Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Elevance Health Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Federal	1,753)	1,899)	1,469)	1,467)	1,724)
Foreign (including Puerto Rico)	93)	95)	98)	18)	7)
State and local	448)	420)	179)	165)	461)
Current tax expense	2,294)	2,414)	1,746)	1,650)	2,192)
Deferred tax expense (benefit)	(361)	(690)	4)	180)	(526)
Income tax expense	1,933)	1,724)	1,750)	1,830)	1,666)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Current tax expense	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Elevance Health Inc. current tax expense increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Deferred tax expense (benefit)	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Elevance Health Inc. deferred tax expense (benefit) decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Income tax expense	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Elevance Health Inc. income tax expense decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Elevance Health Inc., effective income tax rate (EITR) reconciliation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
State and local income taxes net of federal tax expense/benefit	2.70%	1.60%	3.00%	3.30%	3.80%
Tax exempt interest and dividends received deduction	-0.10%	-0.20%	-0.20%	-0.30%	-0.40%
Change in valuation allowance	0.60%	1.10%	0.00%	0.00%	0.00%
HIP fee	0.00%	0.00%	0.00%	0.00%	5.30%
Basis adjustments from recent acquisitions	0.00%	0.00%	0.00%	0.00%	-1.80%
Other, net	0.30%	-1.20%	-1.30%	-0.90%	-1.20%
Effective income tax rate	24.50%	22.30%	22.50%	23.10%	26.70%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Elevance Health Inc. effective income tax rate decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Elevance Health Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Accrued expenses	826)	553)	379)	511)	588)
Bad debt reserves	434)	415)	301)	246)	143)
Insurance reserves	192)	178)	147)	156)	187)
Lease liabilities	170)	172)	200)	216)	204)
Retirement liabilities	126)	132)	173)	170)	205)
Deferred compensation	45)	44)	34)	35)	31)
Federal and state carryforwards	428)	455)	208)	201)	274)
Foreign (including Puerto Rico) carryforwards	90)	—)	—)	—)	—)
Investment basis	—)	31)	340)	—)	—)
Other	100)	166)	267)	207)	113)
Deferred income tax assets, before valuation allowance	2,411)	2,146)	2,049)	1,742)	1,745)
Valuation allowance	(294)	(271)	(203)	(212)	(84)
Deferred income tax assets	2,117)	1,875)	1,846)	1,530)	1,661)
U.S. federal and state intangible assets	(2,584)	(2,070)	(2,059)	(2,071)	(2,073)
Foreign (including Puerto Rico) intangible assets	(194)	(330)	(380)	(452)	—)
Capitalized software	(513)	(485)	(601)	(777)	(670)
Depreciation and amortization	(38)	(54)	(62)	(45)	(37)
Investment basis	(11)	—)	—)	(295)	(407)
Retirement assets	(330)	(319)	(317)	(314)	(260)
Lease right-of-use assets	(114)	(110)	(123)	(126)	(131)
Prepaid expenses	(275)	(249)	(201)	(152)	(102)
Deferred income tax liabilities	(4,059)	(3,617)	(3,743)	(4,232)	(3,680)
Net deferred income tax assets (liabilities)	(1,942)	(1,742)	(1,897)	(2,702)	(2,019)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Deferred income tax assets, before valuation allowance	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Elevance Health Inc. deferred income tax assets, before valuation allowance increased from 2022 to 2023 and from 2023 to 2024.
Deferred income tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Elevance Health Inc. deferred income tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred income tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Elevance Health Inc. net deferred income tax assets (liabilities) increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Elevance Health Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Deferred tax asset (under the caption Other noncurrent assets)	206)	228)	137)	103)	—)
	Deferred tax liabilities, net	2,148)	1,970)	2,034)	2,805)	2,019)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Deferred tax asset (under the caption Other noncurrent assets)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Elevance Health Inc. deferred tax asset (under the caption Other noncurrent assets) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Deferred tax liabilities, net	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Elevance Health Inc. deferred tax liabilities, net decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Elevance Health Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	116,889)	108,928)	102,772)	97,460)	86,615)
Less: Noncurrent deferred tax assets, net	206)	228)	137)	103)	—)
Total assets (adjusted)	116,683)	108,700)	102,635)	97,357)	86,615)
Adjustment to Total Liabilities
Total liabilities (as reported)	75,463)	69,523)	66,378)	61,332)	53,416)
Less: Noncurrent deferred tax liabilities, net	2,148)	1,970)	2,034)	2,805)	2,019)
Total liabilities (adjusted)	73,315)	67,553)	64,344)	58,527)	51,397)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	41,315)	39,306)	36,307)	36,060)	33,199)
Less: Net deferred tax assets (liabilities)	(1,942)	(1,742)	(1,897)	(2,702)	(2,019)
Shareholders’ equity (adjusted)	43,257)	41,048)	38,204)	38,762)	35,218)
Adjustment to Shareholders’ Net Income
Shareholders’ net income (as reported)	5,980)	5,987)	6,025)	6,104)	4,572)
Add: Deferred income tax expense (benefit)	(361)	(690)	4)	180)	(526)
Shareholders’ net income (adjusted)	5,619)	5,297)	6,029)	6,284)	4,046)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Elevance Health Inc., Financial Data: Reported vs. Adjusted

