Elevance Health
ELV · NYSEHospital & Medical Service Plans · Fiscal year ends Dec 31
Elevance Health reported revenue of $199B in the fiscal year ended Dec 2025, up 12.5% from the year before. Operating income was $7.2B, an operating margin of 3.6%, and net income was $5.7B. Operating cash flow of $4.3B less capital expenditure of $1.1B left free cash flow of $3.2B. Net debt was $22.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $139B | $157B | $171B | $177B | $199B |
| Cost of revenue | $10.9B | $13B | $17.3B | $19.8B | $21.2B |
| Gross profit | $128B | $144B | $154B | $157B | $178B |
| Selling, general & admin | $15.9B | $17.7B | $20.1B | $20B | $21B |
| Operating income | $7.6B | $8.3B | $8.5B | $7.9B | $7.2B |
| Interest expense | $798M | $851M | $1B | $1.2B | $1.4B |
| Pre-tax income | $8B | $7.6B | $7.7B | $7.9B | $6.7B |
| Income tax | $1.8B | $1.7B | $1.7B | $1.9B | $1B |
| Net income | $6.2B | $5.9B | $6B | $6B | $5.7B |
| Diluted EPS | 24.95 | 24.28 | 25.22 | 25.68 | 25.21 |
| Diluted shares | 247M | 243M | 237M | 233M | 225M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.9B | $7.4B | $6.5B | $8.3B | $9.5B |
| Current assets | $51.1B | $55.6B | $60B | $58.9B | $63B |
| Net PP&E | $3.9B | $4.3B | $4.4B | $4.7B | $4.7B |
| Goodwill | $24.2B | $24.4B | $25.3B | $28.3B | $28.3B |
| Total assets | $97.5B | $103B | $109B | $117B | $121B |
| Current liabilities | $34.9B | $39.7B | $41.8B | $40.6B | $41B |
| Short-term debt | $1.6B | $1.5B | $1.6B | $1.6B | $1.1B |
| Long-term debt | $21.2B | $22.3B | $23.2B | $29.2B | $30.8B |
| Total liabilities | $61.3B | $66.4B | $69.5B | $75.5B | $77.5B |
| Shareholders' equity | $36.1B | $36.2B | $39.3B | $41.3B | $43.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $8.4B | $8.4B | $8.1B | $5.8B | $4.3B |
| Capital expenditure | $1.1B | $1.2B | $1.3B | $1.3B | $1.1B |
| Free cash flow | $7.3B | $7.2B | $6.8B | $4.6B | $3.2B |
| Depreciation & amortisation | $1.3B | $1.7B | $1.7B | $1.4B | $1.5B |
| Stock-based compensation | $255M | $264M | $289M | $191M | $276M |
| Acquisitions | $3.5B | $649M | $1.6B | $4.8B | −$88M |
| Share buybacks | $1.9B | $2.3B | $2.7B | $2.9B | $2.6B |
| Dividends paid | $1.1B | $1.2B | $1.4B | $1.5B | $1.5B |
| Dividend per share | 4.52 | 5.12 | 5.92 | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.0% | 9.4% | 3.3% | 12.5% |
| Operating income growth (YoY) | – | 9.6% | 2.6% | −7.5% | −8.4% |
| EPS growth (YoY) | – | −2.7% | 3.9% | 1.8% | −1.8% |
| Gross margin | 92.1% | 91.7% | 89.9% | 88.8% | 89.4% |
| Operating margin | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% |
| Net margin | 4.4% | 3.8% | 3.5% | 3.4% | 2.8% |
| Return on equityBlank when equity is negative | 17.1% | 16.3% | 15.2% | 14.5% | 12.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.1% | 13.1% | 12.7% | 10.3% | 8.9% |
| Free cash flow margin | 5.2% | 4.6% | 3.9% | 2.6% | 1.6% |
| Cash conversion (CFO ÷ net income) | 1.36x | 1.43x | 1.35x | 0.97x | 0.76x |
| Interest cover | 9.47x | 9.73x | 8.25x | 6.63x | 5.13x |
| Debt ÷ equity | 0.63x | 0.66x | 0.63x | 0.75x | 0.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $17.9B | $16.5B | $18.4B | $22.6B | $22.4B |
| Current ratio | 1.47x | 1.40x | 1.44x | 1.45x | 1.54x |
Recent filings
More in Hospital & Medical Service Plans
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.