Revenue growth decelerated sharply to 1.4% in 2026Q2 from 14.8% in 2025Q1, while the combined ratio improved to 95.9% from 98.8% in 2025Q4, but the anomalous 10.9% loss ratio in 2026Q2 raises questions about earnings quality.
Elevance Health Inc. (ELV) annual income statement — 25-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Revenue | 201.11B | 199.13B | 176.81B | 171.34B | 156.59B | 138.64B | 121.87B | 104.21B | 92.11B | 90.04B | 84.98B | 79.24B | 73.92B | 71.12B | 61.53B | 60.8B | 58.84B | 61.64B | 62.46B | 61.39B | 57.01B | 45.15B | 20.82B | 16.75B | 13.26B | 10.44B |
| Revenue Growth % | 6.27% | 12.62% | 3.19% | 9.42% | 12.95% | 13.76% | 16.94% | 13.15% | 2.29% | 5.96% | 7.24% | 7.19% | 3.94% | 15.58% | 1.2% | 3.34% | -4.55% | -1.3% | 1.73% | 7.69% | 26.26% | 116.91% | 24.26% | 26.38% | 26.91% | - |
| Medical Costs & Claims | 122.78B | 148.22B | 127.57B | 124.33B | 116.64B | 102.64B | 88.05B | 81.79B | 71.89B | 72.24B | 66.83B | 61.12B | 56.85B | 56.24B | 48.21B | 47.65B | 44.93B | 46.99B | 48.21B | 46.44B | 42.52B | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 61.05% | 74.44% | 72.15% | 72.56% | 74.49% | 74.04% | 72.25% | 78.48% | 78.06% | 80.23% | 78.65% | 77.13% | 76.91% | 79.07% | 78.35% | 78.36% | 76.35% | 76.23% | 77.19% | 75.64% | 74.58% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 78.34B | 50.9B | 49.24B | 47.01B | 39.95B | 35.99B | 33.82B | 22.43B | 20.21B | 17.8B | 18.14B | 18.12B | 17.07B | 14.89B | 13.32B | 13.16B | 13.91B | 14.65B | 14.25B | 14.96B | 14.49B | 0 | 0 | 16.75B | 13.26B | 10.44B |
| Gross Margin % | 38.95% | 25.56% | 27.85% | 27.44% | 25.51% | 25.96% | 27.75% | 21.52% | 21.94% | 19.77% | 21.35% | 22.87% | 23.09% | 20.93% | 21.65% | 21.64% | 23.65% | 23.77% | 22.81% | 24.36% | 25.42% | 0% | 0% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 3.37% | 4.75% | 17.66% | 11% | 6.42% | 50.81% | 10.97% | 13.52% | -1.88% | 0.12% | 6.18% | 14.66% | 11.74% | 1.25% | -5.45% | -5.05% | 2.85% | -4.74% | 3.23% | - | - | -100% | 26.38% | 26.91% | - |
| Operating Expenses | 71.28B | 42.79B | 40.35B | 38.27B | 31.5B | 27.05B | 26.11B | 15.69B | 14.37B | 12.82B | 12.72B | 12.76B | 11.97B | 10.2B | 8.91B | 8.68B | 9.08B | 9.71B | 9.29B | 9B | 9.13B | 0 | 3.54B | 15.55B | 12.44B | 9.92B |
| OpEx / Revenue % | 35.44% | 21.49% | 22.82% | 22.33% | 20.12% | 19.51% | 21.43% | 15.06% | 15.61% | 14.24% | 14.97% | 16.11% | 16.19% | 14.34% | 14.49% | 14.27% | 15.43% | 15.75% | 14.87% | 14.66% | 16.01% | 0% | 17% | 92.84% | 93.89% | 94.98% |
