Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Elevance Health Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Medical claims payable
Other policyholder liabilities
Unearned income
Accounts payable and accrued expenses
Short-term borrowings
Current portion of long-term debt
Other current liabilities
Liabilities held for sale
Current liabilities
Long-term debt, less current portion
Reserves for future policy benefits
Deferred tax liabilities, net
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Preferred stock, without par value; shares issued and outstanding: none
Common stock, par value $0.01
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

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).

Overall, total liabilities and equity increased consistently from 2021 to 2025, growing from US$97.46 billion to US$121.49 billion. This growth was primarily driven by increases in both total liabilities and total equity. A closer examination reveals varying trends within specific liability and equity components.

Current Liabilities
Current liabilities exhibited an increasing trend from 2021 to 2025, fluctuating around the US$40-41 billion range after an initial rise from US$34.89 billion in 2021 to US$41.04 billion in 2025. Significant contributors to this total include medical claims payable, accounts payable and accrued expenses, and other current liabilities, all of which generally increased over the period. Short-term borrowings and the current portion of long-term debt showed some volatility but remained relatively stable.
Noncurrent Liabilities
Noncurrent liabilities demonstrated a consistent upward trend, increasing from US$26.45 billion in 2021 to US$36.43 billion in 2025. Long-term debt, less current portion, was the primary driver of this increase, rising substantially from US$21.16 billion to US$30.80 billion. Other noncurrent liabilities also contributed to the growth, nearly doubling over the five-year period. Reserves for future policy benefits decreased significantly, particularly between 2022 and 2024, before stabilizing.
Shareholders’ Equity
Shareholders’ equity also increased steadily from 2021 to 2025, moving from US$36.06 billion to US$43.88 billion. Retained earnings were the largest component and the primary contributor to this growth, increasing from US$27.09 billion to US$35.39 billion. Additional paid-in capital remained relatively stable. Accumulated other comprehensive loss decreased significantly, becoming less negative over time, contributing positively to the overall equity growth.
Specific Liability Components
Medical claims payable increased from US$13.52 billion to US$17.08 billion, indicating a potential rise in healthcare service utilization or changes in payment terms. Accounts payable and accrued expenses also showed a consistent increase, rising from US$4.97 billion to US$7.32 billion, potentially reflecting increased operational expenses. Other policyholder liabilities decreased from 2022 to 2025, suggesting a shift in the composition of policy obligations.
Overall Trends
The company experienced growth in both its obligations to creditors (liabilities) and the investment by owners (equity). The increasing trend in long-term debt suggests potential investments in growth initiatives or acquisitions. The consistent growth in retained earnings indicates profitability and effective capital management. The decreasing accumulated other comprehensive loss is a positive sign, suggesting improved financial performance beyond net income.