financial statements

The full income statement, balance sheet, and cash-flow statement for Elevance Health Inc. (ELV), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	199B YoY+12.5%	177B YoY+3.3%	171B YoY+9.4%	157B YoY+13.0%	139B YoY+13.8%
Cost of revenue	21.2B YoY+7.2%	19.8B YoY+14.2%	17.3B YoY+32.7%	13.0B YoY+19.6%	10.9B YoY+21.7%
Selling, general & administrative	21.0B YoY+4.8%	20.0B YoY-0.3%	20.1B YoY+13.5%	17.7B YoY+11.2%	15.9B YoY-8.8%
Amortization of intangibles	628M YoY+8.3%	580M YoY-34.5%	885M YoY+15.4%	767M YoY+73.9%	441M YoY+22.2%
Operating income	7.20B YoY-8.4%	7.86B YoY-7.5%	8.50B YoY+2.6%	8.28B YoY+9.6%	7.56B YoY+18.9%
Interest expense	1.40B YoY+18.3%	1.19B YoY+15.0%	1.03B YoY+21.0%	851M YoY+6.6%	798M YoY+1.8%
Equity-method income	398M YoY+39700.0%	1.00M YoY+103.0%	-33.0M YoY-111.3%	293M YoY-47.9%	562M YoY+1002.0%
Pre-tax income	6.71B YoY-15.1%	7.90B YoY+2.4%	7.71B YoY+1.5%	7.60B YoY-4.9%	8.00B YoY+28.2%
Income tax	1.05B YoY-45.7%	1.93B YoY+12.1%	1.72B YoY+0.7%	1.71B YoY-7.3%	1.85B YoY+10.8%
	5.66B YoY-5.3%	5.98B YoY-0.1%	5.99B YoY+1.6%	5.89B YoY-4.3%	6.16B YoY+34.7%
Net income to non-controlling interest	-1.00M YoY+88.9%	-9.00M YoY-325.0%	4.00M YoY+166.7%	-6.00M YoY+33.3%	-9.00M
	$25.21 YoY-1.8%	$25.68 YoY+1.8%	$25.22 YoY+3.9%	$24.28 YoY-2.7%	$24.95 YoY+38.8%
EPS (basic)	$25.28 YoY-2.1%	$25.81 YoY+1.7%	$25.38 YoY+3.3%	$24.56 YoY-2.8%	$25.26 YoY+38.6%
Weighted-avg shares (basic)	224M YoY-3.3%	232M YoY-1.8%	236M YoY-1.7%	240M YoY-1.6%	244M YoY-2.8%
Weighted-avg shares (diluted)	225M YoY-3.6%	233M YoY-1.9%	237M YoY-2.2%	243M YoY-1.6%	247M YoY-2.9%
Dividends per share	—	—	$5.92 YoY+15.6%	$5.12 YoY+13.3%	$4.52 YoY+18.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	63.0B YoY+6.9%	58.9B YoY-1.8%	60.0B YoY+7.9%	55.6B YoY+8.8%	51.1B YoY+11.7%
Cash & equivalents	9.49B YoY+14.5%	8.29B YoY+27.0%	6.53B YoY-11.7%	7.39B YoY+51.4%	4.88B YoY-15.0%
Other current assets	5.34B YoY+13.7%	4.70B YoY-18.9%	5.79B YoY+9.7%	5.28B YoY+13.5%	4.65B YoY+14.6%
	121B YoY+3.9%	117B YoY+7.3%	109B YoY+6.0%	103B YoY+5.4%	97.5B YoY+12.5%
Property, plant & equipment	4.68B YoY+0.6%	4.65B YoY+6.7%	4.36B YoY+1.0%	4.32B YoY+10.1%	3.92B YoY+12.5%
Operating lease right-of-use	452M YoY-20.3%	567M YoY-2.9%	584M YoY-3.3%	604M YoY-3.8%	628M YoY-1.4%
Goodwill	28.3B YoY+0.2%	28.3B YoY+11.7%	25.3B YoY+3.8%	24.4B YoY+0.6%	24.2B YoY+11.7%
Intangible assets	11.2B YoY-7.4%	12.1B YoY+17.7%	10.3B YoY-0.4%	10.3B YoY-2.8%	10.6B YoY+12.9%
