Elevance Health, Inc.
For the period ended Sep 30, 2025. Filed Oct 21, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 21, 2025
ELV$429.65+2.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows (Unaudited) for the and
Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended September 30 | ||
|---|---|---|
| 2025 | 2024 | |
| (In millions) | ||
| Operating activities | ||
| Net income | $5,115 | $5,558 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Net losses on financial instruments | 596 | 371 |
| Gain on sale of business | — | (201) |
| Equity in net (earnings) losses of other invested assets | (251) | 15 |
| Depreciation and amortization | 1,140 | 995 |
| Deferred income taxes | 43 | (258) |
| Impairment of property and equipment | 70 | 103 |
| Share-based compensation | 246 | 220 |
| Changes in operating assets and liabilities: | ||
| Receivables, net | (3,282) | (490) |
| Other invested assets | (70) | (73) |
| Other assets | (403) | (934) |
| Policy liabilities | (873) | (1,812) |
| Unearned income | 323 | 392 |
| Accounts payable and other liabilities | 1,539 | 928 |
| Income taxes | (13) | 231 |
| Other, net | 26 | 57 |
| Net cash provided by operating activities | 4,206 | 5,102 |
| Investing activities | ||
| Purchases of investments | (12,265) | (14,706) |
| Proceeds from sale of investments | 10,658 | 11,611 |
| Maturities, calls and redemptions from investments | 1,195 | 1,481 |
| Changes in securities lending collateral | (576) | (160) |
| Purchases of subsidiaries, net of cash acquired | 55 | (1,124) |
| Proceeds from sale of subsidiaries, net of cash sold | — | 399 |
| Purchases of property and equipment | (823) | (934) |
| Other, net | (52) | (96) |
| Net cash used in investing activities | (1,808) | (3,529) |
| Financing activities | ||
| Proceeds from long-term borrowings | 2,994 | 2,580 |
| Repayments of long-term borrowings | (2,150) | (800) |
| Proceeds from short-term borrowings | 990 | 210 |
| Repayments of short-term borrowings, net of issuances | (1,175) | (75) |
| Changes in securities lending payable | 576 | 158 |
| Changes in bank overdrafts | 77 | (172) |
| Repurchase and retirement of common stock | (2,134) | (1,089) |
| Cash dividends | (1,152) | (1,135) |
| Proceeds from issuance of common stock under employee stock plans | 21 | 205 |
| Taxes paid through withholding of common stock under employee stock plans | (31) | (106) |
| Other, net | 10 | 9 |
| Net cash used in financing activities | (1,974) | (215) |
| Effect of foreign exchange rates on cash and cash equivalents | 1 | 2 |
| Change in cash and cash equivalents | 425 | 1,360 |
| Cash and cash equivalents at beginning of period | 8,288 | 6,526 |
| Cash and cash equivalents included in assets held for sale at end of period | — | (20) |
| Cash and cash equivalents at end of period | $8,713 | $7,866 |
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