Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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 (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The balance sheet reflects a period of significant expansion in both total liabilities and total equity, with total liabilities and equity increasing from $95.68 billion in March 2021 to $125.83 billion by March 2026. While both components grew, the growth in total liabilities outpaced the growth in total equity, indicating a strategic increase in leverage to support organizational operations.
- Liability Structure and Trends
- Total liabilities rose from $61.77 billion to $81.79 billion over the analyzed period. A primary driver of this increase was the steady growth in medical claims payable, which expanded from $12.35 billion to $18.43 billion. Long-term debt, excluding the current portion, also exhibited a clear upward trajectory, rising from $22.53 billion in early 2021 to $30.77 billion by March 2026. Current liabilities showed a parallel upward trend, increasing from $34.75 billion to $45.31 billion, largely influenced by the growth in medical claims payable and other current liabilities.
- Equity and Retained Earnings
- Total equity grew from $33.92 billion to $44.04 billion. This growth was primarily fueled by a consistent increase in retained earnings, which climbed from $24.79 billion to $35.80 billion, suggesting sustained profitability and the retention of earnings over the five-year horizon. Additional paid-in capital remained relatively stable, fluctuating between $8.69 billion and $9.25 billion, indicating a lack of significant new equity issuance.
- Comprehensive Loss and Volatility
- Accumulated other comprehensive loss exhibited significant volatility throughout the period. The loss peaked in September 2022 at $2.78 billion before showing a gradual recovery trend through 2024 and 2025, eventually settling at $741 million in March 2026. This pattern suggests susceptibility to market-driven fluctuations, likely related to investment valuations or currency translation adjustments.
- Debt Obligations and Liquidity Management
- Debt management patterns show periodic shifts between short-term and long-term obligations. The current portion of long-term debt experienced peaks of $3.10 billion in March 2022 and $2.90 billion in March 2024, before decreasing to $350 million by March 2026, suggesting a cycle of debt maturity and refinancing. Short-term borrowings remained generally low, with a notable peak of $1.58 billion in December 2023, before returning to lower levels.