Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

$24.99

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

Microsoft Excel
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
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 income (loss)
Shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

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.