# EDGAR Filing Document

**Accession Number:** 0001156039
**File Stem:** 0001156039-26-000053
**Filing Date:** 2026-6
**Character Count:** 42202
**Document Hash:** e423f8150ab414a6ded7f1f210a23b22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001156039-26-000053.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001156039-26-000053

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevance Health, Inc.
- **CENTRAL INDEX KEY:** 0001156039
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOSPITAL & MEDICAL SERVICE PLANS [6324]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 352145715
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16751
- **FILM NUMBER:** 261097562

**BUSINESS ADDRESS:**
- **STREET 1:** 220 VIRGINIA AVENUE
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204
- **BUSINESS PHONE:** 8003311476

**MAIL ADDRESS:**
- **STREET 1:** 220 VIRGINIA AVENUE
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Anthem, Inc.
- **DATE OF NAME CHANGE:** 20141202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLPOINT, INC
- **DATE OF NAME CHANGE:** 20100105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLPOINT INC
- **DATE OF NAME CHANGE:** 20041130

?xml version='1.0' encoding='ASCII'? elv-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025** 

**OR**

□ **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ________to_________**

**Commission file number: 001-16751** 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**ELEVANCE HEALTH PUERTO RICO RETIREMENT PLAN**

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**Elevance Health, Inc.**

**220 Virginia Avenue**

**Indianapolis, IN 46204**

------

**REQUIRED INFORMATION**

The Elevance Health Puerto Rico Retirement Plan (the "Plan") is subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). In lieu of the requirements of Items 1-3 of Form 11-K, the financial statements of the Plan and the supplemental schedules presented herein have been prepared in accordance with the financial reporting requirements of ERISA.

------

**ELEVANCE HEALTH PUERTO RICO RETIREMENT PLAN**

**Financial Statements and Supplemental Schedules**

**December 31, 2025 and 2024 and for the**

**Year Ended December 31, 2025** 

**With Report of Independent Registered Public Accounting Firm**

------

**ELEVANCE HEALTH PUERTO RICO RETIREMENT PLAN**

**Financial Statements and Supplemental Schedules**

**December 31, 2025 and 2024 and for the**

**Year Ended December 31, 2025** 

**Contents**

---

| | |
|:---|:---|
| | Page |
| [Report of Independent](#i5c5b431fd3a5475c962f66ab72518f7f_13) Registered Public Accounting Firm | 4 |
| Audited Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Net Assets Available for Benefits](#i5c5b431fd3a5475c962f66ab72518f7f_16) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets Available for Benefits](#i5c5b431fd3a5475c962f66ab72518f7f_19) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#i5c5b431fd3a5475c962f66ab72518f7f_22) | 7 |
| Supplemental Schedules: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule H, Line 4a – Schedule of D](#i5c5b431fd3a5475c962f66ab72518f7f_55)elinquent Participant Contributions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule H, Line 4i – Schedule of Assets (Held at End of Year)](#i5c5b431fd3a5475c962f66ab72518f7f_55) | 16 |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Plan Participants and the Plan Administrator of Elevance Health Puerto Rico Retirement Plan

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of Elevance Health Puerto Rico Retirement Plan (the Plan) as of December 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2025 and 2024, and the changes in its net assets available for benefits for the year ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Schedules Required by ERISA**

The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2025, and delinquent participant contributions for the year then ended (referred to as the "supplemental schedules"), have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The information in the supplemental schedules is the responsibility of the Plan's management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

We have served as the Plan's auditor since 2024.

Indianapolis, Indiana

June 17, 2026

------

**Elevance Health Puerto Rico Retirement Plan**

**Statements of Net Assets Available for Benefits**

---

| | | |
|:---|:---|:---|
| | **December 31** | **December 31** |
| | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Investments at fair value | $125000456 | $92579724 |
| &nbsp;&nbsp;Plan's interest in EH Master Trust | 1687627 | 1476972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | 126688083 | 94056696 |
| &nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 4905765 | 3461084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions receivable from employer | 237317 | 185093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 5143082 | 3646177 |
| Net assets available for benefits | $131831165 | $97702873 |

