ANTHEM, INC.

EDGAR

Annual consolidated revenue for 2025: about USD 199.1B, using the latest reported figures. The previous period, 2024, was about USD 177B.

Watchlist

Latest quarter

Revenue

51.4 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Revenue: 51429000000 USD Source

Operating margin

2.47%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: 1269000000 USD Source
  • Revenue: 51429000000 USD Source

Operating cash flow

1.27 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 7512000000 USD Source
  • Operating Cash Flow: 6245000000 USD Source

Free cash flow

1 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 7512000000 USD Source
  • Operating Cash Flow: 6245000000 USD Source
  • Capital Expenditure: 789000000 USD Source
  • Capital Expenditure: 522000000 USD Source
Cash and cash equivalents
10.3 billion USD Source
Exact value

10348000000 USD

Long-term debt including current maturities
30.8 billion USD Source
Exact value

30757000000 USD

Shares outstanding
216 million shares Source
Exact value

216113946 shares

Reported share-count change

-2.67% · -5.92 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 222036187 shares · 2025-09-30· Source
  • 216113946 shares · 2026-09-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

202 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 199125000000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 149378000000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 50181000000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 50474000000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 51429000000 USD · 2026-07-01 – 2026-09-30 Source

Net income

5.14 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: 5662000000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 5115000000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 1764000000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 1463000000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: 1365000000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

7.6 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 4290000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 4206000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 4332000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 6245000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 4332000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 7512000000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 6245000000 USD · 2026-01-01 – 2026-06-30 Source

Capital expenditure

1.08 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Capital expenditure: 1116000000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 823000000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 235000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 522000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 235000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 789000000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 522000000 USD · 2026-01-01 – 2026-06-30 Source

Free cash flow

6.51 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 4290000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 4206000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 4332000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 6245000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 4332000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 7512000000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 6245000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 1116000000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 823000000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 235000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 522000000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 235000000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 789000000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 522000000 USD · 2026-01-01 – 2026-06-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-21.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • Current assets: 11 of 11 periods available· newest 2025-12-31
  • Current liabilities: 11 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 11 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 11 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +12.5%

    Prior period

    USD 177.01 billion

    –

    Current period

    USD 199.13 billion

    –

    Exact inputs and evidence

    199125000000 − 177011000000 = 22114000000 USD

    177011000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    199125000000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    -5.3%

    Prior period

    USD 5.98 billion

    –

    Current period

    USD 5.66 billion

    –

    Exact inputs and evidence

    5662000000 − 5980000000 = -318000000 USD

    5980000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    5662000000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    -26.1%

    Prior period

    USD 5.81 billion

    –

    Current period

    USD 4.29 billion

    –

    Exact inputs and evidence

    4290000000 − 5808000000 = -1518000000 USD

    5808000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    4290000000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -11.1%

    Prior period

    USD 1.26 billion

    –

    Current period

    USD 1.12 billion

    –

    Exact inputs and evidence

    1116000000 − 1256000000 = -140000000 USD

    1256000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1116000000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 199.13 billion 100% of revenue
  • Operating costs Derived USD 191.93 billion 96% of revenue
  • Operating income USD 7.2 billion 3.6% of revenue
  • Tax, interest and other Derived USD 1.54 billion 0.8% of revenue
  • Net income USD 5.66 billion 2.8% of revenue

