Elevance Health (ELV) financial statements
Elevance Health reported revenue of $199.1B in fiscal 2025, up 9.9% a year over 9 years.
Net income was $5.7B and the operating margin 3.6%, against 5.7% in 2016.
Free cash flow was $3.2B, and the company returned $1.5B in dividends and $2.6B in net buybacks.
The diluted share count fell 16% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Elevance Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $84.9B | $90.0B | $92.1B | $104.2B | $121.9B | $138.6B | $156.6B | $171.3B | $177.0B | $199.1B |
| Cost of revenue | — | $0 | $0 | $2.0B | $9.0B | $10.9B | $13.0B | $17.3B | $19.8B | $21.2B |
| Gross profit | — | $90.0B | $92.1B | $102.2B | $112.9B | $127.7B | $143.6B | $154.0B | $157.3B | $177.9B |
| Selling, general and admin | $12.6B | $12.7B | $14.0B | $13.4B | $17.4B | $15.9B | $17.7B | $20.1B | $20.0B | $21.0B |
| Operating income | $4.8B | $4.2B | $5.4B | $6.0B | $6.4B | $7.6B | $8.3B | $8.5B | $7.9B | $7.2B |
| Interest expense | $723M | $739M | $753M | $746M | $784M | $798M | $851M | $1.0B | $1.2B | $1.4B |
| Pre-tax income | $4.6B | $4.0B | $5.1B | $6.0B | $6.2B | $8.0B | $7.6B | $7.7B | $7.9B | $6.7B |
| Income tax | $2.1B | $121M | $1.3B | $1.2B | $1.7B | $1.8B | $1.7B | $1.7B | $1.9B | $1.0B |
| Net income | $2.5B | $3.8B | $3.8B | $4.8B | $4.6B | $6.2B | $5.9B | $6.0B | $6.0B | $5.7B |
| EPS (diluted) | $9.21 | $14.35 | $14.19 | $18.47 | $17.98 | $24.95 | $24.28 | $25.22 | $25.68 | $25.21 |
| Diluted shares | 268M | 268M | 264M | 260M | 254M | 247M | 243M | 237M | 233M | 225M |
| Gross margin | — | 100.0% | 100.0% | 98.1% | 92.7% | 92.1% | 91.7% | 89.9% | 88.8% | 89.4% |
| Operating margin | 5.7% | 4.6% | 5.9% | 5.8% | 5.2% | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% |
| Net margin | 2.9% | 4.3% | 4.1% | 4.6% | 3.8% | 4.4% | 3.8% | 3.5% | 3.4% | 2.8% |
Balance sheet
Fiscal years, from Elevance Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $21.2B | $21.0B | $20.6B | $24.6B | $29.2B | $31.1B | $33.3B | $36.1B | $33.5B | $35.4B |
| Receivables | — | $3.6B | $4.5B | $5.0B | $5.3B | $5.7B | $7.1B | $7.9B | $8.0B | $10.1B |
| Total current assets | $34.3B | $36.3B | $34.3B | $39.0B | $45.8B | $51.1B | $55.6B | $60.0B | $58.9B | $63.0B |
| Property, plant and equipment | $2.0B | $2.2B | $2.7B | $3.1B | $3.5B | $3.9B | $4.3B | $4.4B | $4.7B | $4.7B |
| Goodwill | $17.6B | $19.2B | $20.5B | $20.5B | $21.7B | $24.2B | $24.4B | $25.3B | $28.3B | $28.3B |
| Total assets | $65.1B | $70.5B | $71.6B | $77.5B | $86.6B | $97.5B | $102.8B | $108.9B | $116.9B | $121.5B |
| Total current liabilities | $21.3B | $23.4B | $22.0B | $23.5B | $29.5B | $34.9B | $39.7B | $41.8B | $40.6B | $41.0B |
| Long-term debt | $14.4B | $17.4B | $17.2B | $17.8B | $19.3B | $21.2B | $22.3B | $23.2B | $29.2B | $30.8B |
| Total liabilities | $40.0B | $44.0B | $43.0B | $45.7B | $53.4B | $61.3B | $66.4B | $69.5B | $75.5B | $77.5B |
| Shareholders' equity | $25.1B | $26.5B | $28.5B | $31.7B | $33.2B | $36.1B | $36.2B | $39.3B | $41.3B | $43.9B |
| Net debt | $11.2B | $15.0B | $14.1B | $14.4B | $14.3B | $17.9B | $16.5B | $18.4B | $22.6B | $22.4B |
Cash flow
Fiscal years, from Elevance Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $4.2B | $3.8B | $6.1B | $10.7B | $8.4B | $8.4B | $8.1B | $5.8B | $4.3B |
| Capital spending | $584M | $791M | $1.2B | $1.1B | $1.0B | $1.1B | $1.2B | $1.3B | $1.3B | $1.1B |
| Free cash flow | $2.7B | $3.4B | $2.6B | $5.0B | $9.7B | $7.3B | $7.2B | $6.8B | $4.6B | $3.2B |
| Stock-based compensation | $165M | $170M | $226M | $294M | $283M | $255M | $264M | $289M | $191M | $276M |
| Dividends paid | $684M | $705M | $776M | $818M | $954M | $1.1B | $1.2B | $1.4B | $1.5B | $1.5B |
| Share buybacks (net) | $0 | -$2.0B | -$1.7B | -$1.7B | -$2.7B | -$1.9B | -$2.3B | -$2.7B | -$2.9B | -$2.6B |
| Net borrowing | -$53M | $2.8B | -$956M | $1.1B | $402M | $2.4B | $872M | $665M | $6.1B | $844M |
| Free cash flow margin | 3.2% | 3.8% | 2.8% | 4.8% | 7.9% | 5.2% | 4.6% | 3.9% | 2.6% | 1.6% |
| Dividends per share | $2.55 | $2.63 | $2.94 | $3.14 | $3.75 | $4.47 | $5.06 | $5.88 | $6.47 | $6.81 |
Questions
What was Elevance Health's revenue in 2025?
$199.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Elevance Health generate?
$3.2B in fiscal 2025 (operating cash flow minus capital spending).
From Elevance Health's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.