Elevance Health Inc. (ELV) Income Statement
ELV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsELV revenue and net income
Where ELV's revenue goes
2025Each bar shows an amount and its share of revenue. ELV kept 2.8% of revenue as net income.
ELV profit margins
ELV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.6% | +8.3% | +10.3% | +9.7% |
| Gross profit | +3.4% | +8.4% | +8.5% | +10.9% |
| Operating income | −8.7% | −1.4% | +1.0% | +4.2% |
| Net income | −5.3% | −1.3% | +4.4% | +8.3% |
| EPS (diluted) | −8.5% | +1.3% | +6.1% | +11.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ELV quarterly EPS vs estimates
Elevance Health beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 21, 2026 (estimate $4.66).
ELV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $199.12B | $176.81B | $171.34B | $156.59B | $138.64B | $121.87B | $104.21B | $92.11B | $90.04B | $84.98B |
| Cost of revenue | $148.22B | $127.57B | $124.33B | $116.64B | $102.64B | $88.05B | $81.79B | $71.89B | $72.24B | $66.83B |
| Gross profit | $50.90B | $49.24B | $47.01B | $39.95B | $35.99B | $33.82B | $22.43B | $20.21B | $17.80B | $18.14B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | $17.69B | $6.9M | $17.45B | $13.36B | $14.02B | $12.65B | $12.56B |
| Total operating expenses | $42.79B | $40.35B | $38.27B | $31.50B | $27.05B | $26.11B | $15.69B | $14.37B | $12.82B | $12.72B |
| Operating income | $8.11B | $8.89B | $8.74B | $8.45B | $8.95B | $7.71B | $6.73B | $5.84B | $4.99B | $5.42B |
| Interest income | $1.40B | $1.19B | $1.03B | $851.0M | $798.0M | $784.0M | $746.0M | $753.0M | $739.0M | $723.0M |
| Interest expense | $1.40B | $1.19B | $1.03B | $851.0M | $798.0M | $784.0M | $746.0M | $753.0M | $739.0M | $723.0M |
| Income before taxes | $6.71B | $7.90B | $7.71B | $7.60B | $7.92B | $6.24B | $5.99B | $5.07B | $3.96B | $4.56B |
| Income taxes | $1.05B | $1.93B | $1.72B | $1.71B | $1.83B | $1.67B | $1.18B | $1.32B | $121.0M | $2.09B |
| Net income | $5.66B | $5.98B | $5.99B | $5.89B | $6.10B | $4.57B | $4.81B | $3.75B | $3.84B | $2.47B |
| EBITDA | $9.66B | $10.48B | $10.49B | $10.13B | $10.03B | $8.18B | $7.86B | $6.95B | $5.59B | $6.19B |
| EPS (diluted) | $30.17 | $32.97 | $33.11 | $29.05 | $25.97 | $22.42 | $19.42 | $15.91 | $11.99 | $11.00 |
| Gross margin | 25.6% | 27.9% | 27.4% | 25.5% | 26.0% | 27.8% | 21.5% | 21.9% | 19.8% | 21.4% |
| Operating margin | 4.1% | 5.0% | 5.1% | 5.4% | 6.5% | 6.3% | 6.5% | 6.3% | 5.5% | 6.4% |
| Net margin | 2.8% | 3.4% | 3.5% | 3.8% | 4.4% | 3.8% | 4.6% | 4.1% | 4.3% | 2.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.47B | $50.18B | $49.75B | $50.71B | $49.78B | $48.89B | $45.44B | $45.15B | $43.65B | $42.58B | $42.65B | $42.85B |
| Cost of revenue | $5.49B | $41.08B | $38.06B | $38.14B | $36.71B | $35.31B | $33.50B | $32.95B | $30.57B | $30.55B | $31.33B | $30.61B |
| Gross profit | $44.98B | $9.10B | $11.68B | $12.57B | $13.07B | $13.58B | $11.94B | $12.20B | $13.07B | $12.03B | $11.31B | $12.24B |
| Sales, general & admin | — | $6.33B | — | — | $4.27B | — | — | $4.27B | — | — | — | — |
| Total operating expenses | $42.92B | $6.44B | $11.10B | $10.81B | $10.44B | $10.44B | $11.00B | $10.48B | $10.05B | $8.83B | $10.05B | $10.33B |
