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+12.7% | $7.02B+47.1% | $7.32B+57.9% | $7.44B+63.7% | $6.54B+63.0% | |
| CarelonRx Segment | $10.6B+4.8% | $11.64B+16.7% | $11B+20.3% | $10.64B+21.3% | $10.12B+25.4% | |
| Corporate & Other | $4M-97.6% | —— | $149M+77.4% | $232M+90.2% | $165M+29.9% | |
| Health Benefits Segment | $42.49B+2.6% | $41.84B+11.3% | $42.25B+10.4% | $41.58B+11.9% | $41.43B+11.2% | |
| Reportable segments’ operating gain by Business | ||||||
| Carelon Services Segment | $470M-4.3% | —— | $219M+19.0% | $400M+92.3% | $491M+69.3% | |
| CarelonRx Segment | $582M-3.3% | $724M+35.8% | $556M-10.2% | $536M+7.8% | $602M+15.1% | |
| Corporate & Other | -$1.12B-702% | -$45M+55.9% | -$81M+91.9% | -$71M+16.5% | -$140M-66.7% | |
| Health Benefits Segment | $2.16B-2.7% | $0-100% | $601M-62.5% | $1.56B-27.3% | $2.22B-3.1% | |
| Cost of products sold by Business | ||||||
| Carelon Services | $0— | $0— | $0— | $0— | $0— | |
| CarelonRx | $9.83B+5.9% | $10.7B+15.9% | $10.21B+22.5% | $9.88B+22.9% | $9.28B+25.9% | |
| Corporate & Other | $0— | $0— | $0— | $0— | $0— | |
| Health Benefits | $0— | $0— | $0— | $0— | $0— | |
| Premiums by Business | ||||||
| Carelon Services Segment | $779M-48.1% | $1.19B+59.1% | $1.76B+159% | $1.86B+135% | $1.5B+268% | |
| CarelonRx Segment | $0— | $0— | $0— | $0— | $0— | |
| Corporate & Other | $0— | $0— | $0— | $0— | $0— | |
| Health Benefits Segment | $40.45B+2.2% | $39.86B+11.5% | $40.3B+10.6% | $39.71B+13.1% | $39.59B+11.9% | |
| Operating expense by Business | ||||||
| Carelon Services | $810M+11.6% | $840M+11.3% | $756M+10.0% | $751M+6.5% | $726M+2.4% | |
| CarelonRx | $188M-18.3% | $220M+2.3% | $232M+23.4% | $223M-5.9% | $230M+34.5% | |
| Corporate & Other | $1.12B+279% | $0-100% | $226M-78.8% | $295M+42.5% | $295M+46.8% | |
| Health Benefits | $4.88B+1.2% | $4.89B+12.9% | $4.8B+21.5% | $4.54B-0.9% | $4.82B+7.8% | |
| Benefit expense by Business | ||||||
| Carelon Services | $6.09B+14.4% | $6.33B+59.0% | $6.35B+68.5% | $6.29B+73.2% | $5.32B+76.7% | |
| CarelonRx | $0— | $0— | $0— | $0— | $0— | |
| Corporate & Other | $9M-10.0% | $3M-25.0% | $4M-20.0% | $8M— | $10M0.0% | |
| Health Benefits | $35.45B+3.1% | $37.16B+12.5% | $36.85B+12.6% | $35.49B+16.6% | $34.39B+12.8% |
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.
