Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in millions

3 months ended:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Premiums	41,791)	41,271)	40,887)	36,245)	36,809)	35,416)	35,696)	35,138)	35,259)	36,589)	35,868)	33,646)	33,722)	33,076)	32,785)	30,769)	30,395)	28,533)	27,676)	27,108)	26,392)	25,092)	25,517)
Product revenue	6,159)	6,042)	5,809)	6,714)	5,887)	5,530)	4,499)	5,394)	5,177)	4,859)	4,022)	4,137)	3,972)	3,568)	3,301)	3,525)	3,353)	3,042)	2,737)	2,899)	2,598)	2,543)	2,344)
Service fees	2,137)	2,108)	2,069)	2,030)	2,023)	2,277)	2,078)	1,922)	2,044)	1,929)	2,008)	1,884)	1,931)	1,838)	1,800)	1,724)	1,800)	1,704)	1,685)	1,526)	1,659)	1,543)	1,587)
Operating revenue	50,087)	49,421)	48,765)	44,989)	44,719)	43,223)	42,273)	42,454)	42,480)	43,377)	41,898)	39,667)	39,625)	38,482)	37,886)	36,018)	35,548)	33,279)	32,098)	31,533)	30,649)	29,178)	29,448)
Benefit expense	(38,140)	(36,706)	(35,312)	(33,500)	(32,949)	(30,572)	(30,546)	(31,334)	(30,606)	(31,604)	(30,786)	(30,091)	(29,404)	(28,777)	(28,215)	(27,538)	(26,645)	(24,763)	(23,699)	(24,088)	(22,921)	(19,547)	(21,489)
Cost of products sold	(5,380)	(5,293)	(4,983)	(6,012)	(5,093)	(4,820)	(3,825)	(4,837)	(4,648)	(4,327)	(3,481)	(3,646)	(3,437)	(3,069)	(2,883)	(3,070)	(2,898)	(2,614)	(2,313)	(2,522)	(2,222)	(2,225)	(1,984)
Cost of operating revenue	(43,520)	(41,999)	(40,295)	(39,512)	(38,042)	(35,392)	(34,371)	(36,171)	(35,254)	(35,931)	(34,267)	(33,737)	(32,841)	(31,846)	(31,098)	(30,608)	(29,543)	(27,377)	(26,012)	(26,610)	(25,143)	(21,772)	(23,473)
Gross profit	6,567)	7,422)	8,470)	5,477)	6,677)	7,831)	7,902)	6,283)	7,226)	7,446)	7,631)	5,930)	6,784)	6,636)	6,788)	5,410)	6,005)	5,902)	6,086)	4,923)	5,506)	7,406)	5,975)
Operating expense	(5,272)	(4,997)	(5,300)	(4,804)	(5,269)	(5,066)	(4,886)	(4,999)	(5,470)	(4,818)	(4,800)	(4,562)	(4,514)	(4,269)	(4,341)	(4,222)	(3,946)	(3,821)	(3,925)	(4,318)	(5,305)	(4,046)	(3,781)
Amortization of other intangible assets	(162)	(147)	(155)	(180)	(122)	(162)	(116)	(217)	(212)	(221)	(235)	(247)	(225)	(166)	(129)	(135)	(136)	(90)	(80)	(92)	(93)	(93)	(83)
Operating income	1,133)	2,278)	3,015)	493)	1,286)	2,603)	2,900)	1,067)	1,544)	2,407)	2,596)	1,121)	2,045)	2,201)	2,318)	1,053)	1,923)	1,991)	2,081)	513)	108)	3,267)	2,111)
Net investment income	625)	486)	590)	527)	551)	508)	465)	529)	493)	416)	387)	373)	371)	381)	360)	352)	335)	400)	291)	286)	280)	57)	254)
Net gains (losses) on financial instruments	(1)	(131)	(464)	(74)	(125)	(85)	(161)	(336)	(124)	(121)	(113)	(111)	(57)	(231)	(151)	211)	(61)	172)	(4)	5)	229)	29)	(81)
Gain (loss) on sale of business	—)	—)	—)	—)	(39)	240)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Interest expense	(351)	(341)	(344)	(340)	(300)	(280)	(265)	(259)	(259)	(261)	(251)	(229)	(213)	(208)	(201)	(200)	(201)	(205)	(192)	(191)	(198)	(201)	(194)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(16)	—)	(5)	—)	(2)	(30)	(3)	(1)
Income before income tax expense	1,406)	2,292)	2,797)	606)	1,373)	2,986)	2,939)	1,001)	1,654)	2,441)	2,619)	1,154)	2,146)	2,143)	2,326)	1,400)	1,996)	2,353)	2,176)	611)	389)	3,149)	2,089)
Income tax expense	(219)	(548)	(613)	(193)	(365)	(685)	(690)	(170)	(354)	(585)	(615)	(193)	(533)	(493)	(531)	(275)	(494)	(552)	(509)	(60)	(167)	(873)	(566)
Net income	1,187)	1,744)	2,184)	413)	1,008)	2,301)	2,249)	831)	1,300)	1,856)	2,004)	961)	1,613)	1,650)	1,795)	1,125)	1,502)	1,801)	1,667)	551)	222)	2,276)	1,523)
Net (income) loss attributable to noncontrolling interests	2)	(1)	(1)	5)	8)	(1)	(3)	25)	(11)	(3)	(15)	(12)	5)	3)	10)	12)	7)	(8)	(2)	—)	—)	—)	—)
Shareholders’ net income	1,189)	1,743)	2,183)	418)	1,016)	2,300)	2,246)	856)	1,289)	1,853)	1,989)	949)	1,618)	1,653)	1,805)	1,137)	1,509)	1,793)	1,665)	551)	222)	2,276)	1,523)