---

*See Notes to Financial Statements.*

------

**Elevance Health Puerto Rico Retirement Plan**

**Statement of Changes in Net Assets Available for Benefits**

**Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Additions to net assets attributable to** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants | $11151923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer | 7610287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollovers | 1719230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total contributions | 20481440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | 15532250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 3280954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plan's interest in EH Master Trust net investment income | 53469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 325017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions | 39673130 |
| **Deductions from net assets attributable to** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid to participants | 5335474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 209364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 5544838 |
| Increase in net assets available for benefits | 34128292 |
| **Net assets available for benefits** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 97702873 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $131831165 |

---

*See Notes to Financial Statements.*

------

**Elevance Health Puerto Rico Retirement Plan**

**Notes to Financial Statements**

**December 31, 2025** 

**1. Description of the Plan**

The following description of the Elevance Health Puerto Rico Retirement Plan (the "Plan") provides only general information. More detailed information concerning the Plan may be found by consulting the summary plan description.

**General** 

The Plan is a Puerto Rico qualified defined contribution plan which provides savings opportunities for eligible employees of The Elevance Health Companies of Puerto Rico, LLC and certain of its subsidiaries ("Participating Employers") who work in Puerto Rico and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Employees of the Participating Employers are generally eligible to participate in the Plan 30 days after their date of hire.

The Plan was originally established on January 1, 2011 as The MMM Holdings, Inc. 1081.01 Retirement Plan and Trust (the "Predecessor Plan"). On September 19, 2023, sponsorship of the Plan was transferred to ATH Holding Company, LLC ("Plan Sponsor"), a wholly owned subsidiary of Elevance Health, Inc. ("Elevance Health"), and the administrator and named fiduciary of the Plan was changed from the MMM Holdings Retirement Savings Plan Retirement Plan Committee to the Retirement Committee of ATH Holding Company, LLC. The Predecessor Plan was amended and restated in its entirety effective January 1, 2024, to convert the Predecessor Plan from a prototype plan to an individually designed plan and to change the name to the Elevance Health Puerto Rico Retirement Plan.

The Plan participates in the Elevance Health Defined Contribution Master Trust (the "EH Master Trust") solely with respect to the Plan's investments in the Elevance Health Stock Fund and a stable value collective investment trust fund. Oriental Bank and Trust serves as the trustee for all Plan investments. Fidelity Management Trust Company serves as the agent and custodian of the Plan and Fidelity Workplace Services LLC serves as the recordkeeper (collectively, "Fidelity").

**Participant Accounts**

An individual account is maintained by the Plan for each eligible employee who participates in the Plan. Each participant's account is credited with the participant's contributions, rollover contributions, allocations of the Plan Sponsor's contributions, and an allocation of investment earnings or losses, reduced by participant withdrawals and certain administrative expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account.

**Contributions**

Participants may make voluntary pretax contributions of 1% to 80% of eligible compensation, as defined in the Plan document, subject to limitations imposed by the Puerto Rico Internal Revenue Code of 2011 (the "PR Code"). Participants are automatically enrolled in the Plan at an initial pretax deferral rate of 6%, with an annual automatic increase of the rate of 1%, up to 15% of the participant's eligible compensation, unless the participant directs otherwise. Annual pretax contributions could not individually exceed $15,000 in 2025 under the PR Code.

Under the Predecessor Plan, participants were permitted to make after-tax contributions, but such contributions were not permitted after December 31, 2023.

The Plan Sponsor provides a matching contribution of 100% on the first 4% of the participant's eligible compensation, plus 50% of the next 2% of the participant's eligible compensation contributed, for a total potential Plan Sponsor matching contribution of 5%. Additionally, the Plan provides for a true-up matching contribution to ensure that eligible participants who elected to contribute the maximum contribution allowed by the Plan receive the

------

**Elevance Health Puerto Rico Retirement Plan**

**Notes to Financial Statements (continued)**

maximum matching contribution of eligible compensation determined as of the end of the plan year. The Plan permits additional Plan Sponsor discretionary contributions to be made, but no such discretionary contributions were made during the 2025 plan year.

Participants who attain age 50 by the end of the plan year may contribute additional "catch up" contributions to their account beyond the annual PR Code limitation up to $1,500 in 2025, in accordance with applicable law and the Plan's terms. Catch-up contributions are eligible for matching contributions.

