Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Elevance Health Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
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
Medical claims payable 14.06 13.97 14.07 14.04 13.47 13.17 13.46 14.71 14.79 14.64 14.81 14.42 15.18 14.79 15.00 14.64 13.87 13.83 13.61 12.90
Other policyholder liabilities 2.99 1.99 2.90 3.17 3.60 3.78 4.37 4.73 5.14 5.14 5.45 5.59 5.77 5.32 5.53 5.37 5.66 5.30 5.50 5.30
Unearned income 1.23 1.49 1.28 1.37 1.29 1.54 1.31 1.32 1.29 3.92 4.08 4.03 1.08 3.59 0.96 1.20 1.18 0.97 1.12 1.19
Accounts payable and accrued expenses 6.03 4.96 5.97 5.96 5.93 5.37 5.10 5.06 6.34 5.42 4.61 4.47 5.46 4.82 5.80 5.47 5.10 6.08 5.83 5.57
Short-term borrowings 0.12 0.15 0.30 0.21 0.31 0.31 0.20 1.41 0.21 0.00 0.24 0.24 0.26 0.26 0.17 0.27 0.28 0.18 0.18 0.00
Current portion of long-term debt 0.90 0.61 1.35 1.37 1.41 1.80 2.57 2.59 1.51 0.72 0.00 0.00 1.46 2.18 2.23 3.08 1.64 0.87 0.88 0.73
Other current liabilities 8.44 10.13 10.08 9.54 8.58 9.97 9.86 9.80 9.08 9.38 8.88 9.66 9.42 9.11 9.28 9.50 8.05 8.63 8.04 10.62
Liabilities held for sale 0.00 0.00 0.00 0.00 0.13 0.14 0.15 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
Current liabilities 33.78% 33.30% 35.95% 35.67% 34.72% 36.07% 37.01% 39.62% 38.37% 39.23% 38.08% 38.42% 38.63% 40.07% 38.97% 39.54% 35.79% 35.86% 35.17% 36.32%
Long-term debt, less current portion 25.35 25.40 23.11 23.48 25.00 21.19 21.74 19.64 21.34 21.76 22.77 23.11 21.75 20.63 20.98 19.79 21.71 22.19 23.12 23.55
Reserves for future policy benefits 0.12 0.13 0.13 0.15 0.16 0.21 0.26 0.68 0.71 0.73 0.73 0.74 0.72 0.80 0.81 0.81 0.82 0.80 0.81 0.81
Deferred tax liabilities, net 1.74 1.89 1.65 1.77 1.84 1.80 1.80 1.97 1.81 1.61 1.70 1.86 1.98 1.77 2.00 2.34 2.88 2.68 2.49 2.05
Other noncurrent liabilities 2.78 3.37 3.20 3.34 2.85 3.08 1.76 1.71 1.60 1.78 1.63 1.51 1.52 1.74 1.68 1.67 1.73 1.95 1.94 1.82
Noncurrent liabilities 29.99% 30.79% 28.09% 28.73% 29.84% 26.28% 25.56% 24.00% 25.46% 25.89% 26.83% 27.23% 25.96% 24.94% 25.48% 24.60% 27.14% 27.63% 28.36% 28.23%
Total liabilities 63.76% 64.09% 64.04% 64.40% 64.56% 62.35% 62.57% 63.62% 63.82% 65.12% 64.91% 65.65% 64.59% 65.02% 64.44% 64.14% 62.93% 63.48% 63.53% 64.55%
Preferred stock, without par value; shares issued and outstanding: none 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 0.00 0.00
Common stock, par value $0.01 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 0.00 0.00
Additional paid-in capital 7.36 7.26 7.32 7.41 7.62 7.81 7.97 7.94 8.14 7.99 8.03 7.98 8.84 8.90 9.05 9.11 9.39 9.32 9.48 9.67
Retained earnings 29.13 28.99 29.15 28.86 28.70 30.17 30.60 29.57 29.15 29.06 28.95 28.16 28.92 28.73 28.57 27.92 27.79 27.23 26.92 25.91
Accumulated other comprehensive loss -0.37 -0.44 -0.62 -0.76 -0.98 -0.42 -1.23 -1.22 -1.21 -2.27 -1.98 -1.88 -2.44 -2.70 -2.13 -1.23 -0.18 -0.11 -0.02 -0.20
Shareholders’ equity 36.12% 35.81% 35.86% 35.50% 35.35% 37.56% 37.34% 36.29% 36.08% 34.78% 35.00% 34.26% 35.33% 34.93% 35.50% 35.80% 37.00% 36.44% 36.39% 35.38%
Noncontrolling interests 0.12 0.11 0.11 0.10 0.09 0.09 0.09 0.09 0.09 0.10 0.10 0.10 0.08 0.05 0.05 0.06 0.07 0.07 0.08 0.07
Total equity 36.24% 35.91% 35.96% 35.60% 35.44% 37.65% 37.43% 36.38% 36.18% 34.88% 35.09% 34.35% 35.41% 34.98% 35.56% 35.86% 37.07% 36.52% 36.47% 35.45%
Total liabilities and equity 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%

