Elevance Health, Inc. (ELV) closed fiscal year 2025 with a gross margin of 14.9 % and a net margin of 2.8 %.
Elevance Health, Inc. (ELV) closed fiscal year 2025 with a gross margin of 14.9 % and a net margin of 2.8 %. The same year shows an EBITDA margin of 4.4 % and an EBIT margin of 3.6 %. The free cash flow margin was 1.6 %. Against the previous year the gross margin moved −1.8 pp and the net margin −0.5 pp. Across the period the gross margin ranges between 14.9 % in 2025 and 26.8 % in 2009. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 24.03 % | 20.44 % | 26.79 % | 23.46 % | 21.52 % | 21.38 % | 20.82 % | 23.04 % | 22.79 % | 21.24 % | 19.77 % | 21.94 % | 19.61 % | 20.41 % | 18.16 % | 17.19 % | 17.34 % | 16.78 % | 14.93 % |
| EBITDA margin (%) | — | 8.19 % | 7.46 % | 8.04 % | 7.28 % | 7.03 % | 6.77 % | 7.07 % | 7.08 % | 6.68 % | 5.62 % | 7.12 % | 6.84 % | 6.17 % | 6.39 % | 6.36 % | 5.98 % | 5.23 % | 4.39 % |
| EBIT margin (%) | — | 7.10 % | 6.44 % | 6.95 % | 6.23 % | 5.89 % | 5.63 % | 5.98 % | 6.00 % | 5.66 % | 4.64 % | 5.89 % | 5.76 % | 5.22 % | 5.45 % | 5.29 % | 4.96 % | 4.44 % | 3.62 % |
| Net margin (%) | 5.47 % | 4.07 % | 7.31 % | 4.92 % | 4.36 % | 4.32 % | 3.51 % | 3.48 % | 3.23 % | 2.91 % | 4.27 % | 4.07 % | 4.61 % | 3.75 % | 4.44 % | 3.76 % | 3.49 % | 3.38 % | 2.84 % |
| FCF margin (%) | 6.58 % | 3.58 % | 4.10 % | 1.64 % | 4.70 % | 3.58 % | 3.39 % | 3.59 % | 4.51 % | 3.17 % | 3.77 % | 2.84 % | 4.78 % | 7.93 % | 5.25 % | 4.63 % | 3.95 % | 2.57 % | 1.59 % |
