Elevance Health (ELV) FY2025 results: revenue $199.1 billion, up 12.5% on the year

Elevance Health sells health cover and health services. It served approximately 45.2 million medical members through its affiliated health plans at the end of 2025, and describes itself as one of the largest health insurers in the United States by medical membership. Its position rests on something structural: it is an independent licensee of the Blue Cross and Blue Shield Association, which gives it the Blue brands in a defined list of states.

Where it holds the Blue licence

It is the Blue Cross licensee for California, and the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri excluding 30 counties around Kansas City, Nevada, New Hampshire, New York in the New York City metropolitan area and upstate, Ohio, Virginia excluding the Northern Virginia suburbs of Washington D.C., and Wisconsin. In most of those areas it trades as Anthem Blue Cross, or Anthem Blue Cross and Blue Shield. It also works through arrangements with other Blue licensees and other partners, and serves members in many states under the Wellpoint, Carelon, MMM and Simply Healthcare names.

The two ways it gets paid

This is the distinction that matters in health insurance, and the filing draws it plainly. In the risk-based business, Elevance takes the premium and carries the cost of the care: it offers network-based managed care plans in the Individual, Employer Group, Medicaid and Medicare markets.

In the fee-based business it does not carry that risk. It sells managed care services to customers who fund their own claims, covering claims processing, stop loss insurance, access to its care provider network, medical management, care management, wellness programmes, actuarial services and other administration.

Revenue therefore comes from three places: risk-based premiums, administrative fees from self-funded employers, and pharmacy and health service fees through the Carelon businesses.

The other things it sells

Specialty services are sold both to members of its own health plans and to health plans it does not own: pharmacy services, stop loss insurance, dental, vision and supplemental health benefits, and integrated health services. Separately, the Federal Health Products & Services business serves the federal government and administers the Federal Employee Program.

How the company describes itself

Elevance states that it is focused on enhancing well-being and advancing health outcomes by delivering integrated whole health solutions across the care journey, supporting consumers with medical, pharmacy and behavioural health services. It says it advances that mission by working with care providers and community organisations.

From Elevance Health's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 6 February 2026: read the full 10-K.