Elevance Health, Inc.ELV
Elevance Health, Inc. Segments Disclosure
Segment Information
We report our results of operations in the following four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other. An immaterial amount of our total consolidated revenues is derived from activities outside of the U.S. and Puerto Rico.
Our Health Benefits segment offers a comprehensive suite of health plans and services to our Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid and FEP® members. The Health Benefits segment offers health products on a full-risk basis; provides a broad array of administrative managed care services to our fee-based customers; and provides a variety of specialty and other insurance products and services such as stop loss, dental, vision and supplemental health insurance benefits.
Our CarelonRx segment includes our pharmacy services business. CarelonRx markets and offers pharmacy services to our affiliated health plan customers, as well as to external customers outside of the health plans we own. CarelonRx offers a comprehensive pharmacy services portfolio, which includes all core pharmacy services, such as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database and member services, as well as infusion services and injectable therapies.
Our Carelon Services segment integrates physical, behavioral, pharmacy, and social services with the aim of delivering whole health affordably by offering a broad array of healthcare related services and capabilities to internal and external customers through our Carelon Health and Carelon Insights businesses. Carelon promotes affordability by managing complex areas of the healthcare system, leveraging data and insights to ensure members receive safe, appropriate, high-quality care and providers are reimbursed accurately and timely. Our approach to cost management relies on capabilities including provider enablement, value-based networks, member engagement, and utilization management. Our care delivery services primarily target serving chronic and complex populations by providing personalized care in the home and virtually. As a part of Carelon Health, we completed our acquisition of CareBridge at the end of 2024, which provides virtual care to complex Medicaid and Medicare patients and supports plans in managing home and community-based services.
Our Corporate & Other segment includes our businesses that do not individually meet the quantitative threshold for an operating segment, as well as corporate expenses not allocated to our other reportable segments.
We define operating revenues to include premiums, product revenue and service fees. Operating revenues are derived from premiums and fees received, primarily from the sale and administration of health benefits and pharmacy products and services. Operating gain is calculated as total operating revenue less benefit expense, cost of products sold and operating expense.
Affiliated operating revenues represent revenues or costs for services provided to our subsidiaries by CarelonRx and Carelon Services, in addition to certain administrative and other services provided by our international businesses, which are recorded at cost or management’s estimate of fair market value. These affiliated operating revenues are eliminated in our consolidated financial statements. For segment reporting, we present all capitation risk arrangements on a gross basis; therefore, eliminations also include adjustments for capitated risk arrangements that are recognized on a net basis under GAAP.
Through our participation in various federal government programs, we generated approximately 32%, 31% and 29% of our total consolidated revenues from agencies of the U.S. government for the year ended December 31, 2025, 2024 and 2023, respectively. The majority of these revenues are contained in our Health Benefits segment.
The accounting policies of the segments are consistent with those described in the summary of significant accounting policies in Note 2, “Basis of Presentation and Significant Accounting Policies,” except that all capitation risk arrangements are reported on a gross basis with an adjustment included in eliminations for capitated risk arrangements that are presented on a net basis under GAAP.
Our chief operating decision maker (the “CODM”) is our Chief Executive Officer. The CODM assesses the performance of our reportable segments based on operating gain or loss as defined above. The CODM evaluates net investment income, net gains (losses) on financial instruments, interest expense, depreciation and amortization expense, income taxes and assets, liabilities and equity on a consolidated basis, as these items are managed in a corporate shared service environment and are not the responsibility of segment operating management.
The CODM uses operating gain or loss, developed during the annual budget process, and updated during the periodic forecasting process, as a basis to assess performance and allocate operating and capital resources to each segment.
