Published
{
"ticker": "ELV",
"cik": "0001156039",
"company": "Elevance Health, Inc.",
"business_type": "insurer",
"schema_template": "Managed care / health benefits insurer: revenue split the way the company reports it (premiums, product revenue, service fees, then net investment income and net losses on financial instruments); expenses on the company's own lines (benefit expense, cost of products sold, operating expense, interest expense, amortization of other intangible assets); income before tax, net income, shareholders' net income and per-share figures; the benefit expense ratio (benefit expense as a percentage of premiums) and operating expense ratio the company reports; total medical membership; operating revenue and operating gain by reportable segment (Health Benefits, CarelonRx, Carelon Services, Corporate & Other); and a balance sheet and cash flow on the company's own lines. Gross profit is not used because the company does not present one.",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions); share counts in actual shares (not millions); medical membership in actual members (not thousands); per-share amounts in dollars; ratios in percent. Figures keep the sign the statement prints: amounts shown in parentheses (net losses on financial instruments, cash outflows) are negative; expenses the income statement prints without parentheses are positive.",
"units_notes_seen": {
"FY2025 10-K consolidated statements of income": "(In millions, except per share data)",
"FY2025 10-K consolidated balance sheets": "(In millions, except share data)",
"FY2025 10-K consolidated statements of cash flows": "(In millions)",
"FY2025 10-K notes to consolidated financial statements (earnings per share denominators, segment information)": "(In Millions, Except Per Share Data or As Otherwise Stated Herein)",
"FY2025 10-K management's discussion and analysis (consolidated results table, ratios)": "(In Millions, Except Per Share Data or as Otherwise Stated Herein)",
"FY2025 10-K medical membership table": "Medical Membership (in thousands)",
"Q3 2026 10-Q consolidated statements of income": "(In millions, except per share data)",
"Q3 2026 10-Q consolidated balance sheets": "(In millions, except share and per share data)",
"Q3 2026 10-Q consolidated statements of cash flows": "(In millions)",
"Q3 2026 10-Q notes to consolidated financial statements (earnings per share denominators, segment information)": "(In Millions, Except Per Share Data or As Otherwise Stated Herein)",
"Q3 2026 10-Q management's discussion and analysis (consolidated results table, ratios)": "(In Millions, Except Per Share Data or as Otherwise Stated Herein)",
"Q3 2026 10-Q medical membership table": "Medical Membership (in thousands)"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"fx": null,
"note": "None applied. The company reports in US dollars, its common stock trades directly on the NYSE (it is not an American depositary share), and it had no stock split in the periods shown."
},
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{
"fiscal_year": 2025,
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},
"trailing_twelve_months": {
"label": "Twelve months ended September 30, 2026",
"period_start": "2025-10-01",
"period_end": "2026-09-30",
"period_type": "trailing twelve months",
"source_accession": "0001156039-26-000071",
"source_accessions": [
"0001156039-26-000013",
"0001156039-26-000071"
],
"derivation": "Computed, not printed in either filing: full year 2025 from the FY2025 10-K (accession 0001156039-26-000013), plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025, both from the Q3 2026 10-Q (accession 0001156039-26-000071).",
"income_statement": {
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"total_operating_revenue": 199071000000,
"total_revenues": 201831000000,
"benefit_expense": 148483000000,
"operating_expense": 23044000000,
"income_before_income_tax_expense": 6250000000,
"net_income": 5103000000,
"net_income_attributable_to_shareholders": 5139000000
},
"cash_flow": {
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"free_cash_flow": 6514000000
}
},
"notes": [
"Sources: the FY2025 annual report on Form 10-K (accession 0001156039-26-000013) for fiscal years 2025, 2024 and 2023, and the Q3 2026 quarterly report on Form 10-Q (accession 0001156039-26-000071) for the three and nine months ended September 30, 2026 and 2025 and the September 30, 2026 balance sheet. Elevance Health's fiscal year is the calendar year.",
