Elevance Health (ELV) financials

NYSE · Healthcare · Medical - Healthcare Plans · 96,615 employees · CEO Gail Koziara Boudreaux

Price: $420.07 -0.46%
Market cap: $91.1B
Enterprise value: $112B
Last report: Q3 '26 filed 2026-10-21
Next report: 2027-01-27 EPS est. $2.08

Revenue (TTM)$202B+3.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)3.7%-0.7 pp vs a year agoOperating income $7.46B

Net income (TTM)$5.14B-7.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$6.51B+72.9% vs a year agoCapex $1.08B

Diluted EPS (TTM)$23.45-4.1% vs a year agoSum of the last 4 quarters

Net cash$7.09B+130.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $91.1B
Revenue: $202B
Revenue growth: 0%
Profit margin: 2.5%
P/E: 17.9×
P/S: 0.5×
EV / EBITDA: 12.6×
Free cash flow: $6.51B
Net income: $5.14B
Revenue estimate: $200B
Earnings: 2027-01-27
Dividend: $6.87

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-21): revenue beat by 2.4%, EPS beat by 48.4%Revenue $50.4B vs $49.3B expected (+2.4%); EPS $6.99 vs $4.71 (+48.4%).
Revenue growth slowing: 1.4% year on yearQ3 '26 revenue $51.4B, against an average of 6.5% over the four quarters before.
Operating margin 3.7% (TTM), -0.7 pp on a year agoOperating income grew -12.0% while revenue grew 3.6%.
19.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $6.25B vs operating income $7.46B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 0.5% of revenue (a year ago 0.6%)$1.08B invested in the last 4 quarters (-5.5% on a year earlier). Free cash flow $6.51B = 126.8% of net income.
Returned $3.66B to shareholders = 56.2% of free cash flowBuybacks $2.16B (a year earlier $3.95B), dividends $1.5B, stock-based pay $240M (TTM).
Diluted share count down 3.6% in a year218M diluted shares in Q3 '26, 226M a year earlier.
Net cash $7.09BCash + short-term investments $37.8B, debt incl. leases $30.8B; a year ago net debt $23.4B.
Reportable Segments: revenue +1.4%, margin 2.5% (was 2.6%)Fastest-growing reported segment in Q3 '26: operating income $1.27B on revenue $51.4B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$51.4B	$50.7B	+1.4%
Gross margin	15.6%	24.8%	-9.2 pp
Operating income	$2.15B	$1.76B	+22.5%
Operating margin	4.2%	3.5%	+0.7 pp
Net income	$1.37B	$1.19B	+14.8%
Diluted EPS	$6.27	$5.32	+17.9%
Operating cash flow	$1.27B	$1.14B	+11.6%
Capex	$267M	$360M	-25.8%
Free cash flow	$1B	$775M	+29.0%
R&D	$0	$0	–
Stock-based compensation	$80M	$84M	-4.8%

Reported vs consensus

2026-10-21

	Actual	Consensus	vs consensus
Revenue	$50.4B	$49.3B	+2.4%
EPS (as estimated)	$6.99	$4.71	+48.4%

From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Health Benefits Segment	$43.4B	+2.6%	86.0%	$170B	+4.6%
Carelon Services Segment	$19.3B	+5.4%	38.3%	$75.2B	+41.7%
Segment Eliminations	-$12.2B	–	-24.2%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segments	$51.4B	+1.4%	$1.27B	-2.0%	2.5%	2.6%	$5.43B
Health Benefits Segment	–	–	$436M	-27.5%	–	–	$3.27B
Carelon Rx Segment	–	–	$616M	+10.8%	–	–	$2.5B
Carelon Services Segment	–	–	$292M	+33.3%	–	–	$978M
Carelon Total	–	–	–	–	–	–	–
Corporate And Other	–	–	-$75M	+7.4%	–	–	-$1.32B
Total Carelon	–	–	$908M	+17.2%	–	–	$3.48B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $7.6B
Capex: -$1.08B
Buybacks: -$2.16B
Dividends: -$1.5B
Acquisitions: $35M
Net debt issued: $415M
Stock-based compensation: $240M
Free cash flow: $6.51B
Returned to shareholders / FCF: 56.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	17.9×	17.2×	13.9× – 20.9×
EV / EBITDA	12.6×	12.1×	10.5× – 14.0×
EV / Sales	0.6×	0.8×	0.5× – 1.0×
Price / FCF	14.0×	18.4×	15.5× – 24.5×
Price / Book	2.0×	2.6×	1.8× – 3.4×
FCF yield	7.2%	5.6%	4.1% – 6.4%
Return on invested capital	7.5%	7.3%	6.6% – 8.2%
Return on equity	11.6%	15.2%	12.9% – 16.9%

