Carelon Services was Elevance Health’s largest segment in fiscal 2025, bringing in $56.63B of $106.52B (53%).
| Segment | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2017 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Total | $82.77B | $95.96B | $107.84B | — | |||||
| Commercial & Specialty Business | — | — | — | — | |||||
| Commercial Specialty Business | — | — | — | — | |||||
| Government Business | — | — | — | — | |||||
| Carelonrx | $57.05B | $67.67B | $45.27B | $48.97B | |||||
| Carelon Services | $25.72B | $28.29B | $35.92B | $56.63B | |||||
| Corporate &Amp; Other | $798.00M | $958.00M | $618.00M | $926.00M | |||||
| Total | $166.34B | $192.89B | $189.65B | $106.52B |
Elevance Health brought in $106.52B from its three segments in fiscal 2025, the year ended December 31, 2025. That is less than the $141.16B it reports by major customers, so these segments do not cover all of its revenue. Carelon Services was the largest at $56.63B (53.2%), ahead of Carelonrx at $48.97B (46.0%) and Corporate &Amp; Other at $926.00M (0.9%).
Compared with fiscal 2024, Carelon Services grew 57.7% to $56.63B and Carelonrx grew 8.2% to $48.97B. Some of that change comes from Elevance Health regrouping its segments.
Elevance Health stopped reporting Total as a separate segment after fiscal 2024, when it brought in $107.84B.
Operating Revenue - Affiliated was Elevance Health’s largest revenue line in fiscal 2025, bringing in $80.18B of $141.16B (57%).
| Major Customers | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Operating Revenue - Unaffiliated | $276.50B | $296.46B | $298.29B | $60.98B | |
| Unaffiliated | — | — | — | — | |
| Operating Revenue - Affiliated | -$21.65B | -$24.21B | -$27.26B | $80.18B | |
| Affiliated | — | — | — | — | |
| Total | $254.85B | $272.25B | $271.03B | $141.16B |
Elevance Health brought in $141.16B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 47.9% from $271.03B in fiscal 2024. Operating Revenue - Affiliated was the largest at $80.18B (56.8%), ahead of Operating Revenue - Unaffiliated at $60.98B (43.2%).
From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $254.85B to $141.16B, a compound annual decline of 17.9%. Operating Revenue - Affiliated's share of the total rose from 8.5% to 56.8%.
Commercial was Elevance Health’s largest segment in fiscal 2008, bringing in $69.84B of $114.20B (61%).
| Segment Reporting Information, by Segment | FY 2008 |
|---|---|
| Commercial | $69.84B |
| Consumer | $32.75B |
| Other | $11.62B |
| Total | $114.20B |
Elevance Health brought in $114.20B from its three segments in fiscal 2008, the year ended December 31, 2008. Commercial was the largest at $69.84B (61.2%), ahead of Consumer at $32.75B (28.7%) and Other at $11.62B (10.2%).
Elevance Health (ELV) reports its revenue by segment, by major customers and by segment reporting information, by segment. In fiscal 2025, Carelon Services was its largest segment, bringing in $56.63B (53.2% of the total), followed by Carelonrx at $48.97B (46.0%).
Carelon Services was Elevance Health's largest segment in fiscal 2025, bringing in $56.63B, or 53.2% of the $106.52B total across its three segments.
Operating Revenue - Affiliated was Elevance Health's largest revenue line in fiscal 2025, bringing in $80.18B, or 56.8% of the $141.16B total across its two revenue lines.
Every figure comes from Elevance Health's annual financial filings, as reported. Each line keeps the name Elevance Health gives it, and years follow its fiscal calendar.
Elevance Health's revenue by segment goes back to fiscal 2012, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.