Other non-current assets	2.31B YoY+7.9%	2.14B YoY+8.8%	1.97B YoY+16.6%	1.69B YoY-1.6%	1.72B YoY+19.3%
	41.0B YoY+1.1%	40.6B YoY-2.9%	41.8B YoY+5.3%	39.7B YoY+13.8%	34.9B YoY+18.4%
Accrued liabilities	7.32B YoY+5.7%	6.93B YoY+0.2%	6.91B YoY+23.2%	5.61B YoY+12.8%	4.97B YoY-9.5%
Short-term & current debt	1.10B YoY-33.4%	1.65B YoY+0.0%	1.65B YoY+9.9%	1.50B YoY-6.2%	1.60B YoY+128.4%
Current lease liability	131M YoY-14.4%	153M YoY-6.7%	164M YoY-9.4%	181M YoY+36.1%	133M
Other current liabilities	10.3B YoY+2.3%	10.0B YoY+1.4%	9.89B YoY+2.2%	9.68B YoY+23.4%	7.85B YoY+29.7%
	77.5B YoY+2.7%	75.5B YoY+8.5%	69.5B YoY+4.7%	66.4B YoY+8.4%	61.3B YoY+14.7%
Long-term debt	30.8B YoY+5.4%	29.2B YoY+25.7%	23.2B YoY+4.0%	22.3B YoY+5.6%	21.2B YoY+9.4%
Non-current lease liability	529M YoY-19.6%	658M YoY-3.9%	685M YoY-8.8%	751M YoY-13.1%	864M
Deferred tax liabilities	2.11B YoY-1.8%	2.15B YoY+9.0%	1.97B YoY-2.2%	2.02B YoY-28.4%	2.81B YoY+39.4%
Other non-current liabilities	3.53B YoY+6.0%	3.33B YoY+91.4%	1.74B YoY+11.3%	1.56B YoY-7.2%	1.68B YoY-7.3%
	43.9B YoY+6.2%	41.3B YoY+5.1%	39.3B YoY+8.5%	36.2B YoY+0.4%	36.1B YoY+8.7%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY-33.3%
Additional paid-in capital	8.94B YoY+0.3%	8.91B YoY+0.5%	8.87B YoY-2.4%	9.08B YoY-0.7%	9.15B YoY-1.0%
Retained earnings	35.4B YoY+5.5%	33.5B YoY+5.7%	31.7B YoY+7.1%	29.6B YoY+9.2%	27.1B YoY+14.0%
Accumulated other comprehensive income	-451M YoY+60.7%	-1.15B YoY+12.6%	-1.31B YoY+47.3%	-2.49B YoY-1164.0%	-197M YoY-231.3%
Non-controlling interest	144M YoY+29.7%	111M YoY+12.1%	99.0M YoY+13.8%	87.0M YoY+27.9%	68.0M
Total equity incl. non-controlling	44.0B YoY+6.3%	41.4B YoY+5.1%	39.4B YoY+8.5%	36.3B YoY+0.5%	36.1B YoY+8.9%
Total liabilities & equity	121B YoY+3.9%	117B YoY+7.3%	109B YoY+6.0%	103B YoY+5.4%	97.5B YoY+12.5%
Common shares issued	221M YoY-3.0%	227M YoY-2.4%	233M YoY-2.1%	238M YoY-1.6%	242M YoY-1.5%
Common shares outstanding	221M YoY-3.0%	227M YoY-2.4%	233M YoY-2.1%	238M YoY-1.6%	242M YoY-1.5%
Shares outstanding (cover)	222M YoY-4.2%	232M YoY-1.3%	235M YoY-1.6%	239M YoY-1.6%	243M YoY-2.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.29B YoY-26.1%	5.81B YoY-27.9%	8.06B YoY-4.0%	8.40B YoY+0.4%	8.36B YoY-21.7%
Depreciation & amortization	1.55B YoY+11.0%	1.39B YoY-20.2%	1.75B YoY+4.2%	1.68B YoY+28.6%	1.30B YoY+12.8%
Share-based compensation	276M YoY+44.5%	191M YoY-33.9%	289M YoY+9.5%	264M YoY+3.5%	255M YoY-9.9%
Deferred income taxes	-279M YoY+25.4%	-374M YoY+37.9%	-602M YoY-423.5%	-115M YoY-133.6%	342M YoY+163.3%
