ELEVANCE HEALTH, INC. (ELV) FY2025 Q3 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-07-01 to 2025-09-30

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ELEVANCE HEALTH, INC. cash flow reconciliation, Jul 1, 2025 through Sep 30, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $1,135,000,000.00Net income → Operating adjustments reconciliation: $52,000,000.00Receivables, net → Operating adjustments reconciliation: $815,000,000.00Depreciation and amortization → Operating adjustments reconciliation: $387,000,000.00Unearned income → Operating adjustments reconciliation: $270,000,000.00Deferred income taxes → Operating adjustments reconciliation: $269,000,000.00Other assets → Operating adjustments reconciliation: $201,000,000.00Share-based compensation → Operating adjustments reconciliation: $84,000,000.00Impairment of property and equipment → Operating adjustments reconciliation: $70,000,000.00Other, net → Operating adjustments reconciliation: $26,000,000.00Net losses on financial instruments → Operating adjustments reconciliation: $1,000,000.00Operating adjustments reconciliation → Policy liabilities: $1,260,000,000.00Operating adjustments reconciliation → Income taxes: $616,000,000.00Operating adjustments reconciliation → Accounts payable and other liabilities: $151,000,000.00Operating adjustments reconciliation → Equity in net (earnings) losses of other invested assets: $113,000,000.00Operating adjustments reconciliation → Other invested assets: $35,000,000.00Proceeds from long-term borrowings → financing reconciliation: $2,994,000,000.00Proceeds from short-term borrowings → financing reconciliation: $990,000,000.00Changes in securities lending payable → financing reconciliation: $110,000,000.00Other, net → financing reconciliation: $21,000,000.00Taxes paid through withholding of common stock under employee stock plans → financing reconciliation: $9,000,000.00financing reconciliation → Net cash from financing activities: $243,000,000.00financing reconciliation → Repayments of short-term borrowings, net of issuances: $1,170,000,000.00financing reconciliation → Repayments of long-term borrowings: $900,000,000.00financing reconciliation → Repurchase and retirement of common stock: $876,000,000.00financing reconciliation → Changes in bank overdrafts: $554,000,000.00financing reconciliation → Cash dividends: $381,000,000.00Net cash used in investing activities → investing reconciliation: $1,224,000,000.00Proceeds from sale of investments → investing reconciliation: $2,975,000,000.00Maturities, calls and redemptions from investments → investing reconciliation: $447,000,000.00Purchases of subsidiaries, net of cash acquired → investing reconciliation: $1,000,000.00investing reconciliation → Purchases of investments: $4,163,000,000.00investing reconciliation → Purchases of property and equipment: $360,000,000.00investing reconciliation → Changes in securities lending collateral: $110,000,000.00investing reconciliation → Other, net: $14,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $8,560,000,000.00Net cash from operating activities → Cash sources and uses: $1,135,000,000.00Net cash from financing activities → Cash sources and uses: $243,000,000.00Cash sources and uses → Exchange-rate effect: $1,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $8,713,000,000.00Cash sources and uses → Net cash used in investing activities: $1,224,000,000.00Net income: $1,187,000,000.00Net income+$1.19 BAccounts payable and other liabilities: -$151,000,000.00Payables & other liabilities−$151.00 MEquity in net (earnings) losses of other invested assets: -$113,000,000.00Equity-method results−$113.00 MShare-based compensation: $84,000,000.00Stock-based compensation+$84.00 MIncome taxes: -$616,000,000.00Income taxes, net−$616.00 MPolicy liabilities: -$1,260,000,000.00Insurance liabilities−$1.26 BDeferred income taxes: $269,000,000.00Deferred income taxes+$269.00 MOther assets: $201,000,000.00Other operating assets+$201.00 MNet losses on financial instruments: $1,000,000.00Net losses on financial instruments+$1.00 MDepreciation and amortization: $387,000,000.00D&A and accretion+$387.00 MReceivables, net: $815,000,000.00Receivables, net+$815.00 MUnearned income: $270,000,000.00Unearned revenue+$270.00 MOther invested assets: -$35,000,000.00Trading securities, net−$35.00 MGain on sale of business: $0.00Impairment of property and equipment: $70,000,000.00Asset impairments+$70.00 MOther, net: $26,000,000.00Other working capital, net+$26.00 MNet cash from operating activities: $1,135,000,000.00Operating cash+$1.14 BOperating adjustments reconciliation: $2,175,000,000.00Proceeds from long-term borrowings: $2,994,000,000.00Long-term debt issued+$2.99 BRepayments of long-term borrowings: -$900,000,000.00Long-term debt repaid−$900.00 MProceeds from short-term borrowings: $990,000,000.00Short-term debt issued+$990.00 MRepayments of short-term borrowings, net of issuances: -$1,170,000,000.00Short-term debt repaid−$1.17 BChanges in securities lending payable: $110,000,000.00Securities lending, net+$110.00 MChanges in bank overdrafts: -$554,000,000.00Outstanding checks, net−$554.00 MRepurchase and retirement of common stock: -$876,000,000.00Common stock repurchases−$876.00 MCash dividends: -$381,000,000.00Dividends paid−$381.00 MProceeds from issuance of common stock under employee stock plans: $0.00Taxes paid through withholding of common stock under employee stock plans: $9,000,000.00Stock-award tax withholding+$9.00 MOther, net: $21,000,000.00Other financing, net+$21.00 MNet cash from financing activities: $243,000,000.00Financing cash+$243.00 Mfinancing reconciliation: $4,124,000,000.00Purchases of investments: -$4,163,000,000.00Investment purchases−$4.16 BProceeds from sale of investments: $2,975,000,000.00Proceeds from sale of investments+$2.98 BMaturities, calls and redemptions from investments: $447,000,000.00AFS securities maturities+$447.00 MChanges in securities lending collateral: -$110,000,000.00Securities loan collateral, net−$110.00 MPurchases of subsidiaries, net of cash acquired: $1,000,000.00Acquisitions, net of cash+$1.00 MProceeds from sale of subsidiaries, net of cash sold: $0.00Purchases of property and equipment: -$360,000,000.00PP&E purchases−$360.00 MOther, net: -$14,000,000.00Other investing, net−$14.00 MNet cash used in investing activities: -$1,224,000,000.00. Cash required to fund net payments.Investing cash−$1.22 Binvesting reconciliation: $4,647,000,000.00Cash sources and uses: $9,938,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $8,560,000,000.00Beginning cash$8.56 BEnding cash: Cash, cash equivalents, and restricted cash: $8,713,000,000.00Ending cash$8.71 BExchange-rate effect: -$1,000,000.00FX effect−$1.00 MCASH RECONCILIATIONOperatingflowsFinancingflowsInvestingflowsFree cash flow$775.00 MOperating cash − cash spent on PP&ECash flow / Net income0.96×Operating cash flow ÷ net incomeNet cash change+$153.00 MEnding cash − beginning cash
Chart details

