Elevance HealthELVEarnings & Financial Report
Elevance Health, Inc. is an American health insurance company. Prior to June 2022, Elevance Health was named Anthem, Inc. The company is the world's seventh largest healthcare company based on revenue. Its services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon.
Revenue
$45.1B
Gross Profit
$40.0B
Operating Profit
$1.4B
Net Profit
$1.0B
Gross Margin
88.7%
Operating Margin
3.1%
Net Margin
2.3%
YoY Growth
5.3%
EPS
$4.36
Elevance Health Q3 FY2024 Financial Summary
Elevance Health reported revenue of $45.1B (up 5.3% YoY) for Q3 FY2024, with a net profit of $1.0B (down 21.2% YoY) (2.3% margin). Cost of goods sold was $5.1B, operating expenses totaled $38.6B.
Key Financial Metrics
| Total Revenue | $45.1B |
|---|---|
| Net Profit | $1.0B |
| Gross Margin | 88.7% |
| Operating Margin | 3.1% |
| Report Period | Q3 FY2024 |
Revenue Breakdown
Elevance Health Q3 FY2024 revenue of $45.1B breaks down across 3 segments, led by Health Benefits Segment at $38.3B (84.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Health Benefits Segment | $38.3B | 84.9% |
| Carelon Services Segment | $4.6B | 10.3% |
| Service Fees | $2.0B | 4.5% |
Elevance Health Revenue by Segment — Quarterly Trend
Elevance Health revenue by segment across the last 4 reported quarters, showing how each business line (such as Health Benefits Segment and Carelon Services Segment) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Health Benefits Segment | — | $41.8B | $42.2B | $41.6B |
| Service Fees | — | $2.2B | $2.1B | $2.1B |
Elevance Health Annual Revenue by Year
Elevance Health annual revenue history includes year-by-year totals (for example, 2025 revenue was $199.1B).
| Year | Annual Revenue |
|---|---|
| 2025 | $199.1B |
| 2024 | $177.0B |
Elevance Health Quarterly Revenue & Net Profit History
Elevance Health results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $49.7B | +1.8% | $547.0M | 1.1% |
| Q4 FY2025 | $49.7B | +9.5% | $547.0M | 1.1% |
| Q3 FY2025 | $50.7B | +12.4% | $1.2B | 2.3% |
| Q2 FY2025 | $49.8B | +13.4% | $1.7B | 3.5% |
| Q1 FY2025 | $48.9B | +14.8% | $2.2B | 4.5% |
| Q4 FY2024 | $45.4B | +6.6% | $418.0M | 0.9% |
| Q3 FY2024 | $45.1B | +5.3% | $1.0B | 2.3% |
| Q2 FY2024 | $43.9B | +0.5% | $2.3B | 5.2% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $43.89B | $45.11B | $45.44B | $48.89B | $49.78B | $50.71B | $49.75B | $49.75B |
| YoY Growth | 0.5% | 5.3% | 6.6% | 14.8% | 13.4% | 12.4% | 9.5% | 1.8% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $112.99B | $116.53B | $116.89B | $119.72B | $121.94B | $122.75B | $121.49B | $121.49B |
| Liabilities | $70.69B | $72.65B | $75.46B | $77.10B | $78.09B | $78.67B | $77.47B | $77.47B |
| Equity | $42.19B | $43.77B | $41.31B | $42.50B | $43.72B | $43.95B | $43.88B | $43.88B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $447.0M | $2.68B | $706.0M | $1.02B | $2.05B | $1.14B | $84.0M |