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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Elevance Health Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Premiums
- The premiums demonstrate a consistent upward trajectory from March 2020 through March 2025, increasing from approximately $25.5 billion to over $40.8 billion. This steady growth indicates expanding revenue generation from core insurance operations.
- Product Revenue
- Product revenue shows a generally increasing trend over the periods, with fluctuations. Starting around $2.3 billion in early 2020, it grows to exceed $6.7 billion by the end of 2024 before a slight decrease in early 2025. The increase suggests strengthening sales or pricing power in product offerings.
- Service Fees
- Service fees exhibit a gradual rise from about $1.6 billion to roughly $2.1 billion over the analyzed periods. There are minor fluctuations, but the trend is generally positive, reflecting growing service-based income.
- Operating Revenue
- Operating revenue follows a solid upward path, increasing from approximately $29.4 billion to nearly $48.8 billion. This growth is consistent with the increases in premiums, product revenue, and service fees, indicating overall business expansion.
- Benefit Expense
- Benefit expense rises steadily from about $21.5 billion to $35.3 billion. This upward movement aligns with the increase in premiums and operating revenue, reflecting increased claims or benefit payments corresponding to business growth.
- Cost of Products Sold
- Costs associated with products sold generally increase from around $2 billion to $5 billion, although there are some fluctuations. A notable spike occurs in late 2023 and 2024, indicating potential cost pressure or increased volume.
- Cost of Operating Revenue
- The cost of operating revenue grows from roughly $23.5 billion to about $40.3 billion, consistent with the rise in total operating revenue. This suggests increasing expenditure directly linked to revenue generation.
- Gross Profit
- Gross profit fluctuates over time but shows an overall increase from about $6 billion to $8.5 billion by early 2025. The volatility may be attributed to variations in cost management and revenue mix, but the general upward trend reflects improving profitability on a gross basis.
- Operating Expense
- Operating expenses rise gradually from approximately $3.8 billion to $5.3 billion, with some periods of acceleration and deceleration. The steady increase indicates growing administrative and operational costs consistent with business expansion.
- Amortization of Other Intangible Assets
- Amortization charges vary between approximately $80 million to around $250 million, with some volatility across quarters. The figures suggest ongoing amortization expenses related to intangible assets with no clear directional trend.
- Operating Income
- Operating income shows considerable volatility, peaking at over $3 billion in mid-2020 and early 2025, but with troughs significantly lower in late 2020 and late 2021. Despite fluctuations, the later periods indicate an improving trend in operating profitability.
- Net Investment Income
- Net investment income remains relatively stable, increasing modestly from around $250 million to nearly $600 million, demonstrating steady returns from financial assets.
- Net Gains (Losses) on Financial Instruments
- These gains and losses are highly volatile, with frequent switches between positive and negative figures, including sizeable losses towards late 2024 and early 2025. This suggests uncertainty and market variability impacting financial instrument outcomes.
- Gain (Loss) on Sale of Business
- There is a significant gain recorded in late 2024 ($240 million) followed by a loss in early 2025 (-$39 million), indicating isolated impacts from business divestitures or acquisitions.
- Interest Expense
- Interest expense gradually rises from about $194 million to $344 million, reflecting either increased borrowing or rising interest rates over time.
- Loss on Extinguishment of Debt
- Losses on debt extinguishment are irregular and generally minor, occurring sporadically with the highest noted loss at $30 million in late 2020.
- Income Before Income Tax Expense
- Income before taxes follows a pattern similar to operating income, with peaks in mid-2020 and again in early 2025. The variability points to fluctuations in profitability influenced by operational and non-operational factors.
- Income Tax Expense
- Income tax expense varies significantly but generally corresponds with pretax income patterns, showing larger expenses in high-profit periods and lower expenses when income declines.
- Net Income
- Net income exhibits volatility but maintains an upward tendency, moving from approximately $1.5 billion in early 2020 to over $2.1 billion in early 2025, despite some interim declines.
- Net (Income) Loss Attributable to Noncontrolling Interests
- This item shows minor and inconsistent values around zero, suggesting minimal impact on overall earnings from noncontrolling interests.
- Shareholders’ Net Income
- Shareholders’ net income tracks closely with net income, rising from $1.5 billion to approximately $2.2 billion by early 2025, reflecting overall profitability available to equity holders.