Elevance Health, Inc.
Financial Performance
Elevance Health Revenue & Financials
Revenue
$199.1B (FY2025)
Market Cap
$80B
Employees
97,100
What is Elevance Health's revenue?
Elevance Health had $199.1B in revenue for fiscal year 2025, up 12.5% from 2024.
- Latest revenue
- $199.1B (FY2025)
- Year-over-year
- +12.5%
- Growth rate (CAGR)
- 9.9% over 9 years
- Peak revenue
- $199.1B (FY2025)
- Years of data
- 10
- Employees
- 97,100
- What is Elevance Health's operating income?
- Elevance Health reported operating income of $7.2B for fiscal year 2025. sec.gov
- How many employees does Elevance Health have?
- Elevance Health has about 97,100 employees.
Financial Analysis
Revenue rose from $171.3B in 2023 to $177.0B in 2024 and $199.1B in 2025, helped by premium-rate increases, acquisitions and Medicare Advantage growth that offset Medicaid attrition. Net income was $5.662B in 2025 on operating income of $7.199B. Growth slowed in 2026 as the company deliberately shrank unprofitable Medicaid, Medicare Advantage and employer risk business: operating revenue was $49.5B in Q1 2026 and $49.8B in Q2 2026. In July 2026 Elevance raised full-year guidance to at least $20.10 GAAP diluted EPS and at least $27.00 adjusted EPS, with operating cash flow of at least $6.0B, and paid a $1.72 quarterly dividend. Elevance Health (formerly Anthem) is a massive American health insurance provider, maintaining a staggering market valuation generally exceeding $120 billion.
Revenue Trend Analysis
YoY Change
+12.5%
9-Year CAGR
+9.9%
Peak Year
2025
Trend
Consistent Growth
Elevance Health, Inc. has 10 full fiscal year figures on this page, compounding at +9.9% annually over 9 years. The most recent year saw a 12.5% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $199.1B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $199.1B | $7.2Bfiling | — | +12.5% | sec.gov Total revenues were $199.125B in FY2025. |
| FY2024 | $177B | $7.9Bfiling | — | +3.3% | sec.gov Total revenues were $177.011B in FY2024. |
| FY2023 | $171.3B | $8.5Bfiling | — | +9.4% | sec.gov Total revenues were $171.340B in FY2023. |
| FY2022 | $156.6B | $8.3B | $5.9B | +13.0% | Elevance Health, Inc. annual report (Form 10-K, SEC EDGAR, filed 2025-02-20) Fiscal year ended 2022-12-31. |
| FY2021 | $138.6B | $7.6B | $6.2B | +13.8% | Elevance Health, Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-02-21) Fiscal year ended 2021-12-31. |
| FY2020 | $121.9B | $6.4B | $4.6B | +16.9% | Elevance Health, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-02-15) Fiscal year ended 2020-12-31. |
| FY2019 | $104.2B | $6B | $4.8B | +13.1% | Elevance Health, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-02-16) Fiscal year ended 2019-12-31. |
| FY2018 | $92.1B | $5.4B | $3.8B | +2.3% | Elevance Health, Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-02-18) Fiscal year ended 2018-12-31. |
| FY2017 | $90B | $4.2B | $3.8B | +6.1% | Elevance Health, Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-02-19) Fiscal year ended 2017-12-31. |
| FY2016 | $84.9B | $4.8B | $2.5B | — | Elevance Health, Inc. annual report (Form 10-K, SEC EDGAR, filed 2019-02-20) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Elevance Health, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $4.3B | $1.1B | $121.5B | $77.5B | $43.9B | $3.2B | Form 10-K |
| FY2024ended Dec 31, 2024 | $5.8B | $1.3B | $116.9B | $75.5B | $41.3B | $4.6B | Form 10-K |
| FY2023ended Dec 31, 2023 | $8.1B | $1.3B | $108.9B | $69.5B | $39.3B | $6.8B | Form 10-K |
| FY2022ended Dec 31, 2022 | $8.4B | $1.2B | $102.8B | $66.4B | $36.2B | $7.2B | Form 10-K |
| FY2021ended Dec 31, 2021 | $8.4B | $1.1B | $97.5B | $61.3B | $36.1B | $7.3B | Form 10-K |
| FY2020ended Dec 31, 2020 | $10.7B | $1B | $86.6B | $53.4B | $33.2B | $9.7B | Form 10-K |
| FY2019ended Dec 31, 2019 | $6.1B | $1.1B | $77.5B | $45.7B | $31.7B | $5B | Form 10-K |
| FY2018ended Dec 31, 2018 | $3.8B | $1.2B | $71.6B | $43B | $28.5B | $2.6B | Form 10-K |
| FY2017ended Dec 31, 2017 | $4.2B | $791M | $70.5B | $44B | $26.5B | $3.4B | Form 10-K |
| FY2016ended Dec 31, 2016 | $3.3B | $584M | $65.1B | $40B | $25.1B | $2.7B | Form 10-K |
Keep researching Elevance Health
Elevance Health Revenue and Financial FAQ
What was Elevance Health's revenue in 2025?
$199.125B, up from $177.0B in 2024, with net income of $5.662B.
What were Elevance's Q2 2026 results?
Operating revenue was $49.8B, up 0.8%. Diluted EPS was $6.71 and adjusted diluted EPS was $7.45.
What is Elevance's 2026 guidance?
As of July 2026: at least $20.10 GAAP diluted EPS, at least $27.00 adjusted EPS, and at least $6.0B of operating cash flow.
Does Elevance pay a dividend?
Yes. It paid $1.72 per share per quarter in 2026 and repurchased $234M of stock in Q2 2026.
Why did Elevance's membership fall in 2026?
A large fee-based employer customer moved away, and the company accepted attrition in ACA and Medicaid plans while exiting lower-margin markets.
Is Elevance Health a non-profit?
No. While it started as a non-profit mutual company (owned by its policyholders), it executed a massive "demutualization" in 2001, going public on the stock market. Since then, it has generated massive, highly reliable profits for its Wall Street shareholders.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Elevance Health Revenue & Financials." CorpDigest, https://corpdigest.com/company/elevance-health/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Elevance Health reported $199.1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/elevance-health/financials" target="_blank" rel="noopener">CorpDigest — Elevance Health financials</a></div>Related Financial Audits
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