| Depreciation & Amortization | 1.01B | 1.55B | 1.39B | 1.75B | 1.68B | 1.3B | 1.15B | 1.13B | 1.13B | 891M | 912M | 907.9M | 851M | 908.8M | 740.7M | 637.2M | 600.8M | 553.5M | 571.7M | 120.2M | 133M | 633.8M | 279.1M | 245M | 157M | 31.5M |
| Combined Ratio % | 96.49% | 95.93% | 94.97% | 94.9% | 94.6% | 93.55% | 93.67% | 93.54% | 93.66% | 94.46% | 93.62% | 93.24% | 93.1% | 93.41% | 92.84% | 92.63% | 91.79% | 91.98% | 92.06% | 90.3% | 90.59% | 0% | 17% | 92.84% | 93.89% | 94.98% |
| Operating Income | 7.06B | 8.11B | 8.89B | 8.74B | 8.45B | 8.95B | 7.71B | 6.73B | 5.84B | 4.99B | 5.42B | 5.36B | 5.1B | 4.69B | 4.41B | 4.48B | 4.83B | 4.94B | 4.96B | 5.95B | 5.36B | 4.13B | 1.79B | 1.2B | 810.5M | 524.6M |
| Operating Margin % | 3.51% | 4.07% | 5.03% | 5.1% | 5.4% | 6.45% | 6.33% | 6.46% | 6.34% | 5.54% | 6.38% | 6.76% | 6.9% | 6.59% | 7.16% | 7.37% | 8.21% | 8.02% | 7.94% | 9.7% | 9.41% | 9.15% | 8.62% | 7.16% | 6.11% | 5.02% |
| Operating Income Growth % | - | -8.73% | 1.64% | 3.48% | -5.53% | 16.02% | 14.53% | 15.35% | 17.09% | -8.01% | 1.14% | 5.08% | 8.79% | 6.33% | -1.64% | -7.28% | -2.21% | -0.36% | -16.69% | 11.03% | 29.8% | 130.31% | 49.62% | 47.93% | 54.5% | - |
| EBITDA | 8.08B | 9.66B | 10.28B | 10.49B | 10.13B | 10.25B | 8.87B | 7.87B | 6.97B | 5.88B | 6.33B | 6.27B | 5.95B | 5.6B | 5.15B | 5.12B | 5.43B | 5.5B | 5.53B | 6.07B | 5.5B | 4.77B | 2.07B | 1.44B | 967.5M | 556.1M |
| EBITDA Margin % | 4.02% | 4.85% | 5.81% | 6.12% | 6.47% | 7.39% | 7.27% | 7.55% | 7.57% | 6.53% | 7.45% | 7.91% | 8.05% | 7.87% | 8.37% | 8.42% | 9.24% | 8.92% | 8.86% | 9.89% | 9.64% | 10.55% | 9.96% | 8.62% | 7.3% | 5.32% |
| Interest Expense | 1.13B | 1.4B | 1.19B | 1.03B | 851M | 798M | 784M | 746M | 753M | 739M | 723M | 653M | 600.7M | 602.7M | 511.8M | 430.3M | 418.9M | 447.4M | 469.8M | 447.9M | 403.5M | 226.2M | 142.3M | 131.2M | 98.5M | 60.2M |
| Non-Operating Income | 70M | 0 | -201M | 0 | 0 | 223M | 689M | 2M | 16M | 282.4M | 140.7M | 74.1M | 130.1M | 244.2M | 37.8M | 93.3M | 60.5M | -2.91B | 1.35B | 259.7M | 56.2M | 14.8M | 208.4M | -151.3M | 712M | -60.2M |
| Pretax Income | 5.86B | 6.71B | 7.9B | 7.71B | 7.6B | 7.92B | 6.24B | 5.99B | 5.07B | 3.96B | 4.56B | 4.63B | 4.37B | 3.84B | 3.86B | 3.96B | 4.35B | 7.4B | 3.12B | 5.26B | 4.91B | 3.89B | 1.44B | 1.22B | 0 | 524.6M |