Financial data by reportable segment for the years ended December 31, 2025, 2024 and 2023 is as follows:
| Carelon | |||||||||||||||||||||||||||||||||||||||||
| Health Benefits | CarelonRx | Carelon Services | Total | Corporate & Other | Eliminations | Total | |||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Premiums | $ | 159,458 | $ | — | $ | 6,315 | $ | 6,315 | $ | — | $ | (1,134) | $ | 164,639 | |||||||||||||||||||||||||||
| Product revenue | — | 24,470 | — | 24,470 | — | — | 24,470 | ||||||||||||||||||||||||||||||||||
| Service fees | 7,636 | 13 | 826 | 839 | — | — | 8,475 | ||||||||||||||||||||||||||||||||||
| Operating revenue - unaffiliated | 167,094 | 24,483 | 7,141 | 31,624 | — | (1,134) | 197,584 | ||||||||||||||||||||||||||||||||||
| Operating revenue - affiliated | — | 18,917 | 21,175 | 40,092 | 463 | (40,555) | — | ||||||||||||||||||||||||||||||||||
| Operating revenue - total | $ | 167,094 | $ | 43,400 | $ | 28,316 | $ | 71,716 | $ | 463 | $ | (41,689) | $ | 197,584 | |||||||||||||||||||||||||||
Benefit expense | $ | 143,889 | $ | — | $ | 24,283 | $ | 24,283 | $ | 25 | $ | (19,974) | $ | 148,223 | |||||||||||||||||||||||||||
Cost of products sold | — | 40,077 | — | 40,077 | — | (18,899) | 21,178 | ||||||||||||||||||||||||||||||||||
Operating expense | 19,047 | 905 | 3,073 | 3,978 | 775 | (2,816) | 20,984 | ||||||||||||||||||||||||||||||||||
| Operating gain (loss) | $ | 4,158 | $ | 2,418 | $ | 960 | $ | 3,378 | $ | (337) | $ | — | $ | 7,199 | |||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Premiums | $ | 142,668 | $ | — | $ | 2,630 | $ | 2,630 | $ | — | $ | (1,132) | $ | 144,166 | |||||||||||||||||||||||||||
| Product revenue | — | 22,630 | — | 22,630 | — | — | 22,630 | ||||||||||||||||||||||||||||||||||
| Service fees | 7,607 | 5 | 790 | 795 | 6 | — | 8,408 | ||||||||||||||||||||||||||||||||||
| Operating revenue - unaffiliated | 150,275 | 22,635 | 3,420 | 26,055 | 6 | (1,132) | 175,204 | ||||||||||||||||||||||||||||||||||
| Operating revenue - affiliated | — | 13,326 | 14,541 | 27,867 | 303 | (28,170) | — | ||||||||||||||||||||||||||||||||||
| Operating revenue - total | $ | 150,275 | $ | 35,961 | $ | 17,961 | $ | 53,922 | $ | 309 | $ | (29,302) | $ | 175,204 | |||||||||||||||||||||||||||
Benefit expense | $ | 126,703 | $ | — | $ | 14,388 | $ | 14,388 | $ | 19 | $ | (13,543) | $ | 127,567 | |||||||||||||||||||||||||||
Cost of products sold | — | 32,978 | — | 32,978 | — | (13,228) | 19,750 | ||||||||||||||||||||||||||||||||||
Operating expense | 17,329 | 811 | 2,856 | 3,667 | 1,560 | (2,531) | 20,025 | ||||||||||||||||||||||||||||||||||
| Operating gain (loss) | $ | 6,243 | $ | 2,172 | $ | 717 | $ | 2,889 | $ | (1,270) | $ | — | $ | 7,862 | |||||||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Premiums | $ | 141,515 | $ | — | $ | 1,679 | $ | 1,679 | $ | — | $ | (340) | $ | 142,854 | |||||||||||||||||||||||||||
| Product revenue | — | 19,452 | — | 19,452 | — | — | 19,452 | ||||||||||||||||||||||||||||||||||
| Service fees | 7,056 | 6 | 813 | 819 | 28 | — | 7,903 | ||||||||||||||||||||||||||||||||||
| Operating revenue - unaffiliated | 148,571 | 19,458 | 2,492 | 21,950 | 28 | (340) | 170,209 | ||||||||||||||||||||||||||||||||||
| Operating revenue - affiliated | — | 14,377 | 11,655 | 26,032 | 451 | (26,483) | — | ||||||||||||||||||||||||||||||||||
| Operating revenue - total | $ | 148,571 | $ | 33,835 | $ | 14,147 | $ | 47,982 | $ | 479 | $ | (26,823) | $ | 170,209 | |||||||||||||||||||||||||||
Benefit expense | $ | 123,705 | $ | — | $ | 10,610 | $ | 10,610 | $ | 35 | $ | (10,020) | $ | 124,330 | |||||||||||||||||||||||||||
Cost of products sold | — | 31,588 | — | 31,588 | — | (14,295) | 17,293 | ||||||||||||||||||||||||||||||||||
Operating expense | 17,978 | 272 | 2,857 | 3,129 | 1,488 | (2,508) | 20,087 | ||||||||||||||||||||||||||||||||||
| Operating gain (loss) | $ | 6,888 | $ | 1,975 | $ | 680 | $ | 2,655 | $ | (1,044) | $ | — | $ | 8,499 | |||||||||||||||||||||||||||
A reconciliation of reportable segments’ operating revenue to the amounts of total revenues included in our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 is as follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| Reportable segments’ operating revenues | $ | 197,584 | $ | 175,204 | $ | 170,209 | |||||||||||
| Net investment income | 2,194 | 2,051 | 1,825 | ||||||||||||||
Net losses on financial instruments | (653) | (445) | (694) | ||||||||||||||
Gain on sale of business | — | 201 | — | ||||||||||||||
| Total revenues | $ | 199,125 | $ | 177,011 | $ | 171,340 | |||||||||||
A reconciliation of reportable segments’ operating gain to income before income tax expense included in our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 is as follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| Income before income tax expense | $ | 6,710 | $ | 7,904 | $ | 7,715 | |||||||||||
| Net investment income | (2,194) | (2,051) | (1,825) | ||||||||||||||
Net losses on financial instruments | 653 | 445 | 694 | ||||||||||||||
Gain on sale of business | — | (201) | — | ||||||||||||||
| Interest expense | 1,402 | 1,185 | 1,030 | ||||||||||||||
| Amortization of other intangible assets | 628 | 580 | 885 | ||||||||||||||
| Reportable segments’ operating gain | $ | 7,199 | $ | 7,862 | $ | 8,499 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.