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NYSE · Healthcare

Elevance Health, Inc. (ELV)

As-reported financials and SEC filings for Elevance Health, Inc. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Elevance Health, Inc.

Elevance Health, Inc. is a health insurance company serving approximately 45.2 million medical members in the United States through its affiliated health plans. The company offers a range of managed care plans and services, including medical, pharmacy, and behavioral health services, to individual, employer group, Medicaid, and Medicare markets. Its operations include health benefit plans, pharmacy services through CarelonRx, and other healthcare-related services, serving both affiliated and external customers.

Snapshot

Revenue
$199.13B
Revenue growth (YoY)
12.5%
Net income
$5.66B
Diluted EPS
$25.21
Gross margin
—
Operating margin
3.6%
Net margin
2.8%
FCF margin
1.6%
ROE
12.9%
net income / fiscal-year-end equity
P/E
18.7×
trailing when available, otherwise FY EPS
Market cap
$95.41B
Long-term debt / equity
0.70×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Elevance Health

  • Revenue grew 12.5% to $199.1B in FY2025, faster than the 3.3% the year before.
  • Operating margin is 3.6% in FY2025, -1.8 pp against 5.5% in FY2021.
  • Most recent quarter Q3 FY2026: revenue $51.4B, up 1.4% from Q3 FY2025.
  • Free cash flow was $3.2B in FY2025, 1.6% of revenue.
  • Net income fell 5.3% to $5.7B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Elevance Health’s fundamentals sit among the 570 Healthcare companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin3.6%
57th percentile of 410
Net margin2.8%
59th percentile of 429
FCF margin1.6%
45th percentile of 385
Revenue growth (YoY)+12.5%
55th percentile of 552
ROE12.9%
78th percentile of 481
P/E18.7×
35th percentile of 183
Long-term debt / equity0.70×
63rd percentile of 251
Short interest3.92d
40th percentile of 568

No reported insider purchases (code P) in the last 90 days; 13 insider sales totaling $4.7M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 8 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
8
+6 quant / multi-strat
Initiated / added
7
0 new, 7 added
Reduced / exited
6
5 trimmed, 1 exited
Combined position
$5.57B
reported long value
InvestorAs ofPosition valueSharesChange
Harris Associates (Oakmark)Q2 2026$1.90B4.9MAdded
First Eagle Investment ManagementQ2 2026$1.62B4.2MAdded
Baupost GroupQ2 2026$493.1M1.3MHeld
Ruane Cunniff (Sequoia)Q2 2026$378.8M979.6KReduced
Citadel AdvisorsquantQ2 2026$350.5M906.4KReduced
Millennium ManagementquantQ2 2026$281.4M727.6KReduced
AQR Capital ManagementquantQ2 2026$164.4M426.2KAdded
Yacktman Asset ManagementQ2 2026$131.5M340.0KAdded
Renaissance TechnologiesquantQ2 2026$77.9M201.4KAdded
Two Sigma InvestmentsquantQ2 2026$62.7M162.1KAdded
D. E. ShawquantQ2 2026$54.3M140.3KReduced
Gotham Asset ManagementQ2 2026$46.0M119.0KAdded
Hound PartnersQ2 2026$948,6492.5KReduced
Dodge & CoxQ2 2026$502,7491.3KHeld

No longer held by: Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
13
$4.7M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell2.3K$441.34$1.0M
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell1.7K$440.44$758K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell1.7K$436.20$724K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell1.2K$439.25$510K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell827$446.05$369K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell560$437.07$245K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell480$442.61$212K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell440$443.81$195K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell400$434.00$174K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell321$435.25$140K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell273$447.19$122K
2026-10-22
filed 2026-10-23
Mark KayeEVP & CFOSell240$438.22$105K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
4.9M
settled 2026-09-30
Change vs prior
-9.0%
vs previous settlement
Days to cover
3.92
at avg daily volume
Avg daily volume
1.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-304.9M-9.0%3.92
2026-09-155.3M-2.7%4.21
2026-08-315.5M+1.5%6.56
2026-08-145.4M-3.2%5.67
2026-07-315.6M-7.3%3.93
2026-07-156.0M+0.3%3.52
2026-06-306.0M-4.3%3.27
2026-06-156.3M-4.9%3.52

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$199.13B$177.01B$171.34B$156.59B$138.64B
Gross profit—————
Operating income$7.20B$7.86B$8.50B$8.28B$7.56B
Pre-tax income$6.71B$7.90B$7.71B$7.60B$8.00B
Net income$5.66B$5.98B$5.99B$5.89B$6.16B
Diluted EPS$25.21$25.68$25.22$24.28$24.95

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$4.29B$5.81B$8.06B$8.40B$8.36B
Capital expenditure$1.12B$1.26B$1.30B$1.15B$1.09B
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$51.43B1.4%$1.36B$6.27
Q2 FY2026$50.47B1.4%$1.46B$6.71
Q1 FY2026$50.18B2.6%$1.76B$8.00
Q4 FY20259.5%
Q3 FY2025$50.71B12.4%$1.19B$5.32
Q2 FY2025$49.78B13.4%$1.74B$7.72
Q1 FY2025$48.89B14.8%$2.18B$9.61
Q4 FY20246.6%

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorHealthcare
SIC industryHospital & Medical Service Plans
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ3 FY2026 (ended September 30, 2026)
Oldest indexed filing2013
SEC CIK1156039

Selected SEC filings

10-K2026-02-06
View on EDGAR →
10-K2025-02-20
View on EDGAR →
10-Q2026-10-21
View on EDGAR →
10-Q2026-07-15
View on EDGAR →
10-Q2026-04-22
View on EDGAR →
10-Q2025-10-21
View on EDGAR →
8-K2026-10-21
View on EDGAR →
8-K2026-09-10
View on EDGAR →

Largest Healthcare peers

All Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.