Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
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Elevance Health Inc., consolidated income statement (quarterly data)
US$ in millions
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).
Overall, the financial performance exhibits a pattern of growth followed by stabilization and then renewed expansion, with some fluctuations throughout the observed period. Operating revenue demonstrates a generally increasing trend, though growth rates vary. Net income mirrors this pattern, experiencing periods of strong growth, followed by declines, and then a resurgence.
- Revenue Trends
- Operating revenue increased from US$32.098 billion in March 2021 to US$49.311 billion in December 2025. The most significant growth occurred between December 2021 and March 2025. Premiums, the largest component of revenue, also show a consistent upward trend, increasing from US$27.676 billion to US$40.690 billion over the same period. Product revenue and service fees also contribute to overall revenue growth, with product revenue experiencing particularly strong growth in the latter half of the period.
- Profitability Analysis
- Gross profit generally follows the trend of operating revenue, increasing from US$6.086 billion to US$5.724 billion, with fluctuations in between. Operating income experienced a significant dip in December 2021, recovering and then showing strong growth through March 2025 before stabilizing. Net income demonstrates a similar pattern, with a peak in March 2025. The period between September 2023 and December 2025 shows a decline in both gross profit and net income.
- Expense Management
- Cost of operating revenue consistently represents a substantial portion of operating revenue, increasing from US$26.012 billion to US$43.587 billion. Operating expenses also increased over the period, though at a slower rate than revenue. Interest expense shows a steady increase, reaching US$366 million in December 2025. Benefit expense consistently represents the largest expense item, increasing from US$23.699 billion to US$38.065 billion.
- Net Investment Income & Other Factors
- Net investment income remains relatively stable, fluctuating between approximately US$335 million and US$590 million. Net gains (losses) on financial instruments are volatile, with significant losses in some quarters. The impact of gain (loss) on sale of business is notable in June 2024, contributing US$240 million to income, but is offset by a loss of US$39 million in the same period. Income tax expense generally tracks net income, with fluctuations reflecting changes in profitability.
In conclusion, the financial performance demonstrates a generally positive trajectory, with revenue and net income increasing over the period. However, there are periods of volatility and expense management remains a key factor in maintaining profitability. The recent decline in gross profit and net income between September 2023 and December 2025 warrants further investigation.