Elevance Health, Inc. (ELV) operating KPIs

ELVNYSEHospital & Medical Service PlansFiscal year ends December 31

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 21, 2026Score 15/3012% below fair value

$420.07−1.95 (-0.46%)

Close on Oct 30, 2026Market cap $91.10BP/E 18.7Yield –

KPIs

Operating metrics that drive Elevance Health's business · fiscal year ends December 31

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Metric	Q3 2026 2026-09-30	Q2 2026 2026-06-30	Q1 2026 2026-03-31	Q4 2025 2025-12-31	Q3 2025 2025-09-30	Q2 2025 2025-06-30	Q1 2025 2025-03-31	Q4 2024 2024-12-31	Q3 2024 2024-09-30	Q2 2024 2024-06-30	Q1 2024 2024-03-31	Q4 2023 2023-12-31

Total Medical Membership5	44,882.00	44,949.00	45,418.00	45,232.00	45,369.00	45,621.00	45,833.00	45,734.00	45,760.00	45,776.00	46,049.00	46,829.00
Commercial Fee-Based Medical Membership (Self-Funded & BlueCard®)2	27,605.00	27,513.00	27,749.00	27,092.00	27,002.00	27,154.00	27,130.00	27,199.00	27,266.00	27,234.00	27,257.00	26,933.00
Employer Group Fee-Based Medical Membership (Self-Funded / ASO)	21,009.00	20,931.00	21,170.00	20,583.00	20,608.00	20,584.00	20,522.00	20,569.00	20,589.00	20,542.00	20,622.00	20,227.00
BlueCard® Host Medical Membership	6,596.00	6,582.00	6,579.00	6,509.00	6,394.00	6,570.00	6,608.00	6,630.00	6,677.00	6,692.00	6,635.00	6,706.00
Commercial Risk-Based Medical Membership (Fully-Insured)2	4,714.00	4,734.00	4,863.00	4,924.00	4,970.00	4,963.00	5,061.00	5,000.00	4,971.00	4,929.00	4,894.00	4,781.00
Employer Group Risk-Based Medical Membership	3,366.00	3,417.00	3,439.00	3,617.00	3,616.00	3,615.00	3,638.00	3,713.00	3,672.00	3,648.00	3,648.00	3,756.00
Individual Medical Membership (ACA Marketplace & Off-Exchange)	1,348.00	1,317.00	1,424.00	1,307.00	1,354.00	1,348.00	1,423.00	1,287.00	1,299.00	1,281.00	1,246.00	1,025.00
Medicaid Managed Care Medical Membership (TANF, Expansion, ABD & LTSS)	8,220.00	8,358.00	8,456.00	8,500.00	8,645.00	8,733.00	8,862.00	8,917.00	8,926.00	9,028.00	9,327.00	10,503.00
Total Medicare Medical Membership2	2,796.00	2,790.00	2,787.00	3,112.00	3,122.00	3,129.00	3,131.00	2,957.00	2,941.00	2,925.00	2,913.00	2,970.00
Medicare Advantage Membership (Part C Individual & Group)	1,898.00	1,897.00	1,899.00	2,230.00	2,245.00	2,255.00	2,255.00	2,066.00	2,047.00	2,031.00	2,017.00	2,047.00
Medicare Supplement (Medigap) Membership	898.00	893.00	888.00	882.00	877.00	874.00	876.00	891.00	894.00	894.00	896.00	923.00
Federal Employee Program (FEP® / FEHB) Medical Membership	1,547.00	1,554.00	1,563.00	1,604.00	1,630.00	1,642.00	1,649.00	1,661.00	1,656.00	1,660.00	1,658.00	1,642.00
Specialty Membership — Vision Members	11,895.00	11,912.00	11,975.00		10,842.00	10,770.00	10,817.00	10,419.00	10,382.00	10,275.00	10,251.00	9,944.00
Specialty Membership — Dental Members1	7,445.00	7,480.00	7,556.00		7,364.00	7,346.00	7,394.00	7,282.00	7,021.00	7,008.00	6,970.00	6,820.00
Specialty Membership — Dental Administration Members (Network / Third-Party)	1,932.00	1,940.00	1,944.00		1,957.00	1,961.00	1,966.00	1,887.00	1,878.00	1,851.00	1,841.00	1,729.00
Specialty Membership — Medicare Part D Standalone Members	79.00	78.00	77.00		217.00	219.00	221.00	256.00	258.00	260.00	262.00	260.00
CarelonRx — Quarterly Adjusted Prescription Scripts(M)	82.6	80.9	80.3	88.5	85	83.3	83.9	82.9	80.2	78.2	77	78
Carelon Services — Consumers Served(M)	91	92.4	92.9	91.8	97.6	97.3	99.5	101	101	102	103	103