**Rollover Contributions**

The Plan may accept rollover contributions. Rollover contributions represent distributions received from other Puerto Rico qualified retirement plans. Distributions from other plans are subject to certain conditions to be eligible for rollover into the Plan.

**Vesting**

Participants have a 100% vested interest in the Plan Sponsor match after completing a two-year period of service. Nonvested account balances of terminated employees are forfeited (subject to reinstatement upon reemployment as required by applicable law and the Plan's terms).

**Investments**

Participants direct their elective contributions and employer matching contributions into various investment options offered by the Plan, including target date funds, several mutual and collective investment trust funds, all of which are subject to change from time to time by the Plan Administrator, and the Elevance Health Stock Fund, which is provided for in the Plan document and overseen by an independent fiduciary. If a participant has not elected an investment option, their contributions will automatically be invested in the Plan's qualified default investment alternative, which is the target date fund aligned with the year the participant turns 65.

The Elevance Health Stock Fund is a unitized fund, which means participants do not actually own shares of Elevance Health common stock but rather own an interest in the unitized fund. A portion of the fund may be invested in short-term reserves to accommodate daily transactions. Investment in the Elevance Health Stock Fund is limited to no more than 20% of a participant's total account balance. Each participant is entitled to exercise voting rights attributable to the shares allocated to his or her account. Any cash dividends paid to the participant's account will be reinvested in the Elevance Health Stock Fund unless the participant elects to receive the dividend in cash paid directly to the participant. Participants may change their election to receive dividends in cash or to reinvest dividends at least quarterly.

**Benefit Payments and Withdrawals**

A participant may make a withdrawal from any after-tax contributions made to the Predecessor Plan for any reason, including income attributable to such account. After attaining age 59½, a participant may withdraw participant and Plan Sponsor matching contributions for any reason.

Subject to the provisions and conditions specified in the Plan document, an active participant in the Plan may make certain hardship withdrawals of amounts held in the participant's account attributable to the participant's contributions, vested Plan Sponsor matching contributions, rollovers, pre-2006 employer match, and income allocated to the contributions account.

Upon termination of employment, the participant is entitled to receive the fully vested current value of his or her account. If the current value of the vested account is $5,000 or less, the account is paid in a lump-sum payment. If the vested account value is $5,000 or more, the account will remain in the Plan unless the participant elects otherwise. The participant may elect to have the entire portion, if any, of the account held in the Elevance Health Stock Fund paid in whole shares of Elevance Health common stock, with fractional shares and any uninvested funds paid in cash. Distribution of participant accounts must commence not later than 60 days after the close of the plan year in which the latest of the following occurs: (i) the participant attains normal retirement age; (ii) the tenth anniversary of the commencement of the participant's participation in the Plan; and (iii) the participant's termination

------

**Elevance Health Puerto Rico Retirement Plan**

**Notes to Financial Statements (continued)**

of employment. Upon death, payments are made to the participant's beneficiary in the form of a lump-sum payment or in installments.

**Notes Receivable from Participants**

Participants may request a loan not in excess of the lesser of: (1) 50% of the vested account balance, or (2) $50,000, less the highest outstanding loan balance during the preceding year. A participant may not have more than two loans outstanding at any one time and must wait 30 days from when a loan is paid off before requesting a new loan. Repayment of loans shall not exceed five years, except for loans used to acquire the participant's principal residence. Each loan bears interest in accordance with the Plan's loan policy and applicable regulations. Repayments are made by payroll deduction or remitted directly to Fidelity.

**Forfeitures**

Forfeited nonvested account balances totaled $36,078 and $90,558 as of December 31, 2025 and 2024, respectively. Forfeitures may be used to offset employer contributions or to pay certain administrative expenses. During the year ended December 31, 2025, forfeitures of $161,014 were used to offset employer contributions and forfeitures of $123,517 were used to pay administrative expenses.

**Plan Termination**&nbsp;&nbsp;&nbsp;&nbsp;

Although it has not expressed any intent to do so, the Plan Sponsor has the right to terminate the Plan subject to the terms of the Plan and the provisions of ERISA. In the event the Plan is terminated, each participant's account shall be non-forfeitable with respect to both the participant's and the Plan Sponsor's contributions. The Plan Sponsor has the right to amend the Plan or to suspend matching contributions to the Plan at any time, either permanently or temporarily, for any length of time.

