Tuesday 3 November 2026 Export ELV’s income statement to Excel — free account

Elevance Health, Inc.

Elevance Health, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $199.1 billion, up 12.5% from fiscal 2024.

Revenue: +1.42%
EPS: +17.9%
Free cash flow: +29.0%
Total debt: −3.65%

Quarter to September 2026, against a year earlier

414.32 5.75 −1.37%

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Market cap: $89.4B
P/E: 17.7×
Fwd P/E: 18.7×
Dividend yield: 1.66%
F-score: 6/9
Altman Z: 3.09
Beneish M: −2.26
Dividend safety: 96/100

Overview Business Profile Earnings & Analysis Segments Filings

Elevance Health, Inc. (ELV) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Reportable Segments	199,125	100.00%
Gross margin		14.93%
Operating margin		4.07%
Pre-tax margin		3.37%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
Reportable Segments	199,125 100.00%	177,011 100.00%	171,340 100.00%	156,595 100.00%
Revenue	199,125	177,011	171,340	156,595

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022
Reportable Segments	‡	‡	‡	‡
Health Benefits	‡	‡	‡	‡
Total Carelon	‡	‡	‡	‡
CarelonRx	‡	‡	‡	‡
Carelon Services	‡	‡	‡	‡
Corporate & Other	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡
Operating income	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
BlueCard®	Q3 FY2026	6.6M	6.4M	+3.16%
CarelonRx Quarterly Adjusted Scripts	Q3 FY2026	82.6M	85.0M	−2.82%
Carelon Services Consumers Served	Q3 FY2026	91.0M	97.6M	−6.76%
Commercial Fee-Based	Q3 FY2026	27.6M	27.0M	+2.23%
Commercial Risk-Based	Q3 FY2026	4.7M	5.0M	−5.15%
Days in Claims Payable	Q3 FY2026	44.90	42.60	+5.40%
Employer Group Fee-Based	Q3 FY2026	21.0M	20.6M	+1.95%
Employer Group Risk-Based	Q3 FY2026	3.4M	3.6M	−6.91%
Federal Employees Health Benefits	Q3 FY2026	1.5M	1.6M	−5.09%
Individual	Q3 FY2026	1.3M	1.4M	−0.44%
Medicaid	Q3 FY2026	8.2M	8.6M	−4.92%
Medicare Advantage	Q3 FY2026	1.9M	2.2M	−15.46%
Medicare Supplement	Q3 FY2026	898.0K	877.0K	+2.39%
Total Medical Membership	Q3 FY2026	44.9M	45.4M	−1.07%
Total Medicare	Q3 FY2026	2.8M	3.1M	−10.44%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024
BlueCard®	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
CarelonRx Quarterly Adjusted Scripts	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Carelon Services Consumers Served	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial Fee-Based	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial Risk-Based	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Days in Claims Payable	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Employer Group Fee-Based	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Employer Group Risk-Based	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Federal Employees Health Benefits	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Individual	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Medicaid	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Medicare Advantage	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Medicare Supplement	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Medical Membership	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Medicare	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.