Premiums: The premium revenues exhibit a generally upward trend over the observed periods, increasing from approximately 25.5 billion US dollars in early 2020 to over 41.7 billion US dollars projected by late 2025. While there are some periods of slight decline or flattening, the overall growth trajectory suggests expanding market reach or pricing adjustments.
Product Revenue: Product revenue shows a steady increase from around 2.3 billion US dollars in the first quarter of 2020 to nearly 6.2 billion US dollars projected by late 2025. This consistent growth indicates strengthening product sales or diversification in product offerings.
Service Fees: Service fees demonstrate a moderate rising trend, moving from just under 1.6 billion US dollars in early 2020 to over 2.1 billion US dollars by the end of 2025. Although the growth is less pronounced compared to product revenue, it reflects steady performance in service-related activities.
Operating Revenue: Operating revenue aggregates various income streams and displays a steady increase from approximately 29.4 billion US dollars in 2020 to roughly 50.1 billion US dollars by the close of 2025. This growth aligns with revenue components, confirming expanding business operations.
Benefit Expense: Benefit expenses exhibit a general upward trend, reflecting increasing costs from about 21.5 billion US dollars in the first quarter of 2020 to almost 38.1 billion US dollars projected for 2025. This expense growth may correspond to increased claims or higher cost structures associated with expanded coverage.
Cost of Products Sold: Cost of products sold increases overall from roughly 2.0 billion US dollars through 2020 to over 5.3 billion US dollars projected in 2025, with some fluctuations. This suggests rising costs related to product provisioning or increased volume sold.
Cost of Operating Revenue: Cost of operating revenue follows a similar rising pattern consistent with benefit and product costs, increasing from about 23.5 billion US dollars in early 2020 to an estimated 43.5 billion US dollars by 2025. The increase in costs generally aligns with revenue growth but also suggests pressure on margins.
Gross Profit: Gross profit figures fluctuate more than revenues and costs, starting around 6.0 billion US dollars in early 2020, peaking at over 7.6 billion in 2023, but showing variability thereafter. Despite rising absolute numbers, sequential quarters sometimes reflect volatility, hinting at cost management challenges or variability in revenue quality.
Operating Expense: Operating expenses show slight upward movement from about 3.8 billion US dollars in early 2020 to around 5.3 billion US dollars in 2025, with periods of volatility. The increasing operating expenses likely reflect investments in business operations and administrative costs.
Amortization of Other Intangible Assets: Amortization of intangible assets displays variability, with no clear upward or downward long-term trend but fluctuates between approximately 80 to 260 million US dollars. The variability may reflect changes in acquired assets or amortization schedules.
Operating Income: Operating income exhibits notable volatility, ranging from as low as near zero or negative in some quarters to peaks exceeding 3.0 billion US dollars in certain periods. This variability hints at fluctuating operational performance and potential cost-revenue mismatches.
Net Investment Income: Net investment income steadily increases from about 250 million US dollars in early 2020 to a projection near 625 million US dollars in 2025, reflecting growing investment returns contributing positively to profitability.
Net Gains (Losses) on Financial Instruments: Net gains or losses on financial instruments are inconsistent, showing both positive and negative results with significant fluctuations. The figures do not show a stable trend and appear to contribute unpredictably to net income.
Gain (Loss) on Sale of Business: Isolated gains and losses are noted with a one-time gain of 240 million US dollars projected in 2024 and a loss of 39 million US dollars in the same year, indicating sporadic non-recurring items impacting income.
Interest Expense: Interest expenses gradually increase from around 190 million US dollars in 2020 to approximately 350 million US dollars by 2025, suggesting growing debt levels or rising borrowing costs over time.
Loss on Extinguishment of Debt: The occurrence of debt extinguishment losses is irregular and minimal, with occasional small charges mainly in 2020 and 2021, implying infrequent debt restructuring activities.
Income Before Income Tax Expense: Income before tax follows a generally fluctuating trend, with some quarters showing strong earnings exceeding 2.9 billion US dollars projected in 2024 and others dipping below 0.6 billion US dollars. This volatility corresponds to operating income variability and non-operating influences.
Income Tax Expense: Income tax expenses display significant fluctuations ranging from minimal amounts to over 690 million US dollars, reflecting variability in taxable income and possibly different tax rates or provisions applied across periods.
Net Income: Net income shows moderate growth from about 1.5 billion US dollars in early 2020 to a projection around 2.2 billion US dollars in 2025 but with considerable quarter-to-quarter volatility. The net income path reflects the combined effects of operational performance, investment income, and irregular items.
Net Income Attributable to Noncontrolling Interests: Amounts attributable to noncontrolling interests are relatively minor and inconsistent, indicating limited impact on consolidated net income.
Shareholders’ Net Income: Shareholders’ net income aligns closely with net income trends, growing from about 1.5 billion US dollars to over 2.1 billion US dollars towards 2025, despite periodic volatility, validating overall profitability increases available to equity holders.

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Elevance Health Inc. (NYSE:ELV)

Income Statement Quarterly Data

Income Statement
Quarterly Data