Elevance Health, Inc.
For the period ended Dec 31, 2025. Filed Feb 6, 2026.
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FY2025 · Filed Feb 6, 2026
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Item 16. FORM 10-K SUMMARY
None.
Schedule II—Condensed Financial Information of Registrant
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Balance Sheets
| (In millions, except share data) | December 31,2025 | December 31,2024 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $2,548 | $1,870 |
| Equity securities | 24 | 487 |
| Other receivables | 99 | 49 |
| Net due from subsidiaries | 208 | 4,697 |
| Other current assets | 683 | 705 |
| Total current assets | 3,562 | 7,808 |
| Other invested assets | 3,830 | 3,636 |
| Property and equipment, net | 151 | 159 |
| Investments in subsidiaries | 71,721 | 63,173 |
| Other noncurrent assets | 689 | 584 |
| Total assets | $79,953 | $75,360 |
| Liabilities and shareholders’ equity | ||
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $1,292 | $737 |
| Current portion of long-term debt | 1,099 | 1,649 |
| Other current liabilities | 687 | 610 |
| Total current liabilities | 3,078 | 2,996 |
| Long-term debt, less current portion | 30,772 | 29,193 |
| Deferred tax liabilities, net | 10 | 55 |
| Other noncurrent liabilities | 2,211 | 1,801 |
| Total liabilities | 36,071 | 34,045 |
| Shareholders’ equity | ||
| Preferred stock, without par value, shares authorized - 100,000,000; shares issued and outstanding - none | — | — |
| Common stock, par value $0.01, shares authorized - 900,000,000; shares issued and outstanding - 220,723,898 and 227,479,695 | 2 | 2 |
| Additional paid-in capital | 8,938 | 8,911 |
| Retained earnings | 35,393 | 33,549 |
| Accumulated other comprehensive loss | (451) | (1,147) |
| Total shareholders’ equity | 43,882 | 41,315 |
| Total liabilities and shareholders’ equity | $79,953 | $75,360 |
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Statements of Income
| Years ended December 31 | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Revenues | |||
| Net investment income | $45 | $110 | $25 |
| Net losses on financial instruments | (101) | (23) | (100) |
| Service fees | 12 | 9 | 8 |
| Total revenues (losses) | (44) | 96 | (67) |
| Expenses | |||
| Operating expense | 327 | 279 | 352 |
| Interest expense | 1,391 | 1,172 | 1,017 |
| Total expenses | 1,718 | 1,451 | 1,369 |
| Loss before income tax benefit and equity in net income of subsidiaries | (1,762) | (1,355) | (1,436) |
| Income tax benefit | (698) | (477) | (214) |
| Equity in net income of subsidiaries | 6,726 | 6,858 | 7,209 |
| Shareholders’ net income | $5,662 | $5,980 | $5,987 |
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Statements of Comprehensive Income
| Years ended December 31 | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Shareholders’ net income | $5,662 | $5,980 | $5,987 |
| Other comprehensive income (loss), net of tax: | |||
| Change in net unrealized gains/losses on investments | 629 | 109 | 1,123 |
| Change in non-credit component of impairment losses on investments | (1) | 1 | — |
| Change in net unrealized gains/losses on cash flow hedges | 8 | 4 | 18 |
| Change in net periodic pension and other benefit costs | 67 | 60 | 40 |
| Change in future policy benefits | (3) | (2) | (3) |
| Foreign currency translation adjustments | (4) | (6) | (1) |
| Other comprehensive income | 696 | 166 | 1,177 |
| Total shareholders’ comprehensive income | $6,358 | $6,146 | $7,164 |
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Statements of Cash Flows
| Years ended December 31 | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Net cash provided by operating activities | $4,839 | $1,451 | $4,113 |
| Investing activities | |||
| Purchases of investments | (296) | (3,240) | (95) |
| Proceeds from sales, maturities, calls and redemptions of investments | 580 | 1,567 | 212 |
| Capitalization of subsidiaries | (1,567) | (324) | (363) |
| Changes in securities lending collateral | 17 | (16) | 42 |
| Purchases of property and equipment, net of sales | (43) | (36) | (55) |
| Net cash (used in) provided by investing activities | (1,309) | (2,049) | (259) |
| Financing activities | |||
| Proceeds from long-term borrowings | 2,991 | 7,710 | 2,574 |
| Repayments of long-term borrowings | (2,147) | (1,650) | (1,909) |
| Changes in securities lending payable | (17) | 16 | (42) |
| Repurchase and retirement of common stock | (2,605) | (2,900) | (2,676) |
| Cash dividends | (1,611) | (1,586) | (1,466) |
| Proceeds from issuance of common stock under employee stock plans | 79 | 221 | 152 |
| Taxes paid through withholding of common stock under employee stock plans | (32) | (109) | (99) |
| Changes in bank overdrafts | 500 | (717) | 152 |
| Other, net | (10) | — | 1 |
| Net cash provided by (used in) financing activities | (2,852) | 985 | (3,313) |
| Change in cash and cash equivalents | 678 | 387 | 541 |
| Cash and cash equivalents at beginning of year | 1,870 | 1,483 | 942 |
| Cash and cash equivalents at end of year | $2,548 | $1,870 | $1,483 |
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(Parent Company Only)
Notes to Condensed Financial Statements
December 31, 2025
(In Millions, Except Per Share Data)
- Basis of Presentation and Significant Accounting Policies
In the parent company only financial statements of Elevance Health, Inc. (“Elevance Health”), Elevance Health’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries. Elevance Health’s share of net income of its unconsolidated subsidiaries is included in income using the equity method of accounting.
Certain amounts presented in the parent company only financial statements are eliminated in the consolidated financial statements of Elevance Health.
Elevance Health’s parent company only financial statements should be read in conjunction with Elevance Health’s audited consolidated financial statements and the accompanying notes included in Part II, Item 8 of this Annual Report on Form 10-K.
- Subsidiary Transactions
Dividends from Subsidiaries
Elevance Health received cash dividends from subsidiaries of $2,543, $6,322 and $4,909 during 2025, 2024 and 2023, respectively.
Dividends to Subsidiaries
Certain subsidiaries of Elevance Health own shares of Elevance Health common stock. Elevance Health paid cash dividends to subsidiaries related to these shares of common stock in the amount of $82, $78 and $71 during 2025, 2024 and 2023, respectively.
Investments in Subsidiaries
Capital contributions to subsidiaries were $1,567, $324 and $363 during 2025, 2024 and 2023, respectively.
Amounts Due From and To Subsidiaries
At December 31, 2025 and 2024, Elevance Health reported amounts due from and (to) subsidiaries of $208 and $4,697, respectively. The amounts due from and (to) subsidiaries primarily include amounts for allocated operating expenses or daily cash management activities. These items are routinely settled, and as such, are classified as current liabilities or assets.
Guarantees on Behalf of Subsidiaries
Elevance Health guarantees contractual or financial obligations or solvency requirements for certain of its subsidiaries. These guarantees approximated $819 and $912 at December 31, 2025 and 2024, respectively.
- Derivative Financial Instruments
The information regarding derivative financial instruments contained in Note 6, “Derivative Financial Instruments,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
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- Long-Term Debt
The information regarding long-term debt contained in Note 13, “Debt,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
- Commitments and Contingencies
The information regarding commitments and contingencies contained in Note 14, “Commitments and Contingencies,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
- Capital Stock
The information regarding capital stock contained in Note 15, “Capital Stock,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
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