**2. Significant Accounting Policies**

**Basis of Presentation**

The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting and are in conformity with U.S. generally accepted accounting principles ("GAAP").

**Use of Estimates**

The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

**Investment Valuation and Income Recognition**

The Plan's and the EH Master Trust's investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4, "Fair Value Measurements", for further discussion.

The Plan's interest in the net investment income of the EH Master Trust consists of the Plan's allocation of realized gains and losses on investments that were sold during the period, unrealized appreciation and depreciation of the underlying investments held at year end, and net investment income/loss based upon the total of each Plan participant's share of the EH Master Trust.

Purchases and sales of securities are recorded on a trade-date basis and interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation in fair value of investments includes realized gains and losses on investments that were sold during the period as well as unrealized appreciation or depreciation of the investments held at year end.

------

**Elevance Health Puerto Rico Retirement Plan**

**Notes to Financial Statements (continued)**

Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits, participant accounts and the statement of changes in net assets available for benefits.

**Notes Receivable from Participants**

Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. Delinquent participant loans are recorded as distributions based on the terms of the Plan document. No allowance for credit losses has been recorded as of December 31, 2025 or 2024.

**Benefits Paid to Participants**

Benefit payments to participants are recorded upon distribution.

**Administrative Expenses**

Certain expenses of maintaining the Plan are paid from Plan assets. The Plan Sponsor may bear certain costs associated with administering the Plan; these costs are not included in the accompanying financial statements and constitute exempt party-in-interest transactions. Certain transaction fees, such as those related to loan processing, are paid from individual participant accounts and are included in administrative expenses. Investment related expenses are included in both the Plan's interest in EH Master Trust net investment income and in net appreciation or depreciation in fair value of investments.

**Recently Adopted Accounting Pronouncements**

There have been no recently adopted or issued accounting standards that had, or will have, a material impact on the financial statements.

**3. Plan's Interest in EH Master Trust**

The Elevance Health Defined Contribution Master Trust was established on January 1, 2024 pursuant to a trust agreement between the Plan Administrator and Fidelity in order to facilitate the administration of transactions in the Elevance Health Stock Fund and a stable value collective investment trust fund offered in both this Plan and the Elevance Health 401(k) Plan (together, the "Participating Plans"). Each Participating Plan has a divided interest in specific investment assets held in the EH Master Trust.

------

**Elevance Health Puerto Rico Retirement Plan**

**Notes to Financial Statements (continued)**

A summary of the net assets of the EH Master Trust and the Plan's interest in the net assets of the EH Master Trust as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **EH Master Trust Balances** | **Plan's Interest in EH Master Trust Balances** | **EH Master Trust Balances** | **Plan's Interest in EH Master Trust Balances** |
| Investments at fair value |  |  |  |  |
| Collective investment trusts | $12095039709 | $1571637 | $10874772817 | $1436468 |
| Elevance Health common stock | 352309761 | 115007 | 408045086 | 40155 |
| Mutual funds | 302657683 | 1004 | 329248156 | 352 |
| Self-directed brokerage accounts | 316803497 |  | 250803504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | 13066810650 | 1687648 | 11862869563 | 1476975 |
| Other assets (liabilities) | (64169) | (21) | (37723) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $13066746481 | $1687627 | $11862831840 | $1476972 |

---

During the year ended December 31, 2025, the EH Master Trust net investment income was comprised of the following:

---

| | |
|:---|:---|
| | **2025** |
| | **EH Master Trust Balances** |
| Net appreciation in fair value of investments | $1774360282 |
| Interest and dividends | 43516628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EH Master Trust net investment income | $1817876910 |

---

**4. Fair Value Measurements**

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Level inputs, as defined by the Financial Accounting Standards Board guidance for fair value measurements and disclosures, are as follows: Level 1, inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date; Level 2, inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and Level 3, unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The following methods and assumptions were used to determine the fair value of investments recorded at fair value in the statements of net assets available for benefits.

*Elevance Health common stock:* Valued at the closing price on the New York Stock Exchange on the last business day of the plan year.

