Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Common-Size Income Statement 
Quarterly Data

Elevance Health Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Premiums 83.84 80.56 82.31 81.94 84.44 82.77 83.00 84.35 85.61 84.82 85.10 85.95 86.54 85.43 85.50 85.74 86.22 85.97 86.11 86.00 86.65
Product revenue 11.91 14.92 13.16 12.79 10.64 12.71 12.19 11.20 9.60 10.43 10.02 9.27 8.71 9.79 9.43 9.14 8.53 9.19 8.48 8.72 7.96
Service fees 4.24 4.51 4.52 5.27 4.92 4.53 4.81 4.45 4.79 4.75 4.87 4.78 4.75 4.79 5.06 5.12 5.25 4.84 5.41 5.29 5.39
Operating revenue 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Benefit expense -72.41 -74.46 -73.68 -70.73 -72.26 -73.81 -72.05 -72.86 -73.48 -75.86 -74.21 -74.78 -74.47 -76.46 -74.95 -74.41 -73.83 -76.39 -74.79 -66.99 -72.97
Cost of products sold -10.22 -13.36 -11.39 -11.15 -9.05 -11.39 -10.94 -9.98 -8.31 -9.19 -8.67 -7.98 -7.61 -8.52 -8.15 -7.85 -7.21 -8.00 -7.25 -7.63 -6.74
Cost of operating revenue -82.63% -87.83% -85.07% -81.88% -81.31% -85.20% -82.99% -82.83% -81.79% -85.05% -82.88% -82.76% -82.08% -84.98% -83.11% -82.27% -81.04% -84.39% -82.04% -74.62% -79.71%
Gross profit 17.37% 12.17% 14.93% 18.12% 18.69% 14.80% 17.01% 17.17% 18.21% 14.95% 17.12% 17.24% 17.92% 15.02% 16.89% 17.73% 18.96% 15.61% 17.96% 25.38% 20.29%
Operating expense -10.87 -10.68 -11.78 -11.72 -11.56 -11.78 -12.88 -11.11 -11.46 -11.50 -11.39 -11.09 -11.46 -11.72 -11.10 -11.48 -12.23 -13.69 -17.31 -13.87 -12.84
Amortization of other intangible assets -0.32 -0.40 -0.27 -0.37 -0.27 -0.51 -0.50 -0.51 -0.56 -0.62 -0.57 -0.43 -0.34 -0.37 -0.38 -0.27 -0.25 -0.29 -0.30 -0.32 -0.28
Operating income 6.18% 1.10% 2.88% 6.02% 6.86% 2.51% 3.63% 5.55% 6.20% 2.83% 5.16% 5.72% 6.12% 2.92% 5.41% 5.98% 6.48% 1.63% 0.35% 11.20% 7.17%
Net investment income 1.21 1.17 1.23 1.18 1.10 1.25 1.16 0.96 0.92 0.94 0.94 0.99 0.95 0.98 0.94 1.20 0.91 0.91 0.91 0.20 0.86
Net gains (losses) on financial instruments -0.95 -0.16 -0.28 -0.20 -0.38 -0.79 -0.29 -0.28 -0.27 -0.28 -0.14 -0.60 -0.40 0.59 -0.17 0.52 -0.01 0.02 0.75 0.10 -0.28
Gain (loss) on sale of business 0.00 0.00 -0.09 0.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest expense -0.71 -0.76 -0.67 -0.65 -0.63 -0.61 -0.61 -0.60 -0.60 -0.58 -0.54 -0.54 -0.53 -0.56 -0.57 -0.62 -0.60 -0.61 -0.65 -0.69 -0.66
Loss on extinguishment of debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 -0.02 0.00 -0.01 -0.10 -0.01 0.00
Income before income tax expense 5.74% 1.35% 3.07% 6.91% 6.95% 2.36% 3.89% 5.63% 6.25% 2.91% 5.42% 5.57% 6.14% 3.89% 5.61% 7.07% 6.78% 1.94% 1.27% 10.79% 7.09%
Income tax expense -1.26 -0.43 -0.82 -1.58 -1.63 -0.40 -0.83 -1.35 -1.47 -0.49 -1.35 -1.28 -1.40 -0.76 -1.39 -1.66 -1.59 -0.19 -0.54 -2.99 -1.92
Net income 4.48% 0.92% 2.25% 5.32% 5.32% 1.96% 3.06% 4.28% 4.78% 2.42% 4.07% 4.29% 4.74% 3.12% 4.23% 5.41% 5.19% 1.75% 0.72% 7.80% 5.17%
Net (income) loss attributable to noncontrolling interests 0.00 0.01 0.02 0.00 -0.01 0.06 -0.03 -0.01 -0.04 -0.03 0.01 0.01 0.03 0.03 0.02 -0.02 -0.01 0.00 0.00 0.00 0.00
Shareholders’ net income 4.48% 0.93% 2.27% 5.32% 5.31% 2.02% 3.03% 4.27% 4.75% 2.39% 4.08% 4.30% 4.76% 3.16% 4.24% 5.39% 5.19% 1.75% 0.72% 7.80% 5.17%

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Premiums
The percentage of premiums relative to operating revenue exhibits a slight downward trend over the periods examined. Initially, the value is above 86% in early 2020, but it declines gradually with fluctuations, reaching the low 80s by 2025. This indicates a modest reduction in the proportion of premiums contributing to operating revenue over time.
