Selected Financial Data
since 2005
Income Statement
Elevance Health Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Operating revenue | Shareholders’ net income |
|---|---|---|
| Dec 31, 2024 | 175,204) | 5,980) |
| Dec 31, 2023 | 170,209) | 5,987) |
| Dec 31, 2022 | 155,660) | 6,025) |
| Dec 31, 2021 | 136,943) | 6,104) |
| Dec 31, 2020 | 120,808) | 4,572) |
| Dec 31, 2019 | 103,141) | 4,807) |
| Dec 31, 2018 | 91,341) | 3,750) |
| Dec 31, 2017 | 89,061) | 3,843) |
| Dec 31, 2016 | 84,194) | 2,470) |
| Dec 31, 2015 | 78,405) | 2,560) |
| Dec 31, 2014 | 73,022) | 2,570) |
| Dec 31, 2013 | 70,191) | 2,490) |
| Dec 31, 2012 | 60,729) | 2,656) |
| Dec 31, 2011 | 59,865) | 2,647) |
| Dec 31, 2010 | 57,844) | 2,887) |
| Dec 31, 2009 | 60,829) | 4,746) |
| Dec 31, 2008 | 61,579) | 2,491) |
| Dec 31, 2007 | 60,122) | 3,345) |
| Dec 31, 2006 | 56,075) | 3,095) |
| Dec 31, 2005 | 44,513) | 2,464) |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of the data over the presented years reveals several important trends concerning the company's operating revenue and shareholders’ net income.
- Operating Revenue
- The operating revenue shows a generally increasing trend from 2005 to 2024. Starting at approximately 44.5 billion US dollars in 2005, the revenue exhibits steady growth over the years, reaching around 175.2 billion US dollars by 2024. This represents nearly a fourfold increase over the 20-year period.
- Notably, the revenue experienced some fluctuations in its growth rate. For example, there was a slight decline between 2008 and 2010, dipping from about 61.6 billion to 57.8 billion, which possibly reflects economic or industry-specific challenges during that timeframe. Afterward, the trajectory resumes its upward path consistently, especially from 2013 onward, with particularly strong growth observed between 2018 and 2021.
- Shareholders’ Net Income
- The shareholders’ net income presents a more volatile pattern. Starting at 2.5 billion US dollars in 2005, this figure rises and falls intermittently without a clear linear progression. For instance, net income peaked around 4.7 billion in 2009 but then decreased sharply in subsequent years, reaching roughly 2.5 billion by 2012 and maintaining that level until 2016.
- A resurgence is evident from 2017, where net income increased significantly to peak near 6.1 billion in 2021. However, this peak is followed by a slight decrease and stabilization around 6.0 billion through 2024. This variability may signal periods of fluctuating profitability possibly affected by factors such as operational costs, market conditions, investment strategies, or one-time events.
- Comparative Observations
- While operating revenue demonstrates strong and steady growth, shareholders’ net income does not consistently follow the same upward trend. The decoupling of net income’s performance from revenue growth suggests that profitability margins and cost management have varied significantly during the period. This could reflect fluctuating operational efficiency or changing expense structures that have impacted net income differently than revenue.
- Overall, the company’s capacity to increase its revenue base is evident, but the variability in net income highlights the importance of closely managing costs and other factors that affect profitability to translate revenue gains into sustained net income growth.
