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.

Elevance Health Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	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
Medical claims payable	17,148)	17,155)	16,812)	15,746)	15,346)	15,204)	16,459)	16,111)	16,176)	16,165)	15,728)	15,596)	15,242)	15,127)	14,713)	13,518)	13,562)	13,076)	12,347)	11,359)	10,252)	9,878)	9,902)
Other policyholder liabilities	2,447)	3,540)	3,796)	4,204)	4,402)	4,939)	5,298)	5,600)	5,681)	5,954)	6,098)	5,933)	5,482)	5,577)	5,396)	5,521)	5,201)	5,285)	5,075)	4,590)	3,804)	3,586)	3,252)
Unearned income	1,831)	1,561)	1,640)	1,508)	1,793)	1,481)	1,474)	1,402)	4,332)	4,458)	4,394)	1,112)	3,702)	971)	1,210)	1,153)	954)	1,081)	1,139)	1,259)	961)	946)	947)
Accounts payable and accrued expenses	6,085)	7,278)	7,131)	6,927)	6,255)	5,760)	5,658)	6,910)	5,983)	5,033)	4,873)	5,607)	4,963)	5,850)	5,493)	4,970)	5,960)	5,598)	5,329)	5,493)	5,550)	5,257)	5,058)
Short-term borrowings	180)	360)	250)	365)	360)	225)	1,575)	225)	—)	265)	265)	265)	265)	175)	275)	275)	175)	175)	—)	—)	150)	—)	1,075)
Current portion of long-term debt	749)	1,648)	1,643)	1,649)	2,100)	2,900)	2,900)	1,649)	799)	—)	—)	1,500)	2,249)	2,248)	3,097)	1,599)	849)	849)	700)	700)	1,599)	1,603)	1,603)
Other current liabilities	12,438)	12,292)	11,426)	10,029)	11,614)	11,139)	10,970)	9,894)	10,366)	9,696)	10,531)	9,683)	9,384)	9,360)	9,549)	7,849)	8,461)	7,730)	10,159)	6,052)	6,245)	7,252)	5,202)
Liabilities held for sale	—)	—)	—)	153)	163)	165)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Current liabilities	40,878)	43,834)	42,698)	40,581)	42,033)	41,813)	44,334)	41,791)	43,337)	41,571)	41,889)	39,696)	41,287)	39,308)	39,733)	34,885)	35,162)	33,794)	34,749)	29,453)	28,561)	28,522)	27,039)
Long-term debt, less current portion	31,173)	28,178)	28,110)	29,218)	24,688)	24,561)	21,976)	23,246)	24,045)	24,859)	25,201)	22,349)	21,258)	21,165)	19,883)	21,157)	21,761)	22,217)	22,534)	19,335)	19,094)	19,873)	19,005)
Reserves for future policy benefits	164)	163)	174)	190)	248)	295)	765)	778)	807)	797)	811)	737)	825)	822)	811)	802)	788)	774)	776)	794)	784)	776)	754)
Deferred tax liabilities, net	2,315)	2,008)	2,121)	2,148)	2,092)	2,037)	2,201)	1,970)	1,779)	1,852)	2,029)	2,034)	1,825)	2,021)	2,349)	2,805)	2,629)	2,397)	1,961)	2,019)	2,375)	2,497)	2,213)
Other noncurrent liabilities	4,137)	3,904)	3,994)	3,326)	3,593)	1,985)	1,908)	1,738)	1,971)	1,777)	1,650)	1,562)	1,788)	1,694)	1,679)	1,683)	1,912)	1,869)	1,745)	1,815)	1,839)	1,853)	1,695)
Noncurrent liabilities	37,789)	34,253)	34,399)	34,882)	30,621)	28,878)	26,850)	27,732)	28,602)	29,285)	29,691)	26,682)	25,696)	25,702)	24,722)	26,447)	27,090)	27,257)	27,016)	23,963)	24,092)	24,999)	23,667)
Total liabilities	78,667)	78,087)	77,097)	75,463)	72,654)	70,691)	71,184)	69,523)	71,939)	70,856)	71,580)	66,378)	66,983)	65,010)	64,455)	61,332)	62,252)	61,051)	61,765)	53,416)	52,653)	53,521)	50,706)
Preferred stock, without par value; shares issued and outstanding: none	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, par value $0.01	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	2)	3)	3)	3)	3)
Additional paid-in capital	8,908)	8,931)	8,866)	8,911)	9,105)	9,001)	8,883)	8,868)	8,830)	8,761)	8,697)	9,084)	9,169)	9,134)	9,151)	9,148)	9,138)	9,109)	9,253)	9,244)	9,352)	9,360)	9,338)
Retained earnings	35,586)	35,549)	34,546)	33,549)	35,157)	34,575)	33,088)	31,749)	32,103)	31,608)	30,707)	29,724)	29,604)	28,825)	28,058)	27,088)	26,700)	25,874)	24,793)	23,802)	24,678)	25,346)	23,360)
Accumulated other comprehensive income (loss)	(543)	(760)	(911)	(1,147)	(489)	(1,387)	(1,365)	(1,313)	(2,512)	(2,166)	(2,050)	(2,503)	(2,784)	(2,149)	(1,236)	(178)	(103)	(17)	(195)	150)	(112)	(254)	(1,008)
Shareholders’ equity	43,953)	43,722)	42,503)	41,315)	43,775)	42,191)	40,608)	39,306)	38,423)	38,205)	37,356)	36,307)	35,991)	35,812)	35,975)	36,060)	35,737)	34,968)	33,853)	33,199)	33,921)	34,455)	31,693)
Noncontrolling interests	129)	129)	117)	111)	104)	106)	102)	99)	116)	107)	104)	87)	52)	55)	56)	68)	71)	78)	65)	—)	—)	—)	—)
Total equity	44,082)	43,851)	42,620)	41,426)	43,879)	42,297)	40,710)	39,405)	38,539)	38,312)	37,460)	36,394)	36,043)	35,867)	36,031)	36,128)	35,808)	35,046)	33,918)	33,199)	33,921)	34,455)	31,693)
Total liabilities and equity	122,749)	121,938)	119,717)	116,889)	116,533)	112,988)	111,894)	108,928)	110,478)	109,168)	109,040)	102,772)	103,026)	100,877)	100,486)	97,460)	98,060)	96,097)	95,683)	86,615)	86,574)	87,976)	82,399)

