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Side-by-side financial comparison of Elevance Health (ELV) and AT&T (T). Click either name above to swap in a different company.
Elevance Health is the larger business by last-quarter revenue ($49.7B vs $31.5B, roughly 1.6× AT&T). AT&T runs the higher net margin — 13.3% vs 1.1%, a 12.2% gap on every dollar of revenue. On growth, AT&T posted the faster year-over-year revenue change (2.9% vs 1.8%). Over the past eight quarters, Elevance Health's revenue compounded faster (6.5% CAGR vs 2.8%).
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.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
ELV vs T — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $49.7B | $31.5B |
| Net Profit | $547.0M | $4.2B |
| Gross Margin | 88.9% | — |
| Operating Margin | 0.6% | 21.1% |
| Net Margin | 1.1% | 13.3% |
| Revenue YoY | 1.8% | 2.9% |
| Net Profit YoY | -74.9% | -10.9% |
| EPS (diluted) | $2.56 | $0.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $49.7B | $31.5B | ||
| Q4 25 | $49.7B | $33.5B | ||
| Q3 25 | $50.7B | $30.7B | ||
| Q2 25 | $49.8B | $30.8B | ||
| Q1 25 | $48.9B | $30.6B | ||
| Q4 24 | $45.4B | $32.3B | ||
| Q3 24 | $45.1B | $30.2B | ||
| Q2 24 | $43.9B | $29.8B |
| Q1 26 | $547.0M | $4.2B | ||
| Q4 25 | $547.0M | $3.8B | ||
| Q3 25 | $1.2B | $9.3B | ||
| Q2 25 | $1.7B | $4.5B | ||
| Q1 25 | $2.2B | $4.4B | ||
| Q4 24 | $418.0M | $4.1B | ||
| Q3 24 | $1.0B | $-174.0M | ||
| Q2 24 | $2.3B | $3.6B |
| Q1 26 | 88.9% | — | ||
| Q4 25 | 88.9% | — | ||
| Q3 25 | 89.4% | — | ||
| Q2 25 | 89.4% | — | ||
| Q1 25 | 89.8% | — | ||
| Q4 24 | 86.8% | — | ||
| Q3 24 | 88.7% | — | ||
| Q2 24 | 89.0% | — |
| Q1 26 | 0.6% | 21.1% | ||
| Q4 25 | 0.6% | 17.3% | ||
| Q3 25 | 2.6% | 19.9% | ||
| Q2 25 | 4.9% | 21.1% | ||
| Q1 25 | 6.5% | 18.8% | ||
| Q4 24 | 1.5% | 16.5% | ||
| Q3 24 | 3.1% | 7.0% | ||
| Q2 24 | 6.3% | 19.3% |
| Q1 26 | 1.1% | 13.3% | ||
| Q4 25 | 1.1% | 11.3% | ||
| Q3 25 | 2.3% | 30.3% | ||
| Q2 25 | 3.5% | 14.6% | ||
| Q1 25 | 4.5% | 14.2% | ||
| Q4 24 | 0.9% | 12.6% | ||
| Q3 24 | 2.3% | -0.6% | ||
| Q2 24 | 5.2% | 12.1% |
| Q1 26 | $2.56 | $0.54 | ||
| Q4 25 | $2.56 | $0.52 | ||
| Q3 25 | $5.32 | $1.29 | ||
| Q2 25 | $7.72 | $0.62 | ||
| Q1 25 | $9.61 | $0.61 | ||
| Q4 24 | $1.88 | $0.56 | ||
| Q3 24 | $4.36 | $-0.03 | ||
| Q2 24 | $9.85 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $9.5B | $12.0B |
| Total DebtLower is stronger | $31.9B | $131.6B |
| Stockholders' EquityBook value | $43.9B | $125.6B |
| Total Assets | $121.5B | $421.2B |
| Debt / EquityLower = less leverage | 0.73× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $9.5B | $12.0B | ||