Analysts

Consensus target $466.69 (+11.1%)
range $395.00 – $523.00 · rating Buy

Strong buy0

Buy27

Hold11

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$200B	+0.5%	$29.05	+15.6%	14.5×	12
FY2027	$205B	+2.5%	$30.25	+4.1%	13.9×	12
FY2028	$213B	+4.0%	$34.62	+14.4%	12.1×	5
FY2029	$217B	+1.8%	$39.97	+15.5%	10.5×	1
FY2030	$238B	+9.7%	$46.39	+16.1%	9.1×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 395 figures Elevance Health Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$8.32B	$6.09B	+36.6%	$7.32B	$6.93B	+5.7%
Accounts Receivable, Allowance for Credit Loss, Recovery	-$108M2025-12-31	–	–	$129M	–	–
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$264M	–	–
Accrued Income Taxes, Current	$685M	$141M	+385.8%	$151M	$75M	+101.3%
Accrued Investment Income Receivable	$308M	$280M	+10.0%	$295M	$287M	+2.8%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$4.06B2025-12-31	$3.68B	+10.3%	$4.06B	$3.68B	+10.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1.68B	-$543M	-208.7%	-$451M	-$1.15B	+60.7%
Additional Paid in Capital	$8.99B	$8.91B	+0.9%	$8.94B	$8.91B	+0.3%
Allowance for Doubtful Other Receivables, Current	$1.76B	$1.47B	+19.6%	$1.51B	$1.39B	+9.0%
Amortization of Intangible Assets	$106M	$162M	-34.6%	$628M	$580M	+8.3%
Asset Impairment Charges	$33M	$70M	-52.9%	$108M	$103M	+4.9%
Assets	$128B	$123B	+4.1%	$121B	$117B	+3.9%
Assets Held by Insurance Regulators	$1.12B2025-12-31	$1.04B	+8.3%	$1.12B	$1.04B	+8.3%
Assets Held-for-sale, Not Part of Disposal Group, Current	$02025-12-31	$490M	-100.0%	$0	$490M	-100.0%
Assets, Current	$68.5B	$63.8B	+7.4%	$63B	$58.9B	+6.9%
Assets, Fair Value Disclosure	$37.5B	$34.8B	+7.8%	$35.7B	$33B	+8.3%
Assumed Premiums Earned	–	–	–	$5.1B	$4.75B	+7.3%
Benefits, Losses and Expenses	$49.6B	$49.3B	+0.7%	$192B	$169B	+13.8%
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	$21M2025-12-31	–	–	$21M	–	–
Business Combination, Liabilities Arising from Contingencies, Amount Recognized	$1.33B2026-03-31	$1.33B	0.0%	–	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$498M2025-12-31	$484M	+2.9%	$498M	$484M	+2.9%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	–	–	–	$475M2024-12-31	$183M	+159.6%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$193M2025-12-31	-$236M	+181.8%	$193M	-$236M	+181.8%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	$2M2025-12-31	$242M	-99.2%	$2M	$242M	-99.2%
Capitalized Computer Software, Amortization	–	–	–	$803M	$734M	+9.4%
Capitalized Computer Software, Gross	$6.69B2025-12-31	$6.36B	+5.2%	$6.69B	$6.36B	+5.2%
Cash and Cash Equivalents, at Carrying Value	$10.3B	$8.71B	+18.8%	$9.49B	$8.29B	+14.5%
Cash and Cash Equivalents, Fair Value Disclosure	$5.69B	$3.22B	+76.7%	$5.18B	$3.2B	+62.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$10.3B	$8.71B	+18.8%	$9.49B	$8.29B	+14.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	$02025-12-31	$66M	-100.0%	$0	$66M	-100.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$116M	$153M	-24.2%	$1.2B	$1.83B	-34.2%
Ceded Premiums Earned	–	–	–	$114M	$66M	+72.7%
Common Stock, Dividends, Per Share, Cash Paid	$1.72	$1.71	+0.6%	–	–	–
Common Stock, Dividends, Per Share, Declared	$1.72	$1.71	+0.6%	$5.922023-12-31	$5.12	+15.6%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	900M	900M	0.0%	900M	900M	0.0%
Common Stock, Shares, Issued	216M	222M	-2.7%	221M	227M	-3.0%
Common Stock, Shares, Outstanding	216M	222M	-2.7%	221M	227M	-3.0%
Common Stock, Value, Issued	$2M	$2M	0.0%	$2M	$2M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$400M	$1.41B	-71.6%	$6.36B	$6.15B	+3.4%
Cost of Goods and Services Sold	$5.64B	$5.38B	+4.8%	$21.2B	$19.8B	+7.2%
Current Federal Tax Expense (Benefit)	–	–	–	$1B	$1.75B	-43.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$199M	$93M	+114.0%
Current Income Tax Expense (Benefit)	–	–	–	$1.33B	$2.29B	-42.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$128M	$448M	-71.4%
Current Year Claims and Claims Adjustment Expense	$36.9B	$37.3B	-1.3%	$146B	$125B	+16.1%
Debt Securities, Available-for-sale	$26.6B	$27.4B	-3.1%	$27B	$26.2B	+2.9%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$95M	$639M	-85.1%	$631M	$284M	+122.2%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$1.56B	$542M	+186.9%	$494M	$970M	-49.1%
Debt Securities, Available-for-sale, Allowance for Credit Loss	$60M	$13M	+361.5%	$21M	$6M	+250.0%
Debt Securities, Available-for-sale, Allowance for Credit Loss, Current	$60M	$13M	+361.5%	$21M	$6M	+250.0%
Debt Securities, Available-for-sale, Allowance for Credit Loss, Noncurrent	$0	$0	–	$0	$0	–
Debt Securities, Available-for-sale, Amortized Cost	$28.1B	$27.3B	+2.8%	$26.9B	$26.9B	-0.1%
Debt Securities, Available-for-sale, Amortized Cost, Current	$26.8B	$26.2B	+2.3%	$25.8B	$25.9B	-0.4%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10	$6.45B	$6.42B	+0.4%	$6.59B	$6.28B	+5.0%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	$9.38B	$10.4B	-9.7%	$10.5B	$10.6B	-0.5%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$3.25B	$4.87B	-33.2%	$4.27B	$4.83B	-11.5%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$295M	$280M	+5.4%	$241M	$198M	+21.7%
Debt Securities, Available-for-sale, Amortized Cost, Noncurrent	$1.27B	$1.11B	+14.6%	$1.12B	$1.05B	+6.4%
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$2.77B	$4.76B	-41.7%	$4.21B	$6.65B	-36.7%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01