Total Consolidated Operating Revenue (Reportable Segments)($M)4	50,440	49,826	49,494	49,311	50,087	49,421	48,765	44,989	44,719	43,223	42,273	42,454
Health Benefits Segment — Total Operating Revenue($M)8	43,357	42,720	42,490	41,835	42,246	41,582	41,431	37,580	38,278	37,159	37,258	36,547
Health Benefits Operating Revenue — Commercial (Group & Individual)($M)1	13,343	13,561	13,238	12,747	12,849	12,453	12,352	11,851	11,639
of which: Individual (ACA) Health Benefits Operating Revenue($M)	2,514	2,720	2,540	2,248	2,358	2,328	2,361	2,117	2,082
Health Benefits Operating Revenue — Medicaid($M)	14,979	14,444	14,280	14,500	14,166	13,911	14,043	12,755	13,063
Health Benefits Operating Revenue — Medicare($M)	11,229	10,962	10,991	10,762	11,138	11,446	11,406	9,054	9,385
Health Benefits Operating Revenue — Federal Employee Program (FEP®)($M)	3,806	3,753	3,981	3,826	4,093	3,772	3,630	3,920	4,191
Health Benefits — Premiums Revenue (Note 13 / Note 20)($M)	41,282	40,647	40,452	39,856	40,304	39,710	39,588	35,742	36,448	35,096	35,382	34,814
Health Benefits — Administrative Service Fees Revenue (Note 13 / Note 20)($M)	2,075	2,073	2,038	1,979	1,942	1,872	1,843	1,838	1,830	2,063	1,876	1,733
Health Benefits — Segment Benefit Expense (ASU 2023-07)($M)	37,625	36,739	35,453	37,164	36,845	35,487	34,393	33,042	32,724	30,437	30,500
Health Benefits — Segment Operating Expense (ASU 2023-07)($M)	5,296	5,085	4,880	4,891	4,800	4,535	4,821	4,331	3,950	4,577	4,471
Total Carelon (CarelonRx + Carelon Services) — Operating Revenue($M)7	19,307	19,225	17,965	18,659	18,321	18,084	16,652	14,746	13,781	13,319	12,076	12,401
CarelonRx Segment — Total Operating Revenue($M)4	11,599	11,250	10,600	11,644	10,997	10,643	10,116	9,977	9,143	8,774	8,067	8,827
CarelonRx — Unaffiliated (External Third-Party) Operating Revenue($M)	6,455	6,267	6,229	6,462	6,163	6,046	5,812	6,715	5,889	5,531	4,500	5,396
CarelonRx — Affiliated (Intersegment) Operating Revenue($M)	5,144	4,983	4,371	5,182	4,834	4,597	4,304	3,262	3,254	3,243	3,567	3,431
CarelonRx — Cost of Products Sold (incl. Intersegment, ASU 2023-07)($M)	10,779	10,473	9,830	10,700	10,209	9,884	9,284	9,229	8,336	8,040	7,373
CarelonRx — Segment Operating Expense (ASU 2023-07)($M)	204	195	188	220	232	223	230	215	188	237	171
Carelon Services Segment — Total Operating Revenue($M)6	7,708	7,975	7,365	7,015	7,324	7,441	6,536	4,769	4,638	4,545	4,009	3,574
Carelon Services — Unaffiliated (External Third-Party) Operating Revenue($M)	875	1,040	982	1,370	1,953	2,095	1,723	944	881	990	605	604
Carelon Services — Affiliated (Intersegment) Operating Revenue($M)	6,833	6,935	6,383	5,645	5,371	5,346	4,813	3,825	3,757	3,555	3,404	2,970