| Pretax Margin % | 2.91% | 3.37% | 4.47% | 4.5% | 4.85% | 5.72% | 5.12% | 5.74% | 5.5% | 4.4% | 5.36% | 5.84% | 5.91% | 5.4% | 6.27% | 6.51% | 7.4% | 12.01% | 5% | 8.56% | 8.62% | 8.62% | 6.93% | 7.28% | 0% | 5.02% |
| Income Tax | 915M | 1.05B | 1.93B | 1.72B | 1.71B | 1.83B | 1.67B | 1.18B | 1.32B | 121M | 2.09B | 2.07B | 1.81B | 1.21B | 1.21B | 1.31B | 1.47B | 2.66B | 631.7M | 1.91B | 1.82B | 1.43B | 483.2M | 440.1M | 255.2M | 183.4M |
| Effective Tax Rate % | 15.61% | 15.63% | 24.46% | 22.35% | 22.53% | 23.09% | 26.71% | 19.68% | 26.01% | 3.05% | 45.78% | 44.72% | 41.39% | 31.4% | 31.29% | 33.13% | 33.69% | 35.89% | 20.23% | 36.37% | 37.02% | 36.67% | 33.48% | 36.1% | - | 34.96% |
| Net Income | 4.96B | 5.66B | 5.98B | 5.99B | 5.89B | 6.1B | 4.57B | 4.81B | 3.75B | 3.84B | 2.47B | 2.56B | 2.57B | 2.65B | 2.66B | 2.65B | 2.89B | 4.75B | 2.49B | 3.35B | 3.09B | 2.46B | 960.1M | 774.3M | 549.1M | 342.2M |
| Net Margin % | 2.47% | 2.84% | 3.38% | 3.49% | 3.76% | 4.4% | 3.75% | 4.61% | 4.07% | 4.27% | 2.91% | 3.23% | 3.48% | 3.73% | 4.32% | 4.35% | 4.91% | 7.7% | 3.99% | 5.45% | 5.43% | 5.46% | 4.61% | 4.62% | 4.14% | 3.28% |
| Net Income Growth % | -7.41% | -5.32% | -0.12% | 1.58% | -3.44% | 33.51% | -4.89% | 28.19% | -2.41% | 55.59% | -3.52% | -0.38% | -3.18% | -0.05% | 0.33% | -8.33% | -39.17% | 90.54% | -25.55% | 8.09% | 25.61% | 156.62% | 24% | 41.01% | 60.46% | - |
| EPS (Diluted) | 22.78 | 25.12 | 25.68 | 25.22 | 24.28 | 24.73 | 17.98 | 18.47 | 14.19 | 14.35 | 9.21 | 9.38 | 8.95 | 8.74 | 8.18 | 7.25 | 6.94 | 9.88 | 4.76 | 5.56 | 4.82 | 3.94 | 3.05 | 2.73 | 2.26 | 1.65 |
| EPS Growth % | -4.26% | -2.18% | 1.82% | 3.87% | -1.82% | 37.54% | -2.65% | 30.16% | -1.11% | 55.81% | -1.81% | 4.8% | 2.4% | 6.85% | 12.83% | 4.47% | -29.76% | 107.56% | -14.39% | 15.35% | 22.34% | 29.18% | 11.72% | 20.8% | 36.97% | - |
| EPS (Basic) | - | 25.18 | 25.81 | 25.38 | 24.56 | 25.25 | 18.23 | 18.81 | 14.53 | 14.70 | 9.39 | 9.73 | 9.31 | 8.89 | 8.26 | 7.80 | 7.64 | 9.96 | 4.79 | 5.64 | 4.93 | 4.03 | 3.15 | 2.80 | 2.31 | 1.66 |
| Diluted Shares Outstanding | 217.9M | 221.8M | 232.9M | 237.4M | 242.8M | 246.8M | 254.3M | 260.3M | 254.3M | 267.8M | 268.1M | 272.9M | 285.9M | 303.8M | 324.8M | 365.1M | 415.8M | 483.2M | 524.3M | 602M | 642.1M | 625.33M | 285.67M | 283.63M | 242.96M | 207.39M |
Quick answers to the most common questions about buying ELV stock.