Based on: 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 composition of liabilities and stockholders’ equity for the analyzed entity exhibits several notable trends over the observed period from March 2021 to December 2025. Current liabilities consistently represent a significant portion of the total, generally ranging between 33% and 40%. Long-term liabilities also contribute substantially, typically between 21% and 29%. Shareholders’ equity maintains a relatively stable presence, fluctuating between approximately 34% and 37% of the total.

Medical Claims Payable
Medical claims payable demonstrates a gradual increase from 12.90% in March 2021 to a peak of 15.18% in December 2021. This proportion then plateaus and experiences a slight decline, falling to 14.06% in December 2025. The overall trend suggests a consistent, though moderate, level of outstanding medical claims.
Other Policyholder Liabilities
Other policyholder liabilities show a decrease over the analyzed period. Starting at 5.30% in March 2021, the proportion declines to 1.99% in September 2025, and then rises slightly to 2.99% in December 2025. This represents a substantial reduction in this category as a percentage of total liabilities and equity.
Unearned Income
Unearned income exhibits volatility. It initially decreases from 1.19% to 0.97% before increasing significantly to 4.03% in March 2023. Following this peak, it declines again, settling at 1.23% in December 2025. This suggests fluctuations in the timing of revenue recognition.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses generally trend upward, increasing from 5.57% in March 2021 to 6.34% in September 2023. A subsequent decrease is observed, with the proportion stabilizing around 6.03% in December 2025. This indicates a moderate increase in short-term obligations.
Short-Term Borrowings and Current Portion of Long-Term Debt
Short-term borrowings are minimal for much of the period, becoming more prominent in March 2024 (1.41%) and June 2024 (0.20%). The current portion of long-term debt shows a more substantial increase, rising from 0.73% in March 2021 to a peak of 3.08% in March 2022, before decreasing to 0.90% in December 2025. This suggests a shift in debt management strategies, with increased reliance on short-term financing at times.
Other Current Liabilities
Other current liabilities represent a significant portion of current liabilities, generally ranging from 8.04% to 10.62%. A gradual decline is observed from March 2021 to September 2025, followed by a slight increase in December 2025. This category appears to be relatively stable but with a slight downward trend.
Long-Term Debt
Long-term debt, less current portion, demonstrates a moderate decrease from 23.55% in March 2021 to 21.34% in September 2023, followed by an increase to 25.00% in December 2024, and then a decrease to 25.35% in December 2025. This suggests some fluctuation in long-term financing levels.
Reserves for Future Policy Benefits
Reserves for future policy benefits remain relatively stable, fluctuating around 0.80% for most of the period. A notable decrease is observed in June 2024 (0.26%) and September 2024 (0.21%), followed by a slight recovery to 0.12% in December 2025. This suggests potential changes in actuarial estimates or policy benefit structures.
Deferred Tax Liabilities
Deferred tax liabilities exhibit a slight decreasing trend, moving from 2.05% in March 2021 to 1.74% in December 2025. This suggests a reduction in temporary differences between accounting and tax reporting.
Shareholders’ Equity
Shareholders’ equity remains a consistent component, fluctuating between 34.78% and 37.43%. Retained earnings contribute significantly to this equity, while accumulated other comprehensive loss has a minor offsetting effect. The overall stability suggests consistent profitability and capital management.

In summary, the liability structure appears relatively stable, with current liabilities consistently representing the largest portion. There is a noticeable decrease in other policyholder liabilities and a moderate fluctuation in short-term borrowings and the current portion of long-term debt. Shareholders’ equity remains a consistent and significant component of the overall capital structure.

AI Ask an analyst for more