Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

$24.99

Analysis of Revenues

Microsoft Excel

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Revenues as Reported

Elevance Health Inc., income statement, revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Health Benefits
CarelonRx
Carelon Services
Carelon
Corporate & Other
Eliminations
Operating revenue, unaffiliated

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).


The revenue data demonstrates consistent growth across most segments over the five-year period.

Health Benefits
The Health Benefits segment shows a steady upward trend, increasing from $108,271 million in 2020 to $150,275 million in 2024. This represents a significant cumulative growth, indicating strong demand or successful market expansion in this core area.
CarelonRx
CarelonRx reveals notable growth, rising from $10,384 million in 2020 to $22,635 million in 2024. The acceleration in growth is particularly pronounced in the later years, with the increase between 2022 and 2024 outpacing earlier periods, suggesting expanding operations or market share gains.
Carelon Services
The Carelon Services segment shows more modest growth with fluctuations. After an increase from $2,153 million in 2020 to $2,630 million in 2021, there was a decline to $2,388 million in 2022, followed by recovery to $3,420 million in 2024. This pattern indicates some volatility but an overall positive trend by the end of the period.
Carelon Composite
The aggregated Carelon unit, combining CarelonRx and Carelon Services, reflects consistent growth from $12,537 million in 2020 to $26,055 million in 2024. This growth aligns with the trends seen in its component segments, emphasizing the expanding importance of this division.
Corporate & Other
This line shows minimal impact on total revenues, with small values decreasing from a positive $66 million in 2021 to just $6 million in 2024. The declining contribution signifies that this segment is not a major revenue driver and may be contracting or becoming less relevant.
Eliminations
Eliminations represent negative adjustments to avoid double counting of intercompany revenues. The magnitude of eliminations has increased over time, from -$138 million in 2021 to -$1,132 million in 2024. This rising figure suggests growing internal transactions requiring elimination, possibly due to the expansion of interconnected operations.
Operating Revenue, Unaffiliated
Overall operating revenue from unaffiliated sources exhibits steady growth, increasing from $120,808 million in 2020 to $175,204 million in 2024. The trend confirms the company's successful expansion efforts and growing market position over the five years analyzed.