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Elevance Health, Inc.ELV

Sector
Healthcare
Industry
Hospital & Medical Service Plans
Exchange
NYSE

Stock Price $ELV

Latest filings

You are here#21 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q348-K133

ELV filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 133 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Deal closed8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $199.13B
YoY changeLargest recent move+16.9%in FY20Latest +12.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ELV Financial Metrics56 metrics

Income Statement13

Balance Sheet23

Cash Flow15

Per Share5

02—Overview

Elevance Health, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Elevance Health drove a massive 12.8% revenue surge to $197.6 billiona in FY2025, yet shareholders' net income simultaneously slid by 5.3% to $5.66 billion. This persistent disconnect between top-line expansion and bottom-line contraction highlights the core investment reality for the healthcare giant: while the company commands immense scale and pricing power, surging medical cost trends and Medicaid attrition are actively squeezing profitability.

Despite these recent margin pressures, the company’s structural growth arc remains formidable, with total operating revenue climbing from $136.9 billion in FY2021 to $197.6 billionb in FY2025. This expansion was largely fueled by Medicare Advantage growth, aggressive premium rate hikes, and the rapid scale of its CarelonRx pharmacy unit, which delivered a 20.7% revenue jump in FY2025. However, operational headwinds are clearly visible in the company's total medical membership, which essentially flatlined from 45.4 million members in FY2021 to 45.2 million in FY2025 after weathering a severe 15.1% plunge in Medicaid enrollment during FY2024 due to government eligibility redeterminations.

To buffer these operational headwinds, management leaned heavily into share repurchases, reducing outstanding shares to support an EPS of $25.21c for FY2025. At the close of FY2025, the market priced this mixed operational picture cautiously. Elevance Health traded at just 13.9x earnings with a stock price of $350.55, valuing the enterprise at a $77.4 billion market capitalization.

Recent Developments (Q4 2025 and Q1 2026)

Elevance Health faced severe profit headwinds in Q1 2026, underscored by a 19.2% year-over-year net income decline to $1.76 billiond despite a 2.6% revenue increase to $50.18 billion. This bottom-line compression was heavily driven by a $935 million loss contingency accrual linked to Medicare Advantage risk adjustment data. Consequently, CMS suspended new Medicare Advantage enrollment for the company effective March 31, 2026. Additionally, the company booked $129 million in restructuring costs and announced the pending departure of Carelon President Peter Haytaian in May 2026.

Bulls will highlight a 325.7% surge in operating cash flow to $4.33 billione, supporting full-year 2026 adjusted earnings guidance of at least $26.75 per share. Conversely, bears view the ongoing 0.9% quarterly membership decline and CMS sanctions as structural threats to profitability. Trading at 13.0x earnings as of the Q1 2026 reporting date, the stock appears heavily discounted to reflect these immediate roadblocks.

What to watch: progress toward resolving the CMS Medicare Advantage enrollment suspension; margin impacts from the operating model transformation program.