Carelon Services — Premiums Revenue (Risk-Based Capitation)($M)	669	833	779	1,190	1,762	1,863	1,500	748	680	794	408	418
Carelon Services — Service Fees Revenue($M)	206	207	203	180	191	232	223	196	201	196	197	186
Carelon Services — Segment Benefit Expense (incl. Intersegment, ASU 2023-07)($M)	6,521	6,743	6,085	6,325	6,349	6,290	5,319	3,979	3,767	3,632	3,010
Carelon Services — Segment Operating Expense (ASU 2023-07)($M)	895	866	810	840	756	751	726	755	687	705	709
Total Carelon — Unaffiliated (External Third-Party) Operating Revenue($M)	7,330	7,307	7,211	7,832	8,116	8,141	7,535	7,659	6,770	6,521	5,105	6,000
Total Carelon — Affiliated (Intersegment) Operating Revenue($M)	11,977	11,918	10,754	10,827	10,205	9,943	9,117	7,087	7,011	6,798	6,971	6,401
Total Carelon — Segment Benefit Expense (ASU 2023-07)($M)	6,521	6,743	6,085	6,325	6,349	6,290	5,319	3,979	3,767	3,632	3,010
Total Carelon — Cost of Products Sold (ASU 2023-07)($M)	10,779	10,473	9,830	10,700	10,209	9,884	9,284	9,229	8,336	8,040	7,373
Total Carelon — Segment Operating Expense (ASU 2023-07)($M)	1,099	1,061	998	1,060	988	974	956	970	875	942	880
Corporate & Other — Operating Revenue($M)	6	6	4	-83	149	232	165	-14	74	122	127	181
Intersegment Operating Revenue Eliminations($M)	-12,230	-12,125	-10,965	-11,100	-10,629	-10,477	-9,483	-7,323	-7,414	-7,377	-7,188	-6,675
Total Reportable Segments — GAAP Operating Gain($M)5	1,269	1,763	2,086	309	1,295	2,425	3,170	673	1,408	2,765	3,016	1,284
Total Reportable Segments — Adjusted Operating Gain (Non-GAAP)($M)	1,337	1,818	3,204	375	1,344	2,488	3,255	841	2,459	2,901	3,126	1,358
Non-GAAP Adjustment Items to Reportable Segments Operating Gain($M)	68	55	1,118	66	49	63	85	168	1,051	136	110	74
Health Benefits Segment — GAAP Operating Gain (Loss)($M)1	436	896	2,157	-220	601	1,560	2,217	207	1,604	2,145	2,287	767
Health Benefits — GAAP Operating Margin (%)(%)	1.0%	2.1%	5.1%	-0.5%	1.4%	3.8%	5.4%	0.6%	4.2%	5.8%	6.1%	2.1%
Total Carelon — GAAP Operating Gain($M)3	908	948	1,052	574	775	936	1,093	568	803	705	813	592
CarelonRx Segment — GAAP Operating Gain($M)1	616	582	582	724	556	536	602	533	619	497	523	490
CarelonRx — GAAP Operating Margin (%)(%)	5.3%	5.2%	5.5%	6.2%	5.1%	5.0%	6.0%	5.3%	6.8%	5.7%	6.5%	5.6%
Carelon Services Segment — GAAP Operating Gain (Loss)($M)1	292	366	470	-150	219	400	491	35	184	208	290	102
Carelon Services — GAAP Operating Margin (%)(%)	3.8%	4.6%	6.4%	-2.1%	3.0%	5.4%	7.5%	0.7%	4.0%	4.6%	7.2%	2.9%
Total Carelon — GAAP Operating Margin (%)(%)	4.7%	4.9%	5.9%	3.1%	4.2%	5.2%	6.6%	3.9%	5.8%	5.3%	6.7%	4.8%
Corporate & Other — Unallocated Operating Loss($M)	-75	-81	-1,123	-45	-81	-71	-140	-102	-999	-85	-84	-75