	-1.34B YoY+74.0%	-5.17B YoY+7.3%	-5.57B YoY-22.2%	-4.56B YoY+52.7%	-9.64B YoY-31.6%
Capital expenditure	1.12B YoY-11.1%	1.26B YoY-3.1%	1.30B YoY+12.5%	1.15B YoY+6.0%	1.09B YoY+6.5%
Acquisitions	-88.0M YoY-101.8%	4.81B YoY+209.9%	1.55B YoY+139.1%	649M YoY-81.3%	3.48B YoY+75.9%
Purchases of investments	15.0B YoY-16.5%	18.0B YoY+10.8%	16.2B YoY-34.9%	24.9B YoY+33.6%	18.7B YoY-4.2%
Sales/maturities of investments	1.77B YoY-12.5%	2.02B YoY-31.1%	2.94B YoY-72.3%	10.6B YoY+144.5%	4.34B YoY-8.4%
Other investing activities	0.00 YoY-100.0%	124M YoY+21.6%	102M YoY-15.0%	120M YoY+90.5%	63.0M YoY+40.0%
	-1.74B YoY-245.7%	1.19B YoY+135.6%	-3.35B YoY-154.1%	-1.32B YoY-411.6%	423M YoY+116.5%
Long-term debt issued	2.99B YoY-61.2%	7.71B YoY+199.5%	2.57B YoY-16.2%	3.07B YoY-11.3%	3.46B YoY+39.4%
Long-term debt repaid	2.15B YoY+30.1%	1.65B YoY-13.6%	1.91B YoY+0.5%	1.90B YoY+77.8%	1.07B YoY-44.7%
Common stock repurchased	2.60B YoY-10.2%	2.90B YoY+8.4%	2.68B YoY+15.5%	2.32B YoY+21.9%	1.90B YoY-29.6%
Dividends paid	1.53B YoY+1.4%	1.51B YoY+8.1%	1.40B YoY+13.5%	1.23B YoY+11.3%	1.10B YoY+15.7%
Other financing activities	22.0M YoY+1000.0%	2.00M YoY-71.4%	7.00M YoY-82.9%	41.0M YoY+51.9%	27.0M YoY+1250.0%
FX effect on cash	-5.00M YoY+16.7%	-6.00M YoY-500.0%	-1.00M YoY+92.9%	-14.0M YoY-40.0%	-10.0M YoY-242.9%
Net change in cash	1.20B YoY-34.2%	1.83B YoY+312.3%	-861M YoY-134.3%	2.51B YoY+391.2%	-861M YoY-207.1%
Interest paid	1.41B YoY+13.8%	1.24B YoY+20.1%	1.03B YoY+17.5%	878M YoY+6.8%	822M YoY+3.5%
Income taxes paid	1.37B YoY-3.1%	1.41B YoY-27.1%	1.94B YoY+21.5%	1.59B YoY+22.7%	1.30B YoY-27.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	77.9B YoY-8.9%	85.6B YoY-22.8%	111B YoY-9.6%	123B YoY+8.9%	113B YoY+40.9%
P/E	13.8× YoY-3.8%	14.3× YoY-22.8%	18.5× YoY-6.4%	19.8× YoY+8.3%	18.3× YoY+4.6%
P/S	0.4× YoY-19.1%	0.5× YoY-26.7%	0.7× YoY-18.0%	0.8× YoY-1.0%	0.8× YoY+23.8%
P/B	1.8× YoY-14.3%	2.1× YoY-28.4%	2.9× YoY-15.3%	3.4× YoY+9.5%	3.1× YoY+29.6%
P/FCF	24.5× YoY+30.6%	18.8× YoY+39.5%	13.5× YoY+13.8%	11.8× YoY-23.4%	15.5× YoY+87.2%
Earnings yield	7.3% YoY+4.0%	7.0% YoY+29.5%	5.4% YoY+6.8%	5.1% YoY-7.7%	5.5% YoY-4.4%
FCF yield	4.1% YoY-23.4%	5.3% YoY-28.3%	7.4% YoY-12.1%	8.4% YoY+30.5%	6.5% YoY-46.6%
Dividend yield	—	—	1.3% YoY+25.8%	1.0% YoY+2.4%	1.0% YoY-17.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ELV's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ELV filings on SEC EDGAR → Not investment advice.

ELV▼ financial statements

About this data

financial statements