Analysis of Debt
Total Debt (Carrying Amount)
Elevance Health Inc., balance sheet: debt
US$ in millions
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 | 150) |
| Commercial paper | —) |
| Notes | 30,207) |
| Convertible debentures | —) |
| Total debt (fair value) | 30,357) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.95 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 4.48%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.78% | 150) | 6) | |
| 1.50% | 750) | 11) | |
| 4.50% | 349) | 16) | |
| 3.65% | 1,597) | 58) | |
| 4.00% | 747) | 30) | |
| 4.10% | 1,244) | 51) | |
| 2.88% | 823) | 24) | |
| 5.15% | 613) | 32) | |
| 2.25% | 1,084) | 24) | |
| 4.75% | 751) | 36) | |
| 2.55% | 980) | 25) | |
| 4.95% | 751) | 37) | |
| 4.60% | 742) | 34) | |
| 4.10% | 596) | 24) | |
| 5.50% | 656) | 36) | |
| 4.75% | 1,005) | 48) | |
| 5.38% | 1,020) | 55) | |
| 5.95% | 335) | 20) | |
| 5.20% | 1,188) | 62) | |
| 5.00% | 985) | 49) | |
| 5.85% | 397) | 23) | |
| 6.38% | 365) | 23) | |
| 5.80% | 115) | 7) | |
| 4.63% | 861) | 40) | |
| 4.65% | 975) | 45) | |
| 4.65% | 768) | 36) | |
| 5.10% | 548) | 28) | |
| 4.38% | 1,389) | 61) | |
| 4.55% | 841) | 38) | |
| 3.70% | 813) | 30) | |
| 3.13% | 989) | 31) | |
| 3.60% | 1,234) | 44) | |
| 4.55% | 690) | 31) | |
| 6.10% | 742) | 45) | |
| 5.13% | 1,085) | 56) | |
| 4.85% | 247) | 12) | |
| 5.65% | 986) | 56) | |
| 5.70% | 1,328) | 76) | |
| 5.70% | 492) | 28) | |
| 5.85% | 790) | 46) | |
| 9.00% | 25) | 2) | |
| Total | 32,046) | 1,436) | |
| 4.48% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 1,436 ÷ 32,046 = 4.48%