Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Elevance Health Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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
Net income	1,187)	1,744)	2,184)	413)	1,008)	2,301)	2,249)	831)	1,300)	1,856)	2,004)	961)	1,613)	1,650)	1,795)	1,125)	1,502)	1,801)	1,667)	551)	222)	2,276)	1,523)
Net (gains) losses on financial instruments	1)	131)	464)	74)	125)	85)	161)	336)	124)	121)	113)	111)	57)	231)	151)	(211)	61)	(172)	4)	59)	(247)	(75)	81)
(Gain) loss on sale of business	—)	—)	—)	—)	39)	(240)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Equity in net (earnings) losses of other invested assets	(113)	(12)	(126)	(16)	(11)	(1)	27)	(37)	(3)	43)	30)	11)	(46)	(105)	(153)	(125)	(128)	(201)	(108)	—)	—)	—)	—)
Depreciation and amortization	387)	380)	373)	398)	329)	335)	331)	424)	426)	433)	462)	473)	451)	393)	358)	360)	351)	309)	282)	290)	308)	286)	270)
Deferred income taxes	269)	(52)	(174)	(116)	(224)	(170)	136)	(241)	32)	(138)	(255)	94)	2)	(80)	(92)	212)	122)	(39)	31)	(438)	(162)	3)	57)
Impairment of property and equipment	70)	—)	—)	—)	103)	—)	—)	—)	446)	—)	—)	7)	—)	—)	—)	73)	—)	—)	—)	3)	195)	—)	—)
Share-based compensation	84)	81)	81)	(29)	66)	92)	62)	72)	78)	78)	61)	73)	69)	72)	50)	59)	63)	69)	64)	69)	80)	67)	67)
Receivables, net	815)	(923)	(3,174)	(193)	851)	(1,059)	(282)	(1,035)	(428)	(270)	(29)	(1,832)	(16)	686)	(1,348)	(387)	(119)	(374)	(1,258)	589)	(532)	326)	(639)
Other invested assets	(35)	(30)	(5)	(5)	(26)	(18)	(29)	(33)	(4)	(27)	(15)	(35)	14)	25)	7)	(14)	(12)	(24)	(20)	(38)	(18)	(39)	63)
Other assets	201)	43)	(647)	1,758)	(145)	315)	(1,104)	261)	(407)	(181)	(348)	594)	(55)	(66)	(353)	507)	(223)	41)	(288)	705)	(502)	39)	(525)
Policy liabilities	(1,260)	(213)	600)	(28)	(446)	(1,397)	31)	(186)	(250)	277)	306)	717)	23)	439)	1,075)	269)	416)	457)	1,455)	1,904)	600)	332)	692)
Unearned income	270)	(79)	132)	(505)	312)	8)	72)	(2,930)	(126)	64)	3,282)	(2,590)	2,730)	(239)	57)	195)	(128)	(61)	(119)	297)	15)	(1)	(109)
Accounts payable and other liabilities	(151)	738)	952)	(1,200)	628)	557)	(257)	(77)	1,557)	142)	18)	226)	(34)	204)	428)	(374)	533)	202)	358)	25)	85)	1,280)	588)
Income taxes	(616)	246)	357)	173)	57)	(407)	581)	(360)	(134)	(448)	839)	(297)	118)	(727)	568)	(28)	62)	(332)	438)	(32)	(1,209)	822)	491)
Other, net	26)	—)	—)	(18)	11)	46)	—)	4)	2)	—)	1)	(31)	(2)	(31)	(2)	11)	4)	7)	(1)	(171)	15)	194)	(44)
Changes in operating assets and liabilities	(750)	(218)	(1,785)	(18)	1,242)	(1,955)	(988)	(4,356)	210)	(443)	4,054)	(3,248)	2,778)	291)	432)	179)	533)	(84)	565)	3,279)	(1,546)	2,953)	517)
Adjustments to reconcile net income to net cash provided by operating activities	(52)	310)	(1,167)	293)	1,669)	(1,854)	(271)	(3,802)	1,313)	94)	4,465)	(2,479)	3,311)	802)	746)	547)	1,002)	(118)	838)	3,262)	(1,372)	3,234)	992)
Net cash provided by operating activities	1,135)	2,054)	1,017)	706)	2,677)	447)	1,978)	(2,971)	2,613)	1,950)	6,469)	(1,518)	4,924)	2,452)	2,541)	1,672)	2,504)	1,683)	2,505)	3,813)	(1,150)	5,510)	2,515)
Purchases of investments	(4,163)	(4,138)	(3,964)	(3,280)	(4,671)	(3,932)	(6,103)	8,101)	(6,689)	(10,205)	(7,443)	(5,334)	(6,359)	(8,203)	(5,050)	(3,539)	(3,909)	(4,243)	(6,978)	(2,784)	(5,573)	(7,239)	(3,896)
Proceeds from sale of investments	2,975)	3,533)	4,150)	4,936)	4,027)	2,686)	4,898)	2,766)	2,491)	2,850)	2,489)	2,586)	2,262)	4,093)	3,047)	1,930)	1,994)	1,695)	4,650)	2,579)	4,015)	1,996)	2,728)
