B	81.8B	81.4B
Shareholders' equity	38.5B	39.4B	40.7B	42.3B	43.9B	41.4B	42.6B	43.9B	44.1B	44B	44B	45B
Total debt	24.8B	25.1B	26.5B	27.7B	27.1B	31.2B	30B	30.2B	32.1B	32B	31.8B	31B
Net debt	13.9B	18.6B	20.2B	21.2B	19.3B	22.9B	22.5B	21.6B	23.4B	22.6B	22.2B	20.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.5B	3.8B	3.8B	4.8B	4.6B	6.1B	5.9B	6B	6B	5.7B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	165M	170M	226M	294M	283M	255M	264M	289M	191M	276M
Change in working capital	-1B	-1.3B	-641M	-1.8B	1.7B	-1.4B	-2B	-682M	121M	-3.5B
Operating cash flow	1.7B	1.7B	3.4B	3.4B	6B	5.3B	4B	5B	5.9B	4.3B
Capital expenditure	-584M	-791M	-1.2B	-1.1B	-1B	-1.1B	-1.2B	-1.3B	-1.3B	—
Investing cash flow	-514M	-5.1B	-1.3B	-2.8B	-7.3B	-9.6B	-4.6B	-5.6B	-5.2B	-228M
Dividends paid	-684M	-705M	-776M	-818M	-954M	-1.1B	-1.2B	-1.4B	-1.5B	-1.5B
Share repurchases	0	-2B	-1.7B	-1.7B	-2.7B	-1.9B	-2.3B	-2.7B	-2.9B	-2.6B
Financing cash flow	-3.2B	-4.2B	-11.8B	-10.5B	-5.3B	-2.2B	-3.5B	-3.7B	274M	-3.5B
Net change in cash	-2B	-7.5B	-9.6B	-9.9B	-6.5B	-6.5B	-4B	-4.3B	1B	525M
Free cash flow	2.7B	3.4B	2.6B	5B	9.7B	7.3B	7.2B	6.8B	4.6B	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.3B	831M	2.2B	2.3B	1B	413M	2.2B	1.7B	1.2B	546M	1.8B	1.5B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	78M	72M	62M	92M	66M	-29M	81M	81M	84M	30M	55M	75M
Change in working capital	460M	-4.2B	-1B	-558M	1.7B	10M	-2.4B	-5M	510M	-1.6B	1.1B	414M
Operating cash flow	1.9B	-3.5B	1.4B	1.7B	2.5B	278M	-294M	1.8B	1.1B	84M	4.3B	1.9B
Capital expenditure	-319M	-326M	-279M	-323M	-332M	-322M	-196M	-267M	—	—	—	—
Investing cash flow	-687M	-1B	-2.3B	-818M	-401M	-1.6B	103M	-687M	-864M	757M	-1.4B	446M
Dividends paid	-348M	-346M	-379M	-378M	-378M	-373M	-386M	-385M	-381M	-377M	-376M	-373M
Share repurchases	-480M	-928M	-566M	-463M	-60M	-1.8B	-880M	-378M	-876M	-471M	-1.1B	-234M
Financing cash flow	-1.9B	112M	-863M	1.1B	-569M	1.1B	-2.3B	-372M	-1B	209M	-4.2B	-2.2B
Net change in cash	-721M	-4.4B	-1.7B	1.9B	1.6B	-261M	-2.5B	709M	-766M	1.1B	-1.2B	156M
Free cash flow	2.3B	-3.3B	1.7B	124M	2.3B	384M	821M	1.8B	775M	-209M	4.1B	1.6B

Elevance Health, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history