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Elevance Health Inc. (NYSE:ELV)

Common-Size Income Statement
Quarterly Data

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

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3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 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
Premiums 82.85 82.89 82.52 83.44 83.51 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
Product revenue 12.57 12.58 13.10 12.30 12.23 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
Service fees 4.58 4.54 4.38 4.27 4.27 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
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% 100.00%
Benefit expense -74.31 -71.96 -77.19 -76.15 -74.27 -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
Cost of products sold -11.02 -11.04 -11.20 -10.74 -10.71 -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
Cost of operating revenue -85.33% -83.00% -88.39% -86.89% -84.98% -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%
Gross profit 14.67% 17.00% 11.61% 13.11% 15.02% 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%
Operating expense -11.13 -12.79 -10.98 -10.53 -10.11 -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
Amortization of other intangible assets -0.22 -0.23 -0.33 -0.32 -0.30 -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
Operating income 3.32% 3.99% 0.29% 2.26% 4.61% 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%
Net investment income 1.41 1.55 1.00 1.25 0.98 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
Net gains (losses) on financial instruments -0.11 -0.16 -0.12 0.00 -0.27 -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
Gain (loss) on sale of business 0.00 0.00 0.00 0.00 0.00 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
Interest expense -0.73 -0.72 -0.74 -0.70 -0.69 -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
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 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 -0.02 0.00
Income before income tax expense 3.89% 4.66% 0.44% 2.81% 4.64% 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%
Income tax expense -0.97 -1.10 0.67 -0.44 -1.11 -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
Net income 2.92% 3.56% 1.11% 2.37% 3.53% 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%
Net (gain) loss attributable to noncontrolling interests 0.02 0.01 0.00 0.00 0.00 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
Shareholders’ net income 2.94% 3.56% 1.11% 2.37% 3.53% 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%

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).

The financial performance over the analyzed period indicates a strategic shift in revenue composition combined with increasing pressure on operating margins. A consistent transition is observed as the reliance on premiums has decreased from 86.22% of operating revenue in early 2021 to 82.85% by mid-2026. This decline is offset by a steady expansion in product revenue, which grew from 8.53% to 12.57% over the same timeframe, suggesting a diversification of income streams.

Cost Structure and Gross Margin Trends
The cost of operating revenue has exhibited an overall upward trajectory, increasing from 81.04% to 85.33%. This is primarily driven by the rise in the cost of products sold, which nearly doubled from 7.21% to 11.02%. Benefit expenses remain the largest cost driver, showing significant volatility and peaking at 77.19% in late 2025. Consequently, gross profit margins have compressed, falling from a high of 18.96% to 14.67%, with periodic sharp declines reaching as low as 11.61%.
Operating Efficiency and Income
Operating expenses have remained relatively stable, generally fluctuating between 10% and 12% of operating revenue. However, the compression in gross profit has directly impacted operating income. While operating margins reached a peak of 6.86% in March 2024, they experienced a severe contraction toward the end of 2025, dropping to a low of 0.29% in December 2025 before recovering slightly to 3.32% by June 2026.
Net Profitability and Non-Operating Items
Net income margins show a pattern of cyclicality and a general downward trend, moving from 5.19% in March 2021 to 2.92% in June 2026. Net investment income has provided a modest and consistent buffer, generally contributing between 0.90% and 1.55% to the total revenue. Interest expenses have remained stable but slightly increased over time, moving from 0.60% to 0.73% of operating revenue.

An analysis of the most recent quarters reveals a period of heightened financial volatility. The significant dip in net income to 1.11% in December 2025 coincided with a peak in the cost of operating revenue (88.39%) and a tax benefit (0.67% income tax expense), indicating that operational pressures were severe enough to outweigh the positive tax impact. The subsequent recovery in early 2026 suggests a stabilization of benefit costs and a return to more normalized margin levels.

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