Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Elevance Health Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial performance over the analyzed period indicates a strategic shift in revenue composition combined with increasing pressure on operating margins. A consistent transition is observed as the reliance on premiums has decreased from 86.22% of operating revenue in early 2021 to 82.85% by mid-2026. This decline is offset by a steady expansion in product revenue, which grew from 8.53% to 12.57% over the same timeframe, suggesting a diversification of income streams.
- Cost Structure and Gross Margin Trends
- The cost of operating revenue has exhibited an overall upward trajectory, increasing from 81.04% to 85.33%. This is primarily driven by the rise in the cost of products sold, which nearly doubled from 7.21% to 11.02%. Benefit expenses remain the largest cost driver, showing significant volatility and peaking at 77.19% in late 2025. Consequently, gross profit margins have compressed, falling from a high of 18.96% to 14.67%, with periodic sharp declines reaching as low as 11.61%.
- Operating Efficiency and Income
- Operating expenses have remained relatively stable, generally fluctuating between 10% and 12% of operating revenue. However, the compression in gross profit has directly impacted operating income. While operating margins reached a peak of 6.86% in March 2024, they experienced a severe contraction toward the end of 2025, dropping to a low of 0.29% in December 2025 before recovering slightly to 3.32% by June 2026.
- Net Profitability and Non-Operating Items
- Net income margins show a pattern of cyclicality and a general downward trend, moving from 5.19% in March 2021 to 2.92% in June 2026. Net investment income has provided a modest and consistent buffer, generally contributing between 0.90% and 1.55% to the total revenue. Interest expenses have remained stable but slightly increased over time, moving from 0.60% to 0.73% of operating revenue.
An analysis of the most recent quarters reveals a period of heightened financial volatility. The significant dip in net income to 1.11% in December 2025 coincided with a peak in the cost of operating revenue (88.39%) and a tax benefit (0.67% income tax expense), indicating that operational pressures were severe enough to outweigh the positive tax impact. The subsequent recovery in early 2026 suggests a stabilization of benefit costs and a return to more normalized margin levels.