Short answer
Elevance Health (ELV) filed its fiscal 2025 10-K annual report with the SEC on Feb 6, 2026. It reported revenue of $199.1B (+12.5% year over year) and net income of $5.7B.
- Top risk flagged: Risk adjustment audits by CMS and HHS OIG awaiting finalization, with potential retroactive payment adjustments impacting financial results
FY2025 key financial metrics · XBRL
- Revenue
- $199.1B
- +12.5% YoY
- Net income
- $5.7B
- −5.3% YoY
- Operating margin
- 3.6%
- −0.8 pp YoY
- EPS (diluted)
- $25.21
- −1.8% YoY
- ROE
- 12.9%
- −1.6 pp YoY
- Operating cash flow
- $4.3B
- −26.1% YoY
Source: XBRL data from the Elevance Health (ELV) FY2025 10-K on SEC EDGAR. USD.
Elevance Health FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- 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
Generated from the filing text; verify against the original. How to read a 10-K
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