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.

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

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Medical claims payable	17,084)	15,746)	16,111)	15,596)	13,518)
Other policyholder liabilities	3,632)	4,204)	5,600)	5,933)	5,521)
Unearned income	1,493)	1,508)	1,402)	1,112)	1,153)
Accounts payable and accrued expenses	7,322)	6,927)	6,910)	5,607)	4,970)
Short-term borrowings	150)	365)	225)	265)	275)
Current portion of long-term debt	1,099)	1,649)	1,649)	1,500)	1,599)
Other current liabilities	10,255)	10,029)	9,894)	9,683)	7,849)
Liabilities held for sale	—)	153)	—)	—)	—)
Current liabilities	41,035)	40,581)	41,791)	39,696)	34,885)
Long-term debt, less current portion	30,797)	29,218)	23,246)	22,349)	21,157)
Reserves for future policy benefits	145)	190)	778)	737)	802)
Deferred tax liabilities, net	2,110)	2,148)	1,970)	2,034)	2,805)
Other noncurrent liabilities	3,381)	3,326)	1,738)	1,562)	1,683)
Noncurrent liabilities	36,433)	34,882)	27,732)	26,682)	26,447)
Total liabilities	77,468)	75,463)	69,523)	66,378)	61,332)
Preferred stock, without par value; shares issued and outstanding: none	—)	—)	—)	—)	—)
Common stock, par value $0.01	2)	2)	2)	2)	2)
Additional paid-in capital	8,938)	8,911)	8,868)	9,084)	9,148)
Retained earnings	35,393)	33,549)	31,749)	29,724)	27,088)
Accumulated other comprehensive loss	(451)	(1,147)	(1,313)	(2,503)	(178)
Shareholders’ equity	43,882)	41,315)	39,306)	36,307)	36,060)
Noncontrolling interests	144)	111)	99)	87)	68)
Total equity	44,026)	41,426)	39,405)	36,394)	36,128)
Total liabilities and equity	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).

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.

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Elevance Health Inc. (NYSE:ELV)

Balance Sheet: Liabilities and Stockholders’ Equity