ELV

MKT CAP:$75B

Elevance Health Inc.

Market Cap

$75B

Healthcare·Medical - Healthcare Plans·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$344.52-$9.73 (-2.75%)

Apr 24, 2026

Company Details

Elevance Health Inc. operates as a health benefits company. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives. It serves approximately 118 ...

CEO

Gail Koziara Boudreaux

IPO Date

Oct 30, 2001

Website

www.elevancehealth.com

Key Metrics TTM

Revenue

$200.4B

+11.2% YoY

Net Income

$5.2B

EPS (Diluted)

$23.51

Free Cash Flow

$6.5B

Revenue / Share

$909.32

Gross Margin

23.2%

Operating Margin

3.8%

Net Margin

2.6%

FCF Margin

3.2%

P/S

0.4x

P/E

14.3x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$50.2B+2.6%EPS $8.00

FY 2025

Feb 6, 2026

$199.1B+12.6%EPS $25.12

Q4 2025

Feb 6, 2026

$49.7BEPS $2.47

Q3 2025

Oct 21, 2025

$50.7B+12.3%EPS $5.32

Q2 2025

Jul 17, 2025

$49.8B+14.0%EPS $7.72

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$33.9B	$9.1B	$2.6B
Q3 21	$35.8B	$9.2B	$2.2B
Q1 22	$38.1B	$9.9B	$2.5B
Q2 22	$38.6B	$9.8B	$2.3B
Q3 22	$39.9B	$10.5B	$2.3B
Q1 23	$42.2B	$11.4B	$2.9B
Q2 23	$43.7B	$12.1B	$2.7B
Q3 23	$42.8B	$12.2B	$1.9B
Q1 24	$42.6B	$12.0B	$3.2B
Q2 24	$43.6B	$13.1B	$3.0B
Q3 24	$45.1B	$12.2B	$1.7B
Q1 25	$48.9B	$13.6B	$3.1B
Q2 25	$49.8B	$13.1B	$2.6B
Q3 25	$50.7B	$12.6B	$1.8B
Q4 25	$49.7B	$11.7B	$581M
Q1 26	$50.2B	$9.1B	$2.7B

Valuation

Quarter	P/S	P/E
Q2 21	0.7x	22.0x
Q3 21	0.7x	17.1x
Q1 22	0.8x	17.3x
Q2 22	0.8x	17.3x
Q3 22	0.7x	17.1x
Q1 23	0.7x	16.1x
Q2 23	0.6x	14.8x
Q3 23	0.6x	15.2x
Q1 24	0.7x	16.2x
Q2 24	0.7x	16.2x
Q3 24	0.7x	17.3x
Q1 25	0.5x	12.7x
Q2 25	0.5x	12.1x
Q3 25	0.4x	11.8x
Q4 25	0.4x	13.9x
Q1 26	0.3x	12.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$1.7B	$1.4B
Q3 21	$2.5B	$2.2B
Q1 22	$2.5B	$2.3B
Q2 22	$2.5B	$2.2B
Q3 22	$4.9B	$4.6B
Q1 23	$6.5B	$6.2B
Q2 23	$1.9B	$1.6B
Q3 23	$2.6B	$2.3B
Q1 24	$2.0B	$1.7B
Q2 24	$447M	$124M
Q3 24	$2.7B	$2.3B
Q1 25	$1.0B	$821M
Q2 25	$2.1B	$1.8B
Q3 25	$1.1B	$775M
Q4 25	$84M	-$209M
Q1 26	$4.3B	$4.1B

