Analysis of Debt
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- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Total Debt (Carrying Amount)
Elevance Health Inc., balance sheet: debt
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Short-term borrowings | ||||||
| Current portion of long-term debt | ||||||
| Long-term debt, less current portion | ||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2025-12-31), 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).
Total debt exhibited a consistent upward trend over the five-year period. While short-term borrowings fluctuated, the primary driver of this increase was growth in both the current portion of long-term debt and long-term debt, less current portion.
- Overall Debt Trend
- Total debt increased from US$23,031 million in 2021 to US$32,046 million in 2025, representing a cumulative increase of approximately 39.1%. The most significant year-over-year increase occurred between 2022 and 2023, and again between 2023 and 2024.
- Short-Term Borrowings
- Short-term borrowings decreased from US$275 million in 2021 to US$225 million in 2022, then increased substantially to US$365 million in 2024 before decreasing to US$150 million in 2025. This suggests a potential use of short-term financing for specific initiatives in 2024, followed by a reduction.
- Current Portion of Long-Term Debt
- The current portion of long-term debt remained relatively stable between 2021 and 2022, at approximately US$1,500 million to US$1,600 million. It then decreased to US$1,099 million in 2025. This decrease may indicate a shift in debt maturity schedules or refinancing activities.
- Long-Term Debt, Less Current Portion
- Long-term debt, less current portion, demonstrated consistent growth throughout the period, increasing from US$21,157 million in 2021 to US$30,797 million in 2025. This represents the most substantial component of the overall debt increase and suggests a reliance on long-term financing for expansion or investment.
The combined effect of these components resulted in a steady rise in total debt. The increase in long-term debt appears to be the primary contributor to this trend, while short-term borrowings exhibited more volatility.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Commercial paper | |
| Notes | |
| Convertible debentures | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =