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Elevance Health ELV

US equityMarket cap rank #190Healthcare Plans
$395.51
−$3.05 (-0.77%)
Market open · Sep 24, 2:00 pm ET
After hours $398.56 0.00%
Open$397.99
Prev close$398.56
Day range$394.31 – $400.86
Volume482.7K
Market cap$85.77B
P/E (TTM)17.5
Dividend yield1.73%

Fundamentals

Latest reported quarter: Q2, ended Jun 2026

Revenue$50.47B+1.4% YoY
Net profit$1.45B-16.6% YoY
Diluted EPS$6.71-13.1% YoY
Free cash flow$1.63B-9.0% YoY
Operating cash flow$1.91B

Revenue, last 8 quarters

$45.1BSep '24$45.4BDec '24$48.9BMar '25$49.8BJun '25$50.7BSep '25$49.7BDec '25$50.2BMar '26$50.5BJun '26

Net profit, last 8 quarters

$1.0BSep '24$413.0MDec '24$2.2BMar '25$1.7BJun '25$1.2BSep '25$546.0MDec '25$1.8BMar '26$1.5BJun '26

Diluted EPS by quarter

4.36Sep '241.81Dec '249.61Mar '257.72Jun '255.32Sep '252.47Dec '258.00Mar '266.71Jun '26

Free cash flow by quarter

$2.3BSep '24$384.0MDec '24$821.0MMar '25$1.8BJun '25$775.0MSep '25$-209.0MDec '25$4.1BMar '26$1.6BJun '26

Annual revenue

$121.9BFY20$138.6BFY21$156.6BFY22$171.3BFY23$176.8BFY24$199.1BFY25

Profitability & balance sheet

Net margin2.5%
Return on equity11.2%
Return on assets4.0%
Liabilities / assets64.4%
Total debt$31.04B
Free cash flow / sales3.1%

Where the revenue comes from

Quarter 2026/Q1

By business line

  • Health Benefits$42.49B 69.4%
  • CarelonRx$10.60B 17.3%
  • Carelon Services$7.37B 12.0%
  • Net investment income$765.00M 1.2%
  • Corporate & Other$4.00M 0.0%

Income statement

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Revenue as Reported $50.47B $50.18B $199.13B $49.75B $50.71B
Total Operating Revenue $50.47B $50.18B $199.13B $49.75B $50.71B
Total Premiums Earned $41.28B $41.02B $164.64B $40.69B $41.79B
Fee Revenue and Other Income $8.55B $8.47B $32.95B $8.62B $8.30B
-Fees and Commissions $2.28B $2.25B $8.48B $2.16B $2.14B
-Other Income Expense $6.26B $6.23B $24.47B $6.46B $6.16B
Net Investment Income $704.00M $765.00M $715.00M -$986.00M $625.00M
Net Realized Gain/Loss on Investments -$56.00M -$78.00M $826.00M $1.42B -$1.00M
Total Expenses $48.54B $47.88B $192.42B $49.53B $49.31B
Loss Adjustment Expense $37.02B $35.62B $148.22B $38.07B $38.14B
Depreciation & Amortization $110.00M $112.00M $628.00M $164.00M $162.00M
-Amortization $110.00M $112.00M $628.00M $164.00M $162.00M
Net Non-Operating Interest Income (Expense) -$364.00M -$357.00M -$1.40B -$366.00M -$351.00M
-Interest Expense Non-Operating $364.00M $357.00M $1.40B $366.00M $351.00M
Other Operating Expenses $11.04B $11.79B $42.16B $10.94B $10.65B
Pretax Profit $1.94B $2.30B $6.71B $215.00M $1.41B
Tax $483.00M $544.00M $1.05B -$331.00M $219.00M
Net Profit $1.45B $1.76B $5.66B $546.00M $1.19B
Profit from Continuing Operations $1.45B $1.76B $5.66B $546.00M $1.19B
Minority Interests -$9.00M -$4.00M -$1.00M -$1.00M -$2.00M
Net Income to Parent Company $1.46B $1.76B $5.66B $547.00M $1.19B
Net Income to Common Stockholders $1.46B $1.76B $5.66B $547.00M $1.19B
Basic EPS $6.74 $8.03 $25.28 $2.48 $5.32
Diluted EPS $6.71 $8.00 $25.21 $2.47 $5.32
Dividend Per Share $1.72 $1.72 $6.84 $1.71 $1.71
-Net Premiums Written – – $164.64B – –
Special Income (Charges) – – $0.00 $0.00 $0.00

