← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Elevance grew fast, but medical cost pressure took the margin and cash-flow story the other way.
The read at a glance✓ Audited against SEC data
- Growth — +12.5% revenue to $199.13BOK
- Profitability — $7.20B operating income; net income -5.3%Watch
- Cash quality — Free cash flow -30.3% to $3.17BWatch
- Margins — Operating margin -82 bps; FCF margin -98 bpsWatch
- Capital — $2.60B buybacks; $1.53B dividendsNote
- Insiders — 3 open-market buys / 5 sellsNote
Business
Elevance Health is a large U.S. health benefits and services company built around Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It sells risk-based health plans, fee-based managed care services, pharmacy services, and health services across commercial, Medicare, Medicaid, and federal employee markets.
Where the revenue comes from
Fiscal 2025, as Elevance Health, Inc. reports it. History and quarterly detail are in the app.
- Product revenue$24.5B
- Service fees$8.5B
Leadership changes
From Elevance Health, Inc.'s own filings, the day they're filed.
- Amy W. Schulman · director · appointmenteff. 2026-01-12
- Steven H. Collis · director · appointmenteff. 2025-08-01
- Mark Kaye · Chief Financial Officer · appointmenteff. 2023-11-01
Latest filings
- 8-K · Company announcement2026-07-15
- 10-Q · Quarterly report2026-07-15
- 8-K · Company announcement2026-06-10
- 8-K · Company announcement2026-05-13
- 8-K · Company announcement2026-04-22
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Elevance Health, Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
14-day free trial, no credit card. For research purposes only; not investment advice.