"Template: managed care / health benefits insurer. Revenue is shown as the company reports it: premiums, product revenue (mainly CarelonRx pharmacy) and service fees make up total operating revenue; net investment income and net losses on financial instruments bring it to total revenues. The company does not present gross profit or an operating income subtotal, so neither is shown.",
"Signs follow the statements: expenses the income statement prints without parentheses are positive; net losses on financial instruments and cash outflows (purchases of property and equipment, share repurchases, dividends) are negative.",
"net_loss_attributable_to_noncontrolling_interests is shown as the income statement prints it: a positive figure is a loss borne by noncontrolling interests, which is added back to net income to reach shareholders' net income; FY2023's negative figure is a gain attributable to noncontrolling interests. Shareholders' net income (net_income_attributable_to_shareholders) is the numerator of the company's earnings per share.",
"Weighted-average basic and diluted shares come from the earnings-per-share note of each filing, where they are stated in millions.",
"Benefit expense ratio (benefit expense as a percentage of premiums), operating expense ratio (operating expense as a percentage of total operating revenue) and effective tax rate are the percentages the company prints in management's discussion and analysis, not recomputed.",
"Total medical membership is the company's count of medical members at the end of each period, reported in thousands and shown here as actual members.",
"Segment figures come from the segment information note. Operating revenue by segment includes revenue earned from other Elevance Health businesses; the eliminations line removes it, so the segments plus eliminations equal consolidated total operating revenue. Operating gain is the company's segment profit measure: total operating revenue less benefit expense, cost of products sold and operating expense. It is before net investment income, net losses on financial instruments, interest expense, amortization of other intangible assets and income taxes.",
"Dividends per share are as printed on the 10-Q income statement for the quarterly and nine-month periods; the 10-K income statement does not print an annual figure, so none is shown for the fiscal years.",
"Derived figures, not printed as such in the filings: free_cash_flow is net cash provided by operating activities less purchases of property and equipment; total_debt is short-term borrowings plus the current portion of long-term debt plus long-term debt less current portion; book_value_per_share_derived is total shareholders' equity (excluding noncontrolling interests) divided by the common shares outstanding stated on the balance sheet.",
"common_shares_outstanding is the issued and outstanding count stated on the face of each balance sheet (220,723,898 at December 31, 2025; 227,479,695 at December 31, 2024; 216,113,946 at September 30, 2026).",
"The trailing twelve months ended September 30, 2026 are computed as fiscal year 2025 (10-K, accession 0001156039-26-000013) plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025 (10-Q, accession 0001156039-26-000071). Per-share figures are not computed for this period.",
"The 10-Q's December 31, 2025 balance sheet column folds reserves for future policy benefits ($145 million in the 10-K) into other noncurrent liabilities ($3,526 million versus $3,381 million in the 10-K). None of the balance sheet lines carried here is affected; every December 31, 2025 figure shown agrees between the two filings."
],
"uncertainties": [
"No three-month cash flow figures are shown for the quarters: the Q3 2026 10-Q prints only nine-month cash flows, and the second-quarter figures needed to isolate the third quarter are not in the filings this page is built from.",
"No balance sheet is shown for September 30, 2025 or December 31, 2023, because neither filing prints one.",
"Gain on sale of business appears only on the 10-K income statement (FY2024: $201 million); the 10-Q does not print the line, so it is absent from the quarterly and nine-month periods rather than shown as zero."