Benefit Expense Ratio (BER / Medical Loss Ratio — % of Premiums)(%)	90.6%	89.7%	86.8%	93.5%	91.3%	88.9%	86.4%	92.4%	89.5%	86.3%	85.6%	89.2%
Days in Claims Payable (DCP)(days)	45	45	47	41	43	44	44	43	43	45	49	47
GAAP Operating Expense Ratio (% of Operating Revenue)(%)1	11.4%	11.1%	12.8%	11.0%	10.5%	10.1%	10.9%	10.7%	11.8%	11.7%	11.6%	11.8%
Adjusted Operating Expense Ratio (Non-GAAP — % of Operating Revenue)(%)	11.3%	11.0%	10.5%	10.8%	10.4%	10.0%	10.7%	10.3%	9.4%	11.4%	11.3%	11.6%
Consolidated GAAP Operating Margin (% of Operating Revenue)(%)2	2.5%	3.5%	4.2%	0.6%	2.6%	4.9%	6.5%	1.5%	3.1%	6.4%	7.1%	3.0%
Consolidated Adjusted Operating Margin (Non-GAAP — % of Operating Revenue)(%)	2.7%	3.6%	6.5%	0.8%	2.7%	5.0%	6.7%	1.9%	5.3%	6.7%	7.4%	3.2%
GAAP Pretax Income Margin (% of Total Revenue)(%)	3.5%	3.8%	4.6%	0.4%	2.8%	4.6%	5.7%	1.3%	3.0%	6.8%	6.9%	2.3%
Gross Medical Claims Payable, Ending Balance($M)3	18,438	18,463	18,425	17,084	17,148	17,155	16,812	15,746	15,346	15,204	16,459	16,111
Net Medical Claims Payable, Ending Balance($M)	18,049	18,100	18,074	16,781	16,824	16,855	16,515	15,567	15,176	15,055	16,175	15,858
Ceded Medical Claims Payable (Reinsurance Recoverable)($M)	45	44	45	48	44	16	14	13	9	12	8	7
Other Policyholder Liabilities & Future Policy Benefits($M)	2,635	3,463	3,857	3,632	2,447	3,540	3,796	4,204	4,402	4,939	5,298	5,600
Total Net Incurred Medical Claims($M)2	36,765	35,995	34,553	37,119	37,132	35,737	34,288	32,534	32,027	29,575	29,503	30,511
Net Incurred Medical Claims — Current Incurred Year($M)	36,865	36,066	35,677	37,143	37,333	35,777	35,313	32,655	32,164	29,843	30,708	30,740
Net Incurred Medical Claims — Prior Years Redundancies (Favorable Reserve Development)($M)	-100	-71	-1,124	-24	-201	-40	-1,025	-121	-137	-268	-1,205	-229
Total Net Medical Claim Cash Payments($M)3	36,816	35,969	33,260	37,162	37,325	35,664	33,255	32,286	31,906	30,695	29,186	30,566
Net Medical Claim Payments — Current Incurred Year($M)	35,806	33,600	23,010	36,720	36,428	33,725	23,392	31,710	30,923	28,717	19,580	30,098
Net Medical Claim Payments — Prior Incurred Years($M)	1,010	2,369	10,250	442	897	1,939	9,863	576	983	1,978	9,606	468
Medical Claims Payable Added via Business Combinations($M)	0	0	0	0	162	267	-85	143	0	0	0	0
IBNR + Expected Development on Reported Claims — Current Claim Year($M)2	16,192	15,133	12,667	15,645	15,223	14,154	11,835	14,583	13,495	12,254	11,128	14,652
IBNR + Expected Development on Reported Claims — Prior Claim Year (t-1)($M)	1,445	2,419	4,653	829	1,258	2,247	3,979	792	1,396	2,349	4,323	843
IBNR + Expected Development on Reported Claims — Older Claim Years (t-2 & Prior)($M)	412	548	754	307	343	454	701	192	285	452	724	363

