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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- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Elevance Health Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 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).
Total liabilities and stockholders’ equity for the analyzed period demonstrate a generally increasing trend, with fluctuations observed across the quarters. A significant increase is noted between 2021 and 2025, indicating overall growth in the company’s financial obligations and equity base. The composition of liabilities and equity also reveals notable shifts over time.
- Medical Claims Payable
- Medical claims payable consistently represents a substantial portion of total liabilities. The values generally increased from approximately $12.347 billion in March 2021 to $17.084 billion in December 2023, before rising to $17.148 billion in September 2025. This suggests a growing volume of healthcare claims being processed or outstanding. A slight decrease is observed in the final quarter of 2024 and the first two quarters of 2025, but values remain elevated.
- Other Policyholder Liabilities
- Other policyholder liabilities exhibited a decreasing trend over the analyzed period. Starting at $5.075 billion in March 2021, these liabilities decreased to $2.447 billion by September 2025. This decline could be attributed to changes in policy terms, improved claims management, or shifts in the product mix. The most significant decrease occurred between June 2024 and September 2025.
- Unearned Income
- Unearned income demonstrates considerable volatility. While fluctuating between approximately $0.954 billion and $1.210 billion in 2021 and 2022, a substantial increase is observed in September 2022, reaching $3.702 billion. This value decreased significantly in subsequent quarters, but rose again to $1.831 billion in September 2025. These fluctuations likely correlate with the timing of premium receipts and revenue recognition.
- Current Liabilities
- Current liabilities generally remained stable between $33.794 billion and $43.337 billion throughout the period. A peak is observed in September 2023 at $43.337 billion, followed by a decrease in subsequent quarters. The composition of current liabilities, including accounts payable, short-term borrowings, and other current liabilities, contributes to this overall trend.
- Long-Term Debt
- Long-term debt, net of the current portion, showed an increasing trend from $21.157 billion in December 2021 to $30.797 billion in December 2025. This indicates an increased reliance on long-term financing. A notable increase occurred between 2023 and 2024, followed by a slight decrease in 2025.
- Reserves for Future Policy Benefits
- Reserves for future policy benefits generally decreased over the period, from $802 million in December 2021 to $145 million in December 2025. This reduction could be due to changes in actuarial assumptions, policy cancellations, or benefit plan modifications. The most significant decrease occurred between March 2023 and December 2025.
- Shareholders’ Equity
- Shareholders’ equity exhibited an overall increasing trend, rising from $33.918 billion in March 2021 to $44.026 billion in December 2025. This growth is primarily driven by increases in retained earnings and additional paid-in capital. Fluctuations are observed in intermediate quarters, but the long-term trend remains positive.
In summary, the balance sheet reflects a growing company with increasing liabilities and equity. The trends in specific liability accounts, such as medical claims payable and other policyholder liabilities, provide insights into the company’s operational and financial management. The increasing long-term debt suggests a strategic decision to leverage financing for growth, while the decreasing reserves for future policy benefits warrant further investigation into underlying assumptions and policy changes.