Elevance Health (ELV) FY2020 results: revenue $121.9 billion, up 16.9% on the year
Elevance Health, Inc. (ELV) reported revenue of $121.9 billion for fiscal 2020, the year ended 31 December 2020, up 16.9% on the year before. Net income was $4.6 billion, down 4.9%, and diluted earnings per share $17.98. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$121.9 billion
+16.9% on the year
FY2013FY2020
Operating margin
5.2%
5.8% a year earlier
FY2013FY2020
Net income
$4.6 billion
-4.9% on the year
FY2013FY2020
Diluted EPS
$17.98
-2.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
121,867
104,213
92,105
+16.9%
Cost of revenue
8,953
1,992
0.0
+349.4%
Gross profit
112,914
102,221
92,105
+10.5%
Gross margin
92.7%
98.1%
100.0%
Selling, general and administrative
17,450
13,364
14,020
+30.6%
Operating income
6,360
5,999
5,426
+6.0%
Operating margin
5.2%
5.8%
5.9%
Interest expense
784
746
753
+5.1%
Pre-tax income
6,238
5,985
5,068
+4.2%
Income tax
1,666
1,178
1,318
+41.4%
Effective tax rate
26.7%
19.7%
26.0%
Net income
4,572
4,807
3,750
-4.9%
Net margin
3.8%
4.6%
4.1%
Diluted EPS
$17.98
$18.47
$14.19
-2.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
10,688
6,061
3,827
+76.3%
Capital expenditure
1,021
1,077
1,208
-5.2%
Free cash flow
9,667
4,984
2,619
+94.0%
Free cash flow margin
7.9%
4.8%
2.8%
Cash from investing
-7,324
-2,792
-1,259
Cash from financing
-2,567
-2,266
-2,241
Depreciation and amortisation
1,154
1,133
1,132
+1.9%
Share-based compensation
283
294
226
-3.7%
Buybacks
2,700
1,701
1,685
+58.7%
Dividends paid
954
818
776
+16.6%
Dividend per share
$3.80
$3.20
$3.00
+18.7%
Diluted shares, weighted
254m
260m
264m
-2.3%
Shares outstanding at period end
245m
253m
257m
-3.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
33,199
31,728
28,541
+4.6%
Non-controlling interest
0.0
n/a
26.0
Short-term borrowings
0.0
n/a
n/a
Debt
20,035
20,085
19,211
-0.2%
Other liabilities
33,381
25,640
23,793
+30.2%
Total liabilities and equity
86,615
77,453
71,571
+11.8%
Fixed assets
3,483
3,133
2,735
+11.2%
Goodwill
21,691
20,500
20,504
+5.8%
Intangible assets
9,405
8,674
9,007
+8.4%
Investments
23,995
20,181
17,179
+18.9%
Cash and equivalents
5,741
4,937
3,934
+16.3%
Other assets
22,300
20,028
18,212
+11.3%
Total assets
86,615
77,453
71,571
+11.8%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.