*Mutual funds:* Valued at quoted market prices, which represent net asset value ("NAV") of shares held by the Plan.

*Collective investment trusts (CITs):* Valued based on the NAV of the units of a collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the trust less its liabilities. There are no restrictions on redemptions from the CITs and no unfunded commitments.

------

**Elevance Health Puerto Rico Retirement Plan**

**Notes to Financial Statements (continued)**

The following table sets forth by level within the fair value hierarchy a summary of the EH Master Trust investments by general types measured at fair value on a recurring basis as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Elevance Health common stock | $352309761 | $352309761 | $— | $— |
| Mutual funds | 302657683 | 302657683 |  |  |
| Self-directed brokerage accounts | 316803497 | 312048032 | 4544392 | 211073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments measured at fair value | 971770941 | 967015476 | 4544392 | 211073 |
| Investments measured at NAV | 12095039709 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $13066810650 |  |  |  |

---

The following table sets forth by level within the fair value hierarchy a summary of the EH Master Trust investments by general types measured at fair value on a recurring basis as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Elevance Health common stock | $408045086 | $408045086 | $— | $— |
| Mutual funds | 329248156 | 329248156 |  |  |
| Self-directed brokerage accounts | 250803504 | 246848476 | 3920987 | 34041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments measured at fair value | 988096746 | 984141718 | 3920987 | 34041 |
| Investments measured at NAV | 10874772817 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $11862869563 |  |  |  |

---

Our Level 3 securities as of December 31, 2025 and December 31, 2024 primarily consisted of certain corporate fixed maturity securities for which observable inputs were not always available. The fair values of these securities were estimated using inputs including, but not limited to, credit spreads, default rates and benchmark yields. There were no material transfers in or out of Level 3 during either the year ended December 31, 2025 or the year ended December 31, 2024.

The following table sets forth by level within the fair value hierarchy a summary of the Plan's investments by general types measured at fair value on a recurring basis as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Mutual funds | $114074239 | $114074239 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments measured at fair value | 114074239 | 114074239 |  |  |
| Investments measured at NAV | 10926217 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $125000456 |  |  |  |

---

The following table sets forth by level within the fair value hierarchy a summary of the Plan's investments measured at fair value on a recurring basis as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Mutual funds | $84682391 | $84682391 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments measured at fair value | 84682391 | 84682391 |  |  |
| Investments measured at NAV | 7897333 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $92579724 |  |  |  |

---

------

**Elevance Health Puerto Rico Retirement Plan**

**Notes to Financial Statements (continued)**

**5. Exempt Related Party and Party-In-Interest Transactions**

Parties-in-interest are defined under Department of Labor ("DOL") regulations as any fiduciary of the Plan, any party rendering services to the Plan, the employer, and certain others. Certain administrative functions are performed by officers and employees of the Plan Sponsor or affiliates of the Plan Sponsor. No such officer or employee is compensated from the Plan.

During the year ended December 31, 2025, the Plan reimbursed the Plan Sponsor $60,000 for administrative expenses. This reimbursement is included in administrative expenses in the statement of changes in net assets available for benefits.

Transactions in shares of Elevance Health common stock qualify as exempt party-in-interest transactions under the provisions of ERISA. The Plan owned approximately 328 and 109 shares of Elevance Health common stock as of December 31, 2025 and December 31, 2024, respectively. During the year ended December 31, 2025, the Plan had net purchases of Elevance Health common stock totaling $72,608 and the total dividends on Elevance Health common stock in the Elevance Health Stock Fund were $2,334.

Certain Plan investments include funds that are managed by affiliates of Fidelity, which constitute party-in-interest transactions.

Notes receivable from participants also reflect exempt party-in-interest transactions.

**6. Non-Exempt Related Party and Party-In-Interest Transactions**

It was discovered that, during the plan years ended December 31, 2022 and 2023, participant contributions and loan repayments to the Predecessor Plan, totaling $1,098,317 and $1,940,849, respectively, inadvertently not timely deposited. As a correction, during the year ended December 31, 2025, the plan sponsor credited affected participant accounts with the amount of investment income that would have been earned had those participant contributions and loan repayments been timely deposited.

