Elevance Health, Inc. (ELV) Revenue by Segment

Elevance Health revenue by segment at a glance

In Q2 fiscal 2026 (the quarter ended June 30, 2026), Elevance Health's largest business segment was Health Benefits, with $40.65 billion or 98% of revenue, up 2.4% from a year earlier. Next: Total Carelon (2%).

By product or service, Managed Care Products brought in 73%, Pharmacy products and services brought in 16% and Integrated health services brought in 6% of revenue in Q3 fiscal 2021.

From company filings, in USD; latest quarter ended June 30, 2026; quarterly data from Q3 fiscal 2017.

Elevance Health, Inc.

ELVHealthcare

United States

Healthcare

Revenue breakdown

Fiscal quarters, from company filings

Segments by quarter (USD)

Click a bar to see that period below. Striped bars are calculated fourth quarters; an empty slot means it could not be calculated on the same basis i

Health BenefitsGovernment BusinessCommercial & Specialty BusinessIngenioRxOtherTotal CarelonCarelon TotalCarelon Services

Q2 FY26 breakdown

Fiscal quarter ended Jun 30, 2026

Item	Revenue	Share	vs year before
Health Benefits	USD 40.65B	98.0%	+2.4%
Total Carelon	USD 833.00M	2.0%	-55.3%
Intersegment eliminationsi	-USD 201.00M		–

Sum of items USD 41.48B; corporate items and eliminations -USD 201.00M. Shares are of the items shown. Click an item with › to see its parts.

Also reported by:

All periods

Every item and period in one grid. Purple = calculated; "–" = not available.

Item	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Health Benefits	40.6B	40.5B	39.9B	40.3B	39.7B	39.6B	35.7B	36.4B	35.1B	35.4B	34.8B	34.9B	36.2B	35.5B	33.3B	33.4B	32.8B	32.5B	–	–	–	–	–	–	–	–	–	–	–	–	–
Government Business	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	21.7B	20.1B	19.3B	–	18.1B	17.2B	17.5B	–	16.0B	15.5B	14.9B	14.9B
Commercial & Specialty Business	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	9.9B	9.6B	9.5B	–	9.3B	8.8B	9.4B	–	9.3B	9.4B	9.4B	8.4B
IngenioRx	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	6.5B	6.2B	5.9B	–	5.6B	5.3B	5.2B	–	1.9B	248.0M	–	–
Other	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.7B	2.5B	2.4B	–	1.8B	1.5B	1.0B	–	586.0M	546.0M	548.0M	–
Total Carelon	833.0M	779.0M	1.2B	1.8B	1.9B	1.5B	748.0M	680.0M	794.0M	408.0M	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Carelon Total	–	–	–	–	–	–	–	–	–	–	418.0M	422.0M	–	410.0M	394.0M	412.0M	327.0M	366.0M	–	–	–	–	–	–	–	–	–	–	–	–	–
Carelon Services	–	–	–	–	–	–	–	–	–	–	–	–	429.0M	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–

Elevance Health revenue by business segment, last 4 quarters

Business segment	Q2 FY26	Q1 FY26	Q3 FY25	Q2 FY25	Share
Health Benefits	$40.6B	$40.5B	$40.3B	$39.7B	98%
Total Carelon	$833.0M	$779.0M	$1.8B	$1.9B	2%

In USD, fiscal quarters as reported; share = part of Q2 FY26 revenue.

Elevance Health revenue by product or service, last 4 quarters

Product or service	Q3 FY21	Q2 FY21	Q1 FY21	Q3 FY20	Share
Managed Care Products	$29.6B	$27.7B	$26.9B	$25.5B	73%
Pharmacy products and services	$6.5B	$6.2B	$5.9B	$5.6B	16%
Integrated health services	$2.5B	$2.4B	$2.2B	$1.7B	6%
Managed Care Services	$1.6B	$1.5B	$1.5B	$1.5B	4%
Dental Vision Products and Services	$342.0M	$335.0M	$336.0M	$318.0M	1%
Other Products	$191.0M	$178.0M	$201.0M	$176.0M	under 1%

In USD, fiscal quarters as reported; share = part of Q3 FY21 revenue.

Questions and answers

What are Elevance Health's business segments?

Health Benefits and Total Carelon (as reported for Q2 fiscal 2026).

Which business segment makes the most money for Elevance Health?

Health Benefits: $40.65 billion, or 98% of revenue, in Q2 fiscal 2026.

What are Elevance Health's main products and services?

By revenue in Q3 fiscal 2021: Managed Care Products (73%), Pharmacy products and services (16%), Integrated health services (6%) and Managed Care Services (4%).

MoreElevance Health stock overview Elevance Health financials Elevance Health executive team Elevance Health shareholders

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.