Elevance Health (ELV) FY2025 10-K Annual Report
Elevance Health (ELV) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 6, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Elevance Health FY2025 10-K Analysis
Business Overview
- • Core business model: Health benefits and insurance services built significantly through mergers, acquisitions, joint ventures, and strategic alliances
- • Emphasis on risks related to integration and liabilities from recent and future business combinations impacting financials and operations
- • Strategic risk focus on dependency on dividends from regulated subsidiaries constrained by state insurance laws and minimum capital requirements
- • Intangible assets $39.5B representing 32.5% of total assets, with potential impairment risk tied to business combination performance and market changes
- • Highlighted concern over maintaining credit ratings which are critical for competitive position and funding flexibility
Management Discussion & Analysis
- • Revenue details and YoY change not disclosed in provided text
- • Operating gain and margin defined but no actual % figures or changes provided
- • Reportable segments: Health Benefits, CarelonRx, Carelon Services, Corporate & Other; no segment financial performance disclosed
- • No cash flow, buyback, dividend, or capex information given
- • No forward-looking management outlook, guidance, or key risks mentioned in excerpt
Risk Factors
- • Risk adjustment audits by CMS and HHS OIG awaiting finalization, with potential retroactive payment adjustments impacting financial results
- • Concentration in states like California, NY, Texas, exposed to regional economic downturns affecting enrollment and revenues
- • Heavy dependence on third-party pharmacy services via CVS Agreement; failure by CVS to deliver could disrupt pharmacy operations
- • Competition and provider consolidation risks with provider groups potentially owned by competitors affecting contracting and pricing
- • Cybersecurity risks heightened by remote workforce and evolving regulations (e.g., HIPAA, CCPA, GDPR); breaches could cause fines and reputational damage
Elevance Health FY2025 Key Financial MetricsXBRL
Revenue
$199.1B
▲ +12.5% YoY
Net Income
$5.7B
▼ -5.3% YoY
Operating Margin
3.6%
▼ -83bp YoY
Net Margin
2.8%
▼ -53bp YoY
ROE
12.9%
▼ -157bp YoY
Total Assets
$121.5B
▲ +3.9% YoY
EPS (Diluted)
$25.21
▼ -1.8% YoY
Operating Cash Flow
$4.3B
▼ -26.1% YoY
Source: XBRL data from Elevance Health FY2025 10-K filing on SEC EDGAR. All figures in USD.
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