| Q4 25 | $9.5B | $18.2B | ||
| Q3 25 | $8.7B | $20.3B | ||
| Q2 25 | $8.6B | $10.5B | ||
| Q1 25 | $7.5B | $6.9B | ||
| Q4 24 | $8.3B | $3.3B | ||
| Q3 24 | $7.9B | $2.6B | ||
| Q2 24 | $6.5B | $3.1B |
| Q1 26 | $31.9B | $131.6B | ||
| Q4 25 | $31.9B | $127.1B | ||
| Q3 25 | — | $128.1B | ||
| Q2 25 | — | $123.1B | ||
| Q1 25 | — | $117.3B | ||
| Q4 24 | $30.9B | $118.4B | ||
| Q3 24 | — | $126.4B | ||
| Q2 24 | — | $125.4B |
| Q1 26 | $43.9B | $125.6B | ||
| Q4 25 | $43.9B | $126.5B | ||
| Q3 25 | $44.0B | $126.8B | ||
| Q2 25 | $43.7B | $121.4B | ||
| Q1 25 | $42.5B | $119.9B | ||
| Q4 24 | $41.3B | $118.2B | ||
| Q3 24 | $43.8B | $116.3B | ||
| Q2 24 | $42.2B | $119.3B |
| Q1 26 | $121.5B | $421.2B | ||
| Q4 25 | $121.5B | $420.2B | ||
| Q3 25 | $122.7B | $423.2B | ||
| Q2 25 | $121.9B | $405.5B | ||
| Q1 25 | $119.7B | $397.5B | ||
| Q4 24 | $116.9B | $394.8B | ||
| Q3 24 | $116.5B | $393.7B | ||
| Q2 24 | $113.0B | $398.0B |
| Q1 26 | 0.73× | 1.05× | ||
| Q4 25 | 0.73× | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 0.75× | 1.00× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | — | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $7.6B |
| Free Cash FlowOCF − Capex | — | $2.5B |
| FCF MarginFCF / Revenue | — | 8.0% |
| Capex IntensityCapex / Revenue | — | 15.5% |
| Cash ConversionOCF / Net Profit | — | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $84.0M | $11.3B | ||
| Q3 25 | $1.1B | $10.2B | ||
| Q2 25 | $2.1B | $9.8B | ||
| Q1 25 | $1.0B | $9.0B | ||
| Q4 24 | $706.0M | $11.9B | ||
| Q3 24 | $2.7B | $10.2B | ||
| Q2 24 | $447.0M | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $-209.0M | $4.5B | ||
| Q3 25 | $775.0M | $5.3B | ||
| Q2 25 | $1.8B | $4.9B | ||
| Q1 25 | $821.0M | $4.8B | ||
| Q4 24 | $384.0M | $5.1B | ||
| Q3 24 | $2.3B | $4.9B | ||
| Q2 24 | $124.0M | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | -0.4% | 13.6% | ||
| Q3 25 | 1.5% | 17.1% | ||
| Q2 25 | 3.6% | 15.8% | ||
| Q1 25 | 1.7% | 15.6% | ||
| Q4 24 | 0.8% | 15.6% | ||
| Q3 24 | 5.2% | 16.3% | ||
| Q2 24 | 0.3% | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 0.6% | 20.3% | ||
| Q3 25 | 0.7% | 15.9% | ||
| Q2 25 | 0.5% | 15.9% | ||
| Q1 25 | 0.4% | 14.0% | ||
| Q4 24 | 0.7% | 21.2% | ||
| Q3 24 | 0.7% | 17.5% | ||
| Q2 24 | 0.7% | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | 0.15× | 2.99× | ||
| Q3 25 | 0.95× | 1.09× | ||
| Q2 25 | 1.18× | 2.17× | ||
| Q1 25 | 0.47× | 2.08× | ||
| Q4 24 | 1.69× | 2.92× | ||
| Q3 24 | 2.63× | — | ||
| Q2 24 | 0.19× | 2.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ELV
Segment breakdown not available.
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
