Elevance Health (NYSE: ELV) is a health insurance and health services company that provides medical, pharmacy, and diversified health benefits to commercial, Medicare, and Medicaid members across the United States. Revenue comes primarily from insurance premiums and administrative fees, with additional contributions from pharmacy services and health services sold to both affiliated and external customers. As of FY2025, Elevance served approximately 45.2 million medical members across Commercial Risk-Based, Commercial Fee-Based, Medicare Advantage, Medicare Supplement, Medicaid, Federal Employee Program, and BlueCard programs. Total operating revenue reached $197.6 billion in FY2025, up 12.8% from $175.2 billion in FY2024. The company operates through Health Benefits, CarelonRx, and Carelon Services segments. CarelonRx provides home delivery, specialty pharmacy, claims adjudication, formulary management, and rebate administration, and added ambulatory infusion centers via the Paragon Healthcare acquisition in March 2024. Carelon Services integrates physical, behavioral, pharmacy, and social-care capabilities for internal and external customers.

Revenue model

Premium-based insurance revenue from Commercial Risk-Based, Medicare Advantage, Medicare Supplement, Medicaid, and Federal Employee Program plans. Administrative fees from large-employer Fee-Based arrangements (27.1 million members as of FY2025). Pharmacy services revenue from CarelonRx, including home delivery, specialty pharmacy, and claims adjudication sold to affiliated health plans and external customers. Benefit expense ratio was 90.0% in FY2025 versus 88.5% in FY2024.

Products and services

Commercial health insurance (risk-based and fee-based employer group plans, individual plans, BlueCard). Medicare Advantage and Medicare Supplement plans. Medicaid managed care. Federal Employee Program coverage. CarelonRx pharmacy services: home delivery pharmacy, specialty pharmacy, claims adjudication, formulary management, pharmacy networks, rebate administration, prescription drug database, member services, and ambulatory infusion centers (added March 2024 via Paragon Healthcare). Carelon Services: Carelon Health and Carelon Insights providing physical, behavioral, pharmacy, and social-care capabilities.

Customers and end markets

Individual members (1.3 million as of FY2025). Employer Group Risk-Based (3.6 million). Employer Group Fee-Based (20.6 million). BlueCard (6.5 million). Medicare Advantage (2.2 million). Medicare Supplement (882,000). Medicaid (8.5 million). Federal Employee Program (1.6 million). Total medical membership 45.2 million as of FY2025. External customers outside owned health plans served through CarelonRx and Carelon Services.

Value-chain role

Health insurer and health services operator. Contracts with hospitals, physicians, pharmacy services providers, and supply chain partners to manage care delivery and costs. Acts as payer, pharmacy benefit manager, and care services provider. Integrated model connects insurance underwriting with pharmacy benefit management and clinical programs.

Geographic exposure

United States. Filing references state-level regulatory environments and concentrations in specific states as material to results, but does not specify state revenue percentages in the excerpts provided.

Source: SEC 10-K, filed 2026-02-06

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