Maturities, calls and redemptions from investments	447)	324)	424)	544)	445)	501)	535)	(11,591)	3,875)	7,123)	3,533)	3,014)	3,259)	3,138)	1,209)	956)	1,142)	1,248)	998)	978)	1,927)	1,239)	597)
Changes in securities lending collateral	(110)	(176)	(290)	233)	161)	(109)	(212)	23)	(90)	(59)	204)	376)	(57)	(179)	(441)	74)	(388)	89)	(731)	(181)	96)	(687)	(77)
Purchases of subsidiaries, net of cash acquired	1)	50)	4)	(3,685)	—)	(4)	(1,120)	18)	81)	(13)	(1,638)	(26)	(14)	(548)	(61)	(34)	—)	(3,415)	(27)	(3)	(67)	2)	(1,908)
Proceeds from sale of subsidiaries, net of cash sold	—)	—)	—)	(36)	—)	399)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchases of property and equipment	(360)	(267)	(196)	(322)	(332)	(323)	(279)	(326)	(319)	(350)	(301)	(298)	(305)	(295)	(254)	(340)	(258)	(285)	(204)	(278)	(306)	(233)	(204)
Other, net	(14)	(13)	(25)	(28)	(31)	(36)	(29)	(20)	(36)	(18)	(28)	(29)	(33)	(30)	(28)	(13)	(21)	(14)	(15)	(6)	(3)	(12)	(24)
Net cash (used in) provided by investing activities	(1,224)	(687)	103)	(1,638)	(401)	(818)	(2,310)	(1,029)	(687)	(672)	(3,184)	289)	(1,247)	(2,024)	(1,578)	(966)	(1,440)	(4,925)	(2,307)	305)	89)	(4,934)	(2,784)
Net proceeds from (repayments of) commercial paper borrowings	—)	—)	—)	—)	—)	—)	—)	—)	(90)	(235)	325)	(675)	125)	25)	225)	200)	(450)	550)	(250)	250)	—)	(1,305)	905)
Proceeds from long-term borrowings	2,994)	—)	—)	5,130)	—)	1,230)	1,350)	—)	—)	—)	2,574)	1,785)	(14)	1,300)	—)	—)	—)	—)	3,462)	(1)	1)	2,184)	300)
Repayments of long-term borrowings	(900)	—)	(1,250)	(850)	(800)	—)	—)	(1)	—)	—)	(1,908)	(917)	(39)	(929)	(14)	(114)	(2)	(952)	—)	(968)	(809)	(103)	(52)
Proceeds from short-term borrowings	990)	—)	—)	65)	210)	—)	—)	225)	—)	—)	—)	—)	90)	1,275)	—)	1,150)	—)	175)	—)	—)	150)	(255)	1,075)
Repayments of short-term borrowings, net of issuances	(1,170)	110)	(115)	(60)	(75)	—)	—)	—)	(175)	(90)	—)	—)	—)	(1,375)	—)	(1,050)	—)	—)	—)	(150)	—)	(820)	(700)
Changes in securities lending payable	110)	176)	290)	(233)	(162)	108)	212)	(23)	91)	60)	(205)	(383)	65)	179)	441)	(74)	388)	(89)	731)	181)	(96)	687)	77)
Changes in bank overdrafts	(554)	85)	546)	(466)	307)	107)	(586)	637)	(23)	(209)	(291)	752)	(636)	288)	529)	(692)	(48)	364)	—)	—)	—)	—)	—)
Repurchase and retirement of common stock	(876)	(378)	(880)	(1,811)	(60)	(463)	(566)	(928)	(480)	(646)	(622)	(568)	(579)	(624)	(545)	(522)	(451)	(480)	(447)	(1,358)	(758)	(55)	(529)
Cash dividends	(381)	(385)	(386)	(373)	(378)	(378)	(379)	(346)	(348)	(350)	(351)	(305)	(306)	(309)	(309)	(273)	(276)	(278)	(277)	(234)	(238)	(242)	(240)
Proceeds from issuance of common stock under employee stock plans	—)	(2)	23)	16)	48)	60)	97)	40)	31)	38)	43)	30)	36)	40)	76)	42)	20)	52)	89)	64)	20)	48)	44)
Taxes paid through withholding of common stock under employee stock plans	9)	83)	(123)	(3)	(6)	—)	(100)	—)	—)	(1)	(98)	(2)	(3)	(2)	(86)	(1)	(8)	(2)	(91)	(16)	(1)	(4)	(107)
Other, net	21)	3)	(14)	(7)	1)	4)	4)	2)	—)	3)	2)	25)	6)	5)	5)	19)	(3)	(160)	171)	(135)	747)	(30)	(94)
Net cash provided by (used in) financing activities	243)	(308)	(1,909)	1,408)	(915)	668)	32)	(394)	(994)	(1,430)	(531)	(258)	(1,255)	(127)	322)	(1,315)	(830)	(820)	3,388)	(2,367)	(984)	105)	679)
Effect of foreign exchange rates on cash and cash equivalents	(1)	1)	1)	(8)	7)	(5)	—)	1)	(4)	1)	1)	2)	(6)	(6)	(4)	(1)	(2)	(6)	(1)	6)	1)	2)	(2)
Change in cash and cash equivalents	153)	1,060)	(788)	468)	1,368)	292)	(300)	(4,393)	928)	(151)	2,755)	(1,485)	2,416)	295)	1,281)	(610)	232)	(4,068)	3,585)	1,757)	(2,044)	683)	408)