Parent Company Cash and Investments (Quarterly 8-K Disclosure)($M)	2,400	2,100	2,200	2,600	2,600	2,200	1,400	2,400	2,600	2,400	1,000	1,600
Common Stock Repurchased and Retired — Total Cost($M)3	330	234	1,124	471	875	379	880	1,811	60	463	566	950
Common Stock Repurchased — Quarterly Volume (8-K)(M)	0.80	0.70	3.70	1.40	2.90	0.90	2.20	4.50	0.10	0.90	1.10	2
Common Stock Repurchased — Weighted-Average Price per Share (8-K)($)	399	345	305	336	303	410	396	401	511	525	493	466
Board-Approved Share Repurchase Authorization Remaining($M)	5,007	5,337	5,571	6,695	7,166	8,041	8,420	9,300	3,111	3,171	3,633	4,200

AFS Fixed Maturity Securities — Total Fair Value($M)8	26,558	26,978	27,019	27,005	27,394	26,385	26,497	26,236	29,847	29,749	30,410	30,490
AFS Fixed Maturity Securities — Amortized Cost($M)	28,078	27,225	27,298	26,889	27,310	26,590	26,883	26,928	29,622	30,701	31,329	31,336
AFS Fixed Maturity Securities — Gross Unrealized Gains($M)	95	388	387	631	639	477	367	284	901	313	384	496
AFS Fixed Maturity Securities — Gross Unrealized Losses($M)	1,555	580	611	494	542	667	746	970	674	1,261	1,299	1,338
AFS Fixed Maturity by Maturity — Due in 1 Year or Less (Fair Value)($M)	289	272	200	238	279	294	196	196	259	197	365	470
AFS Fixed Maturity by Maturity — Due in 1 to 5 Years (Fair Value)($M)	3,167	3,581	3,848	4,305	4,890	4,712	4,647	4,772	5,117	5,376	5,900	7,193
AFS Fixed Maturity by Maturity — Due in 5 to 10 Years (Fair Value)($M)	8,972	9,273	9,400	10,697	10,580	10,454	10,578	10,378	11,627	11,055	10,864	10,325
AFS Fixed Maturity by Maturity — Due After 10 Years (Fair Value)($M)	5,979	5,785	5,473	6,585	6,408	5,878	5,785	6,090	7,106	7,369	7,460	6,624
AFS Fixed Maturity by Maturity — Mortgage-Backed Securities (Fair Value)($M)	8,151	8,067	8,098	5,180	5,237	5,047	5,291	4,800	5,738	5,752	5,821	5,878
AFS Securities in Continuous Unrealized Loss Position (≥ 12 Months) — Fair Value($M)2	2,772	3,326	3,656	4,208	4,757	5,321	5,971	6,649	8,118	10,919	12,097	14,842
Unrealized Loss Position (≥ 12 Months) — Gross Unrealized Loss($M)	542	428	441	423	410	539	620	752	656	1,123	1,199	1,283
AFS Securities in Continuous Unrealized Loss Position (< 12 Months) — Fair Value($M)1	20,508	9,338	9,041	3,594	2,851	4,467	6,242	9,213	822	7,964	5,855	2,699
Unrealized Loss Position (< 12 Months) — Gross Unrealized Loss($M)	1,013	152	170	71	132	128	126	218	18	138	100	55
Long-Term Other Invested Assets (Private Equity, Real Estate & Partnerships)($M)3	11,508	11,130	11,009	10,839	10,648	10,466	10,167	9,749	9,394	6,810	6,713	6,107
Marketable Equity Securities — Fair Value($M)	2,151	1,563	1,511	740	1,220	934	715	1,192	1,113	594	511	229
Restricted Cash and Investments($M)	500	668	527	348	397	519	695	409	339	400	499	294
Accrued Investment Income Receivable($M)	308	322	299	295	280	284	268	287	300	316	294	301
Long-Term Debt, Less Current Portion — Carrying Value($M)2	30,382	30,669	30,768	30,797	31,173	28,178	28,110	29,218	24,688	24,561	21,976	23,246
Long-Term Debt — Current Portion($M)	375	375	350	1,099	749	1,648	1,643	1,649	2,100	2,900	2,900	1,649
Short-Term Borrowings (FHLB Advances)($M)	0	0	724	150	180	360	250	365	360	225	1,575	225
Total Undiscounted Operating Lease Payments1
Effective Income Tax Rate (%)(%)	25.1%	24.9%	23.6%		15.6%	23.9%	21.9%		26.6%	22.9%	23.5%