Medical Claims Payable: The liability for medical claims payable shows a consistent upward trend from March 2020 to September 2025. Starting at $9.9 billion in early 2020, the amount increased steadily, peaking above $17 billion by mid-2025. This growth suggests rising obligations related to medical claims over the periods analyzed.
Other Policyholder Liabilities: Other policyholder liabilities generally increased from $3.3 billion in March 2020 to a peak around $6.1 billion in early 2023, followed by a marked decline starting in mid-2023, descending to approximately $2.4 billion by September 2025. This fluctuation may reflect changes in policyholder obligations or modifications in accounting recognition.
Unearned Income: Unearned income exhibited volatility with spikes notably in September 2022 and early 2023, reaching highs over $4.3 billion, contrasted by lower values around $1 billion in other quarters. The irregular pattern may be tied to timing differences in revenue recognition or specific policy terms affecting income deferral.
Accounts Payable and Accrued Expenses: Accounts payable and accrued expenses increased moderately over time, with values rising from approximately $5.1 billion in early 2020 to about $7.3 billion by late 2025. The upward movement suggests growing operational liabilities consistent with expanding business activities.
Short-term Borrowings: Short-term borrowings showed sporadic values with lower amounts in the early and mid-periods and a notable peak reaching $1.575 billion in mid-2024. The fluctuations indicate variable short-term financing needs, possibly influenced by cash flow management strategies.
Current Portion of Long-term Debt: The current portion of long-term debt fluctuated materially, with a spike to approximately $3.1 billion in early 2022, followed by variability and lower amounts near $0.7 billion by late 2025. These changes may correspond to debt maturities and refinancing activities.
Other Current Liabilities: Other current liabilities experienced an overall increase from $5.2 billion in early 2020 to over $12.4 billion by late 2025, though with some quarter-to-quarter variability. This trend points to rising short-term obligations, possibly reflecting growth in accrued costs or reserves.
Current Liabilities: Total current liabilities showed an increasing trend from roughly $27 billion in March 2020 to a peak near $44 billion by mid-2025, before slightly decreasing towards late 2025. The general increase aligns with growth in other components of current liabilities.
Long-term Debt, Less Current Portion: Long-term debt decreased in certain periods, notably dropping from approximately $25 billion in early 2023 to around $22 billion by mid-2024, but then rose again sharply to exceed $31 billion by late 2025. The fluctuations suggest active debt management, including repayments and new issuance.
Reserves for Future Policy Benefits: This reserve remained relatively stable and low in magnitude compared to other liabilities, with a subtle decline after early 2023, reaching around $164 million by late 2025.
Deferred Tax Liabilities, Net: Deferred tax liabilities demonstrated moderate fluctuation without a clear trend, varying between approximately $1.7 billion and $2.6 billion throughout the timeframe, reflecting changes in taxable temporary differences.
Other Noncurrent Liabilities: Other noncurrent liabilities steadily increased from about $1.7 billion in early 2020 to over $4.1 billion by late 2025, indicating a rise in longer-term obligations.
Noncurrent Liabilities: Noncurrent liabilities overall showed moderate growth from roughly $23.7 billion in early 2020 to nearly $37.8 billion by late 2025, consistent with increases in long-term debt and other long-term provisions.
Total Liabilities: Total liabilities expanded from about $50.7 billion to approximately $78.7 billion over the five-year span, reflecting growth in both current and noncurrent obligations, indicating an overall larger balance sheet footprint.
Shareholders’ Equity: Shareholders' equity increased consistently from approximately $31.7 billion in early 2020 to roughly $44 billion by late 2025. This steady rise, despite some periodic declines, signifies accumulation of retained earnings exceeding distributions and overall positive equity growth.
Accumulated Other Comprehensive Income (Loss): The accumulated other comprehensive income (loss) fluctuated between gains and losses but was generally negative, peaking in negative territory around late 2022 with a value close to -$2.8 billion, then improving somewhat by late 2025 but remaining negative. This indicates unrealized losses primarily related to items such as pension adjustments, foreign currency translation, or available-for-sale securities.
Total Equity: Total equity grew from $31.7 billion to around $44.1 billion over the period, generally mirroring shareholders' equity trends, with noncontrolling interests contributing a minor and relatively stable portion.
Total Liabilities and Equity: The combined total liabilities and equity expanded significantly from approximately $82.4 billion in early 2020 to nearly $123 billion by late 2025, validating the growth trajectory of the company’s financial base across the intervals.

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Elevance Health Inc. (NYSE:ELV)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data