ELEVANCE HEALTH, INC. cash flow reconciliation, Jul 1, 2025 through Sep 30, 2025

Cash flows for Jul 1, 2025 through Sep 30, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Jun 30, 2025. Ending cash: Sep 30, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Jun 30, 2025
8,560,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
1,135,000,000 US dollars. Net cash provided.
Net income
1,187,000,000 US dollars
Accounts payable and other liabilities
negative 151,000,000 US dollars
Equity in net (earnings) losses of other invested assets
negative 113,000,000 US dollars
Share-based compensation
84,000,000 US dollars
Income taxes
negative 616,000,000 US dollars
Policy liabilities
negative 1,260,000,000 US dollars
Deferred income taxes
269,000,000 US dollars
Other assets
201,000,000 US dollars
Net losses on financial instruments
1,000,000 US dollars
Depreciation and amortization
387,000,000 US dollars
Receivables, net
815,000,000 US dollars
Unearned income
270,000,000 US dollars
Other invested assets
negative 35,000,000 US dollars
Gain on sale of business
0 US dollars
Impairment of property and equipment
70,000,000 US dollars
Other, net
26,000,000 US dollars
Investing activities
negative 1,224,000,000 US dollars. Net cash used.
Purchases of investments
negative 4,163,000,000 US dollars
Proceeds from sale of investments
2,975,000,000 US dollars
Maturities, calls and redemptions from investments
447,000,000 US dollars
Changes in securities lending collateral
negative 110,000,000 US dollars
Purchases of subsidiaries, net of cash acquired
1,000,000 US dollars
Proceeds from sale of subsidiaries, net of cash sold
0 US dollars
Purchases of property and equipment
negative 360,000,000 US dollars
Other, net
negative 14,000,000 US dollars
Financing activities
243,000,000 US dollars. Net cash provided.
Proceeds from long-term borrowings
2,994,000,000 US dollars
Repayments of long-term borrowings
negative 900,000,000 US dollars
Proceeds from short-term borrowings
990,000,000 US dollars
Repayments of short-term borrowings, net of issuances
negative 1,170,000,000 US dollars
Changes in securities lending payable
110,000,000 US dollars
Changes in bank overdrafts
negative 554,000,000 US dollars
Repurchase and retirement of common stock
negative 876,000,000 US dollars
Cash dividends
negative 381,000,000 US dollars
Proceeds from issuance of common stock under employee stock plans
0 US dollars
Taxes paid through withholding of common stock under employee stock plans
9,000,000 US dollars
Other, net
21,000,000 US dollars
Operating adjustment reconciliation
2,175,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
4,124,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
4,647,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
negative 1,000,000 US dollars
Ending cash on Sep 30, 2025
8,713,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
9,938,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
153,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
0.96×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
1,135,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
360,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
775,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income exceeds operating cash. The diagram allocates $1.14B of net income directly to operating cash and $52.00M to the adjustment junction, where it combines with other additions to reconcile deductions. This is an accounting presentation, not a tracing of cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 1,135,000,000 US dollars minus 360,000,000 US dollars equals 775,000,000 US dollars.
ELEVANCE HEALTH, INC. (ELV) FY2025 Q3 Statement of Cash Flows Sankey chart
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