Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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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 statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The statement of comprehensive income reveals fluctuating performance over the five-year period. While net income demonstrates relative stability initially, a decline is apparent in the later years. However, significant variations in other comprehensive income components contribute to substantial swings in overall comprehensive income.
- Net Income
- Net income remained relatively consistent between 2021 and 2023, fluctuating around US$6.0 billion. A noticeable decrease is observed in 2024 and 2025, falling to US$5.971 billion and US$5.661 billion respectively. This suggests potential pressures on core profitability in the latter part of the period.
- Other Comprehensive Income (OCI)
- Other comprehensive income exhibits considerable volatility. A substantial loss is recorded in 2022 (US$2.336 billion), driven largely by changes in unrealized losses on investments. This is followed by a significant gain in 2023 (US$1.171 billion), primarily due to changes in net unrealized gains on investments. OCI remains positive in 2024 and 2025, though lower than 2023, at US$160 million and US$700 million respectively.
- Investment Related Items
- Changes in net unrealized gains (losses) on investments are a key driver of OCI fluctuations. A large unrealized loss in 2022 was offset by a substantial gain in 2023, indicating significant market value swings in the investment portfolio. The non-credit component of impairment losses on investments is relatively small and shows minor variations.
- Pension and Benefit Costs
- Changes in net periodic pension and other benefit costs are variable. A positive impact of US$123 million is seen in 2021, followed by a negative impact of US$70 million in 2022, a positive impact of US$40 million in 2023, and increasing positive impacts of US$60 million and US$67 million in 2024 and 2025 respectively. This suggests ongoing adjustments to pension and benefit plans.
- Other OCI Components
- Changes in net unrealized gains (losses) on cash flow hedges remain relatively small and positive throughout the period. Foreign currency translation adjustments consistently result in negative impacts, though these are modest. A small, but consistent, decrease in future policy benefits is observed in the later years.
- Comprehensive Income
- Comprehensive income mirrors the volatility of OCI. It declines sharply in 2022 to US$3.683 billion, then rises significantly in 2023 to US$7.162 billion. It then decreases to US$6.131 billion in 2024 and remains relatively stable at US$6.361 billion in 2025. The impact of noncontrolling interests is minimal, with only a slight negative effect in 2025.
- Shareholders’ Comprehensive Income
- Shareholders’ comprehensive income follows a similar pattern to total comprehensive income, reflecting the impact of the noncontrolling interests. The trend is consistent with the overall comprehensive income, showing a decline in 2022, a surge in 2023, and relative stability in 2024 and 2025.
In summary, while net income demonstrates initial stability, the overall comprehensive income is significantly influenced by fluctuations in investment-related OCI. The decline in net income in the final two years, coupled with the inherent volatility of OCI, warrants further investigation.