],
"headline": {
"period": "Q3 FY2026",
"period_end_words": "September 30, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 51429000000,
"text": "$51.43 billion",
"exact": "$51,429,000,000",
"compact": "$51.43B",
"abs": "$51.43 billion",
"prior_value": 50711000000,
"prior": "$50.71 billion",
"priorabs": "$50.71 billion",
"yoy": "up 1.4%",
"source": {
"array": "quarterly",
"field": "income_statement.total_revenues",
"index": 0,
"period_label": "Q3 FY2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001156039-26-000071",
"prior_index": 1,
"prior_period_label": "Q3 FY2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001156039-26-000071",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 1365000000,
"text": "$1.36 billion",
"exact": "$1,365,000,000",
"compact": "$1.36B",
"abs": "$1.36 billion",
"prior_value": 1189000000,
"prior": "$1.19 billion",
"priorabs": "$1.19 billion",
"yoy": "up 14.8%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income_attributable_to_shareholders",
"index": 0,
"period_label": "Q3 FY2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001156039-26-000071",
"prior_index": 1,
"prior_period_label": "Q3 FY2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001156039-26-000071",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 6.27,
"text": "$6.27",
"exact": "$6.27",
"compact": "$6.27",
"abs": "$6.27",
"prior_value": 5.32,
"prior": "$5.32",
"priorabs": "$5.32",
"yoy": "up 17.9%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q3 FY2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001156039-26-000071",
"prior_index": 1,
"prior_period_label": "Q3 FY2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001156039-26-000071",
"gap_days": 365
}
},
{
"label": "Benefit expense ratio",
"format": "pct",
"value": 90.6,
"text": "90.6%",
"exact": "90.6%",
"compact": "90.6%",
"abs": "90.6%",
"prior_value": 91.3,
"prior": "91.3%",
"priorabs": "91.3%",
"yoy": "down 0.7 points",
"source": {
"array": "quarterly",
"field": "key_metrics.benefit_expense_ratio_percent",
"index": 0,
"period_label": "Q3 FY2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001156039-26-000071",
"prior_index": 1,
"prior_period_label": "Q3 FY2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001156039-26-000071",
"gap_days": 365
}
},
{
"label": "Net investment income",
"format": "usd",
"value": 1037000000,
"text": "$1.04 billion",
"exact": "$1,037,000,000",
"compact": "$1.04B",
"abs": "$1.04 billion",
"prior_value": 625000000,
"prior": "$625 million",
"priorabs": "$625 million",
"yoy": "up 65.9%",
"source": {
"array": "quarterly",
"field": "income_statement.net_investment_income",
"index": 0,
"period_label": "Q3 FY2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001156039-26-000071",
"prior_index": 1,
"prior_period_label": "Q3 FY2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001156039-26-000071",
"gap_days": 365
}
},
{
"label": "Operating gain",
"format": "usd",
"value": 1269000000,
"text": "$1.27 billion",
"exact": "$1,269,000,000",
"compact": "$1.27B",
"abs": "$1.27 billion",
"prior_value": 1295000000,
"prior": "$1.29 billion",
"priorabs": "$1.29 billion",
"yoy": "down 2.0%",
"source": {
"array": "quarterly",
"field": "segments.operating_gain.total",
"index": 0,
"period_label": "Q3 FY2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001156039-26-000071",
"prior_index": 1,
"prior_period_label": "Q3 FY2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001156039-26-000071",
"gap_days": 365
}
}
],
"summary": "Elevance Health reported $51.43 billion in revenue for Q3 FY2026, the quarter ended September 30, 2026, up 1.4% from a year earlier, and net income attributable to shareholders of $1.36 billion, up 14.8%, or $6.27 per diluted share, up 17.9%. Higher net investment income, $1.04 billion against $625 million a year earlier, drove the increase, while total operating gain across its segments was $1.27 billion, down 2.0%. The benefit expense ratio, benefit expense as a percentage of premiums, was 90.6%, down 0.7 points from a year earlier.",
"qa": [
{
"q": "What was Elevance Health's revenue in Q3 FY2026?",
"a": "Elevance Health reported total revenues of $51.43 billion for Q3 FY2026, the quarter ended September 30, 2026. That is up 1.4% from $50.71 billion in the same quarter a year earlier."
},
{
"q": "How much did Elevance Health earn in Q3 FY2026?",
"a": "Elevance Health's net income attributable to shareholders was $1.36 billion in Q3 FY2026, up 14.8% from $1.19 billion a year earlier. Diluted earnings per share were $6.27, against $5.32 in the same quarter a year earlier."
},
{
"q": "What was Elevance Health's benefit expense ratio in Q3 FY2026?",
"a": "Elevance Health's benefit expense ratio, benefit expense as a percentage of premiums, was 90.6% in Q3 FY2026, down 0.7 points from 91.3% a year earlier."
},
{
"q": "Why did Elevance Health's earnings rise in Q3 FY2026?",
"a": "Elevance Health's earnings rose in Q3 FY2026 mainly on higher net investment income, which was $1.04 billion against $625 million a year earlier. Total operating gain across its segments, measured before investment results, interest expense, amortization of intangible assets and income taxes, was $1.27 billion, down 2.0% from $1.29 billion."