Balance Sheet: Assets
Elevance Health Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 58,942) | 116,889) |
| Dec 31, 2023 | 60,029) | 108,928) |
| Dec 31, 2022 | 55,617) | 102,772) |
| Dec 31, 2021 | 51,122) | 97,460) |
| Dec 31, 2020 | 45,751) | 86,615) |
| Dec 31, 2019 | 39,033) | 77,453) |
| Dec 31, 2018 | 34,321) | 71,571) |
| Dec 31, 2017 | 36,263) | 70,540) |
| Dec 31, 2016 | 34,315) | 65,083) |
| Dec 31, 2015 | 30,862) | 61,718) |
| Dec 31, 2014 | 32,229) | 62,065) |
| Dec 31, 2013 | 29,746) | 59,575) |
| Dec 31, 2012 | 28,268) | 58,955) |
| Dec 31, 2011 | 27,097) | 52,019) |
| Dec 31, 2010 | 26,141) | 50,167) |
| Dec 31, 2009 | 28,071) | 52,125) |
| Dec 31, 2008 | 12,130) | 48,403) |
| Dec 31, 2007 | 13,032) | 52,060) |
| Dec 31, 2006 | 11,807) | 51,760) |
| Dec 31, 2005 | 25,945) | 51,405) |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The data shows the financial evolution of key asset categories over the years. In the period observed, current assets exhibit notable fluctuations before a general upward trend.
- Current Assets
- The value declined sharply from 25,945 million USD at the end of 2005 to 11,807 million USD at the end of 2006, indicating a significant reduction in liquid or short-term assets. Following this trough, the value showed variability but generally trended upward with occasional dips, reaching a peak of 60,029 million USD at the end of 2023 before slightly declining to 58,942 million USD by the end of 2024. This pattern suggests a recovery and expansion phase in the asset base, with possible seasonal or operational impacts causing short-term decreases.
- Total Assets
- Total assets remained relatively stable around the mid-50,000 million USD range until 2008, when they dipped slightly to 48,403 million USD. Starting in 2009, the company experienced steady growth in total assets over the subsequent years, with some periods of accelerated growth, culminating in a significant increase to 116,889 million USD by the end of 2024. This consistent upward trajectory indicates the company’s ongoing asset accumulation and expansion, likely reflecting investments, acquisitions, or organic growth strategies.
Comparing the trends, total assets have nearly doubled from 2005 to 2024, while current assets have more than doubled, suggesting that both short-term liquidity and long-term asset holdings have expanded significantly. The earlier volatility in current assets may reflect shifts in working capital management or operational restructuring, which stabilized and improved over time. The steady increase in total assets points to a strengthening asset base supporting overall financial growth.
Balance Sheet: Liabilities and Stockholders’ Equity
Elevance Health Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2024 | 40,581) | 75,463) | 31,232) | 41,315) |
| Dec 31, 2023 | 41,791) | 69,523) | 25,120) | 39,306) |
| Dec 31, 2022 | 39,696) | 66,378) | 24,114) | 36,307) |
| Dec 31, 2021 | 34,885) | 61,332) | 23,031) | 36,060) |
| Dec 31, 2020 | 29,453) | 53,416) | 20,035) | 33,199) |
| Dec 31, 2019 | 23,617) | 45,725) | 20,085) | 31,728) |
| Dec 31, 2018 | 21,965) | 43,030) | 19,211) | 28,541) |
| Dec 31, 2017 | 23,356) | 44,037) | 19,932) | 26,503) |
| Dec 31, 2016 | 21,294) | 39,983) | 15,727) | 25,100) |
| Dec 31, 2015 | 19,093) | 38,674) | 15,865) | 23,044) |
| Dec 31, 2014 | 18,753) | 37,814) | 15,152) | 24,251) |
| Dec 31, 2013 | 16,352) | 34,809) | 14,492) | 24,765) |
| Dec 31, 2012 | 15,837) | 35,153) | 14,978) | 23,803) |
| Dec 31, 2011 | 15,826) | 28,731) | 9,795) | 23,288) |
| Dec 31, 2010 | 14,010) | 26,354) | 8,954) | 23,813) |
| Dec 31, 2009 | 14,674) | 27,262) | 8,399) | 24,863) |
| Dec 31, 2008 | 15,020) | 26,972) | 8,842) | 21,432) |
| Dec 31, 2007 | 14,388) | 29,070) | 9,044) | 22,990) |
| Dec 31, 2006 | 15,323) | 27,184) | 7,014) | 24,576) |
| Dec 31, 2005 | 14,857) | 26,412) | 6,806) | 24,993) |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the financial data over the period from 2005 to 2024 reveals several notable trends regarding liabilities, debt levels, and shareholders’ equity.
