Elevance Health ELV Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Operating revenue - total by Business | ||||||
| Carelon Services Segment | $29.15B+42.3% | $28.32B+57.7% | $26.07B+51.5% | $23.38B+46.6% | $20.49B+38.0% | |
| CarelonRx Segment | $43.88B+15.5% | $43.4B+20.7% | $41.73B+19.9% | $39.88B+16.7% | $38.01B+12.2% | |
| Health Benefits Segment | $168.15B+8.9% | $167.09B+11.2% | $162.84B+9.1% | $158.87B+7.6% | $154.45B+4.0% | |
| Reportable segments’ operating gain by Business | ||||||
| CarelonRx Segment | $2.4B+6.5% | $2.42B+11.3% | $2.23B+4.6% | $2.29B+15.2% | $2.25B+13.3% | |
| Corporate & Other | -$1.32B+0.5% | -$337M+73.5% | -$394M+68.3% | -$1.31B-32.4% | -$1.33B-24.0% | |
| Health Benefits Segment | $4.32B-30.1% | $4.38B-29.9% | $4.59B-32.6% | $5.59B-20.5% | $6.17B-12.1% | |
| Cost of products sold by Business | ||||||
| Carelon Services | $0— | $0— | $0— | $0— | $0— | |
| CarelonRx | $40.62B+16.4% | $40.08B+21.5% | $38.61B+22.0% | $36.73B+17.7% | $34.89B+12.3% | |
| Corporate & Other | $0— | $0— | $0— | $0— | $0— | |
| Health Benefits | $0— | $0— | $0— | $0— | $0— | |
| Premiums by Business | ||||||
| Carelon Services Segment | $5.59B+50.3% | $6.32B+140% | $5.87B+155% | $4.79B+135% | $3.72B+122% | |
| CarelonRx Segment | $0— | $0— | $0— | $0— | $0— | |
| Corporate & Other | $0— | $0— | $0— | $0— | $0— | |
| Health Benefits Segment | $160.32B+9.2% | $159.46B+11.8% | $155.34B+9.6% | $151.49B+8.0% | $146.87B+3.9% | |
| Operating expense by Business | ||||||
| Carelon Services | $3.16B+9.9% | $3.07B+7.6% | $2.99B+6.1% | $2.92B+2.7% | $2.87B+0.7% | |
| CarelonRx | $863M-0.8% | $905M+11.6% | $900M+35.5% | $856M+57.4% | $870M+132% | |
| Corporate & Other | $1.64B-0.9% | $816M-47.7% | $900M-51.3% | $1.74B+51.2% | $1.65B+25.6% | |
| Health Benefits | $19.11B+8.1% | $19.05B+9.9% | $18.49B+5.7% | $17.64B-2.2% | $17.68B-1.5% | |
| Benefit expense by Business | ||||||
| Carelon Services | $25.05B+50.0% | $24.28B+68.8% | $21.94B+68.0% | $19.36B+62.0% | $16.7B+52.2% | |
| CarelonRx | $0— | $0— | $0— | $0— | $0— | |
| Corporate & Other | $24M+26.3% | $25M+31.6% | $26M+9.5% | $27M-1.8% | $19M-47.6% | |
| Health Benefits | $144.95B+11.0% | $143.89B+13.6% | $139.77B+12.2% | $135.65B+10.5% | $130.6B+5.9% |
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.
