Elevance Health (ELV) Operating Margin (2009 - 2026)
Elevance Health's Operating Margin came in at -69.97% for Q3 2026, up 2.47 percentage points from -72.44% a year earlier but down 0.46 percentage points from the prior quarter.
Powered by 
Analysis
Elevance Health (ELV) Operating Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Elevance Health reported Operating Margin of -70.47%, down 0.38 percentage points year-over-year; for FY2025, it came in at -71.07%, down 3.47 percentage points from FY2024.
- Operating Margin carries a five-year change of -3.94 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was -67.60% in FY2024 (+0.46 pp), -68.06% in FY2023 (+1.57 pp), -69.63% in FY2022 (-1.42 pp) and -68.22% in FY2021 (-1.09 pp).
- The five-year range for quarterly Operating Margin is -76.08% (Q4 2025) to -62.86% (Q2 2024).
- Year-over-year, Operating Margin increased in two of the last eight quarters, with an average year-over-year change of -1.64 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in Q2 2024 (a gain of 3.92 percentage points), and the weakest in Q2 2025 (a drop of 6.28 percentage points).
- Business Quant data shows ELV's Operating Margin at -69.51% (Q2 2026), -66.38% (Q1 2026) and -76.08% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Unitedhealth | 356.05 Bn | 236.68 Bn | 35.71 Bn | 5.82% |
| 2 | Mckesson | 123.13 Bn | 104.51 Bn | 3.96 Bn | 1.45% |
| 3 | Cvs Health | 109.04 Bn | 57.80 Bn | 47.21 Bn | 3.29% |
| 4 | Elevance Health | 90.56 Bn | -52.02 Bn | 13.65 Bn | 4.18% |
| 5 | Cigna | 77.41 Bn | 46.27 Bn | 15.09 Bn | 3.25% |
| 6 | Cencora | 66.63 Bn | 55.53 Bn | 3.61 Bn | 1.32% |
| 7 | Cardinal Health | 63.51 Bn | 46.67 Bn | 2.60 Bn | 1.12% |
| 8 | Humana | 50.79 Bn | -37.07 Bn | 5.50 Bn | 3.33% |
| 9 | Centene | 33.94 Bn | -60.76 Bn | 9.52 Bn | -0.61% |
| 10 | Molina Healthcare | 10.37 Bn | -24.63 Bn | 1.36 Bn | 0.96% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 4.18% |
| Jun 30, 2026 | 4.56% |
| Mar 31, 2026 | 5.30% |
| Dec 31, 2025 | 1.17% |
| Sep 30, 2025 | 3.46% |
| Jun 30, 2025 | 5.29% |
| Mar 31, 2025 | 6.42% |
| Dec 31, 2024 | 2.08% |
| Sep 30, 2024 | 3.71% |
| Jun 30, 2024 | 7.44% |
| Mar 31, 2024 | 7.53% |
| Dec 31, 2023 | 2.95% |
| Sep 30, 2023 | 4.46% |
| Jun 30, 2023 | 6.19% |
| Mar 31, 2023 | 6.81% |
| Dec 31, 2022 | 3.19% |
| Sep 30, 2022 | 5.86% |
| Jun 30, 2022 | 6.03% |
| Mar 31, 2022 | 6.58% |
| Dec 31, 2021 | 4.57% |
API Access
Elevance Health Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=ELV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "ELV", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=ELV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();