$ELV

ANTHEM INC

CIK:0001156039|SEC Filings

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Premiums	$ 41,279	$ 41,271	$ 82,303	$ 82,158
Total operating revenue	49,826	49,421	99,320	98,186
Net investment income	704	486	1,469	1,076
Net losses on financial instruments	(56)	(131)	(134)	(595)
Total revenues	50,474	49,776	100,655	98,667
Expenses
Benefit expense	37,024	36,706	72,639	72,018
Cost of products sold	5,492	5,293	10,955	10,276
Operating expense	5,547	4,997	11,877	10,297
Interest expense	364	341	721	685
Amortization of other intangible assets	110	147	222	302
Total expenses	48,537	47,484	96,414	93,578
Income before income tax expense	1,937	2,292	4,241	5,089
Income tax expense	483	548	1,027	1,161
Net income	1,454	1,744	3,214	3,928
Net loss (gain) attributable to noncontrolling interests	9	(1)	13	(2)
Shareholders’ net income	$ 1,463	$ 1,743	$ 3,227	$ 3,926
Shareholders’ net income per share
Basic (in dollars per share)	$ 6.74	$ 7.74	$ 14.78	$ 17.39
Diluted (in dollars per share)	6.71	7.72	14.73	17.33
Dividends per share (in dollars per share)	$ 1.72	$ 1.71	$ 3.44	$ 3.42
Product revenue
Revenues
Product and service revenue	$ 6,264	$ 6,042	$ 12,489	$ 11,851
Service fees
Revenues
Product and service revenue	$ 2,283	$ 2,108	$ 4,528	$ 4,177

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 3,214	$ 3,928
Adjustments to reconcile net income to net cash provided by operating activities:
Net losses on financial instruments	134	595
Equity in net earnings of other invested assets	(567)	(138)
Depreciation and amortization	720	753
Deferred income taxes	(123)	(226)
Impairment of property and equipment	37	0
Share-based compensation	130	162
Changes in operating assets and liabilities:
Receivables, net	(1,831)	(4,097)
Other invested assets	0	(35)
Other assets	(1,441)	(604)
Policy liabilities	1,216	387
Unearned income	147	53
Accounts payable and other liabilities	4,124	1,690
Income taxes	488	603
Other, net	(3)	0
Net cash provided by operating activities	6,245	3,071
Investing activities
Purchases of investments	(7,867)	(8,102)
Proceeds from sale of investments	6,070	7,683
Maturities, calls and redemptions from investments	984	748
Changes in securities lending collateral	(142)	(466)
Purchases of subsidiaries, net of cash acquired	5	54
Purchases of property and equipment	(522)	(463)
Other, net	(11)	(38)
Net cash used in investing activities	(1,483)	(584)
Financing activities
Repayments of long-term borrowings	(750)	(1,250)
Proceeds from short-term borrowings	825	0
Repayments of short-term borrowings	(975)	(5)
Changes in securities lending payable	142	466
Changes in bank overdrafts	(1,181)	631
Repurchase and retirement of common stock	(1,358)	(1,258)
Cash dividends	(749)	(771)
Proceeds from issuance of common stock under employee stock plans	63	21
Taxes paid through withholding of common stock under employee stock plans	(35)	(40)
Other, net	9	(11)
Net cash used in financing activities	(4,009)	(2,217)
Effect of foreign exchange rates on cash and cash equivalents	(12)	2
Change in cash and cash equivalents	741	272
Cash and cash equivalents at beginning of period	9,491	8,288
Cash and cash equivalents at end of period	$ 10,232	$ 8,560

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 10,232	$ 9,491
Fixed maturity securities (amortized cost of $25,962 and $25,773; allowance for credit losses of $55 and $21)	25,719	25,884
Equity securities	1,563	740
Premium receivables, net	10,991	10,073
Self-funded receivables, net	5,583	5,162
Other receivables	6,818	6,307
Other current assets	6,278	5,344
Total current assets	67,184	63,001
Long-term investments:
Fixed maturity securities (amortized cost of $1,263 and $1,116; allowance for credit losses of $$0 and $0)	1,259	1,121
Other invested assets	11,130	10,839
Property and equipment, net	4,645	4,679
Goodwill	28,339	28,344
Other intangible assets	10,983	11,200
Other noncurrent assets	2,898	2,310
Total assets	126,438	121,494
Current liabilities:
Medical claims payable	18,463	17,084
Other policyholder liabilities	3,463	3,632
Unearned income	1,640	1,493
Accounts payable and accrued expenses	6,632	7,322
Short-term borrowings	0	150
Current portion of long-term debt	375	1,099
Other current liabilities	13,681	10,255
Total current liabilities	44,254	41,035
Long-term debt, less current portion	30,669	30,797
Deferred tax liabilities, net	2,206	2,110
Other noncurrent liabilities	4,287	3,526
Total liabilities	81,416	77,468
Commitments and contingencies – Note 10
Shareholders’ equity
Preferred stock, without par value, shares authorized 100,000,000; shares issued and outstanding – none	0	0
Common stock, par value $0.01, shares authorized 900,000,000; shares issued and outstanding – 216,841,146 and 220,723,898	2	2
Additional paid-in capital	8,917	8,938
Retained earnings	36,675	35,393
Accumulated other comprehensive loss	(711)	(451)
Total shareholders’ equity	44,883	43,882
Noncontrolling interests	139	144
Total equity	45,022	44,026
Total liabilities and equity	$ 126,438	$ 121,494