Overview
Elevance Health, Inc. is a U.S.-focused health benefits and health services company. Its businesses include managed-care plans for individual, employer, Medicaid and Medicare markets, pharmacy services through CarelonRx, and other health services through Carelon.[1][2][3][4]
The company describes its purpose as “improving the health of humanity.” Its insurance subsidiaries are licensed in all 50 states, the District of Columbia and Puerto Rico; international operations are immaterial.[5][6][7] At the end of 2025, Elevance served 45.2 million medical members.[5] Its official company page reports nearly 104,000 associates.[8]
For the year ended December 31, 2025, Elevance reported $197.584 billion in operating revenue.[9] The company adopted the Elevance Health name in 2022.[10] [1][2][3][4][5][6][7][9][8][10]
Products & services
Elevance Health offers health coverage through commercial and individual plans, employer plans, Medicare, Medicaid, and the Federal Employee Program. Commercial plan options include PPO, HMO, consumer-driven health plans, traditional indemnity, and point-of-service plans; its additional benefits include dental, vision, stop-loss, and supplemental health coverage.[11][12][13] Medicare offerings include Medicare Advantage, Special Needs Plans, Medicare-Medicaid Plans, Medicare Supplement, and Part D prescription drug plans. Medicaid and state-program coverage includes expansion programs, CHIP, long-term services and supports, behavioral health, and other specialty populations.[14][15]
CarelonRx provides pharmacy-benefit and prescription services, including claims adjudication, formulary and pharmacy-network management, rebate administration, home delivery, specialty pharmacy, and member support. It also offers infusion services and injectable therapies. Carelon’s other services include behavioral-health clinical and network services, care management and navigation, specialty-care management, post-acute and home-health support, virtual care, primary and palliative care, and payment-integrity and analytics services.[16][17][18][19][20] HealthOS supports clinical data exchange between providers, electronic medical records, and health plans; its documentation describes FHIR API capabilities.[20][21]
For 2025, reported segment operating revenue was $167.1 billion for Health Benefits, $43.4 billion for CarelonRx, and $28.3 billion for Carelon Services; these segment figures include affiliated business and are not additive to consolidated revenue because of intersegment eliminations.[22] In the six months ended June 30, 2026, CarelonRx reported $12.5 billion of product revenue.[23] [11][12][13][14][15][16][17][18][19][20][22][23][21]
Geographic presence
Elevance Health’s Blue Cross and Blue Shield territories span 14 states: California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin. Its 2025 Form 10-K notes geographic limits in Missouri, New York and Virginia. The company also serves members in numerous states through other brands and reports being licensed for insurance operations in all 50 states, Washington, D.C., and Puerto Rico.[6][24]
Elevance Health is headquartered in Indianapolis, Indiana. It reported approximately 45.2 million medical members at December 31, 2025; the sources reviewed do not provide state-level membership or revenue percentages by geography, with revenue instead presented by business segment or line of business.[24][25][26] Puerto Rico is part of the company’s insurance footprint. Separately, an Elevance careers posting describes Carelon Global Solutions service-center operations in the Philippines, India and Puerto Rico; this indicates service operations in those locations, not health-plan sales there.[6][27] [6][24][26][25][27]
Business segments
Elevance Health reports three business segments: **Health Benefits**, **CarelonRx**, and **Carelon Services**. Health Benefits covers health plans and managed-care products for commercial, Medicaid, Medicare, and fee-based customers. CarelonRx provides pharmacy services, including pharmacy-benefit management, specialty and home-delivery pharmacy, and related services. Carelon Services includes Carelon Health and Carelon Insights, with care delivery and healthcare services focused on areas such as care management, affordability, and physical and behavioral health.[5][12][28][15][29][4][30][17][20]
Using reported **unaffiliated operating revenue** as the basis, the approximate segment shares of consolidated revenue were, for FY2025: Health Benefits $167.1 billion (84.6%), CarelonRx $24.5 billion (12.4%), and Carelon Services $7.1 billion (3.6%). For the six months ended June 30, 2026, the latest interim period available: Health Benefits $85.2 billion (85.8%), CarelonRx $12.5 billion (12.6%), and Carelon Services $2.0 billion (2.0%). These estimates use consolidated operating revenue of $197.6 billion in FY2025 and $99.3 billion in 1H2026; segment shares exceed 100% in aggregate because of revenue eliminations.[31][23]
The filings also show segment revenue including affiliated transactions, as well as a separate Health Benefits breakdown by lines of business; these are supplementary presentations rather than additional reportable segments.[31][32][33] [5][12][28][15][29][4][30][17][20][31][23][32][33]
Company history
Elevance Health’s roots trace to Indiana Blue Cross and Blue Shield plans, which combined in 1985. A separate predecessor lineage began when Blue Cross of California organized WellPoint as its managed-care division in 1986; WellPoint became publicly traded in 1993.[34][35] Anthem converted from mutual to stock ownership and completed its IPO in 2001, then expanded through acquisitions including RightCHOICE and Trigon Healthcare in 2002.[36][37][38]
Anthem and WellPoint Health Networks completed their merger in 2004, with the combined company taking the WellPoint name.[39] WellPoint acquired CareMore in 2011 and Amerigroup in 2012, expanding into senior-focused care and government health programs.[40][41] The company adopted the Anthem, Inc. name in 2014. Its proposed acquisition of Cigna, announced in 2015, was blocked by a federal court in 2017 and subsequently terminated.[42][43][44][45] Subsequent acquisitions broadened its care and pharmacy operations, including Beacon Health Options in 2020, BioPlus in 2023, and Paragon Healthcare in 2024.[46][47][48][49] In 2022, Anthem changed its corporate name to Elevance Health and announced Carelon and Wellpoint as subsidiary brands.[50][51][52] [48][49][34][35][36][37][38][39][40][41][42][43][44][45][46][47][50][51][52]
Sources
- Elevance Health, Inc. — Full financial report (2025 Y)
- www.elevancehealth.com[8]
- ir.elevancehealth.com[10]
- Elevance Health, Inc. — Full financial report (2026 Q 2)
- totalview.healthos.elevancehealth.com[21]
- www.sec.gov[25]
- careers.elevancehealth.com[27]
- indyencyclopedia.org[34]
- www.company-histories.com[35]
- media.corporate-ir.net[36]
- www.sec.gov[37]
- www.sec.gov[38]
- www.sec.gov[39]
- www.elevancehealth.com[40]
- www.sec.gov[41]
- www.sec.gov[42]
- www.sec.gov[43]
- www.justice.gov[44]
- www.elevancehealth.com[45]
- www.elevancehealth.com[46]
- www.elevancehealth.com[47]
- Elevance Health, Inc. — Full financial report (2024 Y)[48][49]
- www.elevancehealth.com[50]
- www.elevancehealth.com[51]
- www.elevancehealth.com[52]
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