Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Elevance Health Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	9,491)	8,288)	6,526)	7,387)	4,880)
Fixed maturity securities	25,884)	25,201)	29,614)	25,952)	26,267)
Equity securities	740)	1,192)	229)	953)	1,881)
Premium receivables	10,073)	8,011)	7,902)	7,083)	5,681)
Self-funded receivables	5,162)	5,044)	4,558)	4,663)	4,010)
Other receivables	6,307)	6,016)	5,405)	4,298)	3,749)
Other current assets	5,344)	4,700)	5,795)	5,281)	4,654)
Assets held for sale	—)	490)	—)	—)	—)
Current assets	63,001)	58,942)	60,029)	55,617)	51,122)
Fixed maturity securities	1,121)	1,035)	876)	752)	632)
Other invested assets	10,839)	9,749)	6,107)	5,685)	5,225)
Long-term investments	11,960)	10,784)	6,983)	6,437)	5,857)
Property and equipment, net	4,679)	4,652)	4,359)	4,316)	3,919)
Goodwill	28,344)	28,277)	25,317)	24,383)	24,228)
Other intangible assets	11,200)	12,094)	10,273)	10,315)	10,615)
Other noncurrent assets	2,310)	2,140)	1,967)	1,704)	1,719)
Noncurrent assets	58,493)	57,947)	48,899)	47,155)	46,338)
Total assets	121,494)	116,889)	108,928)	102,772)	97,460)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets experienced consistent growth over the five-year period, increasing from US$97.46 billion in 2021 to US$121.49 billion in 2025. This growth was driven by increases in both current and noncurrent assets. A notable acceleration in asset growth occurred between 2023 and 2025.

Current Assets: Current assets demonstrated an overall upward trend, rising from US$51.12 billion in 2021 to US$63.00 billion in 2025. While generally increasing, a slight dip was observed in 2024, before resuming growth in the final year. The largest component of current assets is consistently premium receivables, which increased steadily throughout the period, reaching US$10.07 billion in 2025. Cash and cash equivalents also showed growth, particularly between 2021 and 2022, and again between 2023 and 2025. Other receivables and other current assets also contributed to the overall increase in current assets.
Noncurrent Assets: Noncurrent assets also exhibited consistent growth, increasing from US$46.34 billion in 2021 to US$58.49 billion in 2025. The most significant component of noncurrent assets is goodwill, which increased from US$24.23 billion to US$28.34 billion over the period. Other intangible assets also represent a substantial portion of noncurrent assets, with a notable increase between 2023 and 2024, followed by a slight decrease in 2025. Long-term investments experienced significant growth, nearly doubling from US$5.86 billion in 2021 to US$11.96 billion in 2025. Property and equipment, net, showed modest, consistent growth.
Investments: The composition of investments shifted over the period. While fixed maturity securities remained relatively stable overall, with fluctuations between years, equity securities experienced a significant decline from 2021 to 2023 before a partial recovery. Other invested assets demonstrated consistent growth, contributing to the overall increase in long-term investments.
Assets Held for Sale: Assets held for sale were not present in the earlier years but appeared in 2024 at US$490 million, then disappeared in 2025. This suggests a potential divestiture or restructuring activity during that year.

In summary, the asset base expanded consistently throughout the observed period, driven by growth in both current and noncurrent asset categories. The increases in goodwill and long-term investments were particularly noteworthy, indicating potential strategic acquisitions or investment activities. The temporary presence of assets held for sale in 2024 suggests possible portfolio adjustments.

Elevance Health Inc. (NYSE:ELV)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items