Elevance Health (ELV) vs. Managed Care Peers — Total Consolidated Revenues($M)6	51,429	50,474	50,181	49,747	50,711	49,776	48,891	45,442	45,106	43,886	42,577	42,647
UnitedHealth Group (UNH) — Total Consolidated Revenues($M)		112,032	111,721	113,215	113,161	111,616	109,575	100,807	100,820	98,855	99,796	94,427
CVS Health / Aetna (CVS) — Total Consolidated Revenues($M)		106,096	100,426	105,693	102,871	98,915	94,588	97,710	95,428	91,234	88,437	93,813
The Cigna Group (CI) — Total Consolidated Revenues($M)		71,668	68,494	72,472	69,748	67,178	65,502	65,649	63,694	60,523	57,255	51,114
Humana Inc. (HUM) — Total Consolidated Revenues($M)			39,648	32,515	32,649	32,388	32,112	29,213	29,397	29,540	29,611	26,462
Centene Corporation (CNC) — Total Consolidated Revenues($M)	50,647	53,579	49,944	49,725	49,690	48,742	46,620	40,805	42,023	39,836	40,407	39,460
Molina Healthcare (MOH) — Total Consolidated Revenues($M)	11,082	10,874	10,796	11,375	11,477	11,427	11,147	10,499	10,340	9,880	9,931	9,048
Elevance Health (ELV) vs. Managed Care Peers — Insurance Premiums Revenue($M)5	41,704	41,279	41,024	40,690	41,791	41,271	40,887	36,245	36,809	35,416	35,696	35,138
UnitedHealth Group (UNH) — Insurance Premiums Revenue($M)		86,956	87,561	88,811	88,979	87,905	86,534	76,483	77,442	76,897	77,988	73,228
CVS Health / Aetna (CVS) — Insurance Premiums Revenue($M)		35,117	33,791	34,017	33,719	34,195	32,820	30,913	30,925	30,667	30,391	25,075
The Cigna Group (CI) — Insurance Premiums Revenue($M)		9,859	9,812	9,288	9,081	9,156	12,736	11,503	11,436	11,454	11,603	11,175
Humana Inc. (HUM) — Insurance Premiums Revenue($M)			37,709	30,884	30,711	30,716	30,514	27,750	27,951	28,142	28,261	25,128
Molina Healthcare (MOH) — Insurance Premiums Revenue($M)	10,457	10,244	10,172	10,715	10,841	10,868	10,628	9,983	9,694	9,446	9,504	8,362
Elevance Health (ELV) vs. Managed Care Peers — Medical & Policyholder Benefits Expense($M)5	37,779	37,024	35,615	38,065	38,140	36,706	35,312	33,500	32,949	30,572	30,546	31,334
UnitedHealth Group (UNH) — Medical & Policyholder Benefits Expense($M)		75,358	73,489	82,041	79,958	78,585	73,411	67,035	65,957	65,458	65,735	62,231
CVS Health / Aetna (CVS) — Medical & Policyholder Benefits Expense($M)		31,485	29,358	33,066	32,020	31,317	29,135	29,543	29,922	27,853	27,803	22,518
The Cigna Group (CI) — Medical & Policyholder Benefits Expense($M)		8,430	7,924	8,260	7,842	7,749	10,498	10,166	9,527	9,515	9,440	9,280
Humana Inc. (HUM) — Medical & Policyholder Benefits Expense($M)			33,707	28,721	27,991	27,565	26,535	25,381	25,120	25,039	25,124	22,782
Centene Corporation (CNC) — Medical & Policyholder Benefits Expense($M)	41,128	39,029	38,303	41,489	40,902	38,808	36,503	31,809	32,201	30,765	30,932	30,634
Elevance Health (ELV) vs. Managed Care Peers — Consolidated Operating Income (EBIT)($M)6	1,269	1,763	2,086	309	1,295	2,425	3,170	673	1,408	2,765	3,016	1,284
UnitedHealth Group (UNH) — Consolidated Operating Income (EBIT)($M)		7,991	8,990	380	4,315	5,150	9,119	7,773	8,708	7,875	7,931	7,689
CVS Health / Aetna (CVS) — Consolidated Operating Income (EBIT)($M)		4,703	4,680	2,112	-3,207	2,381	3,374	2,368	832	3,045	2,271	3,373
The Cigna Group (CI) — Consolidated Operating Income (EBIT)($M)		2,676	2,358	2,345	2,578	2,306	1,971	2,173	2,576	2,412	2,256	2,060
Humana Inc. (HUM) — Consolidated Operating Income (EBIT)($M)			1,754	-808	400	1,098	2,014	-543	728	1,141	1,236	-348
Centene Corporation (CNC) — Consolidated Operating Income (EBIT)($M)	-307	1,198	1,861	-1,745	-6,954	-458	1,534	175	665	1,229	1,106	-194
Molina Healthcare (MOH) — Consolidated Operating Income (EBIT)($M)	106	145	83	-162	137	373	433	380	467	434	426	316
Elevance Health (ELV) vs. Managed Care Peers — Medical Claims Payable Liability($M)5	18,438	18,463	18,425	17,084	17,148	17,155	16,812	15,746	15,346	15,204	16,459	16,111
UnitedHealth Group (UNH) — Medical Claims Payable Liability($M)		38,930	39,659	39,337	40,181	38,427	37,136	34,224	33,951	32,547	34,032	32,395
CVS Health / Aetna (CVS) — Medical Claims Payable Liability($M)		16,203	15,404	15,329	15,300	14,296	14,565	14,984	14,521	13,850	14,387	12,067
Humana Inc. (HUM) — Medical Claims Payable Liability($M)			12,691	9,967	10,088	11,060	11,451	10,440	11,125	11,446	11,729	10,241
Centene Corporation (CNC) — Medical Claims Payable Liability($M)	21,495	20,262	20,627	20,544	21,493	20,117	19,911	18,308	17,995	18,173	18,109	18,000
Molina Healthcare (MOH) — Medical Claims Payable Liability($M)	4,988	4,841	4,941	4,887	4,844	4,885	4,804	4,640	4,732	4,577	4,571	4,204
U.S. Personal Consumption Expenditures: Health Care Services (BEA / FRED)		3,790.30	3,699.90	3,667.00	3,614.90	3,529.80	3,464.70	3,417.80	3,358.20	3,288.20	3,244.40	3,159.40

