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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- Income Statement
- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Elevance Health Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
- Net Income
- Net income exhibits considerable volatility over the observed quarters. After a strong start in early 2020, there is a marked decline in the September and December quarters of 2020, followed by a rebound in the first half of 2021. A fluctuating but generally downward trend occurs through 2022, reaching a significant low in the fourth quarter of 2022. This is followed by recovery and another downturn in 2023 and early 2024. The data suggests episodic fluctuations without a sustained upward or downward trajectory, implying variable profitability influenced by operational or market factors.
- Net (Gains) Losses on Financial Instruments
- Financial instruments present alternating gains and losses over the periods analyzed. Gains were recorded in early 2020, followed by losses in the second and third quarters. From 2021 onward, the values fluctuate without a clear pattern, reflecting the variability in investment or trading activities impacting earnings.
- Depreciation and Amortization
- Depreciation and amortization steadily increase from early 2020 through 2022, peaking in the fourth quarter of 2022, and then slightly declining. This steady rise indicates ongoing capital investment and asset base aging, with consistent non-cash charges affecting earnings.
- Deferred Income Taxes
- Deferred income taxes exhibit substantial volatility, with fluctuating positive and negative values quarter to quarter. Negative values dominate in various quarters of 2020 and 2022, suggesting tax asset utilization or adjustments, whereas certain quarters show positive deferred taxes indicating liabilities or tax expenses. The pattern highlights tax accounting complexity and timing differences.
- Share-based Compensation
- Share-based compensation remains relatively stable throughout the periods, oscillating mildly around an average range. This consistency points to steady equity-based employee incentives.
- Receivables, Net
- Receivables present dramatic swings with large negative and positive shifts quarerly, demonstrating volatility in amounts collectible. Significant negative spikes suggest increased outstanding receivables or write-offs, while positive amounts indicate collections or decreased receivables. The erratic pattern reflects fluctuating operational cash flow timings.
- Policy Liabilities
- Policy liabilities show marked variability. Notable increases occurred during 2020, peaking in the fourth quarter, followed by mostly declining or negative quarters in 2023 and 2024. The instability in policy liabilities may be related to changes in actuarial assumptions, claims experience, or reinsurance arrangements.
- Unearned Income
- Unearned income fluctuates widely with extreme positive values in some quarters (e.g., early 2023) and equally large negative adjustments in others. The large swings suggest changes in the recognition of deferred revenue or prepaid income, potentially influenced by policy sales or accounting policy changes.
- Accounts Payable and Other Liabilities
- Accounts payable and other liabilities display pronounced variation from positive to negative values. Spikes in payables, particularly in 2023, followed by large reversals, indicate timing differences in paying obligations or fluctuations in short-term liabilities.
- Income Taxes
- Income taxes fluctuate substantially, with large positive and negative quarterly amounts. There are quarters with significant tax refunds or benefits and others with high payments, mirroring the variable taxable income and timing of tax settlements.
- Changes in Operating Assets and Liabilities
- This item reflects significant swings, with some quarters showing strong inflows and others major outflows. The volatility underlines variable working capital management and timing effects in operations.
- Net Cash Provided by Operating Activities
- Operating cash flows show strong variability. Early 2020 and late 2021/early 2023 have high inflows, whereas some quarters in late 2022 and 2023 experience net outflows. Despite fluctuations, positive cash generation generally supports operations, albeit with episodic liquidity tightening.
- Purchases and Sales of Investments
- Purchases of investments are consistently high and increasing, reflecting aggressive investment deployment. Proceeds from sales and maturities also demonstrate fluctuations but generally support the reinvestment strategy. Notably, net investing activity swings from negative to positive in some periods, indicating shifts in portfolio management or cash requirements.
- Purchases of Subsidiaries
- Investments in subsidiaries present infrequent but sometimes sizeable cash outflows, indicating occasional strategic acquisitions. The pattern does not suggest regular acquisition activity but targeted investments.
- Purchases of Property and Equipment
- Capital expenditures on property and equipment remain fairly consistent across quarters, with minor fluctuations, indicating stable infrastructural investment to support business operations.
- Net Cash Used in Provided by Investing Activities
- Investing cash flows show largely negative values, reflecting ongoing investments and acquisitions, with few exceptions where positive cash flow occurs due to divestitures or maturities. This indicates a persistent use of cash for investing purposes over the analyzed period.
- Financing Activities
- Financing cash flows vary, with quarters of heavy repayment or issuance of debt and equity. Noteworthy are substantial repurchases of common stock, executed consistently, indicating shareholder return focus. Dividends are stable and consistently paid. Borrowing activities suggest dynamic capital structure management responsive to operational needs.
- Change in Cash and Cash Equivalents
- Cash and cash equivalents exhibit high volatility, with periods of strong increase and sharp declines. Some quarters experience significant cash outflows correlating with investing and financing activities, while others record inflows primarily from operating activities. The pattern reflects active cash management amid fluctuating business conditions.