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Elevance Health ELV Health Benefits — Reportable segments’ operating gain

Other segment segments

Corporate & Other
-$81M-14.1%

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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: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 health benefits — reportable segments’ operating gain?
Elevance Health (ELV) reported health benefits — reportable segments’ operating gain of $896M in Q2 2026.
How has Elevance Health's health benefits — reportable segments’ operating gain changed year-over-year?
Elevance Health's health benefits — reportable segments’ operating gain decreased by 42.6% year-over-year, from $1.56B to $896M.
What is the long-term trend for Elevance Health's health benefits — reportable segments’ operating gain?
Over 4 years (2021 to 2025), Elevance Health's health benefits — reportable segments’ operating gain has grown at a -7.0% compound annual growth rate (CAGR), from $5.85B to $4.38B.
What does health benefits — reportable segments’ operating gain mean?
This metric represents the operating profit generated by the Health Benefits segment after accounting for both medical benefit expenses and operating costs. It is a key measure of the segment's underlying profitability and its contribution to the company's overall financial health. Investors use this to evaluate the core earnings power of the insurance business.

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