Cost of Revenue
Medical costs
Elevance Health Medical costs decreased by 6.4% to $35.62B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 0.9%, from $35.31B to $35.62B. Over 4 years (FY 2021 to FY 2025), Medical costs shows an upward trend with a 9.6% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionCost of Revenue
CategoryProfitability
SignalLower is better
VolatilityStable
First reportedQ1 2013
Last reportedQ4 2025
How to read this metric
A lower ratio of medical costs to premiums (Medical Loss Ratio) generally indicates better underwriting profitability.
Detailed definition
Expenses related to the provision of healthcare services and the settlement of medical claims for insurance policyholder...
Peer comparison
Specific to health insurance providers; not applicable to traditional banking institutions.
Metric ID:
is_unh_medical_costsHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $24.76B | $26.65B | $27.54B | $28.22B | $28.78B | $29.40B | $30.09B | $30.79B | $31.60B | $30.61B | $31.33B | $30.55B | $30.57B | $32.95B | $33.50B | $35.31B | $36.71B | $38.14B | $38.07B | $35.62B |
| QoQ Change | — | +7.6% | +3.4% | +2.5% | +2.0% | +2.2% | +2.3% | +2.3% | +2.7% | -3.2% | +2.4% | -2.5% | +0.1% | +7.8% | +1.7% | +5.4% | +3.9% | +3.9% | -0.2% | -6.4% |
| YoY Change | — | — | — | — | +16.2% | +10.4% | +9.3% | +9.1% | +9.8% | +4.1% | +4.1% | -0.8% | -3.3% | +7.7% | +6.9% | +15.6% | +20.1% | +15.8% | +13.6% | +0.9% |
Range$24.76B – $38.14B
CAGR+8.0%
Avg YoY Growth+8.7%
Median YoY Growth+9.2%
Current Streak2 quarters decline
Business Segments
| Segment | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|
| Health Benefits | $34.39B | $35.49B | $36.85B | $37.16B | $35.45B |
| Carelon Services | $5.32B | $6.29B | $6.35B | $6.33B | $6.09B |
| Corporate & Other | $10.00M | $8.00M | $4.00M | $3.00M | $9.00M |
| CarelonRx | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total | $35.31B | $36.71B | $38.14B | $38.07B | $35.62B |
Medical costs at Other Companies
Frequently Asked Questions
- What is Elevance Health's medical costs?
- Elevance Health (ELV) reported medical costs of $35.62B in Q1 2026.
- How has Elevance Health's medical costs changed year-over-year?
- Elevance Health's medical costs increased by 0.9% year-over-year, from $35.31B to $35.62B.
- What is the long-term trend for Elevance Health's medical costs?
- Over 4 years (2021 to 2025), Elevance Health's medical costs has grown at a 9.6% compound annual growth rate (CAGR), from $102.65B to $148.22B.
- What does medical costs mean?
- The cost of paying for medical services and claims for insurance members.