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MARKETS / NYSE / ELV
NYSE · HOSPITAL & MEDICAL SERVICE PLANS · LARGE CAP

Elevance Health, Inc. ELV

19 fiscal years on record · USD · FY2025 reported · SEC filings only
12 YEARS OF DIVIDEND GROWTH
$199.1B
▲ 12.5% YoY
$5.7B
▼ 5.3% YoY
$3.2B
▼ 30.3% YoY
In brief

What this company does

Elevance Health offers network-based managed care risk-based plans to the Individual, Employer Group, Medicaid and Medicare markets. It served approximately 45.2 million medical members through its affiliated health plans as of December 31, 2025. Members are served under its Blue Cross licensee status for California and its Blue Cross and Blue Shield licensee status for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin. Its employee population, including all full-time, part-time and temporary workers, consisted of approximately 97,100 individuals as of December 31, 2025, 71,900 of them in the United States and 25,200 internationally. It reports its results of operations in four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other. The Health Benefits segment offers health products on a full-risk basis, administrative managed care services to fee-based customers, and specialty products such as stop loss, dental, vision and supplemental health insurance benefits. CarelonRx offers pharmacy services that include home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database and member services. The Carelon Services segment integrates physical, behavioral, pharmacy and social-care capabilities for internal and external customers through the Carelon Health and Carelon Insights businesses.

Written from the business description in Elevance Health, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 6 February 2026. Every sentence was checked against that document before publication.

Growth
USD 199.1B
Revenue, FY2025 · full 19-year series below
Revenue $B Net income $B
FY2025 · Revenue 199.1 · Net income 5.7
80B160B2007201020132016201920222025
Compound annual growth
+8.3%
+10.3%
+9.7%
+8.5%
−1.3%
+4.4%
+8.3%
+4.6%
+1.3%
+7.0%
+10.4%
+9.0%
+15.9%
+14.6%
+14.7%
+6.0%
+3.3%
+7.5%
−0.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +10.3% a year over five years — but profit grew slower: net income at +4.4%, earnings per share at +7.0%.

The share count fell from 0.25B to 0.22B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
3 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 3.6% · Net 2.8%
2%4%6%2007201020132016201920222025
ROE
FY2025 · ROE 13.3%
10%20%2007201020132016201920222025

Each USD of equity produced 13 cents of profit this year.

Cash & shareholders
USD 4.1B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 3.2
4B8B2007201020132016201920222025
Net buybacks $B Dividends $B
FY2025 · Dividends 1.5 · Net buybacks 2.6
2B4BDividendsNet buybacks2007201020132016201920222025

USD 1.5B in dividends and USD 2.6B in buybacks — 72% of the year's profit went back to shareholders.

Total assetsUSD 121.5B
EquityUSD 43.9B
CashUSD 9.5B
Gross debtUSD 31.9B
Net debtUSD 22.4B
Current ratio1.54×

Net debt stands at 51% of equity.

The 19-year record
19 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B199.1177.0171.3156.6138.6121.9104.292.190.084.979.273.971.061.560.758.764.961.361.2
Operating income $B7.27.98.58.37.66.46.05.44.24.84.84.44.03.63.84.14.24.3·
EBITDA $B8.79.310.210.08.97.57.16.64.34.94.94.54.13.73.94.24.34.5·
Income tax $B1.01.91.71.71.81.71.21.30.12.12.11.81.21.21.31.52.70.61.9
Net income $B5.76.06.05.96.24.64.83.83.82.52.62.62.52.72.62.94.72.53.3
Free cash flow $B3.24.66.87.27.39.75.02.63.42.73.62.72.42.22.91.02.72.24.0
EPS, diluted $25.2125.6825.2224.2824.9517.9818.4714.1914.359.219.388.998.208.187.256.949.884.765.56
Dividend / sh $··5.925.124.523.803.203.002.702.602.501.751.501.151.000.00···
Payout %2725232118211721182826191814140···
ROE %13.314.815.816.317.814.116.013.614.910.310.810.510.311.311.211.920.511.214.6
Shares out B0.220.230.230.240.240.250.250.260.260.260.260.270.290.300.340.380.450.50·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 73 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 7 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityHospital & Medical Service Plans
Listed onNYSE
Incorporated inIndiana
Fiscal year endsDecember 31
Data on record since2007

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