Elevance Health, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Elevance Health, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	84,863	90,040	92,105	104,213	121,867	138,639	156,595	171,340	177,011	199,125
Cost of revenue		0	0	1,992	8,953	10,895	13,035	17,293	19,750	21,178
Gross profit		90,040	92,105	102,221	112,914	127,744	143,560	154,047	157,261	177,947
Selling, general and administrative	12,559	12,650	14,020	13,364	17,450	15,918	17,700	20,087	20,025	20,984
Selling and marketing	246	338	385	467	558	588	511	599	540	395
General and administrative	11,166	11,254
Operating income	4,801	4,175	5,426	5,999	6,360	7,559	8,283	8,499	7,862	7,199
Interest expense	723	739	753	746	784	798	851	1,030	1,185	1,402
Pre-tax income	4,555	3,964	5,068	5,985	6,238	7,995	7,600	7,715	7,904	6,710
Income tax	2,085	121	1,318	1,178	1,666	1,846	1,712	1,724	1,933	1,049
Income from continuing operations	2,470
Net income to minority interests				0	0	-9	-6	4	-9	-1
Net income	2,470	3,843	3,750	4,807	4,572	6,158	5,894	5,987	5,980	5,662
EBITDA	4,905	4,286	6,558	7,132	7,514	8,861	9,958	10,244	9,255	8,745
EPS, basic	9.39	14.70	14.53	18.81	18.23	25.26	24.56	25.38	25.81	25.28
EPS, diluted	9.21	14.35	14.19	18.47	17.98	24.95	24.28	25.22	25.68	25.21
Shares, basic (weighted)	263	262	258	256	251	244	240	236	232	224
Shares, diluted (weighted)	268	268	264	260	254	247	243	237	233	225
Dividend per share	2.60	2.70	3.00	3.20	3.80	4.52	5.12	5.92

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,075	3,609	3,934	4,937	5,741	4,880	7,387	6,526	8,288	9,491
Short-term investments	17,163	17,377	16,692	19,676	23,433	26,267	25,952	29,614	25,201	25,884
Other current assets	1,782	2,249	2,104	3,020	4,060	4,654	5,281	5,795	4,700	5,344
Total current assets	34,315	36,263	34,321	39,033	45,751	51,122	55,617	60,029	58,942	63,001
Property, plant and equipment	1,978	2,175	2,735	3,133	3,483	3,919	4,316	4,359	4,652	4,679
Lease right-of-use assets						628	604	584	567	452
Goodwill	17,561	19,231	20,504	20,500	21,691	24,228	24,383	25,317	28,277	28,344
Intangible assets	7,965	8,368	9,007	8,674	9,405	10,615	10,315	10,273	12,094	11,200
Long-term investments	524	561	487	505	562	632	752	876	1,035	1,121
Other non-current assets	468	565	758	1,350	1,438	1,715	1,687	1,967	2,140	2,310
Total assets	65,083	70,540	71,571	77,453	86,615	97,456	102,755	108,928	116,889	121,494
Accounts payable	4,015	5,024	4,959	4,198	5,493	4,970	5,607	6,910	6,927	7,322
Short-term debt	928	1,275	849	1,598	700	1,599	1,500	1,649	1,649	1,099
Total current liabilities	21,294	23,356	21,965	23,532	29,453	34,885	39,696	41,791	40,581	41,035
Long-term debt	14,359	17,382	17,217	17,787	19,335	21,157	22,349	23,246	29,218	30,797
Lease liabilities						864	751	685	658	529
Other non-current liabilities	884	925	1,182	1,420	1,815	1,683	1,562	1,738	3,326	3,526
Total liabilities	39,983	44,037	43,030	45,725	53,416	61,293	66,425	69,523	75,463	77,468
Total debt	15,287	18,657	18,066	19,385	20,035	22,756	23,849	24,895	30,867	31,896
Paid-in capital	8,805	8,547	9,536	9,448	9,244	9,148	9,084	8,868	8,911	8,938
Retained earnings	16,561	18,054	19,988	22,573	23,802	27,142	29,647	31,749	33,549	35,393
Other comprehensive income	-268	-101	-986	-296	150	-197	-2,490	-1,313	-1,147	-451
Shareholders' equity	25,101	26,503	28,541	31,728	33,199	36,095	36,243	39,306	41,315	43,882
Minority interests					0	68	87	99	111	144
Total equity	25,101	26,503	28,567	31,693	33,187	36,140	36,330	39,405	41,426	44,026
Total liabilities and equity	65,083	70,540	71,571	77,453	86,615	97,456	102,755	108,928	116,889	121,494
Shares outstanding	264	256	257	253	245	242	238	233	227	221