For fiscal year 2025, Elevance Health Inc. (ELV) reported total revenue of $199.13B. This represents a 1806.5% increase compared to $10.44B in 2001.
Elevance Health Inc. (ELV) is profitable, generating $5.66B in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
Elevance Health Inc. (ELV) reported an operating income of $8.11B, resulting in an operating profit margin of 4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Elevance Health Inc. (ELV) generated $50.90B in gross profit for the year, representing a gross profit margin of 25.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Medicaid redetermination and utilization pressure
Metrics are mathematically derived from official filings.
Premium Growth Decelerating Sharply
Revenue growth slowed from 14.8% in 2025Q1 to 1.4% in 2026Q2, per reported figures, suggesting a maturing membership base and potential pricing headwinds.
The deceleration in revenue growth from double-digit rates in early 2025 to near-flat in 2026Q2 indicates that the tailwind from Medicaid redeterminations and membership expansion is fading. Investors should monitor whether this reflects lower membership or pricing concessions to retain market share, as the trend may pressure future earnings.
Underwriting Profitability Holds Despite Pressure
Combined ratio improved to 95.9% in 2026Q2 from 98.8% in 2025Q4, as reported in financial statements, indicating sustained underwriting discipline despite revenue slowdown.
The combined ratio has remained below 100% throughout the period, with a notable improvement in the most recent quarter. This suggests that Elevance is effectively managing medical costs, though the low loss ratio in 2026Q2 (10.9%) appears anomalous and may reflect a timing benefit or data anomaly; the underlying trend in the 70-80% range is more indicative of normal operations.
Reserve Releases Masking Underlying Trends
Prior-year reserve releases appear to have boosted earnings, as evidenced by the unusually low loss ratio of 10.9% in 2026Q2, per reported data, warranting scrutiny of earnings quality.
The dramatic drop in loss ratio in 2026Q2, coupled with a combined ratio of 95.9%, suggests that favorable reserve development may be inflating underwriting results. If reserve releases are not sustainable, future quarters could see higher loss ratios and margin compression. Analysts should assess the adequacy of current reserves and the potential for adverse development.
Operating Efficiency Stable Amid Scale
Expense ratio, derived from combined and loss ratios, remained around 20% in 2026Q2, as per reported figures, indicating stable operating leverage despite revenue deceleration.
The expense ratio has been relatively consistent, suggesting that Elevance is maintaining cost discipline even as revenue growth slows. However, the lack of investment income data limits a full assessment of total profitability, and investors should monitor whether efficiency gains can offset potential margin pressure from utilization trends.
2025Q4 Earnings Dip Signals Volatility
Net income fell to $547M in 2025Q4, a 50% decline from the prior year, as reported in financial statements, highlighting the impact of elevated claims and seasonal factors.
The sharp drop in net income in 2025Q4, despite strong revenue growth, indicates a period of elevated medical costs or reserve strengthening. This quarter stands out as an inflection point, and the subsequent recovery in 2026 suggests that the company may have addressed the issue, but the volatility underscores the sensitivity of earnings to claims experience.
Earnings Quality Questioned by Anomalous Loss Ratio
The 10.9% loss ratio in 2026Q2, as per reported data, is implausibly low and may indicate data reporting issues or aggressive reserve releases, challenging the reliability of reported earnings.
The loss ratio in 2026Q2 is a stark outlier compared to the historical range of 70-82%, suggesting that either the data is incomplete or that significant reserve releases are masking underlying cost trends. If the latter, future earnings could be adversely impacted when reserves are depleted. Investors should demand greater transparency on reserve development and medical cost trends before relying on current profitability levels.