Elevance Health ELV Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Operating revenue - total by Business | ||||||
| Carelon Services Segment | $7.37B+5.0% | $7.02B-4.2% | $7.32B-1.6% | $7.44B+13.8% | $6.54B+37.1% | |
| CarelonRx Segment | $10.6B-9.0% | $11.64B+5.9% | $11B+3.3% | $10.64B+5.2% | $10.12B+1.4% | |
| Corporate & Other | $4M— | —— | $149M-35.8% | $232M+40.6% | $165M— | |
| Health Benefits Segment | $42.49B+1.6% | $41.84B-1.0% | $42.25B+1.6% | $41.58B+0.4% | $41.43B+10.2% | |
| Reportable segments’ operating gain by Business | ||||||
| Carelon Services Segment | $470M— | —— | $219M-45.3% | $400M-18.5% | $491M+1,303% | |
| CarelonRx Segment | $582M-19.6% | $724M+30.2% | $556M+3.7% | $536M-11.0% | $602M+12.9% | |
| Corporate & Other | -$1.12B-2,396% | -$45M+44.4% | -$81M-14.1% | -$71M+49.3% | -$140M-37.3% | |
| Health Benefits Segment | $2.16B— | $0-100% | $601M-61.5% | $1.56B-29.6% | $2.22B+971% | |
| Cost of products sold by Business | ||||||
| Carelon Services | $0— | $0— | $0— | $0— | $0— | |
| CarelonRx | $9.83B-8.1% | $10.7B+4.8% | $10.21B+3.3% | $9.88B+6.5% | $9.28B+0.6% | |
| Corporate & Other | $0— | $0— | $0— | $0— | $0— | |
| Health Benefits | $0— | $0— | $0— | $0— | $0— | |
| Premiums by Business | ||||||
| Carelon Services Segment | $779M-34.5% | $1.19B-32.5% | $1.76B-5.4% | $1.86B+24.2% | $1.5B+101% | |
| CarelonRx Segment | $0— | $0— | $0— | $0— | $0— | |
| Corporate & Other | $0— | $0— | $0— | $0— | $0— | |
| Health Benefits Segment | $40.45B+1.5% | $39.86B-1.1% | $40.3B+1.5% | $39.71B+0.3% | $39.59B+10.8% | |
| Operating expense by Business | ||||||
| Carelon Services | $810M-3.6% | $840M+11.1% | $756M+0.7% | $751M+3.4% | $726M-3.8% | |
| CarelonRx | $188M-14.5% | $220M-5.2% | $232M+4.0% | $223M-3.0% | $230M+7.0% | |
| Corporate & Other | $1.12B— | $0-100% | $226M-23.4% | $295M0.0% | $295M+251% | |
| Health Benefits | $4.88B-0.2% | $4.89B+1.9% | $4.8B+5.8% | $4.54B-5.9% | $4.82B+11.3% | |
| Benefit expense by Business | ||||||
| Carelon Services | $6.09B-3.8% | $6.33B-0.4% | $6.35B+0.9% | $6.29B+18.3% | $5.32B+33.7% | |
| CarelonRx | $0— | $0— | $0— | $0— | $0— | |
| Corporate & Other | $9M+200% | $3M-25.0% | $4M-50.0% | $8M-20.0% | $10M+150% | |
| Health Benefits | $35.45B-4.6% | $37.16B+0.9% | $36.85B+3.8% | $35.49B+3.2% | $34.39B+4.1% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Elevance Health break its business down?
- Elevance Health (ELV) reports operating revenue - total by business across 4 parts — Carelon Services Segment, CarelonRx Segment, Corporate & Other and Health Benefits Segment. Each is extracted from the segment footnotes and tracked over time.
- Where does Elevance Health's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Elevance Health's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