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,470	3,843	3,750	4,807	4,572	6,149	5,888	5,991	5,971	5,661
Depreciation and amortization	104	111	1,132	1,133	1,154	1,302	1,675	1,745	1,393	1,546
Stock-based compensation	165	170	226	294	283	255	264	289	191	276
Deferred income tax	127	-1,272	91	81	-540	342	-115	-602	-374	-279
Change in receivables	-1,381	-22	-695	-1,053	-256	-2,138	-2,510	-1,762	-683	-2,526
Change in payables	182	922	122	-593
Cash from operations	3,270	4,185	3,827	6,061	10,688	8,364	8,399	8,061	5,808	4,290
Capital expenditures	-584	-791	-1,208	-1,077	-1,021	-1,087	-1,152	-1,296	-1,256	-1,116
Acquisitions	0	-2,080	-1,760	0	-1,976	-3,476	-649	-1,552	-4,809	88
Purchases of investments	-10,158	-9,795	-9,671	-22,954	-19,492	-18,669	-24,946	-16,236	-17,986	-15,026
Sales and maturities of investments	1,419	1,848	1,938	2,437	4,741	4,344	10,620	2,940	2,025	1,771
Cash from investing	-514	-5,082	-1,259	-2,792	-7,324	-9,638	-4,560	-5,572	-5,167	-1,344
Debt issued	0	5,458	835	2,473	2,484	3,462	3,071	2,574	7,710	2,991
Debt repaid	0	-2,815	-1,684	-1,123	-1,932	-1,068	-1,899	-1,909	-1,650	-2,147
Stock issued	0	0	1,250	0	0	203	120	87	154	51
Share buybacks	0	-1,998	-1,685	-1,701	-2,700	-1,900	-2,316	-2,676	-2,900	-2,605
Dividends paid	-684	-705	-776	-818	-954	-1,104	-1,229	-1,395	-1,508	-1,529
Cash from financing	-799	427	-2,241	-2,266	-2,567	423	-1,318	-3,349	1,193	-1,738
Exchange rate effect	5	4	-2	0	7	-10	-14	-1	-6	-5
Net change in cash	1,962	-466	325	1,003	804	-861	2,507	-861	1,828	1,203
Free cash flow	2,686	3,394	2,619	4,984	9,667	7,277	7,247	6,765	4,552	3,174
Interest paid	595	778	728	755	794	822	878	1,032	1,239	1,410
Income taxes paid	1,665	1,503	738	1,403	1,790	1,299	1,594	1,936	1,411	1,367

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $396.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	89.1%	Gross profit / revenue.
Operating margin	2.7%	Operating income / revenue.
EBITDA margin	3.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.9%	Pre-tax income / revenue.
Net margin	2.5%	Net income / revenue.
FCF margin	3.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.7%	Cash from operations / revenue.
Effective tax rate	15.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	7.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-8.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-5.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-5.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-26.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-20.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-16.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-30.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-24.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-20.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.52x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.81x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.69x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.6%	Total debt / total assets.
Liabilities / assets	64.4%	Total liabilities / total assets.
Net debt	-$4.91B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.70x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.79x	Operating income / interest expense.
Working capital	$22.93B	Current assets - current liabilities.
Goodwill and intangibles / assets	31.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.56B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.59x	Revenue / average total assets.
Fixed asset turnover	43.3x	Revenue / average property, plant and equipment.
Days payables	111 days	365 x average accounts payable / cost of revenue.
FCF conversion	126.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$22.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$922.96	Revenue / diluted weighted shares.
FCF per share	$28.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$34.25	Cash from operations / diluted weighted shares.
Book value per share	$206.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.65	Tangible book value / shares outstanding.
Cash per share	$165.79	(Cash + short-term investments) / shares outstanding.
Payout ratio	30.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	43.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$85.90B	Share price x shares outstanding.
Enterprise value	$80.99B	Market cap + total debt - cash - short-term investments.
P/E	17.3x	Market cap / net income. Only when net income is positive.
P/S	0.43x	Market cap / revenue.
P/B	1.91x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	15.4x	Market cap / tangible book value, when positive.
P/FCF	13.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.5x	Market cap / cash from operations, when positive.
EV/Sales	0.40x	Enterprise value / revenue.
EV/EBIT	14.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.3%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	4.9%	(Dividends paid + share buybacks) / market cap.
PEG	13.7x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Elevance Health, Inc.'s revenue in fiscal 2025?

Elevance Health, Inc. reported revenue of $199.13B for fiscal 2025, 12.5% higher than the year before.

Was Elevance Health, Inc. profitable in fiscal 2025?

Yes. Net income was $5.66B, a net margin of 2.8%.

How much free cash flow did Elevance Health, Inc. generate in fiscal 2025?

Cash from operations of $4.29B minus capital expenditures of $1.12B left free cash flow of $3.17B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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