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:	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	41,271)	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	6,042)	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	2,108)	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	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	(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	(5,293)	(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	(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	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	(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	(147)	(155)	(180)	(122)	(162)	(116)	(217)	(212)	(221)	(235)	(247)	(225)	(166)	(129)	(135)	(136)	(90)	(80)	(92)	(93)	(93)	(83)
Operating income	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	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	(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	(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	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	(548)	(613)	(193)	(365)	(685)	(690)	(170)	(354)	(585)	(615)	(193)	(533)	(493)	(531)	(275)	(494)	(552)	(509)	(60)	(167)	(873)	(566)
Net income	1,744)	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	(1)	(1)	5)	8)	(1)	(3)	25)	(11)	(3)	(15)	(12)	5)	3)	10)	12)	7)	(8)	(2)	—)	—)	—)	—)
Shareholders’ net income	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 premiums showed an overall increasing trend from March 2020 to June 2025, rising from approximately 25.5 billion USD to around 41.3 billion USD. The growth exhibited some seasonality, with higher values typically recorded in the fourth quarter of each year. Despite minor fluctuations, the trend indicates consistent premium revenue growth over the observed periods.
Product Revenue: Product revenue demonstrated steady growth over the period, increasing from about 2.3 billion USD in early 2020 to over 6 billion USD by mid-2025. Occasional dips were observed, notably in early 2024, but the general trend was positive, indicating expansion or increased sales of products.
Service Fees: Service fees remained relatively stable, with gradual increments from approximately 1.6 billion USD to around 2.1 billion USD. The values show modest growth without pronounced volatility, suggesting consistent service-related income.
Operating Revenue: Operating revenue increased consistently from roughly 29.4 billion USD in Q1 2020 to near 49.4 billion USD by Q2 2025. This rise aligns with the growth in premiums and product revenue, reflecting overall business expansion.
Benefit Expense: Benefit expenses rose steadily from about 21.5 billion USD to 36.7 billion USD, indicating increasing costs associated with benefits paid out. Although expenses increased, the rate closely followed revenue growth, but the high absolute values point to significant operational cost pressure.
Cost of Products Sold: Costs associated with products sold increased from just under 2 billion USD to over 5 billion USD by mid-2025, with some fluctuations such as the substantial rise observed in late 2023 and early 2024. This pattern suggests growing expenses linked to product sales, potentially due to volume increases or cost inflation.
Cost of Operating Revenue: Total operating costs increased from approximately 23.5 billion USD to about 42 billion USD across the timeline. The increases were steady yet showed some volatility, reflecting the fluctuations seen in benefit expense and product costs.
Gross Profit: Gross profit showed variability, with peaks and troughs over the quarters. It grew from near 6 billion USD to a peak of over 8.4 billion USD but also experienced declines, particularly noticeable in early 2025. The fluctuations suggest varying efficiency or margin pressure independent of revenue growth.
Operating Expense: Operating expenses ranged between approximately 3.8 billion USD and 5.5 billion USD, showing a slight increasing trend but also some periodic decreases. The expense appears well managed relative to operating revenue but exhibited peaks in certain quarters, possibly tied to operational activities or investments.
Amortization of Other Intangible Assets: This expense displayed modest fluctuations, generally maintaining values between 80 million USD and 260 million USD. No significant trend is apparent, indicating relatively stable amortization costs over time.
Operating Income: Operating income was quite volatile, swinging between about 100 million USD and over 3 billion USD. Peaks often occurred in quarters with higher gross profit, while notable dips happened when costs or expenses spiked. The variability points to sensitivity of operating profitability to cost control and revenue mix.
Net Investment Income: Net investment income showed a moderate upward trend, starting near 250 million USD and reaching nearly 600 million USD by mid-2025. This reflects progressively successful investment activities contributing positively to overall income.
Net Gains (Losses) on Financial Instruments: Financial instrument gains and losses were highly volatile, with both positive and negative values throughout the periods. Large losses were recorded around late 2024 and early 2025, negatively impacting profitability during those quarters.
Gain (Loss) on Sale of Business: This item was largely absent except for a significant gain of 240 million USD in late 2024 followed by a loss in the next quarter. These irregular effects indicate occasional one-time transactions affecting net income.
Interest Expense: Interest expense gradually increased from about 190 million USD to roughly 340 million USD, implying growing debt burden or increased interest rates over time. The steady rise suggests a consistent financing cost increase that could pressure net income.
Loss on Extinguishment of Debt: Losses were sporadic and minor, with no clear trend. These occasional costs reflect ad hoc decisions on debt management without a systematic impact on overall expenses.
Income Before Tax: The income before tax rose from approximately 2 billion USD to high points exceeding 2.9 billion USD but exhibited volatility reflecting the operating income fluctuations and net gains/losses. Certain quarters experienced marked declines, indicating periods of increased cost or one-time negative items affecting pre-tax income.
Income Tax Expense: Income tax expense varied in correlation with pre-tax income but showed some irregularities, occasionally dropping notably in certain quarters. This variability impacts net income and could be due to tax planning or changes in tax regulations.
Net Income: Net income mirrored the fluctuations seen in operating and pre-tax earnings, rising from about 1.5 billion USD to beyond 2.2 billion USD in some quarters, but also experiencing sharp declines, particularly in early 2025 where it dropped near 400 million USD. The pattern indicates profitability is influenced by both operational performance and financial market activities.
Net Income Attributable to Noncontrolling Interests: Amounts attributable to noncontrolling interests were relatively minor and inconsistent, generally representing a small debiting or crediting factor without significant influence on the majority shareholder's net income.
Shareholders’ Net Income: Shareholders’ net income closely tracked the overall net income trend, increasing from around 1.5 billion USD up to peaks exceeding 2.1 billion USD but declining in early 2025. The volatility illustrates dependency on operational efficiency, cost management, and external financial results that affect the owners' earnings.

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Elevance Health Inc. (NYSE:ELV)

Income Statement Quarterly Data

Income Statement
Quarterly Data