| Operating income | $2.06B | $2.66B | $581.0M | $1.76B | $2.63B | $3.14B | $946.0M | $1.71B | $3.03B | $3.20B | $1.26B | $1.91B |
| Interest income | — | — | $366.0M | $351.0M | $341.0M | $344.0M | $340.0M | — | — | — | — | $259.0M |
| Interest expense | $56.0M | $357.0M | $366.0M | $351.0M | $341.0M | $344.0M | $340.0M | $300.0M | $280.0M | $265.0M | $259.0M | $259.0M |
| Income before taxes | $1.94B | $2.30B | $215.0M | $1.41B | $2.29B | $2.80B | $606.0M | $1.37B | $2.99B | $2.94B | $1.00B | $1.65B |
| Income taxes | $483.0M | $544.0M | −$331.0M | $219.0M | $548.0M | $613.0M | $193.0M | $365.0M | $685.0M | $690.0M | $170.0M | $354.0M |
| Net income | $1.46B | $1.76B | $547.0M | $1.19B | $1.74B | $2.18B | $418.0M | $1.02B | $2.30B | $2.25B | $856.0M | $1.29B |
| EBITDA | $2.36B | $3.02B | $987.0M | $2.14B | $3.01B | $3.51B | $1.34B | $2.00B | $3.60B | $3.54B | $1.68B | $2.34B |
| EPS (diluted) | $7.45 | $12.58 | $3.33 | $6.03 | $8.84 | $11.97 | $3.84 | $8.37 | $10.12 | $10.64 | $5.62 | $8.99 |
| Gross margin | 89.1% | 18.1% | 23.5% | 24.8% | 26.3% | 27.8% | 26.3% | 27.0% | 30.0% | 28.3% | 26.5% | 28.6% |
| Operating margin | 4.1% | 5.3% | 1.2% | 3.5% | 5.3% | 6.4% | 2.1% | 3.8% | 6.9% | 7.5% | 3.0% | 4.5% |
| Net margin | 2.9% | 3.5% | 1.1% | 2.3% | 3.5% | 4.5% | 0.9% | 2.3% | 5.3% | 5.3% | 2.0% | 3.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ELV's financial statements (latest annual report filed February 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ELV financial results
In fiscal year 2025 (ended December 31, 2025), Elevance Health reported revenue of $199.1 billion, up 12.6% from the year before. It had net income of $5.7 billion (down 5.3%), a net profit margin of 2.8%. Diluted earnings per share came to $30.17. Over five years revenue grew at an average rate of 10.3% a year.
See the ELV stock overview for the latest quote and news, or the ELV chart for price history and technical indicators.
ELV income statement FAQ
What is Elevance Health's annual revenue?
Elevance Health reported total revenue of $199.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 12.6% from $176.8 billion the previous year.
Is Elevance Health profitable?
Yes. Elevance Health reported net income of $5.7 billion in fiscal 2025, a net profit margin of 2.8%; its operating margin was 4.1%.
What is Elevance Health's gross margin?
Elevance Health's gross margin was 25.6% in fiscal 2025: for every $100 of revenue, Elevance Health kept $26 after the direct cost of its products and services.
How fast is Elevance Health growing?
Revenue grew 10.3% a year on average over the last five fiscal years, from $121.9 billion to $199.1 billion.
What are Elevance Health's earnings per share?
Elevance Health earned $30.17 per diluted share in fiscal 2025, compared with $32.97 a year earlier.
When will Elevance Health report its next earnings?
Elevance Health is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 before the market opens.
When does Elevance Health's fiscal year end?
Elevance Health's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 6, 2026.