Balance sheet

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Assets $126.44B $125.83B $121.49B $121.49B $122.75B
Cash and Cash Equivalents $10.23B $9.66B $9.49B $9.49B $8.71B
Total Investments $39.67B $39.54B $38.58B $38.58B $39.26B
-Short Term Investments $25.72B $25.91B $25.88B $25.88B $26.28B
-Equity Investments $2.82B $2.63B $1.86B $1.86B $2.33B
-Other Invested Assets $11.13B $11.01B $10.84B $10.84B $10.65B
Receivables $23.39B $22.79B $21.54B $21.54B $22.35B
-Accounts Receivable $10.99B $11.53B $10.07B $10.07B $9.54B
-Other Receivables $12.40B $11.27B $11.47B $11.47B $12.81B
Net PPE $4.65B $4.66B $4.68B $4.68B $4.66B
Goodwill and Other Intangible Assets $39.32B $39.43B $39.54B $39.54B $39.78B
-Goodwill $28.34B $28.34B $28.34B $28.34B $28.45B
-Other Intangible Assets $10.98B $11.09B $11.20B $11.20B $11.33B
Other Assets $9.18B $9.75B $7.65B $7.65B $7.99B
Total Liabilities $81.42B $81.79B $77.47B $77.47B $78.67B
Policy Holders Liabilities $3.46B $3.86B $3.78B $3.78B $2.61B
Short-Term Debt and Capital Lease Obligation $375.00M $1.07B $1.25B $1.25B $929.00M
-Current Debt $375.00M $1.07B $1.25B $1.25B $929.00M
Payables $25.10B $24.63B $24.41B $24.41B $23.23B
-Accounts Payable $25.10B $24.63B $24.41B $24.41B $23.23B
Current Deferred Liabilities $1.64B $1.76B $1.49B $1.49B $1.83B
Long Term Debt and Capital Lease Obligation $30.67B $30.77B $30.80B $30.80B $31.17B
-Long Term Debt $30.67B $30.77B $30.80B $30.80B $31.17B
Non-Current Deferred Liabilities $2.21B $1.79B $2.11B $2.11B $2.32B
Other Liabilities $17.97B $17.91B $13.64B $13.64B $16.58B
Total Equity $45.02B $44.04B $44.03B $44.03B $44.08B
Stockholders' Equity $44.88B $43.90B $43.88B $43.88B $43.95B
Capital Stock $2.00M $2.00M $2.00M $2.00M $2.00M
-Common Stock $2.00M $2.00M $2.00M $2.00M $2.00M
-Preferred Stock $0.00 $0.00 $0.00 $0.00 $0.00
Additional Paid-In Capital $8.92B $8.85B $8.94B $8.94B $8.91B
Retained Earnings $36.68B $35.80B $35.39B $35.39B $35.59B
Gains/Losses Not Affecting Retained Earnings -$711.00M -$741.00M -$451.00M -$451.00M -$543.00M
Minority Interests $139.00M $140.00M $144.00M $144.00M $129.00M
Assets of Discontinued Operations – – $0.00 $0.00 $0.00

Cash flow

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Operating Cash Flow $1.91B $4.33B $4.29B $84.00M $1.14B
Net cash flow from continuing operations $1.91B $4.33B $4.29B $84.00M $1.14B
Net Income from Continuing Operations $1.45B $1.76B $5.66B $546.00M $1.19B
Gain/Loss from Continuing Operations -$206.00M -$227.00M $255.00M -$90.00M -$112.00M
Deferred Tax $151.00M -$274.00M -$279.00M -$322.00M $269.00M
Change in Working Capital $40.00M $2.66B -$3.28B -$524.00M -$750.00M
-Change in Receivables -$657.00M -$1.17B -$2.53B $756.00M $815.00M
-Change in Loss and Loss Adjustment Expense Reserves -$374.00M $1.59B $228.00M $1.10B -$1.26B
-Change in Payables and Accrued Expense $1.24B $2.89B -$720.00M -$2.26B -$151.00M
-Change in Other Current Assets $111.00M -$1.55B $57.00M $530.00M $166.00M
-Change in Other Working Capital -$278.00M $910.00M -$316.00M -$652.00M -$320.00M
Net cash flow from investing $159.00M -$1.64B -$1.34B $464.00M -$1.22B
Net Cash Flow from Continuing Investing Activities $159.00M -$1.64B -$1.34B $464.00M -$1.22B
Net PPE Purchase and Sale -$287.00M -$235.00M -$1.12B -$293.00M -$360.00M
Net Business Purchase and Sale $0.00 $5.00M $88.00M $33.00M $1.00M
Net Investment Purchase and Sale $276.00M -$1.09B $69.00M $481.00M -$741.00M
Net Other Investing Changes $170.00M -$323.00M -$385.00M $243.00M -$124.00M
Financing Cash Flow -$1.49B -$2.52B -$1.74B $236.00M $243.00M
Net Cash Flow from Continuing Financing Activities -$1.49B -$2.52B -$1.74B $236.00M $243.00M
Increase/Decrease in Deposit -$171.00M $313.00M – – $110.00M
Net Issuance Payments of Debt -$753.00M -$1.33B $2.33B $1.59B $1.36B
Net Common Stock Issuance -$234.00M -$1.12B -$2.61B -$471.00M -$876.00M
Cash Dividends Paid -$373.00M -$376.00M -$1.53B -$377.00M -$381.00M
Proceeds from Stock Option Exercised $26.00M $37.00M $79.00M $58.00M $0.00
Net Other Financing Charges $11.00M -$37.00M -$10.00M $11.00M $30.00M
Ending Cash Balance $10.23B $9.66B $9.49B $9.49B $8.71B
Net Change in Cash $578.00M $175.00M $1.21B $784.00M $154.00M
Beginning Cash Balance $9.66B $9.49B $8.29B $8.71B $8.56B
Effect of Exchange Rate Changes -$3.00M -$9.00M -$5.00M -$6.00M -$1.00M
Free Cash Flow $1.63B $4.10B $3.17B -$209.00M $775.00M
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