Total Consolidated Revenues (GAAP)($M)2	51,429	50,474	50,181	49,747	50,711	49,776	48,891	45,442	45,106	43,886	42,577	42,647
Consolidated Premiums Revenue($M)	41,704	41,279	41,024	40,690	41,791	41,271	40,887	36,245	36,809	35,416	35,696	35,138
Consolidated Net Investment Income($M)	1,037	704	765	493	625	486	590	527	551	508	465	529
Consolidated Operating Income (DB Standardized EBIT)($M)6	1,269	1,763	2,086	309	1,295	2,425	3,170	673	1,408	2,765	3,016	1,284
Consolidated Benefit Expense($M)	37,779	37,024	35,615	38,065	38,140	36,706	35,312	33,500	32,949	30,572	30,546	31,334
Consolidated Cost of Products Sold($M)	5,640	5,492	5,463	5,522	5,380	5,293	4,983	6,012	5,093	4,820	3,825	4,837
Consolidated Operating Expense (SG&A — GAAP)($M)1	5,752	5,547	6,330	5,415	5,272	4,997	5,300	4,804	5,269	5,066	4,886	4,999
Adjusted Operating Expense (Non-GAAP)($M)	5,684	5,492	5,212	5,349	5,223	4,934	5,215	4,636	4,218	4,930	4,776	4,925
Consolidated Depreciation and Amortization($M)	363	366	354	406	387	380	373	398	329	335	331	424
Amortization of Other Intangible Assets($M)	106	110	112	164	162	147	155	180	122	162	116	217
Consolidated Interest Expense($M)	358	364	357	366	351	341	344	340	300	280	265	259
Shareholders' Net Income (GAAP)($M)3	1,365	1,463	1,764	547	1,189	1,743	2,183	418	1,016	2,300	2,246	856
Adjusted Shareholders' Net Income (Non-GAAP)($M)1	1,520	1,624	2,772	739	1,349	1,997	2,719	747	2,005	2,405	2,537	1,325
Non-GAAP Adj: Total Net Adjustment Items to Shareholders' Net Income($M)6	155	161	1,008	192	160	254	536	329	989	105	291	469
Non-GAAP Adj: Amortization of Other Intangible Assets (Pre-Tax)($M)	106	110	112	164	162	147	155	180	122	162	116	217
Non-GAAP Adj: Net Losses (Gains) on Financial Instruments (Pre-Tax)($M)	48	56	78	57	1	131	464	74	125	85	161	336
Non-GAAP Adj: Transaction and Integration Related Costs (Pre-Tax)($M)	42	44	47	54	49	53	80	66	42	64	52	59
Non-GAAP Adj: Business Optimization Charges (Pre-Tax)($M)				-34	-4				268	4	-4	22
Non-GAAP Adj: Litigation and Settlement Expenses (Pre-Tax)($M)	8	11	7	5	4	10	5	12	669	9	2	-7
Non-GAAP Adj: Income Tax Impact of Non-GAAP Adjustments($M)	-67	-60	-300	-95	-52	-87	-168	-93	-348	-38	-96	-158
Income Before Income Tax Expense (GAAP Pretax Income)($M)	1,794	1,937	2,304	215	1,406	2,292	2,797	606	1,373	2,986	2,939	1,001
Consolidated Income Tax Expense($M)	451	483	544	-331	219	548	613	193	365	685	690	170
GAAP Diluted Earnings Per Share($)5	6.27	6.71	8		5.32	7.72	9.61		4.36	9.85	9.59
Adjusted Shareholders' Diluted EPS (Non-GAAP)($)	6.99	7.45	12.58	3.33	6.03	8.84	11.97	3.23	8.60	10.30	10.83	5.62
GAAP Basic Earnings Per Share($)	6.30	6.74	8.03		5.32	7.74	9.64		4.38	9.91	9.65
Diluted Weighted-Average Common Shares(M)	218	218	220	-1	224	226	227	-0.70	233	233	234	-0.60
Basic Weighted-Average Common Shares(M)	217	217	220	-1	223	225	226	-0.60	232	232	233	-0.50
Common Stock Dividends Declared per Share($)	1.72	1.72	1.72	1.71	1.71	1.71	1.71	1.63	1.63	1.63	1.63	1.48
Total Consolidated Assets($M)6	127,801	126,438	125,827	121,494	122,749	121,938	119,717	116,889	116,533	112,988	111,894	108,928
Cash and Cash Equivalents($M)	10,348	10,232	9,657	9,491	8,713	8,560	7,500	8,288	7,866	6,497	6,226	6,526
Premium Receivables, Net($M)	10,686	10,991	11,525	10,073	9,535	10,465	10,359	8,011	7,209	8,040	8,931	7,902
Premiums Receivable — Allowance for Credit Losses / Doubtful Accounts($M)	180	187	205	167	168	163	178	183	185	177	212	212
Other Receivables (Rebates, Pharmacy & Reinsurance)($M)	7,610	6,818	6,167	6,307	7,692	7,206	6,576	6,016	6,055	5,881	5,120	5,405
Property and Equipment, Net($M)	4,613	4,645	4,657	4,679	4,657	4,641	4,617	4,652	4,505	4,450	4,451	4,359
Goodwill($M)	28,343	28,339	28,340	28,344	28,451	28,368	28,420	28,277	25,967	25,962	25,947	25,317
Total Shareholders' Equity($M)4	44,681	44,883	43,902	43,882	43,953	43,722	42,503	41,315	43,775	42,191	40,608	39,306
Total Consolidated Liabilities($M)	83,007	81,416	81,785	77,468	78,667	78,087	77,097	75,463	72,654	70,691	71,184	69,523
Unearned Income (Advance Premiums)($M)	1,637	1,640	1,759	1,493	1,831	1,561	1,640	1,508	1,793	1,481	1,474	1,402
Retained Earnings($M)	37,368	36,675	35,796	35,393	35,586	35,549	34,546	33,549	35,157	34,575	33,088	31,749
Accumulated Other Comprehensive Income (Loss)($M)	-1,676	-711	-741	-451	-543	-760	-911	-1,147	-489	-1,387	-1,365	-1,313
Net Cash Provided by Operating Activities (Operating Cash Flow)($M)4	1,267	1,913	4,332	84	1,135	2,054	1,017	706	2,677	447	1,978	-2,971
Operating Cash Flow as Multiple of GAAP Net Income(×)											0.90
Purchases of Property and Equipment (CapEx)($M)	267	287	235	293	360	267	196	322	332	323	279	326
Share-Based Compensation Expense($M)	80	75	55	30	84	81	81	-29	66	92	62	72
Cash Dividends Paid to Common Shareholders($M)	373	373	376	377	381	385	386	373	386	378	379	346

