ELVMEDIUM SIGNALFINANCIAL10-K

Elevance Health reported solid revenue growth but experienced a notable decline in operating cash flow generation and rising interest costs.

The 26% decline in operating cash flow despite revenue growth suggests potential working capital pressures or timing differences that warrant monitoring. The 21% increase in interest expense reflects higher borrowing costs in the current rate environment, which could pressure margins if sustained.

Comparing 2026-02-06 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

ELV delivered strong top-line performance with revenue growing 12.5% to $199.1 billion, while maintaining a solid cash position that increased to $9.5 billion. However, operating cash flow declined meaningfully to $4.3 billion, representing a concerning disconnect from revenue growth that may indicate collection issues or increased working capital requirements. The company maintained its capital return program with $2.6 billion in share repurchases, though this was modestly lower year-over-year.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-26.1%
$5.8B$4.3B

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Interest Expense
P&L
+21%
$851.0M$1.0B

Interest costs rose 21% — monitor debt levels and coverage ratio in rising rate environment.

Cash & Equivalents
Balance Sheet
+14.5%
$8.3B$9.5B

Cash grew 14.5% — improving liquidity position supports investment and shareholder returns.

Revenue
P&L
+12.5%
$177.0B$199.1B

Revenue growing 12.5% — solid top-line momentum, watch margins for quality of growth.

Share Buybacks
Cash Flow
-10.2%
$2.9B$2.6B

Buyback activity reduced 10.2% — capital being redeployed elsewhere or cash conservation underway.

LANGUAGE CHANGES
NEW — 2026-02-06
PRIOR — 2025-02-20
ADDED
As of February 1, 2026, 220,704,667 shares of the registrant s common stock were outstanding.
General Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as we, us, our, the Company or Elevance Health, is a leading health company bringing together the concepts of elevate and advance.
We are focused on enhancing well-being and advancing health outcomes by delivering integrated, whole health solutions across the care journey.
We support consumers throughout their full health journeys with medical, pharmacy, and behavioral health services designed to address their whole health needs.
Through this comprehensive approach, we aim to improve the health of the people and communities we serve.
We advance our mission by collaborating with care providers and community organizations, fostering innovation that supports growth and equal opportunity for health access, and cultivating a high-performance culture.
-3- With an unyielding commitment to meeting the needs of our diverse customers, we are guided by the following values: We are one of the largest health insurers in the United States in terms of medical membership, serving approximately 45.2 million medical members through our affiliated health plans as of December 31, 2025.
Across these markets, we generate revenue through risk-based premiums, administrative fees from self-funded employers and pharmacy and health service fees through our Carelon businesses.
Through various subsidiaries, we also offer pharmacy services through our CarelonRx business, and other healthcare related services as Carelon Services.
Our portfolio consists of the following core go-to-market brands: Anthem Blue Cross/Anthem Blue Cross and Blue Shield represents our Anthem-branded and affiliated Blue Cross and/or Blue Shield licensed Medicare, Medicaid, and commercial Health Benefit plans; Wellpoint represents our Wellpoint branded Medicare, Medicaid and commercial Health Benefit plans and other non-BCBSA brands; and Carelon represents our healthcare related services and capabilities, including our CarelonRx and Carelon Services businesses.
REMOVED
As of February 1, 2025, 227,351,871 shares of the registrant s common stock were outstanding.
General Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as we, us, our, the Company or Elevance Health, is a leading health company bringing together the concepts of elevate and advance, in order to exemplify and follow our purpose of improving the health of humanity.
We serve people across their entire health journey to better address their full range of needs with an integrated whole-health approach.
Through our broad view, we aim to meaningfully improve the health of the people and communities we serve.
We strive to deliver on our mission by maximizing the power of partnerships, innovating to fuel growth and health equity, and maintaining a high-performance culture.
Our strategy is to be a lifetime trusted health partner through the following four core competencies: With an unyielding commitment to meeting the needs of our diverse customers, we are guided by the following values: We are one of the largest health insurers in the United States in terms of medical membership, serving approximately 45.7 million medical members through our affiliated health plans as of December 31, 2024.
Through various subsidiaries, we also offer pharmacy services through our CarelonRx business, and other healthcare related services as Carelon Insights and Carelon Health.
We have organized our brand portfolio into the following core go-to-market brands: Anthem Blue Cross/Anthem Blue Cross and Blue Shield represents our Anthem-branded and affiliated Blue Cross and/or Blue Shield licensed plans; Wellpoint unites select non-BCBSA licensed Medicare, Medicaid and commercial plans under the Wellpoint name; and Carelon this brand brings together our healthcare related services and capabilities, including our CarelonRx and Carelon Services businesses, under a single brand name.
We believe healthcare is local and that we have the strong local presence required to understand and meet local customer needs with regard to any product customers are enrolled in with us.
Further, we believe we are well-positioned to deliver what customers want: innovative, choice-based and affordable products; distinctive service; simplified transactions; and better access to information for quality care.
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