- Current Liabilities
- Current liabilities exhibit a generally increasing trend with some volatility. Starting at approximately $14.9 billion in 2005, current liabilities fluctuated moderately until 2014, after which they experienced significant growth, peaking near $41 billion in 2023 before a slight decline to about $40.6 billion in 2024. This substantial rise in recent years may indicate increased short-term obligations or operational expansion requiring more working capital.
- Total Liabilities
- Total liabilities increased steadily over the entire period. The levels grew from about $26.4 billion in 2005 to $75.5 billion in 2024, reflecting a near tripling of obligations on the balance sheet. The growth was particularly pronounced after 2014, mirroring the pattern observed with current liabilities, suggesting an overall expansion in financial obligations or leveraged growth strategies in recent years.
- Total Debt
- Total debt also showed a clear upward trajectory, increasing from $6.8 billion in 2005 to $31.2 billion in 2024. There were some fluctuations around 2013 to 2016, but the overall trend was strongly positive, with a marked acceleration in debt accumulation after 2018. This may indicate an increased reliance on debt financing to support operations, expansions, or refinancing of existing obligations.
- Shareholders’ Equity
- Shareholders’ equity displayed a more fluctuating but generally positive trend. Initially declining from about $25 billion in 2005 to a low near $21.4 billion in 2008, equity rebounded and grew steadily thereafter, reaching approximately $41.3 billion by 2024. This growth suggests ongoing profitability and retained earnings, as well as potential capital infusions or appreciated asset values supporting net worth enhancement.
Overall, the data indicates that while liabilities and debt have grown substantially, shareholders’ equity has also increased, albeit at a slower pace. The company appears to have increased its leverage over time but has maintained positive equity growth, which may reflect balanced financial management and capacity to sustain growth through a combination of debt and equity financing.
Cash Flow Statement
Elevance Health Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 5,808) | (5,167) | 1,193) |
| Dec 31, 2023 | 8,061) | (5,572) | (3,349) |
| Dec 31, 2022 | 8,399) | (4,560) | (1,318) |
| Dec 31, 2021 | 8,364) | (9,638) | 423) |
| Dec 31, 2020 | 10,688) | (7,324) | (2,567) |
| Dec 31, 2019 | 6,061) | (2,792) | (2,266) |
| Dec 31, 2018 | 3,827) | (1,259) | (2,241) |
| Dec 31, 2017 | 4,185) | (5,082) | 427) |
| Dec 31, 2016 | 3,205) | (514) | (733) |
| Dec 31, 2015 | 4,116) | (1,152) | (2,997) |
| Dec 31, 2014 | 3,369) | (975) | (1,823) |
| Dec 31, 2013 | 3,052) | (2,234) | (1,718) |
| Dec 31, 2012 | 2,745) | (4,552) | 2,089) |
| Dec 31, 2011 | 3,374) | (942) | (2,019) |
| Dec 31, 2010 | 1,417) | (1,272) | (3,169) |
| Dec 31, 2009 | 3,039) | 3,003) | (3,403) |
| Dec 31, 2008 | 2,535) | 616) | (3,736) |
| Dec 31, 2007 | 4,345) | (769) | (3,410) |
| Dec 31, 2006 | 4,044) | (457) | (3,725) |
| Dec 31, 2005 | 3,257) | (4,420) | 2,447) |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Operating activities
- Net cash provided by operating activities shows an overall upward trend from 2005 to 2024, starting at 3,257 million USD and peaking at 10,688 million USD in 2020. Despite fluctuations, there is a noticeable increase in cash flow generated from operations, especially between 2014 and 2020. After 2020, a gradual decline occurs through 2024, decreasing to 5,808 million USD.