2 metrics have no data in the last 12 quarters — .

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Methodology and excluded metrics

Fiscal calendar: Elevance Health, Inc. (formerly Anthem, Inc. prior to June 2022) operates on a calendar fiscal year ending December 31 (Q1 ends Mar 31, Q2 ends Jun 30, Q3 ends Sep 30, Q4 ends Dec 31). Latest reported company period: Q3 2026 (ended September 30, 2026, filed October 21, 2026 on Form 10-Q and Form 8-K) and Full-Year FY2025 (ended December 31, 2025, filed February 6, 2026 on Form 10-K).
2023 Segment Realignment: Effective Q1 2023, Elevance Health reorganized its reportable segments into Health Benefits (combining Commercial & Specialty Business and Government Business), CarelonRx (formerly IngenioRx), Carelon Services (health care services, behavioral health, complex & post-acute care), and Corporate & Other. Legacy segment series (Commercial & Specialty Business, Government Business) that ended in FY2022 are recorded in excluded metrics.
2024 Life & Disability Divestiture: On April 1, 2024, Elevance Health completed the sale of its Life and Disability business to StanCorp Financial Group (The Standard). Life and Disability membership (4,693 thousand members at Q1 2024) was discontinued beginning in Q2 2024 and is recorded in excluded metrics.
Parent-Company Schedule II Evaluation (Step 3/4): Under 17 CFR § 210.5-04, Elevance Health includes Schedule II (Condensed Financial Information of Registrant — Parent Company Only) in Form 10-K because its state-regulated insurance and HMO subsidiaries are subject to statutory Risk-Based Capital (RBC) and dividend restrictions. Because the parent registrant is a pure holding company with no direct insurance underwriting revenue ($12M intercompany service fees vs. $197,584M consolidated operating revenue in FY2025), Consolidated − Parent subtraction is not applicable under Step 3(b); instead, Group 4 presents the exact published Schedule II Parent Company figures alongside Note 21 Statutory Capital & Surplus.
CMS Medicaid Managed Care Enrollment (Group 6): Sourced directly from the official U.S. Centers for Medicare & Medicaid Services (CMS) Medicaid Managed Care Enrollment Reports (2016–2024). In 2024, Elevance Health rebranded several state Medicaid plans from Amerigroup to Wellpoint; state series continuously bridge Amerigroup (2016–2023) and Wellpoint (2024).
Strict Step 4 & Step 5 Compliance: Every cell displays a point figure published by Elevance Health or official external sources (CMS, BLS/BEA via FRED, SEC XBRL peer filings), plus permitted period subtractions from cumulative disclosures (Q4 = FY − 9M and quarterly = YTD_t − YTD_{t-1}, marked with formula). Bound/approximate range statements from narrative commentary and guidance ('at least $22.00 GAAP EPS', 'at least $29.00 Adjusted EPS', 'at least $6.5 billion operating cash flow', 'over 104 million consumers served') are excluded from numeric cells.

Not shown because recent periods are missing (6)

Other Membership — Life and Disability Members (discontinued in Q2 2024 following the April 1, 2024 divestiture of the Life and Disability business to StanCorp Financial Group; last reported 4,693 thousand members at Q1 2024)
Medical Membership — Commercial & Specialty Business Subtotal & Government Business Subtotal (legacy segment structure replaced in Q1 2023 by Health Benefits)
Medical Membership — Local Group, National Accounts, Self-Funded & Fully-Insured Breakdown (legacy customer/funding classification replaced in Q1 2021 by Commercial Risk-Based vs. Commercial Fee-Based)
Reportable Segments (Legacy) — Commercial & Specialty Business, Government Business, IngenioRx & Other (realigned in Q1 2023 into Health Benefits, CarelonRx, Carelon Services, and Corporate & Other)
Health Benefits & Carelon Segment Adjusted Operating Margin % (not reported in 2026 quarterly Form 8-K highlights; GAAP Segment Operating Margin % is reported continuously through Q3 2026)
Narrative Bound / Outlook Range Figures — Full-Year 2026 GAAP EPS ('at least $22.00'), Adjusted EPS ('at least $29.00'), Operating Cash Flow ('at least $6.5 billion'), Total Enterprise Consumers Served ('over 104 million'), and Sydney Health Digital App Members ('over 22 million')

Data updated 2026-10-28.

Every KPI on its own page

Full history, chart, sources and a citation for each metric

Elevance Health, Inc. (ELV) operating KPIs

KPIs

Every KPI on its own page

1. Quy mô Thành viên Y tế, Chương trình Chuyên biệt & Khối lượng Vận hành Carelon (Medical Membership, Specialty Enrollment & Carelon Volume)

2. Kết quả Phân khúc Hoạt động & Doanh thu/Chi phí Bóc tách (Health Benefits, CarelonRx & Carelon Services)

3. Hiệu quả Nghiệp vụ Bảo hiểm, Dự phòng Chi phí Y tế (Medical Claims Payable Rollforward) & Giả định Định phí (IBNR)

4. Vốn Pháp định Công ty con Bảo hiểm (Statutory Capital & RBC), Tài chính Công ty mẹ (Schedule II), Mua lại Cổ phiếu & Nhân sự

5. Danh mục Đầu tư (AFS Fixed Maturity & Alternatives), Khấu hao Tài sản Vô hình, Thuê Hoạt động & Lịch Đáo hạn Nợ (XBRL Footnotes)

6. Quy mô Thành viên Medicaid Theo Từng Bang & Toàn quốc — Dữ liệu Chính phủ Mỹ (CMS Medicaid Managed Care Enrollment Report)

7. Đối sánh Ngành Bảo hiểm Y tế Mỹ (Big 7 Managed Care Peers XBRL) & Chỉ số Vĩ mô / Lạm phát Y tế Hàng tháng (FRED / BLS / BEA)

8. Bối cảnh Báo cáo Tài chính Hợp nhất & Điều chỉnh Non-GAAP (Postgres DB + Bổ sung Q3 2026)