**7. Income Tax Status**

The Plan received a favorable determination letter from the Puerto Rico Department of Treasury dated September 18, 2025, effective January 1, 2024, stating the Plan is qualified under Section 1081.01 of the PR Code and, therefore, exempt from Puerto Rico income taxation. Although the Plan has been amended since receiving the determination letter, the Plan Sponsor believes the Plan is designed and being operated in compliance with the applicable requirements of the PR Code. The EH Master Trust is intended to be exempt from Puerto Rico income taxation pursuant to the provisions of Section 1081.01(a) of the PR Code. In addition, pursuant to Section 1022(i)(1) of ERISA, the Plan's EH Master Trust is intended to be treated, for purposes of Section 501(a) of the United States Internal Revenue Code (the "US Code"), as an organization described in Section 401(a) of the US Code and therefore exempt from United States income taxation under Section 501(a) of the US Code.

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Puerto Rico Treasury. Plan management has analyzed the tax positions taken by the Plan, and has concluded there are no uncertain tax positions taken or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

------

**8. Reconciliation to Form 5500**

Reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2025 and 2024, is as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Net assets available for benefits per the financial statements | $131831165 | $97702873 |
| Less: deemed distributions of participant loans | 13595 | 60074 |
| Net assets available for benefits per the Form 5500 | $131817570 | $97642799 |

---

Reconciliation of the increase in net assets available for benefits per the financial statements to the net income (loss) per the Form 5500 for the year ended December 31, 2025 is as follows:

---

| | |
|:---|:---|
| | **2025** |
| Increase in net assets available for benefits per the financial statements | $34128292 |
| Deemed distributions activity | 46479 |
| Net income (loss) per the Form 5500 | $34174771 |

---

**9. Subsequent Events**

The Plan Sponsor has evaluated the impact of subsequent events through June 17, 2026, the date the financial statements were issued. No subsequent events have been recognized or required additional disclosure in the financial statements.

------

**Elevance Health Puerto Rico Retirement Plan**

**Schedule H, Line 4a—Schedule of Delinquent Participant Contributions**

**Plan Sponsor: ATH Holding Company, LLC. EIN #11-3713086 Plan #005**

**For the Year Ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Participant Contributions Transferred Late to Plan | Participant Contributions Transferred Late to Plan | Total That Constitute Nonexempt Prohibited Transactions | Total That Constitute Nonexempt Prohibited Transactions | Total That Constitute Nonexempt Prohibited Transactions | Total Fully Corrected Under Voluntary Fiduciary Correction Program (VFCP) and Prohibited Transaction Exemption 2002-51 |
| Plan Year | Check Here If Late Participant Loan Repayments Are Included | Contributions Not Corrected | Contributions Corrected Outside of VFCP | Contributions Pending Correction in VFCP | Total Fully Corrected Under Voluntary Fiduciary Correction Program (VFCP) and Prohibited Transaction Exemption 2002-51 |
|  | x |  |  |  |  |
| 2022 | $1098317 | $— | $1098317 | $— | $— |
| 2023 | $1940849 | $— | $1940849 | $— | $— |