Product Revenue
Product revenue as a percentage of operating revenue shows an increasing trend across the reporting periods. Starting around 8% in early 2020, it rises notably to nearly 15% by late 2024 before slightly declining. This suggests a growing reliance on or growth in product-related sales within the company's revenue mix.
Service Fees
Service fees maintain a relatively stable but slightly declining contribution to operating revenue, hovering mostly between 4% and 5.5%. There are some fluctuations, but overall, service fees represent a small and consistent portion of operating revenue with a mild downward tendency by early 2025.
Benefit Expense
Benefit expenses as a percentage of operating revenue fluctuate but generally remain within a range of approximately -70% to -76%. There is no clear consistent trend upward or downward, though certain quarters show a slight improvement with lower percentages, indicating some management of benefit-related costs relative to revenues.
Cost of Products Sold
This cost shows an increasing trend over the period, rising from about -6.7% to over -13% of operating revenue by the end of 2024, signaling increasing expenses related to products sold. This trend aligns with the increasing product revenue and might reflect pricing pressures or higher cost inputs.
Cost of Operating Revenue
The aggregate cost of operating revenue also rises over the timeframe, fluctuating around -80% to almost -88%, especially peaking near the end of 2024. This indicates that costs are consuming an increasing share of the operating revenue, reducing overall profitability margins.
Gross Profit
Gross profit margin exhibits volatility but a general downward trend is discernible from earlier periods to late 2024. It peaks above 20% in early 2020 but falls to the low teens at certain points before recovering somewhat in recent quarters, suggesting pressure on gross profitability.
Operating Expense
Operating expenses relative to operating revenue remain fairly consistent, in a range between -10.7% and -17.3%, with some variability. There is a slight improvement or cost control beginning around late 2023, reducing the percent toward the lower end of this range.
Amortization of Other Intangible Assets
This expense component remains a small, relatively stable part of operating revenue, typically below -0.6%. There is some minor fluctuation without a clear trend, indicating consistent intangible asset amortization costs over time.
Operating Income
Operating income shows significant volatility, with high values exceeding 11% early in 2020 and lows near 0% in some quarters. Overall, a pattern emerges of fluctuating profitability with some recovery periods alternating with declines. The most recent periods suggest moderate improvement but still below earlier peak levels.
Net Investment Income
Net investment income maintains a steady proportion of operating revenue, generally around 0.9% to 1.25%, with a gradual increase in later periods. This suggests a stable or slightly improving contribution from investments to overall revenue.
Net Gains (Losses) on Financial Instruments
This item is highly variable, oscillating between slight gains and losses, frequently trending negative in recent quarters. The volatility indicates exposure to financial market fluctuations affecting earnings unpredictably.
Gain (Loss) on Sale of Business
Limited data reveal a gain of 0.56% in late 2024, followed by a small loss shortly after, indicating occasional non-recurring impacts on earnings from business disposals with no consistent pattern.
Interest Expense
The interest expense remains relatively stable, slightly increasing from about -0.66% to around -0.76% over time. This gradual rise suggests a mild increase in borrowing costs or debt levels relative to operating revenue.
Loss on Extinguishment of Debt
Occasional minor losses related to debt extinguishment appear sporadically and have negligible impact overall, with no consistent trend discernible.
Income Before Income Tax Expense
This metric trends similarly to operating income, showing marked fluctuations with values ranging roughly from 1% to over 7%. The income before tax follows a cyclical pattern without a clear long-term upward or downward trajectory, reflecting the volatility in operating profit and other income items.
Income Tax Expense
Income tax expense as a percentage of operating revenue varies between approximately -0.2% to -3%, generally correlating with pre-tax income movements. There is a trend of lower tax expense rates in certain periods, contributing to net income variability.
Net Income
Net income presents significant fluctuations, rising above 7.8% in early 2020 and dipping below 1% in some quarters. While showing some recovery in recent periods, the overall pattern indicates considerable volatility in profitability, likely reflecting both operational performance and external factors.
Net (Income) Loss Attributable to Noncontrolling Interests
The amounts related to noncontrolling interests are minimal and inconsistent, with no clear impact on overall net income trends.
Shareholders’ Net Income
Shareholders' net income follows the pattern of net income, fluctuating considerably across periods with notable highs and lows consistent with overall profitability trends. The oscillations reflect both operational and financial influences affecting shareholder returns.