Common-Size Income Statement
Quarterly Data
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Elevance Health Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
A comprehensive analysis of the common-size income statement reveals a structural shift in revenue composition and significant volatility in profit margins over the observed period. There is a clear transition from a premium-heavy revenue model toward an increased reliance on product revenue, while cost pressures have fluctuated, impacting overall bottom-line performance.
- Revenue Composition Trends
- A persistent decline in the proportion of premiums relative to total operating revenue is observed, falling from 86.22% in March 2021 to 82.89% by March 2026. This contraction is offset by a consistent expansion in product revenue, which grew from 8.53% in early 2021 to a peak of 14.92% in December 2024, ending the period at 12.58%. Service fees have remained relatively stable, though a slight downward trend is evident, moving from 5.25% to 4.54%.
- Cost of Operating Revenue and Gross Margins
- The cost of operating revenue has exhibited upward pressure, peaking at 88.39% in September 2025. This is driven by both benefit expenses and the cost of products sold. Benefit expenses, the largest cost driver, fluctuated between 70.73% and 77.19%. Concurrently, the cost of products sold increased significantly from 7.21% in March 2021 to 11.04% in March 2026, mirroring the growth in product revenue. Consequently, gross profit margins have become more volatile, dropping from a high of 18.96% to a low of 11.61% in September 2025 before recovering to 17.00%.
- Operating Efficiency and Income
- Operating expenses as a percentage of revenue have remained relatively contained, generally fluctuating between 10% and 12%. However, operating income has shown substantial variance. Strong performance peaks, such as 6.86% in March 2024, are contrasted by sharp declines, reaching a low of 0.29% in December 2025. This indicates that operating profitability is highly sensitive to the fluctuations in benefit and product costs rather than operating overhead.
- Non-Operating Items and Net Profitability
- Net investment income has provided a stable and slightly growing contribution to the bottom line, increasing from 0.91% to 1.55%. Interest expenses have also seen a marginal increase, rising from 0.60% to 0.72% over the period. Net income margins closely track operating income trends, with a general decline from early 2021 levels (above 5%) to a low of 0.92% in December 2024, followed by a recovery to 3.56% by March 2026. This suggests that while non-operating income provides a small buffer, the primary driver of shareholders' net income remains the volatility of the core operating margin.