03—Filings

Recent SEC Filings

  1. 8-KElevance Health, Inc. 8-K Report, Financial Results (Oct 21, 2026)Elevance Health, Inc. (ELV) has reported its third quarter 2026 financial results, demonstrating a slight increase in operating revenue to $50.4 billion, up 0.7% year-over-year. The company's performance exceeded expectations, leading to an upward revision of its full-year 2026 guidance for both diluted EPS and adjusted diluted EPS. This positive outlook is supported by improved operating performance and a notable net non-operating benefit recognized in the quarter. The company highlighted increased operating cash flow and continues to invest in capabilities aimed at enhancing the member experience, strengthening its competitive position, and driving long-term growth. The Health Benefits segment saw revenue growth driven by premium yields and service fees, although membership declined in key areas like Medicare Advantage and Medicaid. Conversely, the Carelon segment, encompassing CarelonRx and Carelon Services, experienced robust revenue and operating gain growth, underscoring the strength of its pharmacy and services offerings.
  2. 8-KElevance Health, Inc. 8-K Report, Regulation FD Disclosure (Sep 10, 2026)Elevance Health, Inc. (ELV) has filed an 8-K report on September 10, 2026, to reaffirm its financial guidance for the full year 2026. The company expects shareholders' earnings to be at least $20.10 per diluted share, which includes approximately $6.90 per diluted share related to net unfavorable items. Excluding these specific items, Elevance Health maintains its adjusted shareholders' earnings expectation of at least $27.00 per diluted share. This guidance does not account for any additional adjustment items beyond those already reported in the second quarter of 2026. Furthermore, the company is reaffirming its full-year 2026 guidance for the benefit expense ratio, projecting it to be 90.2%, with a permissible range of plus or minus 50 basis points. This reaffirmation indicates management's confidence in their ability to manage costs and maintain projected profitability within the specified parameters. Investors should note that the information provided is forward-looking and subject to the risks and uncertainties outlined in the filing.
  3. 8-KElevance Health, Inc. 8-K Report, Financial Results (Jul 15, 2026)Elevance Health (ELV) reported second quarter 2026 results on July 15, 2026, with operating revenue of $49.8 billion, up 0.8% year over year, and diluted EPS of $6.71 (down 13.1% from $7.72). Adjusted diluted EPS was $7.45, down from $8.84, and the company said results were supported by favorable benefit expense performance and an approximately $0.80 per share net below-the-line benefit. The benefit expense ratio rose 80 basis points to 89.7%, driven by elevated medical cost trend in Government businesses, partially offset by better Individual ACA performance. Operating gain fell 27.3% to $1.8 billion, with Health Benefits operating margin compressing to 2.1% from 3.8%. Carelon was the bright spot, with revenue up 6% to $19.2 billion and CarelonRx and Carelon Services growing. Management raised full-year 2026 guidance: diluted EPS to at least $20.10 and adjusted diluted EPS to at least $27.00, and raised operating cash flow guidance to at least $6.0 billion. The company also reaffirmed its target of at least 12% adjusted EPS growth in 2027 off its 2026 baseline, while accelerating targeted investments in medical cost management, member experience, provider connectivity, operating efficiency, and Carelon's value-based solutions. The adjusted operating expense ratio rose 100 basis points to 11.0%, reflecting these investments. Investors should note that the full-year EPS gap between GAAP and adjusted figures is large, driven by a $935 million (about $4.27 per share) accrual tied to a February 27, 2026 CMS notice on historical Medicare Advantage risk adjustment data, along with intangible amortization and investment-related items. On the balance sheet and cash flow side, six-month operating cash flow was $6.2 billion, though Q2 operating cash flow of $1.9 billion was affected by timing of a state Medicaid pass-through payment. Medical membership declined 1.5% year over year to 44.9 million, mainly from Medicare Advantage, Medicaid, and Individual ACA attrition and a commercial fee-based customer transition. The company repurchased $234 million of stock in the quarter, paid a $1.72 per share dividend, and retains about $5.3 billion in buyback authorization. The third-quarter dividend of $1.72 is payable September 25, 2026.
  4. 8-KElevance Health, Inc. 8-K Report, Regulation FD Disclosure (Jun 10, 2026)Elevance Health, Inc. (ELV) issued an 8-K filing on June 10, 2026, to reaffirm its financial guidance for the full year 2026. The company expects shareholders' earnings per diluted share to be at least $19.85, which includes approximately $6.90 per diluted share from net unfavorable items. Excluding these items, the adjusted shareholders' earnings are projected to be at least $26.75 per diluted share, consistent with expectations set in the first quarter of 2026. This guidance does not incorporate any further adjustment items beyond those already reported. Additionally, Elevance Health is reiterating its full-year 2026 guidance for the benefit expense ratio, which is expected to be 90.2% plus or minus 50 basis points. This filing serves as a communication with investors and analysts, confirming the company's financial outlook and operational expectations for the remainder of the fiscal year.
  5. 8-KElevance Health, Inc. 8-K Report, Shareholder Vote Results (May 13, 2026)Elevance Health, Inc. (ELV) held its Annual Meeting of Shareholders on May 13, 2026, with a substantial quorum represented by over 194 million shares of common stock. The meeting's primary outcomes included the overwhelming election of directors, with all nominees securing significant support and terms extending to 2029. This demonstrates continued confidence in the leadership team guiding the company's strategic direction. Furthermore, shareholders provided advisory approval for the company's executive compensation practices, signaling alignment between executive pay and company performance. The appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026 was also ratified, reinforcing established audit procedures. Notably, a shareholder proposal seeking an independent study on prohibiting corporate contributions to partisan 527 political groups did not receive sufficient support for approval, indicating shareholder sentiment against such an initiative at this time.
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04—See also

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