Capital Expenditures

Quarter	CapEx
Q2 21	$285M
Q3 21	$258M
Q1 22	$254M
Q2 22	$295M
Q3 22	$305M
Q1 23	$301M
Q2 23	$350M
Q3 23	$319M
Q1 24	$279M
Q2 24	$323M
Q3 24	$332M
Q1 25	$196M
Q2 25	$267M
Q3 25	$360M
Q4 25	$293M
Q1 26	$235M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+15.7%	+20.8%
Q3 21	+15.0%	+10.1%
Q1 22	+19.7%	+14.7%
Q2 22	+19.3%	+20.9%
Q3 22	+18.0%	+20.2%
Q1 23	+17.7%	+16.9%
Q2 23	+14.6%	+15.1%
Q3 23	+10.9%	+12.8%
Q1 24	+6.6%	+4.7%
Q2 24	+3.5%	+3.4%
Q3 24	+3.4%	+6.0%
Q1 25	+14.1%	+11.8%
Q2 25	+16.9%	+19.7%
Q3 25	+16.2%	+20.5%
Q4 25	+10.2%	+13.2%
Q1 26	+2.6%	+3.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$69M	0.2%
Q3 21	$63M	0.2%
Q1 22	$50M	0.1%
Q2 22	$72M	0.2%
Q3 22	$69M	0.2%
Q1 23	$61M	0.1%
Q2 23	$78M	0.2%
Q3 23	$78M	0.2%
Q1 24	$62M	0.1%
Q2 24	$92M	0.2%
Q3 24	$66M	0.1%
Q1 25	$81M	0.2%
Q2 25	$81M	0.2%
Q3 25	$84M	0.2%
Q4 25	$30M	0.1%
Q1 26	$55M	0.1%

OpEx Breakdown

Quarter	G&A
Q1 26	$6.3B

Revenue Segments

Quarter	Commercial Specialty Business Segment	Government Business Segment	IngenioRx Segment	Other Segment	Segment Eliminations	Carelon Services Segment	Health Benefits Segment
Q2 21	$9.6B	$20.1B	$6.2B	$2.5B	-$5.1B	—	—
Q3 21	$9.9B	$21.7B	$6.5B	$2.7B	-$5.2B	—	—
Q1 22	$10.3B	$23.8B	$6.7B	$3.2B	-$6.0B	—	—
Q2 22	$10.6B	$23.8B	$7.1B	$3.3B	-$6.3B	—	—
Q3 22	$10.5B	$24.6B	$7.2B	$3.4B	-$6.1B	—	—
Q1 26	—	—	—	—	-$11.0B	$18.0B	$42.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$6.5B	$0	$6.5B
Q3 22	$8.9B	$0	$8.9B
Q4 22	$7.4B	$0	$7.4B
Q1 23	$10.1B	$0	$10.1B
Q2 23	$10.0B	$0	$10.0B
Q3 23	$10.9B	$0	$10.9B
Q4 23	$6.5B	$0	$6.5B
Q1 24	$6.2B	$0	$6.2B
Q2 24	$6.5B	$0	$6.5B
Q3 24	$7.9B	$0	$7.9B
Q4 24	$8.3B	$0	$8.3B
Q1 25	$7.5B	$0	$7.5B
Q2 25	$8.6B	$0	$8.6B
Q3 25	$8.7B	$0	$8.7B
Q4 25	$9.5B	$0	$9.5B
Q1 26	$9.7B	$25.9B	$35.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	247M	-0.3%	-3.1%
Q3 21	246M	-0.6%	-3.2%
Q1 22	244M	-0.7%	-2.7%
Q2 22	243M	-0.4%	-1.9%
Q3 22	242M	-0.5%	-2.1%
Q1 23	240M	-1.0%	-2.6%
Q2 23	238M	-0.8%	-2.7%
Q3 23	237M	-0.5%	-2.8%
Q1 24	234M	-1.0%	-3.3%
Q2 24	233M	-0.3%	-2.6%
Q3 24	233M	-0.1%	-2.0%
Q1 25	227M	-2.5%	-3.9%
Q2 25	226M	-0.6%	-3.6%
Q3 25	226M	0.0%	-3.3%
Q4 25	222M	-1.8%	-4.8%
Q1 26	220M	-0.6%	-3.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$405.9K	83K
Q3 21	$429.5K	83K
Q1 22	$387.9K	98K
Q2 22	$393.4K	98K
Q3 22	$406.7K	98K
Q1 23	$412.2K	102K
Q2 23	$426.9K	102K
Q3 23	$418.9K	102K
Q1 24	$405.9K	105K
Q2 24	$416.1K	105K
Q3 24	$430.4K	105K
Q1 25	$469.2K	104K
Q2 25	$477.7K	104K
Q3 25	$486.7K	104K
Q4 25	$512.3K	97K
Q1 26	$516.8K	97K

Revenue / Employee