}
]
},
"company_details": {
"Name": "Elevance Health, Inc.",
"Ticker": "ELV",
"CIK": "0001156039",
"Exchange": "NYSE",
"State": "Indiana",
"Incorporation": "Indiana",
"SIC": "6324",
"Office": "Finance",
"Industry": "Hospital & Medical Service Plans"
},
"next_filing": {
"predicted_date": "2027-02-05",
"predicted_type": "10-K"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q3",
"tag": "FY26Q3",
"period_end": "2026-09-30",
"form": "10-Q",
"accession": "0001156039-26-000071",
"fiscal_year_end": "1231",
"source": "facts"
},
"source_filings": [
{
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"current": false,
"form": "10-K",
"fiscal_year": 2025,
"fiscal_period": "FY",
"tag": "FY25",
"period_end": "2025-12-31",
"filed": "2026-02-06",
"accession": "0001156039-26-000013",
"url": "https://www.sec.gov/Archives/edgar/data/1156039/000115603926000013/elv-20251231.htm",
"source": "reported"
},
{
"role": "quarterly",
"current": true,
"form": "10-Q",
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"period_end": "2026-09-30",
"filed": "2026-10-21",
"accession": "0001156039-26-000071",
"url": "https://www.sec.gov/Archives/edgar/data/1156039/000115603926000071/elv-20260930.htm",
"source": "facts"
}
],
"figure_sources": {
"about": "Where each figure in this file is printed in its SEC filing. This block mirrors the paths of the figures: figure_sources.annual[0].income_statement.net_income is the source of annual[0].income_statement.net_income. Each entry reads '<document>#<anchor>', and the link is documents[<document>] + '#<anchor>': it opens the filing at the line that prints that number. A figure with no entry is not printed in a tagged filing, either because it was calculated (margins, free cash flow, trailing twelve months, a quarter derived by subtraction) or because it comes from an untagged earnings release.",
"documents": {
"d1": "https://www.sec.gov/Archives/edgar/data/1156039/000115603926000013/elv-20251231.htm",
"d2": "https://www.sec.gov/Archives/edgar/data/1156039/000115603926000071/elv-20260930.htm"
},
"annual": [
{
"period_end": "2025-12-31",
"income_statement": {
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"product_revenue": "d1#f-161",
"service_fees": "d1#f-164",
"total_operating_revenue": "d1#f-167",
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},
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}
},
{
"period_end": "2024-12-31",
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"gain_on_sale_of_business": "d1#f-177",
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},
"segments": {
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"eliminations": "d1#f-2586",
"total": "d1#f-2587"
},
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"carelonrx": "d1#f-2610",
"carelon_services": "d1#f-2611",
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}
},
"balance_sheet": {
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"equity_securities": "d1#f-1205",
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},
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}
},
{
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"total_revenues": "d1#f-181",
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"total_expenses": "d1#f-199",
"income_before_income_tax_expense": "d1#f-202",
"income_tax_expense": "d1#f-205",
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"basic_eps": "d1#f-217",
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},
"segments": {
"operating_revenue": {
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"carelonrx": "d1#f-2652",
"carelon_services": "d1#f-2653",
"corporate_and_other": "d1#f-2655",
"eliminations": "d1#f-2656",
"total": "d1#f-2657"
},
"operating_gain": {
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"carelonrx": "d1#f-2680",
