ELEVANCE HEALTH, INC. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $199.1B |
| Gross margin | 89.4% |
| Operating income | $7.2B |
| Net income | $5.7B |
| Diluted EPS | $25.21 |
| Cash & equivalents | $9.5B |
| Total assets | $121.5B |
| Long-term debt | $31.9B |
Key takeaway
Elevance Health reported full-year 2025 revenue of $199.1B and net income of $5.66B, with benefits and expenses of $192.4B consuming the vast majority of revenue.
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Beneath the surface
Cash and short-term investments ($9.49B cash + $25.88B current available-for-sale securities) total roughly $35.4B, which more than offsets the $31.9B long-term debt, suggesting a stronger net liquidity position than the headline debt figure alone implies.
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This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for ELV.
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