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.
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Elevance Health Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Elevance Health Inc., consolidated cash flow statement (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 cash flow profile of the organization is characterized by significant quarterly volatility, particularly within operating and investing activities. Net income exhibits a seasonal pattern, typically peaking in the first quarter of each year, while the fourth quarter frequently demonstrates the lowest earnings and significant cash outflows. This cyclicality suggests a strong correlation between timing-specific operational demands and cash liquidity.
- Operating Cash Flow Trends
- Net cash provided by operating activities shows extreme fluctuations, ranging from a peak of 6,469 million US dollars in March 2023 to a deficit of 2,971 million US dollars in December 2023. These swings are primarily driven by volatility in policy liabilities and unearned income. A recurring trend is observed where strong cash generation in the first three quarters is often offset by substantial outflows in the fourth quarter, indicating a cyclical working capital requirement.
- Investing Activities and Asset Management
- Investing activities are consistently dominated by the purchase and sale of investments. While the organization maintains a steady pattern of investing in securities, there are notable anomalies, such as the significant positive inflow from investment purchases in December 2023 (8,101 million US dollars) contrasted with an unusually large outflow in maturities and redemptions during the same period (-11,591 million US dollars). Capital expenditures for property and equipment remain relatively stable, generally fluctuating between 200 million and 360 million US dollars per quarter.
- Financing and Capital Allocation
- The financing strategy is centered on consistent shareholder returns and strategic debt management. Cash dividends have trended upward, moving from approximately 270 million US dollars per quarter in 2021 to nearly 380 million US dollars by 2025. Common stock repurchases are aggressive and irregular, with a significant spike to 1,811 million US dollars in December 2024. These outflows are periodically balanced by proceeds from long-term borrowings, such as the 5,130 million US dollars raised in December 2024 to support liquidity and capital returns.
- Liquidity and Cash Position
- The change in cash and cash equivalents reflects the net impact of volatile operating flows and large-scale investing activities. Despite periodic quarterly declines, the organization demonstrates an ability to replenish cash reserves through a combination of operational recovery in the first quarter and tactical borrowing in the financing markets. The overall movement of cash suggests a managed approach to liquidity that accommodates both aggressive investment portfolios and consistent shareholder distributions.
Analysis of the adjustments to reconcile net income indicates that non-cash items, specifically depreciation, amortization, and deferred income taxes, provide a consistent buffer to operational cash flow. However, the magnitude of changes in operating assets and liabilities frequently overrides these adjustments, making the organization's short-term cash position highly sensitive to the timing of policy-related inflows and outflows.