- Investing activities
- Net cash used in investing activities exhibits significant volatility throughout the period. Early years display mixed positive and negative values, with positive cash flows in 2008 and 2009, suggesting asset sales or divestments. From 2011 onward, large negative cash flows dominate, with sharp outflows in 2012, 2017, and from 2019 to 2024, indicating increased investment outlays or acquisitions.
- Financing activities
- Net cash used in financing activities fluctuates considerably over the years, reflecting varying capital management strategies. There are substantial negative cash flows from 2006 to 2011, consistent with debt repayments or share repurchases. Positive inflows appear sporadically, notably in 2012, 2016, and 2021, suggesting instances of debt or equity issuance. The period from 2018 onwards shows alternating large outflows and inflows, indicating active financing activity.
Per Share Data
Elevance Health Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 25.81 | 25.68 | 6.52 |
| Dec 31, 2023 | 25.38 | 25.22 | 5.92 |
| Dec 31, 2022 | 25.10 | 24.81 | 5.12 |
| Dec 31, 2021 | 25.04 | 24.73 | 4.52 |
| Dec 31, 2020 | 18.23 | 17.98 | 3.80 |
| Dec 31, 2019 | 18.81 | 18.47 | 3.20 |
| Dec 31, 2018 | 14.53 | 14.19 | 3.00 |
| Dec 31, 2017 | 14.70 | 14.35 | 2.70 |
| Dec 31, 2016 | 9.39 | 9.21 | 2.60 |
| Dec 31, 2015 | 9.73 | 9.38 | 2.50 |
| Dec 31, 2014 | 9.31 | 8.99 | 1.75 |
| Dec 31, 2013 | 8.34 | 8.20 | 1.50 |
| Dec 31, 2012 | 8.26 | 8.18 | 1.15 |
| Dec 31, 2011 | 7.53 | 7.25 | 1.00 |
| Dec 31, 2010 | 7.03 | 6.94 | 0.00 |
| Dec 31, 2009 | 9.96 | 9.88 | 0.00 |
| Dec 31, 2008 | 4.79 | 4.76 | 0.00 |
| Dec 31, 2007 | 5.64 | 5.56 | 0.00 |
| Dec 31, 2006 | 4.93 | 4.82 | 0.00 |
| Dec 31, 2005 | 4.03 | 3.94 | 0.00 |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
- Basic Earnings Per Share
- The basic earnings per share (EPS) exhibited a generally upward trend over the analyzed period. Starting at $4.03 in 2005, the EPS showed some fluctuations in the early years, with a notable drop from $5.64 in 2007 to $4.79 in 2008. Subsequently, there was a significant increase to $9.96 in 2009, followed by a moderate decline and stabilization around the $7.00 to $9.73 range through 2015. From 2016 onward, the EPS demonstrated strong growth, reaching $14.7 in 2017 and rising steadily to $25.81 by 2024. This indicates improved profitability and earnings growth in the latter years of the period.
- Diluted Earnings Per Share
- Diluted EPS followed a pattern closely aligned with the basic EPS, reflecting similar fluctuations and growth. Beginning at $3.94 in 2005, it underwent a dip in 2008 concurrent with the basic EPS decline. The subsequent period saw recovery and moderate growth, with values moving from $4.76 in 2008 to $9.38 in 2015. After 2015, diluted EPS rose markedly, increasing from $9.21 in 2016 to $25.68 in 2024. The alignment between basic and diluted EPS trends signifies consistent earnings growth without disproportionate dilution effects from potential share issues.
- Dividend Per Share
- Dividend payments per share were not reported prior to 2012, indicating either no dividends or non-disclosure. From 2012, dividends commenced at $1.00 per share and displayed a clear, steady upward trajectory through to 2024. Dividends increased annually with few exceptions, moving from $1.00 in 2012 to $6.52 in 2024. This consistent increase demonstrates a strategic emphasis on returning value to shareholders and confidence in the company’s sustainable earnings capacity over time.