Income StatementBalance SheetCash FlowSegments
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Elevance Health Business Segments

Business, geographic, and product segment breakdowns

Elevance Health generates $200.42B in annual revenue across 4 key segments: Carelon Services Segment ($29.1B), CarelonRx Segment ($43.9B), Corporate & Other ($546.0M), and Health Benefits Segment ($168.15B). Based on the Q1 2026 filing.

Carelon Services Segment (TTM)$29.1BCarelonRx Segment (TTM)$43.9BCorporate & Other (TTM)$546.0MHealth Benefits Segment (TTM)$168.15B
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$84.2B
P/E Ratio16.06
ROE12.14%

Products & Services

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product and service revenue$2.0B$2.1B$2.1B$2.1B$2.2B$2.2B

Business Segments

Benefit expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Benefits$33.0B$34.4B$35.5B$36.8B$37.2B$35.5B
Carelon Services$4.0B$5.3B$6.3B$6.3B$6.3B$6.1B
Corporate & Other$4.0M$10.0M$8.0M$4.0M$3.0M$9.0M
CarelonRx$0.0$0.0$0.0$0.0$0.0$0.0

Cost of products sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CarelonRx$9.2B$9.3B$9.9B$10.2B$10.7B$9.8B
Carelon Services$0.0$0.0$0.0$0.0$0.0$0.0
Corporate & Other$0.0$0.0$0.0$0.0$0.0$0.0
Health Benefits$0.0$0.0$0.0$0.0$0.0$0.0

Operating expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Benefits$4.3B$4.8B$4.5B$4.8B$4.9B$4.9B
Corporate & Other$84.0M$295.0M$295.0M$226.0M$0.0$1.1B
Carelon Services$755.0M$726.0M$751.0M$756.0M$840.0M$810.0M
CarelonRx$215.0M$230.0M$223.0M$232.0M$220.0M$188.0M

Operating revenue - total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Benefits Segment$37.6B$41.4B$41.6B$42.2B$41.8B$42.5B
CarelonRx Segment$10.0B$10.1B$10.6B$11.0B$11.6B$10.6B
Carelon Services Segment$4.8B$6.5B$7.4B$7.3B$7.0B$7.4B
Corporate & Other$0.0$165.0M$232.0M$149.0M—$4.0M

Premiums

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Benefits Segment$35.7B$39.6B$39.7B$40.3B$39.9B$40.5B
Carelon Services Segment$748.0M$1.5B$1.9B$1.8B$1.2B$779.0M
CarelonRx Segment$0.0$0.0$0.0$0.0$0.0$0.0
Corporate & Other$0.0$0.0$0.0$0.0$0.0$0.0

Reportable segments’ operating gain

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Benefits Segment$207.0M$2.2B$1.6B$601.0M$0.0$2.2B
Corporate & Other-$102.0M-$140.0M-$71.0M-$81.0M-$45.0M-$1.1B
CarelonRx Segment$533.0M$602.0M$536.0M$556.0M$724.0M$582.0M
Carelon Services Segment$35.0M$491.0M$400.0M$219.0M—$470.0M

Business optimization initiatives, incurred cost

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate & Other Segment—————$129.0M

Payments for restructuring

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate & Other Segment$43.0M$34.0M$49.0M$28.0M$19.0M$1.0M

Restructuring Charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate & Other Segment$0.0$0.0$0.0$4.0M—$128.0M

Release of severance accrual

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate & Other Segment—$13.8M$13.8M$13.8M$13.8M—

Assets assumed

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Benefits$1.1B———$1.1B—

Percentage of intangible assets acquired

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Benefits————100.0%—

Amortization of other intangible assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segments$180.0M$155.0M$147.0M$162.0M$164.0M$112.0M

Income before income tax expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segments$606.0M$2.8B$2.3B$1.4B$215.0M$2.3B

Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segments$340.0M$344.0M$341.0M$351.0M$366.0M$357.0M

Net investment income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segments$527.0M$590.0M$486.0M$625.0M$493.0M$765.0M

Net losses on financial instruments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segments-$74.0M-$464.0M-$131.0M-$1.0M-$57.0M-$78.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segments$45.4B$48.9B$49.8B$50.7B$49.7B$50.2B