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Elevance Health ELV CarelonRx — Reportable segments’ operating gain

Other segment segments

Health Benefits
$896M-42.6%
Corporate & Other
-$81M-14.1%

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TCICommercial Segment — Total NOI from reportable segments
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TCIMultifamily Segment — Total NOI from reportable segments
$2.83M-28.5%
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$20.6M+13.6%

Other financials

Income statement

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Revenue$50.5B+1.4%
Gross profit$45.0B+1.1%
Net income$1.5B-16.1%
EPS (diluted)$6.71-13.1%

Balance sheet

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Cash & equivalents$10.2B+19.5%
Total debt$30.7B+7.5%
Total equity$44.9B+2.7%
Total assets$126.44B+3.7%

Cash flow

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Operating cash flow$1.9B-6.9%
CapEx$287.0M+7.5%
Free cash flow$1.6B-9.0%

Valuation

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Market cap$84.85B+36.4%
Enterprise value$105.28B+28.1%
P/E17.1×+5.5×
P/S0.4×+0.1×

Profitability

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Gross margin89.1%+0.4pp
Net margin2.5%-0.4pp
FCF margin3.2%+0.4pp

Returns & leverage

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Return on equity11.2%-1.3pp
Debt / equity0.7×0.0×
Current ratio1.5×+0.1×

Where this comes from

Reported directly by Elevance Health in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Elevance Health’s 10-Q, filed July 15, 2026.

Filed
Jul 15, 2026, 11:27 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001156039-26-000060
Three Months Ended June 30, 2026Health Benefits / Three Months Ended June 30, 2026Carelon / Carelon RxCarelon / Carelon ServicesCarelon / TotalCorporate & OtherEliminationsTotal
Benefit expense$36,739$6,743$6,743$6$(6,464)$37,024
Cost of products sold10,47310,473(4,981)5,492
Operating expense5,0851958661,06181(680)5,547
Operating gain (loss)$896$582$366$948$(81)$1,763
Three Months Ended June 30, 2025
Premiums$39,710$1,863$1,863$(302)$41,271
Product revenue6,0426,0426,042
Service fees1,87242322362,108

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Elevance Health's carelonrx — reportable segments’ operating gain?
Elevance Health (ELV) reported carelonrx — reportable segments’ operating gain of $582M in Q2 2026.
How has Elevance Health's carelonrx — reportable segments’ operating gain changed year-over-year?
Elevance Health's carelonrx — reportable segments’ operating gain increased by 8.6% year-over-year, from $536M to $582M.
What is the long-term trend for Elevance Health's carelonrx — reportable segments’ operating gain?
Over 4 years (2021 to 2025), Elevance Health's carelonrx — reportable segments’ operating gain has grown at a 9.5% compound annual growth rate (CAGR), from $1.68B to $2.42B.
What does carelonrx — reportable segments’ operating gain mean?
The operating profit generated by the CarelonRx segment, calculated as total operating revenue minus benefit expenses, product costs, and operating expenses. This metric represents the core profitability of the pharmacy services business before interest, taxes, and corporate allocations. It is the primary indicator of the segment's financial health and value creation.

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