Elevance Health (ELV) FY2024 results: revenue $177.0 billion, up 3.3% on the year

Elevance Health, Inc. (ELV) reported revenue of $177.0 billion for fiscal 2024, the year ended 31 December 2024, up 3.3% on the year before. Net income was $6.0 billion, down 0.1%, and diluted earnings per share $25.68. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$177.0 billion

+3.3% on the year

FY2017FY2024

Operating margin

4.4%

5.0% a year earlier

FY2017FY2024

Net income

$6.0 billion

-0.1% on the year

FY2017FY2024

Diluted EPS

$25.68

+1.8% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	177,011	171,340	156,595	+3.3%
Cost of revenue	19,750	17,293	13,035	+14.2%
Gross profit	157,261	154,047	143,560	+2.1%
Gross margin	88.8%	89.9%	91.7%
Selling, general and administrative	20,025	20,087	17,686	-0.3%
Operating income	7,862	8,499	8,283	-7.5%
Operating margin	4.4%	5.0%	5.3%
Interest expense	1,185	1,030	851	+15.0%
Pre-tax income	7,904	7,715	7,600	+2.4%
Income tax	1,933	1,724	1,712	+12.1%
Effective tax rate	24.5%	22.3%	22.5%
Net income	5,980	5,987	5,894	-0.1%
Net margin	3.4%	3.5%	3.8%
Diluted EPS	$25.68	$25.22	$24.28	+1.8%

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	5,808	8,061	8,399	-27.9%
Capital expenditure	1,256	1,296	1,152	-3.1%
Free cash flow	4,552	6,765	7,247	-32.7%
Free cash flow margin	2.6%	3.9%	4.6%
Cash from investing	-5,167	-5,572	-4,560
Cash from financing	1,193	-3,349	-1,318
Depreciation and amortisation	1,393	1,745	1,675	-20.2%
Share-based compensation	191	289	264	-33.9%
Buybacks	2,900	2,676	2,316	+8.4%
Dividends paid	1,508	1,395	1,229	+8.1%
Dividend per share	n/a	$5.92	$5.12
Diluted shares, weighted	233m	237m	243m	-1.9%
Shares outstanding at period end	227m	233m	238m	-2.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	41,315	39,306	36,307	+5.1%
Non-controlling interest	111	99.0	87.0	+12.1%
Debt	31,232	25,120	24,114	+24.3%
Operating lease liabilities	658	685	751	-3.9%
Other liabilities	43,573	43,718	41,513	-0.3%
Total liabilities and equity	116,889	108,928	102,772	+7.3%
Fixed assets	4,652	4,359	4,316	+6.7%
Goodwill	28,277	25,317	24,383	+11.7%
Intangible assets	12,094	10,273	10,315	+17.7%
Investments	26,236	30,490	26,704	-14.0%
Cash and equivalents	8,288	6,526	7,387	+27.0%
Other assets	37,342	31,963	29,667	+16.8%
Total assets	116,889	108,928	102,772	+7.3%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.