Elevance Health
Operator of Anthem and Wellpoint health plans plus Carelon pharmacy and care services.
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Profile
Sells commercial, Medicare, Medicaid and federal employee health plans, earning premiums or administrative fees, while Carelon supplies pharmacy, behavioral, care-delivery and analytics services to affiliated and external customers. Operations are concentrated in the United States and Puerto Rico and depend on government-program rules, medical costs and Blue Cross licenses.
Runs commercial, individual, Medicare, Medicaid and federal employee health plans through Health Benefits, using Anthem Blue Cross and Blue Shield, Wellpoint, MMM and Simply Healthcare brands. Premium-bearing plans assume medical-cost risk, while fee-based employer accounts pay for administration; dental, vision, stop-loss and supplemental products round out the portfolio. Operations are concentrated in the United States and Puerto Rico.
Extends the insurance platform through CarelonRx and Carelon Services. CarelonRx provides pharmacy-benefit management, specialty and home-delivery pharmacy, infusion, claims adjudication and formulary services; Carelon Services combines behavioral and physical care, value-based care and analytics for affiliated plans and outside customers. The model coordinates benefits, pharmacy and care management across a large membership base, but remains dependent on medical-cost trends, government-program rules and rates, state insurance oversight, Blue Cross and Blue Shield licenses, and a core pharmacy-services agreement with CVS Caremark.
Company facts
Categories
Key statistics
Year to date +11.4% · Average volume (30d) 982.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 17, 2026 | Leerink Partners | Reiterate | Market Perform | $364 | $395 |
| Jul 16, 2026 | Bernstein | Target | $482 | $488 | |
| Jul 16, 2026 | New Street | Target | $482 | ||
| Jul 16, 2026 | RBC Capital | Reiterate | Sector Perform | $439 | $424 |
| Jul 16, 2026 | Goldman Sachs | Reiterate | Neutral | $343 | $395 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 15, 2026Q2 FY26 | $6.21 | $7.45 | +20.0% | $48.88B | $49.83B | +1.9% | −4.48% |
| Apr 22, 2026Q1 FY26 | $11.03 | $12.58 | +14.1% | $48.20B | $49.49B | +2.7% | +5.51% |
| Jan 28, 2026Q4 FY25 | $3.10 | $3.33 | +7.4% | $49.84B | $49.31B | −1.1% | +1.50% |
| Oct 21, 2025Q3 FY25 | $4.93 | $6.03 | +22.3% | $49.38B | $50.71B | +2.7% | −1.30% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $48.89B | $49.78B | $50.71B | $49.75B | $50.18B | $50.47B | |
| Gross profit | $13.58B | $13.07B | $12.57B | $11.68B | $9.10B | $44.98B | |
| Operating income | $3.14B | $2.63B | $1.76B | $581.0M | $2.66B | $2.06B | |
| Net income | $2.18B | $1.74B | $1.19B | $547.0M | $1.76B | $1.46B | |
| Diluted EPS | $9.61 | $7.72 | $5.32 | $2.47 | $8.00 | $6.71 | |
| Gross margin | 27.8% | 26.3% | 24.8% | 23.5% | 18.1% | 89.1% | |
| Operating margin | 6.4% | 5.3% | 3.5% | 1.2% | 5.3% | 4.1% |
Fiscal years (4-quarter sums)FY21 $138.64B · FY22 $156.60B · FY23 $171.34B · FY24 $176.81B · FY25 $199.13B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $37.51B · Total debt $31.04B · Total assets $126.44B · Shareholders' equity $44.88B
Dividends
Raised for 14 straight years — most recently to $1.72 from $1.71 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 10, 2026 | Jun 10 | Jun 25 | $1.72 | |
| Mar 10, 2026 | Mar 10 | Mar 25 | $1.72 | raised from $1.71 |
| Dec 5, 2025 | Dec 5 | Dec 19 | $1.71 | |
| Sep 10, 2025 | Sep 10 | Sep 25 | $1.71 | |
| Jun 10, 2025 | Jun 10 | Jun 25 | $1.71 | |
| Mar 10, 2025 | Mar 10 | Mar 25 | $1.71 | raised from $1.63 |
| Dec 5, 2024 | Dec 5 | Dec 20 | $1.63 | |
| Sep 10, 2024 | Sep 10 | Sep 25 | $1.63 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 216.87M · Float 216.41M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 18.99M | 8.76% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 14.06M | 6.48% | 13F | Aug 13, 2026 |
| State Street Corp | 10.43M | 4.81% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 9.21M | 4.25% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 6.21M | 2.87% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 17, 2026 | Gail Boudreaux | director, officer: President and CEO | +2,725 | $367.79 |
| Jul 17, 2026 | Ramiro G. Peru | director | +1,000 | $366.05 |
| Jun 12, 2026 | Ronald W. Penczek | officer: CAO & Controller | −369 | $403.16 |
| Jun 11, 2026 | Robert L. JR Dixon | director | −151 | $401.77 |
| May 19, 2026 | Ronald W. Penczek | officer: CAO & Controller | −1,531 | $403.13 |
Peers
- UnitedHealth Group
Head-to-head rival across commercial, MA, Medicaid, PBM, and health services.
- CVS Health
Competes via Aetna in MA and commercial insurance, and CVS Caremark in PBM.
- Cigna
Commercial employer insurance and PBM via Express Scripts / Evernorth.
- Humana
Medicare Advantage pure-play; CenterWell pharmacy competes with CarelonRx.
- Centene
Largest Medicaid managed-care pure-play and #1 ACA Marketplace carrier.
- Molina Healthcare
Pure-play government managed care; Medicaid and D-SNP state contracts overlap.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Elevance Health | $397.30 | +0.72% | $85.54B | 17.5 | 14.5 | 0.4 | +0.1% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| CVS Health | $93.07 | +0.02% | $118.74B | 24.6 | 11.5 | 0.3 | +7.3% |
| Cigna | $279.20 | +0.06% | $73.69B | 11.5 | 8.8 | 0.3 | +6.6% |
| Humana | $386.23 | +0.16% | $46.30B | 36.5 | 31.2 | 0.3 | +26.2% |
| Centene | $64.94 | +0.28% | $31.99B | — | 14.3 | 0.2 | +9.9% |
| Molina Healthcare | $200.00 | −0.01% | $10.44B | 1,052.6 | 28.5 | 0.2 | −4.8% |
| Median | 25.3 | 16.4 | 0.3 | +6.9% |