Company: ELV
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001156039-25-000114
Chunk: 61

Company: Elevance Health, Inc.
Filing Date: 2025-07-17
Form: 10-Q
Item: Item 8
Chunk 61
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4 %12,204 14.1 %Benefit expense36,70630,57272,01861,1186,134 20.1 %10,900 17.8 %Cost of products sold5,2934,82010,2768,645473 9.8 %1,631 18.9 %Operating expense4,9975,06610,2979,952(69)(1.4)%345 3.5 %Other expense1 48844298782346 10.4 %164 19.9 %Total expenses47,48440,90093,57880,5386,584 16.1 %13,040 16.2 %Income before income tax expense2,2922,9865,0895,925(694)(23.2)%(836)(14.1)%Income tax expense5486851,1611,375(137)(20.0)%(214)(15.6)%Net income1,7442,3013,9284,550(557)(24.2)%(622)(13.7)%Net income attributable to noncontrolling interests(1)(1)(2)(4)— NM2 NMShareholders’ net income$1,743$2,300$3,926$4,546$(557)(24.2)%$(620)(13.6)%Average diluted shares outstanding225.8233.4226.5233.8(7.6)(3.3)%(7.3)(3.1)%Diluted shareholders’ earnings per share$7.72$9.85$17.33$19.44$(2.13)(21.6)%$(2.11)(10.9)%Effective tax rate23.9 %22.9 %22.8 %23.2 %100 bp3(40) bp3Benefit expense ratio288.9 %86.3 %87.7 %85.9 %260 bp3180 bp3Operating expense ratio410.1 %11.7 %10.5 %11.6 %(160) bp3(110) bp3Income before income tax expense as a percentage of total revenues4.6 %6.8 %5.2 %6.9 %(220) bp3(170) bp3Shareholders’