Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Elevance Health Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
The capital structure of the organization remains relatively stable over the analyzed period, with total liabilities consistently representing between 62% and 65% of total liabilities and equity. Correspondingly, total equity maintains a proportional share ranging from approximately 34% to 38%, indicating a consistent approach to financing and leverage.
- Current Liability Composition
- Current liabilities fluctuate between 33% and 40% of the total balance sheet. Medical claims payable, a primary operational driver, remain stable, generally oscillating between 13% and 15%. A notable downward trend is observed in other policyholder liabilities, which declined from a peak of 5.77% in December 2022 to 3.07% by March 2026. Unearned income exhibited significant volatility during 2023, peaking at 4.08% in June 2023 before returning to a baseline near 1.4%.
- Noncurrent Obligations and Long-Term Debt
- Noncurrent liabilities account for approximately 24% to 31% of the total structure. Long-term debt, less the current portion, shows a gradual increase in its relative weight, moving from 23.55% in March 2021 to a peak of 25.40% in September 2025, before settling at 24.45% in March 2026. Deferred tax liabilities have trended slightly downward, decreasing from 2.05% to 1.42% over the full period.
- Equity Trends and Retained Earnings
- Shareholders' equity demonstrates a trend of internal growth and capital restructuring. Additional paid-in capital has seen a steady decline, falling from 9.67% in March 2021 to 7.03% in March 2026. This is offset by the growth in retained earnings, which increased from 25.91% to a peak of 30.60% in June 2024, reflecting the accumulation of earnings over time. Accumulated other comprehensive loss experienced a significant expansion in 2022, reaching -2.70% in September of that year, but subsequently recovered to -0.59% by March 2026.
Overall, the financial profile is characterized by stable operational liabilities and a gradual shift toward a higher reliance on long-term debt and retained earnings, while decreasing the relative proportion of contributed capital.