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How Elevance Health (ELV) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/15/2026
Elevance Health, Inc. is an American health insurance company. · Wikipedia
More about the company
Prior to June 2022, Elevance Health was named Anthem, Inc. The company is the world's seventh largest healthcare company based on revenue. Its services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. As of 2022, the company had 46.8 million members within its affiliated companies' health plans.
Key growth driver: Net Investment Income — the fastest-growing revenue line: $704, +45% y/y. · by the Q2 2026 report
How does Elevance Health make money?
Elevance Health brought in $50.5 billion of revenue in Q2 2026, up 1.4% year over year. The largest source was Premiums: $41.3 billion, or 82% of the total, followed by Product Revenue (CarelonRx) ($6.26B, 12%) and Service Fees ($2.28B, 5%); other lines add the remaining 1%.
Revenue by source, Q2 2026
- Premiums$41.3B · 82%
- Product Revenue (CarelonRx)$6.26B · 12% · +3.7%
- Service Fees$2.28B · 5% · +8.3%
- Net Investment Income$704M · 1% · +45%
Shares of $50.5B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is ELV’s next earnings date?
Tuesday, October 20, 2026estimated
Elevance Health (ELV) has not confirmed the date yet; Oct 20, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $4.70 (13 analysts), vs $6.03 in the same quarter last year.
What time does ELV report? Usually before market open: the last 4 results releases reached the SEC at 6:01 am, 6:02 am, 6:03 am, 6:01 am ET.
Last report: Jul 15, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Verdict: earnings fell 16% y/y as medical costs in government programs keep climbing (benefit ratio 89.7%, +80 bp), but the quarter beat the company's own path — investment income surged 45%, Carelon grew 6%, and full-year adjusted EPS guidance was RAISED to at least $27.00.
Benefit expense ratio 89.7% · adjusted diluted EPS $7.45 · FY26 guidance raised: GAAP EPS ≥$20.10, adjusted ≥$27.00 · medical membership 44.9M (−469K q/q).
Source and notation
* marks non-cash / ≈ estimated. Total revenues are net of $56M losses on financial instruments. Source: Elevance Health press release, 8-K EX-99 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
ELV earnings history: past report dates
| Jul 15, 2026 Wed | 6:01 ambefore market open | Jun 30, 2026 | $50.5B+1% y/y | $6.71−13% y/y |
| Apr 22, 2026 Wed | 6:02 ambefore market open | Mar 31, 2026 | $50.2B+3% y/y | $8.00−17% y/y |
| Jan 28, 2026 Wed | 6:03 ambefore market open | Dec 31, 2025 | ≈$49.7B+9% y/y | ≈$2.56+36% y/y |
| Oct 21, 2025 Tue | 6:01 ambefore market open | Sep 30, 2025 | $50.7B+12% y/y | $5.32+22% y/y |
| Jul 17, 2025 Thu | 6:03 ambefore market open | Jun 30, 2025 | $49.8B+13% y/y | $7.72−22% y/y |
| Apr 17, 2025 Thu | 10:24 amduring market hours | Mar 31, 2025 | $48.9B+15% y/y | $9.61+0% y/y |
| Jan 23, 2025 Thu | 6:03 ambefore market open | Dec 31, 2024 | ≈$45.4B+7% y/y | ≈$1.88−49% y/y |
| Oct 17, 2024 Thu | 6:02 ambefore market open | Sep 30, 2024 | $45.1B+5% y/y | $4.36−20% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Elevance Health: 5-year financials
| 2025 | 199,125 | 7,199 | 5,662 | 3,174 | 1,529 |
| 2024 | 177,011 | 7,862 | 5,980 | 4,552 | 1,508 |
| 2023 | 171,340 | 8,499 | 5,987 | 6,765 | 1,395 |
| 2022 | 156,595 | 8,283 | 5,894 | 7,247 | 1,229 |
| 2021 | 138,639 | 7,559 | 6,158 | 7,277 | 1,104 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 20262025 10-K cover: a single class — Common Stock $0.01 (NYSE: ELV). sec.gov ↗
- Feb 2026Diluted share count −11.7% over 2020–2025; buybacks of $2.6–2.9B in 2023–2025; SBC 0.14% of revenue (XBRL). data.sec.gov ↗
- Feb 2026Per-share dividend $3.80 (2020) → $5.92 (2023); a quarterly dividend of $1.72 was declared in February 2026. sec.gov ↗
- Feb 2026The Litigation and Regulatory Proceedings section of the 2025 10-K lists BCBS antitrust cases and a DOJ suit over Medicare risk adjustment; no settled shareholder disclosure suits or SEC cases. sec.gov ↗
Scoring: 2.0 with no deductions = 2.0 (single share class, shares −11.7% over 5 years, dividend rising, 2025 class action unresolved, no SEC cases)
- Share classes
- Single class of common stock (10-K cover: Common Stock, NYSE).
- Dilution
- Diluted shares −11.7% over 2020–2025 on buybacks of $1.9–2.9B a year; SBC 0.14% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend raised every year: $3.80 (2020) → $5.92 (2023) → $1.72 quarterly in 2026.
- Lawsuits & regulators
- Class action Miller v. Elevance (S.D. Ind., May 2025) over Medicaid cost guidance — unresolved → no deduction; the 10-K's litigation is antitrust (BCBS) and False Claims Act (not about disclosure to investors); no SEC cases.
- Related parties
- No material related-party transactions in the 2026 proxy.
How the score works · checked as of Sep 2026
Elevance Health (ELV) earnings: FAQ
How does Elevance Health make money?
Elevance Health brought in $50.5 billion of revenue in Q2 2026, up 1.4% year over year. The largest source was Premiums: $41.3 billion, or 82% of the total, followed by Product Revenue (CarelonRx) ($6.26B, 12%) and Service Fees ($2.28B, 5%); other lines add the remaining 1%.
When is ELV's next earnings date?
Elevance Health (ELV) has not confirmed the date yet; Oct 20, 2026 is an estimate based on its past reporting schedule.
What time does ELV report earnings?
Elevance Health usually reports before market open: its latest results release was filed with the SEC at 6:01 am ET on Jul 15, 2026.
When did ELV last report earnings?
Elevance Health reported Q2 2026 results on Jul 15, 2026.
What is the EPS estimate for ELV's next earnings?
The consensus EPS forecast is $4.70 (13 analysts), vs $6.03 in the same quarter last year.
Where can I find Elevance Health's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to ELV's filings; this page breaks the latest report down in a Sankey chart.
Does Elevance Health pay dividends?
Yes. In 2025, Elevance Health paid $1,529M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
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