Elevance Health cash flow statement

In fiscal 2025, Elevance Health's operations generated $4.29bn of cash; it spent $1.12bn on capital projects, leaving free cash flow of $3.17bn. It returned $1.53bn in dividends and $2.60bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Elevance Health: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	3.0	1.4	3.4	2.7	3.1	3.4	4.2	3.3	4.2	3.8	6.1	10.7	8.4	8.4	8.1	5.8	4.3	7.6
Depreciation and amortisation	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	1.1	1.1	1.2	1.3	1.7	1.7	1.4	1.5	1.5
Stock-based pay	0.2	0.1	0.1	0.1	0.1	0.2	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.2	0.3	0.2
Capital spending	0.4	0.5	0.5	0.5	0.6	0.7	0.6	0.6	0.8	1.2	1.1	1.0	1.1	1.2	1.3	1.3	1.1	1.1
Free cash flow	2.7	1.0	2.9	2.2	2.4	2.7	3.6	2.7	3.4	2.6	5.0	9.7	7.3	7.2	6.8	4.6	3.2	6.5
Free cash flow after stock pay	2.5	0.8	2.7	2.1	2.3	2.5	3.4	2.5	3.2	2.4	4.7	9.4	7.0	7.0	6.5	4.4	2.9	6.3
Dividends paid	—	0.0	0.4	0.4	0.4	0.5	0.7	0.7	0.7	0.8	0.8	1.0	1.1	1.2	1.4	1.5	1.5	1.5
Share buybacks	2.6	4.4	3.0	2.5	1.6	3.0	1.5	0.0	2.0	1.7	1.7	2.7	1.9	2.3	2.7	2.9	2.6	2.2
Shares issued	—	—	—	—	—	—	—	0.0	0.0	1.3	0.0	0.0	—	—	—	—	—	—

US$ millions unless shown otherwise. Fiscal quarters.

Elevance Health: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	706	1,017	2,054	1,135	84	4,332	1,913	1,267
Depreciation and amortisation	706	373	380	387	406	354	366	363
Stock-based pay	−29	81	81	84	30	55	75	80
Capital spending	322	196	267	360	293	235	287	267
Free cash flow	384	821	1,787	775	−209	4,097	1,626	1,000
Free cash flow after stock pay	413	740	1,706	691	−239	4,042	1,551	920

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: CNC vs ELV ELV vs HUM ELV vs UNH ELV vs MOH

More: Managed Health Care stocks compared, Health Care sector, rankings of US companies

Figures from Elevance Health's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Elevance Health.