---

------

**Elevance Health Puerto Rico Retirement Plan**

**Schedule H, Line 4i—Schedule of Assets (Held at End of Year)**

**Plan Sponsor: ATH Holding Company, LLC. EIN #11-3713086 Plan #005**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (a) | (b) | (c) | (c) | (c) | (c) | (c) | (d) | (e) |
|  | Identity of issuer, borrower,<br>lessor, or similar party | Description of investment including maturity date, interest rate, collateral and par or maturity value | Description of investment including maturity date, interest rate, collateral and par or maturity value | Description of investment including maturity date, interest rate, collateral and par or maturity value | Description of investment including maturity date, interest rate, collateral and par or maturity value | Description of investment including maturity date, interest rate, collateral and par or maturity value | Cost\*\* | Current<br>value |
|  | Vanguard Institutional 500 Index Trust | CIT | 32394 | shares |  |  |  | $4505702 |
|  | T. Rowe Price Large-Cap Growth Trust | CIT | 98110 | shares |  |  |  | 2696056 |
|  | MFS Large Cap Value CIT Class 5 | CIT | 22059 | shares |  |  |  | 1222757 |
|  | MFS International Equity Fund Class 3A | CIT | 39402 | shares |  |  |  | 898762 |
|  | Prudential Core Plus Bond Fund Class 5 | CIT | 3157 | shares |  |  |  | 635919 |
|  | Vanguard Inst Extended Mkt Index Trust | CIT | 3117 | shares |  |  |  | 401011 |
|  | Vanguard Inst Total Bond Mkt Index Trust | CIT | 3123 | shares |  |  |  | 344084 |
|  | State Street Real Asset Fund Class C | CIT | 10815 | shares |  |  |  | 221926 |
|  |  |  |  |  |  |  |  | $10926217 |
|  | Vanguard Target Retirement 2020 Fund | Mutual fund | 23962 | shares |  |  |  | $657748 |
|  | Vanguard Target Retirement 2025 Fund | Mutual fund | 282345 | shares |  |  |  | 5632783 |
|  | Vanguard Target Retirement 2030 Fund | Mutual fund | 271166 | shares |  |  |  | 11478448 |
|  | Vanguard Target Retirement 2035 Fund | Mutual fund | 598042 | shares |  |  |  | 16374391 |
|  | Vanguard Target Retirement 2040 Fund | Mutual fund | 459412 | shares |  |  |  | 22947637 |
|  | Vanguard Target Retirement 2045 Fund | Mutual fund | 696736 | shares |  |  |  | 24204622 |
|  | Vanguard Target Retirement 2050 Fund | Mutual fund | 244958 | shares |  |  |  | 14521130 |
|  | Vanguard Target Retirement 2055 Fund | Mutual fund | 156582 | shares |  |  |  | 10359471 |
|  | Vanguard Target Retirement 2060 Fund | Mutual fund | 70274 | shares |  |  |  | 4285293 |
|  | Vanguard Target Retirement 2065 Fund | Mutual fund | 35709 | shares |  |  |  | 1429444 |
|  | Vanguard Total International Stock Index Fund | Mutual fund | 3847 | shares |  |  |  | 623760 |
|  | Vanguard Explorer Fund; Admiral Shares | Mutual fund | 4020 | shares |  |  |  | 428922 |
|  | DoubleLine Flexible Income Fund Class I | Mutual fund | 48798 | shares |  |  |  | 427468 |
|  | Vanguard Target Retirement 2070 Fund | Mutual fund | 10409 | shares |  |  |  | 331206 |
|  | Vanguard Target Retirement Income Fund | Mutual fund | 15343 | shares |  |  |  | 212809 |
|  | Westwood Quality SmallCap Fund; Ultra | Mutual fund | 8330 | shares |  |  |  | 159107 |
|  |  |  |  |  |  |  |  | $114074239 |
| \* | JP Morgan | Plan's interest in EH Master Trust | Plan's interest in EH Master Trust | Plan's interest in EH Master Trust | Plan's interest in EH Master Trust |  |  | $1687627 |
| \* | Notes receivable from participants | Interest rates range from | Interest rates range from | 3.25% | to | 9.50% |  | $4892170 |
|  |  | maturing at various dates through | maturing at various dates through | maturing at various dates through | maturing at various dates through | 4/3/2040 |  |  |

---

\* Party-in-interest

\*\* Historical cost is not required as all investments are participant-directed

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Retirement Committee of ATH Holding Company, LLC has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

ELEVANCE HEALTH PUERTO RICO RETIREMENT PLAN

---

| | |
|:---|:---|
| By: | /s/ Ronald W. Penczek |
|  | Ronald W. Penczek |
|  | Member, Retirement Committee<br>of ATH Holding Company, LLC |

---

Date: June 17, 2026

------

EXHIBIT INDEX

<u>Exhibit Number</u> <u>Description</u> <br> 23 Consent of Independent Registered Public Accounting Firm

## Ex-23

**EXHIBIT 23**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-277324) pertaining to the Elevance Health Puerto Rico Retirement Plan of our report dated June 17, 2026, with respect to the financial statements and schedules of the Elevance Health Puerto Rico Retirement Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2025.

/s/ Ernst & Young LLP

Indianapolis, Indiana

June 17, 2026

<br>