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ELV

Elevance Health Inc.

ELV

Elevance Health Inc. • NYSE
$338.26 ▼ -0.08% (-0.26)
Market Cap $75.17 B
52w High $458.75
52w Low $273.71
Dividend Yield 6.76%
P/E 13.8
Volume 560.00K
Outstanding Shares 222.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $50.711B ▲ $5.434B ▼ $1.189B ▼ 2.345% ▼ $5.32 ▼ $2.144B ▼
Q2-2025 $49.776B ▲ $47.484B ▲ $1.743B ▼ 3.502% ▼ $7.72 ▼ $3.013B ▼
Q1-2025 $48.891B ▲ $46.094B ▲ $2.183B ▲ 4.465% ▲ $9.64 ▲ $3.514B ▲
Q4-2024 $45.442B ▲ $44.836B ▲ $418M ▼ 0.92% ▼ $1.84 ▼ $1.344B ▼
Q3-2024 $45.145B $43.772B $1.016B 2.251% $4.36 $2.002B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.713B ▼ $122.749B ▲ $78.667B ▲ $43.953B ▲
Q2-2025 $33.858B ▲ $121.938B ▲ $78.087B ▲ $43.722B ▲
Q1-2025 $32.937B ▼ $119.717B ▲ $77.097B ▲ $42.503B ▲
Q4-2024 $33.489B ▼ $116.889B ▲ $75.463B ▲ $41.315B ▼
Q3-2024 $36.82B $116.533B $72.654B $43.775B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $656M ▼ $1.135B ▼ $-1.224B ▼ $243M ▲ $153M ▼ $775M ▼
Q2-2025 $1.744B ▼ $2.054B ▲ $-687M ▼ $-308M ▲ $1.06B ▲ $1.787B ▲
Q1-2025 $2.184B ▲ $1.017B ▲ $103M ▲ $-1.909B ▼ $-788M ▼ $821M ▲
Q4-2024 $413M ▼ $706M ▼ $-1.638B ▼ $1.408B ▲ $422M ▼ $384M ▼
Q3-2024 $1.008B $2.677B $-401M $-915M $1.369B $2.345B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Carelon Services Segment
Carelon Services Segment
 $0 ▲$16.65Bn ▲$18.08Bn ▲$18.32Bn ▲
Health Benefits Segment
Health Benefits Segment
 $37.58Bn ▲$41.43Bn ▲$41.58Bn ▲$42.25Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, showing that Elevance continues to add members and/or increase what it earns per member. However, profit growth has not kept pace with revenue. Operating profit and net income have been fairly flat after a strong jump a few years ago, suggesting rising medical costs and competitive pressure are eating into margins. Even so, earnings per share have climbed nicely because the company has been shrinking its share count, which helps support per‑share results even when total profit is not growing much. Overall, this is a solid, mature earnings profile with healthy scale, but with visible pressure on profitability.

Balance Sheet

Balance Sheet The balance sheet shows a company that is growing and investing, but also leaning more on debt over time. Total assets and shareholder equity have been rising, which signals ongoing growth and reinvestment in the business. Cash levels move around year to year but remain at a comfortable level for a large insurer. Debt has increased meaningfully over the period, faster than equity, indicating greater leverage. That is common for a stable, cash‑generative insurer, but it does reduce flexibility if conditions in healthcare or capital markets worsen. Overall, the financial position looks solid, though clearly more leveraged than a few years ago.

Cash Flow

Cash Flow Elevance consistently generates healthy cash flow from its operations, which is a key strength for an insurer. That said, operating and free cash flow were stronger earlier in the period and have eased more recently, pointing to some volatility in working capital and claims timing. Capital spending has been relatively modest and stable, reflecting the asset‑light and technology‑driven nature of the business. Free cash flow remains firmly positive after these investments, supporting debt service, buybacks, and strategic spending. The pattern suggests a strong but not perfectly smooth cash engine, with some sensitivity to the underlying medical cost environment.

Competitive Edge

Competitive Edge Elevance holds a leading position in U.S. health insurance, helped by its large scale, well‑known Blue Cross Blue Shield branding in many markets, and very broad provider networks. Its size gives it bargaining power with hospitals and doctors, and the network depth makes it inconvenient for many employers and individuals to switch away, which supports customer stickiness. The business is also diversified across commercial plans, Medicare, Medicaid, and the Carelon health services arm, which helps balance out shifts in any one segment. On the other hand, the company faces intense competition from other national insurers and constant regulatory scrutiny, and it must manage rising medical costs while maintaining attractive benefits. Overall, this looks like a strong, durable competitive position, but one that operates under heavy regulatory and cost pressure.

Innovation and R&D

Innovation and R&D The company is clearly leaning into technology as a core part of its strategy rather than a side project. It is investing heavily in artificial intelligence, data analytics, and a proprietary Health OS platform to better predict risk, coordinate care, and streamline interactions between patients, providers, and payers. Digital tools like the Sydney Health app and voice‑enabled services aim to make the member experience simpler and more personalized, which is a key differentiator in a frustratingly complex industry. The Carelon division and its partnerships are pushing deeper into value‑based care, virtual care, and integrated services, blending insurance with care delivery and pharmacy management. The opportunity is to turn these capabilities into better outcomes at lower cost; the risk is execution complexity, integration challenges, and regulatory scrutiny around data use and AI. Still, Elevance appears to be among the more forward‑leaning incumbents on digital health.

Summary

Elevance Health looks like a mature, scaled healthcare player steadily growing its top line while working through profitability and cost pressures common across the industry. Revenue and earnings per share trends are favorable, but flat net income and rising medical costs highlight a tougher margin environment. The balance sheet and cash flow profile are solid, though leverage has risen and cash generation is a bit less robust than its peak years. Competitively, Elevance benefits from size, brand, broad networks, and a diversified mix of insurance and health services, which together form a meaningful moat. Its digital‑first strategy, AI and data investments, and expansion of Carelon and value‑based care could deepen that moat over time if executed well. The main watchpoints are margin pressure from medical costs, regulatory and policy risk, and the challenge of successfully integrating technology and care delivery at scale.

NEWS

November 24, 2025 · 10:00 AM UTC

How Elevance Health is Evolving the Healthcare Consumer Experience Through Improved Personalization and Higher Touch Service

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November 10, 2025 · 12:00 PM UTC

Elevance Health Foundation Invites Applications for $5 Million Patient Safety Prize Through New Community Action Leadership Initiative

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October 22, 2025 · 8:00 AM UTC

HistoSonics Expands Insurance Coverage for Non-Invasive Liver Tumor Treatment to 45.4 Million Elevance Health Members

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October 21, 2025 · 6:00 AM UTC

Elevance Health Reports Third Quarter 2025 Results

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October 14, 2025 · 10:08 AM UTC

NYSE: ELV Lawsuit Update: Investors in Elevance Health, Inc. (NYSE: ELV) shares should contact the Shareholders Foundation in connection with pending Lawsuit

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