Company file · ELV

Elevance Health

Elevance Health's revenue rose 12.5% in FY2025, to $199.1B, and net income fell 5.3% to $5.7B

Revenue rose 12.5% to $199.1B in FY2025, from $177.0B in FY2024. Net income fell 5.3% to $5.7B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 6, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026) · Data pulled Oct 28, 2026

Key facts

Elevance Health (NYSE: ELV) reported revenue of $199.1B for fiscal 2025, the year ended Dec 31, 2025, up 12.5% from fiscal 2024. Net income was $5.7B, down 5.3%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $51.4B, up 1.4% from the same quarter a year earlier, and net income was $1.4B. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).

Revenue$199.1BFY2025 · +12.5% vs FY2024

Net income$5.7BFY2025 · −5.3% vs FY2024

Operating cash flow$4.3BFY2025 · −26.1% vs FY2024

Cash & equivalents$10.3Bat Sep 30, 2026 · +9.0% vs FY2025 end

Total debt$30.8Bat Sep 30, 2026 · −4.0% vs FY2025 end

Diluted shares225MFY2025 avg · −3.6% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 6, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 15, 2026 · 10-Q filed Oct 21, 2026

How it makes money

Elevance Health reported revenue of $199.1B for FY2025, and net income of $5.7B.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$51.4B Q3 2026

$50.7B Q3 2025

1.4% increase

Net income

$1.4B Q3 2026

$1.2B Q3 2025

14.8% increase

Source: Elevance Health 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

Cash & equivalents $10.3B at Sep 30, 2026, vs $9.5B at FY2025 end.
Total debt $30.8B at Sep 30, 2026, vs $32.0B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $7.5B vs $4.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 12.5% in FY2025 to $199.1B, from $177.0B a year earlier. 10-K, FY2025
Diluted shares fell 3.6% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $51.4B, up 1.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $1.4B, up 14.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 5.3% in FY2025 to $5.7B, from $6.0B. 10-K, FY2025
Operating cash flow fell 26.1% in FY2025 to $4.3B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Elevance Health is in the managed health care industry, part of the health care sector. The SEC files it under Hospital & Medical Service Plans.

The full description of Elevance Health's business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the managed health care industry. They are not a summary of Elevance Health’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$171.3B	$177.0B	$199.1B
Net income	$6.0B	$6.0B	$5.7B
Operating cash flow	$8.1B	$5.8B	$4.3B
Cash & equivalents (year end)	$6.5B	$8.3B	$9.5B
Total debt (year end)	$25.1B	$31.2B	$32.0B
Diluted shares	237M	233M	225M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

What we left out

Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.

Recent filings

Form	Filed	Period
10-Q	Oct 21, 2026	Sep 30, 2026
10-Q	Jul 15, 2026	Jun 30, 2026
10-Q	Apr 22, 2026	Mar 31, 2026
DEF 14A	Mar 27, 2026	May 13, 2026
10-K	Feb 6, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Elevance Health

How does Elevance Health make money?

Elevance Health's revenue was $199.1B in fiscal 2025. Elevance Health reported revenue of $199.1B for FY2025, and net income of $5.7B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

What was Elevance Health's revenue in fiscal 2025?

$199.1B of revenue for the fiscal year ended Dec 31, 2025, up 12.5% from $177.0B in fiscal 2024. Fiscal 2023 was $171.3B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

Is Elevance Health profitable?

Elevance Health reported net income of $5.7B for fiscal 2025, down 5.3% from $6.0B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $1.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

What did Elevance Health report in its latest quarterly filing?

Revenue was $51.4B in the quarter ended Sep 30, 2026, up 1.4% from $50.7B a year earlier. Net income was $1.4B, up 14.8% from $1.2B. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.

How much cash and debt does Elevance Health have?

Elevance Health had $10.3B in cash and cash equivalents and $30.8B of total debt on Sep 30, 2026. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 21, 2026.

What are the main risks Elevance Health faces?

Elevance Health's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 6, 2026. Risks that are common among companies in the managed health care industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Elevance Health numbers come from?

From Elevance Health's own SEC filings: the 10-K for fiscal 2025 (filed Feb 6, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ELV: The editor holds no position in Elevance Health (ELV). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell ELV from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ELV, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Elevance HealthELV	FY2025	$199.1B	+12.5%	$5.7B
UnitedHealthUNH	FY2025	$447.6B	+11.8%	$12.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.