Analysis of Revenues
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Revenues as Reported
Elevance Health Inc., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Health Benefits | |||||||||||
| CarelonRx | |||||||||||
| Carelon Services | |||||||||||
| Carelon | |||||||||||
| Corporate & Other | |||||||||||
| Eliminations | |||||||||||
| Operating revenue, unaffiliated |
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).
Overall, the organization demonstrates a consistent pattern of revenue growth across its reported segments between 2021 and 2025. While the rate of growth varies by segment, the aggregate operating revenue from unaffiliated parties exhibits a positive trajectory. A notable increase in revenue is observed in the Carelon Services segment towards the end of the period, while Corporate & Other revenue declines.
- Health Benefits Revenue
- Health Benefits revenue, the largest component, increased from US$121.728 billion in 2021 to US$167.094 billion in 2025. The growth rate appears relatively stable, with incremental increases each year. The largest single-year increase occurred between 2022 and 2023, followed by a smaller increase between 2023 and 2024, and a more substantial increase between 2024 and 2025.
- CarelonRx Revenue
- CarelonRx revenue experienced consistent growth, rising from US$12.657 billion in 2021 to US$24.483 billion in 2025. The growth rate accelerated over the period, indicating increasing contributions from this segment. Each year shows a positive increase in revenue.
- Carelon Services Revenue
- Carelon Services revenue showed modest growth initially, with a slight decrease from 2021 to 2022. However, a significant increase is observed from 2023 onwards, reaching US$7.141 billion in 2025. This represents a substantial acceleration in revenue generation for this segment, particularly in the latter years of the observed period.
- Carelon Segment Revenue
- The combined revenue from Carelon segments (Rx, Services) increased from US$15.287 billion in 2021 to US$31.624 billion in 2025. This growth is driven by the individual increases in both CarelonRx and Carelon Services, with the latter contributing more significantly to the overall growth in recent years.
- Corporate & Other Revenue
- Corporate & Other revenue exhibited a consistent downward trend, decreasing from US$66 million in 2021 to US$6 million in 2024. No value is reported for 2025, suggesting a continued decline or potential discontinuation of revenue reporting for this segment.
- Eliminations
- Eliminations, representing intercompany transactions, increased in absolute value from -US$138 million in 2021 to -US$1.134 billion in 2025. The magnitude of these eliminations grew substantially in 2024 and 2025, potentially indicating increased internal transactions or changes in consolidation practices.
- Operating Revenue, Unaffiliated
- Operating revenue from unaffiliated parties, representing the net revenue after eliminations, increased from US$136.943 billion in 2021 to US$197.584 billion in 2025. This overall growth is consistent with the increases observed in the Health Benefits and Carelon segments, despite the offsetting effect of increasing eliminations. The growth rate appears to be accelerating towards the end of the period.