Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 0

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 0
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This preliminary prospectus supplement relates to an effective registration statement under the Securities Act of 1933, but the information in this preliminary prospectus supplement is not complete and may be changed. Filed Pursuant to Rule 424(b)(3)
Registration No. 333-275251 SUBJECT TO COMPLETION, DATED SEPTEMBER 8, 2025 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated November 1, 2023) $ $ % Notes due 2028 $ % Notes due 2032 $ % Notes due 2036 $ % Notes due 2055 The % Notes due 2028, which we refer to as the 2028 notes, will mature on , 2028, the % Notes due 2032, which we refer to as the 2032 notes, will mature on , 2032, the % Notes due 2036, which we refer to as the 2036 notes, will mature on , 2036, and the % Notes due 2055, which we refer to as the 2055 notes, will mature on , 2055. We refer to the 2028 notes, the 2032 notes, the 2036 notes and the 2055 notes collectively as the notes. We will pay interest on the 2028 notes, the 2032 notes and the 2055 notes on and of each year, commencing , 2026. We will pay interest on the 2036 notes on and of each year, commencing , 2026. We may redeem the notes of any series at our option, in whole or in part, at any time and from time to time, at the applicable redemption prices discussed under the caption “ Description of the Notes—Optional Redemption.” If we experience a change of control triggering event and have not otherwise elected to redeem the notes, we will be required to offer to repurchase the notes from holders as described under the caption “ Description of the Notes—Repurchase Upon a Change of Control.” The notes will be our unsecured and unsubordinated obligations and will rank equally with our other unsecured and unsubordinated indebtedness from time to time outstanding. We do not intend to list the notes on any national securities exchange. Investing in the notes involves risks. See “ Risk Factors” beginning on page S-6of this prospectus supplement.

| Per 2028 note    |     | Public Offering 
 Price(1)        |     | % |