Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Elevance Health Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals several noteworthy trends in the company’s financial performance between March 2021 and December 2025. Operating revenue composition has shifted over the period, while profitability metrics demonstrate considerable fluctuation. A detailed examination of key items follows.
- Revenue Composition
- Premiums consistently represent the largest portion of operating revenue, though their relative contribution has generally decreased from 86.22% in March 2021 to 82.52% in September 2025. Product revenue has exhibited a more pronounced increase, rising from 8.53% to 13.10% over the same period, with a peak of 14.92% in December 2022. Service fees have remained relatively stable, fluctuating between approximately 4.5% and 5.3% of operating revenue. These shifts suggest a diversification of revenue streams beyond traditional premium income.
- Profitability
- Gross profit as a percentage of operating revenue decreased from 18.96% in March 2021 to a low of 11.61% in September 2025, indicating increasing costs relative to revenue. Operating income experienced a more dramatic decline, falling from 6.48% to 0.29% over the analyzed timeframe. A significant dip in operating income is observed in late 2021 and again in late 2024. Net income followed a similar pattern, decreasing from 5.19% to 1.11%. These declines are primarily driven by increases in cost of operating revenue and, to a lesser extent, operating expenses.
- Cost Structure
- Cost of operating revenue has steadily increased as a percentage of operating revenue, rising from 81.04% in March 2021 to 88.39% in September 2025. This represents the most significant driver of the declining profitability. Cost of products sold also increased substantially, moving from 7.21% to 11.20% over the period. Operating expenses remained relatively stable, fluctuating between 10.9% and 12.9% of operating revenue.
- Other Income and Expenses
- Net investment income has remained relatively consistent, generally ranging between 0.9% and 1.3% of operating revenue. Net gains (losses) on financial instruments have fluctuated, with a notable loss in September 2025. Interest expense has increased slightly over the period, from 0.60% to 0.74%. Income tax expense as a percentage of operating revenue has also shown variability, generally tracking changes in income before income tax expense.
In summary, the company experienced a shift in revenue composition towards product revenue and service fees, coupled with a significant decline in profitability metrics. This decline is primarily attributable to a substantial increase in the cost of operating revenue and cost of products sold. While other income and expenses remained relatively stable, their impact was insufficient to offset the increasing cost pressures.