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Elevance Health Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	3.41%	3.52%	3.87%	4.46%	3.78%
Adjusted net profit margin	3.21%	3.11%	3.87%	4.59%	3.35%
Total Asset Turnover
Reported total asset turnover	1.50	1.56	1.51	1.41	1.39
Adjusted total asset turnover	1.50	1.57	1.52	1.41	1.39
Financial Leverage
Reported financial leverage	2.83	2.77	2.83	2.70	2.61
Adjusted financial leverage	2.70	2.65	2.69	2.51	2.46
Return on Equity (ROE)
Reported ROE	14.47%	15.23%	16.59%	16.93%	13.77%
Adjusted ROE	12.99%	12.90%	15.78%	16.21%	11.49%
Return on Assets (ROA)
Reported ROA	5.12%	5.50%	5.86%	6.26%	5.28%
Adjusted ROA	4.82%	4.87%	5.87%	6.45%	4.67%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Elevance Health Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Elevance Health Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Elevance Health Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Elevance Health Inc. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Elevance Health Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Elevance Health Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income	5,980)	5,987)	6,025)	6,104)	4,572)
Operating revenue	175,204)	170,209)	155,660)	136,943)	120,808)
Profitability Ratio
Net profit margin¹	3.41%	3.52%	3.87%	4.46%	3.78%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted shareholders’ net income	5,619)	5,297)	6,029)	6,284)	4,046)
Operating revenue	175,204)	170,209)	155,660)	136,943)	120,808)
Profitability Ratio
Adjusted net profit margin²	3.21%	3.11%	3.87%	4.59%	3.35%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Net profit margin = 100 × Shareholders’ net income ÷ Operating revenue
= 100 × 5,980 ÷ 175,204 = 3.41%

² Adjusted net profit margin = 100 × Adjusted shareholders’ net income ÷ Operating revenue
= 100 × 5,619 ÷ 175,204 = 3.21%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Elevance Health Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Operating revenue	175,204)	170,209)	155,660)	136,943)	120,808)
Total assets	116,889)	108,928)	102,772)	97,460)	86,615)
Activity Ratio
Total asset turnover¹	1.50	1.56	1.51	1.41	1.39
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Operating revenue	175,204)	170,209)	155,660)	136,943)	120,808)
Adjusted total assets	116,683)	108,700)	102,635)	97,357)	86,615)
Activity Ratio
Adjusted total asset turnover²	1.50	1.57	1.52	1.41	1.39

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Operating revenue ÷ Total assets
= 175,204 ÷ 116,889 = 1.50

² Adjusted total asset turnover = Operating revenue ÷ Adjusted total assets
= 175,204 ÷ 116,683 = 1.50

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Elevance Health Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	116,889)	108,928)	102,772)	97,460)	86,615)
Shareholders’ equity	41,315)	39,306)	36,307)	36,060)	33,199)
Solvency Ratio
Financial leverage¹	2.83	2.77	2.83	2.70	2.61
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	116,683)	108,700)	102,635)	97,357)	86,615)
Adjusted shareholders’ equity	43,257)	41,048)	38,204)	38,762)	35,218)
Solvency Ratio
Adjusted financial leverage²	2.70	2.65	2.69	2.51	2.46

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 116,889 ÷ 41,315 = 2.83

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 116,683 ÷ 43,257 = 2.70

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Elevance Health Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income	5,980)	5,987)	6,025)	6,104)	4,572)
Shareholders’ equity	41,315)	39,306)	36,307)	36,060)	33,199)
Profitability Ratio
ROE¹	14.47%	15.23%	16.59%	16.93%	13.77%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted shareholders’ net income	5,619)	5,297)	6,029)	6,284)	4,046)
Adjusted shareholders’ equity	43,257)	41,048)	38,204)	38,762)	35,218)
Profitability Ratio
Adjusted ROE²	12.99%	12.90%	15.78%	16.21%	11.49%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Shareholders’ net income ÷ Shareholders’ equity
= 100 × 5,980 ÷ 41,315 = 14.47%

² Adjusted ROE = 100 × Adjusted shareholders’ net income ÷ Adjusted shareholders’ equity
= 100 × 5,619 ÷ 43,257 = 12.99%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Elevance Health Inc. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income	5,980)	5,987)	6,025)	6,104)	4,572)
Total assets	116,889)	108,928)	102,772)	97,460)	86,615)
Profitability Ratio
ROA¹	5.12%	5.50%	5.86%	6.26%	5.28%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted shareholders’ net income	5,619)	5,297)	6,029)	6,284)	4,046)
Adjusted total assets	116,683)	108,700)	102,635)	97,357)	86,615)
Profitability Ratio
Adjusted ROA²	4.82%	4.87%	5.87%	6.45%	4.67%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Shareholders’ net income ÷ Total assets
= 100 × 5,980 ÷ 116,889 = 5.12%

² Adjusted ROA = 100 × Adjusted shareholders’ net income ÷ Adjusted total assets
= 100 × 5,619 ÷ 116,683 = 4.82%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Elevance Health Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Elevance Health Inc. (NYSE:ELV)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Elevance Health Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Elevance Health Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)