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Elevance Health ELV Health Benefits — Operating expense

Other segment segments

Corporate & Other
$81M-72.5%

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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:SellingGeneralAndAdministrativeExpense.

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
Operating revenue - total$42,720$11,250$7,975$19,225$6$(12,125)$49,826
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

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Elevance Health's health benefits — operating expense?
Elevance Health (ELV) reported health benefits — operating expense of $5.09B in Q2 2026.
How has Elevance Health's health benefits — operating expense changed year-over-year?
Elevance Health's health benefits — operating expense increased by 12.1% year-over-year, from $4.54B to $5.09B.
What is the long-term trend for Elevance Health's health benefits — operating expense?
Over 3 years (2022 to 2025), Elevance Health's health benefits — operating expense has grown at a 4.7% compound annual growth rate (CAGR), from $16.59B to $19.05B.
What does health benefits — operating expense mean?
This metric encompasses the administrative and operational costs required to run the Health Benefits segment, excluding direct medical benefit expenses. It includes items such as personnel, technology, marketing, and general overhead. Efficient management of these expenses is vital for maintaining competitive operating margins.

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