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"corporate_and_other": "d1#f-2683",
"total": "d1#f-2685"
}
},
"cash_flow": {
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"depreciation_and_amortization": "d1#f-268",
"net_cash_provided_by_operating_activities": "d1#f-304",
"purchases_of_property_and_equipment": "d1#f-325",
"net_cash_used_in_investing_activities": "d1#f-331",
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"cash_dividends": "d1#f-355",
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"cash_and_cash_equivalents_at_end_of_period": "d1#f-375"
}
}
],
"quarterly": [
{
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"net_losses_on_financial_instruments": "d2#f-146",
"total_revenues": "d2#f-150",
"benefit_expense": "d2#f-154",
"cost_of_products_sold": "d2#f-158",
"operating_expense": "d2#f-162",
"interest_expense": "d2#f-166",
"amortization_of_other_intangible_assets": "d2#f-170",
"total_expenses": "d2#f-174",
"income_before_income_tax_expense": "d2#f-178",
"income_tax_expense": "d2#f-182",
"net_income": "d2#f-186",
"net_loss_attributable_to_noncontrolling_interests": "d2#f-190",
"net_income_attributable_to_shareholders": "d2#f-194",
"basic_eps": "d2#f-198",
"diluted_eps": "d2#f-202",
"basic_shares": "d2#f-1315",
"diluted_shares": "d2#f-1323"
},
"key_metrics": {
"dividends_per_share": "d2#f-206"
},
"segments": {
"operating_revenue": {
"health_benefits": "d2#f-1371",
"carelonrx": "d2#f-1372",
"carelon_services": "d2#f-1373",
"corporate_and_other": "d2#f-1375",
"eliminations": "d2#f-1376",
"total": "d2#f-1377"
},
"operating_gain": {
"health_benefits": "d2#f-1399",
"carelonrx": "d2#f-1400",
"carelon_services": "d2#f-1401",
"corporate_and_other": "d2#f-1403",
"total": "d2#f-1405"
}
},
"balance_sheet": {
"cash_and_cash_equivalents": "d2#f-30",
"fixed_maturity_securities_current": "d2#f-36",
"equity_securities": "d2#f-978",
"premium_receivables": "d2#f-40",
"self_funded_receivables": "d2#f-42",
"other_receivables": "d2#f-44",
"total_current_assets": "d2#f-48",
"fixed_maturity_securities_long_term": "d2#f-54",
"other_invested_assets": "d2#f-56",
"goodwill": "d2#f-60",
"other_intangible_assets": "d2#f-62",
"total_assets": "d2#f-66",
"medical_claims_payable": "d2#f-68",
"current_portion_of_long_term_debt": "d2#f-78",
"total_current_liabilities": "d2#f-82",
"long_term_debt_less_current_portion": "d2#f-84",
"total_liabilities": "d2#f-90",
"total_shareholders_equity": "d2#f-118",
"noncontrolling_interests": "d2#f-120",
"total_equity": "d2#f-122",
"total_debt": "d2#f-1199",
"common_shares_outstanding": "d2#f-106"
}
},
{
"period_end": "2025-09-30",
"income_statement": {
"premiums": "d2#f-127",
"product_revenue": "d2#f-131",
"service_fees": "d2#f-135",
"total_operating_revenue": "d2#f-139",
"net_investment_income": "d2#f-143",
"net_losses_on_financial_instruments": "d2#f-147",
"total_revenues": "d2#f-151",
"benefit_expense": "d2#f-155",
"cost_of_products_sold": "d2#f-159",
"operating_expense": "d2#f-163",
"interest_expense": "d2#f-167",
"amortization_of_other_intangible_assets": "d2#f-171",
"total_expenses": "d2#f-175",
"income_before_income_tax_expense": "d2#f-179",
"income_tax_expense": "d2#f-183",
"net_income": "d2#f-187",
"net_loss_attributable_to_noncontrolling_interests": "d2#f-191",
"net_income_attributable_to_shareholders": "d2#f-195",
"basic_eps": "d2#f-199",
"diluted_eps": "d2#f-203",
"basic_shares": "d2#f-1316",
"diluted_shares": "d2#f-1324"
},
"key_metrics": {
"dividends_per_share": "d2#f-207"
},
"segments": {
"operating_revenue": {
"health_benefits": "d2#f-1441",
"carelonrx": "d2#f-1442",
"carelon_services": "d2#f-1443",
"corporate_and_other": "d2#f-1445",
"eliminations": "d2#f-1446",
"total": "d2#f-1447"
},
"operating_gain": {
"health_benefits": "d2#f-1469",
"carelonrx": "d2#f-1470",
"corporate_and_other": "d2#f-1473",
"total": "d2#f-1475"
}
}
}
]
}
}