The financial data demonstrates fluctuations across multiple key metrics over the periods analyzed. Net income exhibits a generally cyclical pattern with notable peaks and troughs; the highest values occur in the early quarters of several years, while lower net income is observed in certain quarters, suggesting volatility in earnings. Gains and losses on financial instruments show intermittent positive and negative figures, with some substantial gains toward later periods indicating active financial management or market impacts.

Depreciation and amortization steadily increase over time, reflecting ongoing investments in property and equipment and possibly acquisitions. Deferred income taxes present significant variability, switching between positive and negative values frequently, which could correspond to changes in tax regulation or timing differences in income recognition. Impairment charges on property and equipment appear sporadic but include a significant charge in a later period, indicating asset write-downs.

Share-based compensation remains relatively stable, with minor fluctuations, indicating consistent employee incentive policies. Receivables and other assets show volatile variations, sometimes with large negative balances, likely influenced by changes in customer credit and asset management strategies. Policy liabilities and unearned income fluctuate markedly, with some large increases and decreases, possibly reflecting changes in underwriting results, claim reserves, or premium collections.

Accounts payable and other liabilities similarly show considerable variation, indicating dynamic operational and payment cycles. Income taxes recorded fluctuate widely, including both large payable and receivable amounts, which could relate to tax planning or timing. Changes in operating assets and liabilities, along with adjustments reconciling net income to operating cash, exhibit pronounced swings, suggesting active working capital management and possibly timing of cash flows.

Net cash provided by operating activities is generally strong but variable, with some quarters showing reduced or negative cash flow, which may signal temporary operational challenges or investment activity timing differences. Investing activities consistently result in negative cash flows, dominated by substantial purchases of investments and acquisitions, demonstrating ongoing capital deployment aimed at growth or portfolio expansion.

Financing activities feature mixed cash flows, with episodes of significant inflows and outflows. Proceeds and repayments of borrowings, both long and short-term, fluctuate notably, indicative of active debt management to optimize capital structure. Common stock repurchases are consistently material and suggest a focus on shareholder returns, while cash dividends show steady payment patterns with modest increases, reinforcing a commitment to shareholder distribution.

Overall, the data reflects an organization actively managing its financial operations with considerable investment in assets and shareholder returns. The variations in net income and cash flows highlight sensitivities to market conditions, investment timing, and operational factors that impact the quarterly financial outcomes. The balance between investment, financing, and operating cash flows points to strategic priorities balancing growth with financial prudence.

Net Income Trend: Exhibits cyclical fluctuations with strong peaks and troughs, indicating earnings volatility over quarters.
Gains/Losses on Financial Instruments: Variable gains and losses with some significant positive spikes in later periods, reflecting active financial portfolio management.
Depreciation and Amortization: Progressively increasing, consistent with investments in fixed assets and acquisitions.
Deferred Income Taxes: Highly variable between positive and negative, illustrating timing differences and potential tax strategy shifts.
Impairment of Property and Equipment: Sporadic charges with a notable impairment in a recent period, indicating occasional asset writedowns.
Share-based Compensation: Relatively stable across periods, indicating continuity in employee incentive plans.
Receivables and Other Assets: Considerable variability with large swings, possibly linked to credit management and asset revaluations.
Policy Liabilities and Unearned Income: Marked fluctuations, suggesting changes in underwriting reserves and premium accounting.
Operating Cash Flow: Generally strong but volatile, with some quarters of negative flows pointing to operational or timing challenges.
Investing Cash Flow: Consistently negative due to heavy investment activities and acquisitions, underscoring growth focus.
Financing Cash Flow: Mixed movements with active debt borrowing and repayment alongside sustained stock repurchases and dividend payments.
Shareholder Returns: Maintained through consistent dividends and substantial share repurchase programs.

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Elevance Health Inc. (NYSE:ELV)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data