Common-Size Income Statement
Quarterly Data
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Elevance Health Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Elevance Health Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition Trends
- Premiums consistently constitute the largest portion of operating revenue, generally maintaining a range from approximately 83% to 87%. However, a gradual downward trend appears from the first quarter of 2023, declining from about 85.61% to the low 83% range by the third quarter of 2025. Product revenue shows a noticeable increasing trend over the reviewed period, starting near 8% and rising to exceed 12% by late 2023 and further reaching almost 15% by early 2025 before settling around 12% again. This suggests growing importance or expansion in product sales relative to total operating revenue. Service fees remain more stable, fluctuating narrowly between 4% and 5.5%, with some volatility but no clear directional trend.
- Expense Patterns
- Benefit expense consistently represents the largest expense category, fluctuating mostly between -70% and -76% of operating revenue. While there are some fluctuations, no significant upward or downward trend is evident. Cost of products sold demonstrates an increasing trend in expense ratio, rising from roughly -7% to over -13% at its peak before slightly descending but remaining elevated compared to early periods. This aligns with the rise in product revenue, indicating higher related costs. Overall cost of operating revenue follows a similar pattern, consistently high in the range of approximately -74% to -88%, showing some increases over time, particularly in later periods. Operating expenses remain more stable, mainly between -10% and -13%, with minor fluctuations but no pronounced change over time. Amortization of other intangible assets shows a slight upward trend in some mid-periods, reaching near -0.6%, but overall fluctuates minimally within a narrow band.
- Profitability Metrics
- Gross profit as a percentage of operating revenue fluctuates significantly, with values mostly between 12% and 20%, showing some volatility. Despite some dips, gross profit percentage overall appears relatively stable without a consistent trend upwards or downwards. Operating income margin exhibits marked volatility, swinging from lows near 0% to peaks around 7%, with notable declines during some quarters, reflecting operating challenges or periodic expense pressures. Net investment income remains steady around 0.9% to 1.2%, with small variations but generally stable contribution to profitability. Net gains (losses) on financial instruments are mostly negative or close to zero, with no consistent improvement trend, sometimes contributing to slight detriments in profitability. Interest expense remains relatively stable, slightly increasing in magnitude but staying below -1%, indicating stable financing costs.
- Income and Taxation
- Income before income tax expense closely follows operating income trends, ranging from about 1% to nearly 11%. The data reveal periodic fluctuations corresponding with operational performance shifts. Income tax expense shows variations between approximately -0.2% and -3%, with no clear trend but visible quarterly fluctuations possibly aligned with income levels. Net income as a percentage of operating revenue demonstrates considerable variability, ranging roughly between 0.7% and 7.8%, broadly following income before tax trends. Periods of higher net income tend to correspond with stronger operational performance. Shareholders’ net income mirrors net income patterns closely, confirming consistency in attributing earnings to shareholders.
- Additional Observations
- Loss on extinguishment of debt is minimal and sporadic, generally exerting negligible influence on overall financial performance. A gain (loss) on sale of business is noted in some quarters, with modest positive or negative impacts, indicating occasional non-operating income effects. The financial data suggest a company balancing a steady revenue base dominated by premiums with growing product revenue and consistent service fee contributions, while managing relatively high and stable benefit and operating expenses. Profitability shows sensitivity to these expense dynamics, with net income reflecting operational fluctuations.