How does Elevance Health (ELV) make money?

Elevance Health (ELV) generates revenue primarily from Health Benefits Segment, which accounted for 76.8% of total revenue in TTM through Q2 2026. The company reported $201B in revenue and converted 2.5% of it into net profit, equivalent to roughly $4.96B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Elevance Health (ELV)?

Elevance Health (ELV) reported a gross profit margin of 39% in TTM through Q2 2026, equivalent to $78.3B in gross profit on $201B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Elevance Health (ELV)?

Elevance Health (ELV) reported an operating profit margin of 3.5% in TTM through Q2 2026, equivalent to $7.06B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Elevance Health (ELV)?

Elevance Health (ELV) reported a net profit margin of 2.5% in TTM through Q2 2026, equivalent to $4.96B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Elevance Health (ELV) profitable?

Yes. Elevance Health (ELV) reported $4.96B in net income for TTM through Q2 2026, with a net profit margin of 2.5%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Elevance Health (ELV) spend on capital expenditures?

Elevance Health (ELV) spent $1.18B on capital expenditures (CapEx) during TTM through Q2 2026, roughly 0.6% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Elevance Health (ELV) generate?

Elevance Health (ELV) generated $6.29B in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 3.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Elevance Health (ELV)?

Elevance Health (ELV) had an effective tax rate of 15.6% in TTM through Q2 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Elevance Health (ELV)?

Elevance Health (ELV) reports revenue across 2 reportable product segments, led by Health Benefits Segment at 69.5% of total revenue in TTM through Q2 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Elevance Health Makes Money: 2026 Visual Revenue Map

Elevance Health (ELV) Income Statement Flow — TTM through Q2 2026

Calculated from the four most recent reported quarters, ending June 30, 2026 (reported July 15, 2026).

Elevance Health discloses geographic revenue only in annual filings. to view the full breakdown.

Elevance Health (ELV) Revenue by Product Segment — TTM through Q2 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Elevance Health (ELV), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
Health Benefits Segment	$140B	69.5%
Carelon Services Segment	$61.3B	30.5%
Total	$201B	100%

Health Benefits Segment$140B
Carelon Services Segment$61.3B
Total$201B

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, Elevance Health (ELV) reports revenue across 2 reportable product segments; the largest segment was Health Benefits Segment at 69.5%, followed by Carelon Services Segment (30.5%).

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