Cash

  • Operating cash flow USD 4.29 billion 2.2% of revenue
  • Capital expenditure USD 1.12 billion 0.6% of revenue
  • Free cash flow Derived USD 3.17 billion 1.6% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 94%
  • 2017 95%
  • 2018 94%
  • 2019 94%
  • 2020 95%
  • 2021 95%
  • 2022 95%
  • 2023 95%
  • 2024 96%
  • 2025 96%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-3184863000000 80062000000 Derived 4801000000 2331000000 Derived 2470000000 2686000000 Derived
Source
2017 2017-01-01 – 2017-12-3190040000000 85865000000 Derived 4175000000 332000000 Derived 3843000000 3394000000 Derived
Source
2018 2018-01-01 – 2018-12-3192105000000 86679000000 Derived 5426000000 1676000000 Derived 3750000000 2619000000 Derived
Source
2019 2019-01-01 – 2019-12-31104213000000 98214000000 Derived 5999000000 1192000000 Derived 4807000000 4984000000 Derived
Source
2020 2020-01-01 – 2020-12-31121867000000 115507000000 Derived 6360000000 1788000000 Derived 4572000000 9667000000 Derived
Source
2021 2021-01-01 – 2021-12-31138639000000 131080000000 Derived 7559000000 1401000000 Derived 6158000000 7277000000 Derived
Source
2022 2022-01-01 – 2022-12-31156595000000 148312000000 Derived 8283000000 2389000000 Derived 5894000000 7247000000 Derived
Source
2023 2023-01-01 – 2023-12-31171340000000 162841000000 Derived 8499000000 2512000000 Derived 5987000000 6765000000 Derived
Source
2024 2024-01-01 – 2024-12-31177011000000 169149000000 Derived 7862000000 1882000000 Derived 5980000000 4552000000 Derived
Source
2025 2025-01-01 – 2025-12-31199125000000 191926000000 Derived 7199000000 1537000000 Derived 5662000000 3174000000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 199.1B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.215.1B161.3B107.5B53.8B0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue84863000000
2017Revenue90040000000
2018Revenue92105000000
2019Revenue104213000000
2020Revenue121867000000
2021Revenue138639000000
2022Revenue156595000000
2023Revenue171340000000
2024Revenue177011000000
2025Revenue199125000000

Revenue growth

Change in revenue from the same financial period one year earlier.

12.5% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.18.3%13.7%9.1%4.6%0.0%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year7.2%
2017Year over year6.1%
2018Year over year2.3%
2019Year over year13.1%
2020Year over year16.9%
2021Year over year13.8%
2022Year over year13%
2023Year over year9.4%
2024Year over year3.3%
2025Year over year12.5%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 3.6% 2025
Net margin 2.8% 2025
Free cash flow margin 1.6% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.8.6%6.4%4.3%2.1%0.0%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin5.7%
2017Operating margin4.6%
2018Operating margin5.9%
2019Operating margin5.8%
2020Operating margin5.2%
2021Operating margin5.5%
2022Operating margin5.3%
2023Operating margin5%
2024Operating margin4.4%
2025Operating margin3.6%
2016Net margin2.9%
2017Net margin4.3%
2018Net margin4.1%
2019Net margin4.6%
2020Net margin3.8%
2021Net margin4.4%
2022Net margin3.8%
2023Net margin3.5%
2024Net margin3.4%
2025Net margin2.8%
2016Free cash flow margin3.2%
2017Free cash flow margin3.8%
2018Free cash flow margin2.8%
2019Free cash flow margin4.8%
2020Free cash flow margin7.9%
2021Free cash flow margin5.2%
2022Free cash flow margin4.6%
2023Free cash flow margin3.9%
2024Free cash flow margin2.6%
2025Free cash flow margin1.6%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 4.3B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.11.5B8.7B5.8B2.9B0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow3270000000
2017Operating cash flow4185000000
2018Operating cash flow3827000000
2019Operating cash flow6061000000
2020Operating cash flow10688000000
2021Operating cash flow8364000000
2022Operating cash flow8399000000
2023Operating cash flow8061000000
2024Operating cash flow5808000000
2025Operating cash flow4290000000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 3.2B 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.10.4B7.8B5.2B2.6B0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow2686000000
2017Free cash flow3394000000
2018Free cash flow2619000000
2019Free cash flow4984000000
2020Free cash flow9667000000
2021Free cash flow7277000000
2022Free cash flow7247000000
2023Free cash flow6765000000
2024Free cash flow4552000000
2025Free cash flow3174000000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

63.8% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.70%52%35%17%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets61.4%
2017Liabilities / assets62.4%
2018Liabilities / assets60.1%
2019Liabilities / assets59%
2020Liabilities / assets61.7%
2021Liabilities / assets62.9%
2022Liabilities / assets64.6%
2023Liabilities / assets63.8%
2024Liabilities / assets64.6%
2025Liabilities / assets63.8%

Current assets to current liabilities

Current assets divided by current liabilities.

1.54× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.79×1.34×0.90×0.45×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities1.61×
2017Current assets / current liabilities1.55×
2018Current assets / current liabilities1.56×
2019Current assets / current liabilities1.66×
2020Current assets / current liabilities1.55×
2021Current assets / current liabilities1.47×
2022Current assets / current liabilities1.4×
2023Current assets / current liabilities1.44×
2024Current assets / current liabilities1.45×
2025Current assets / current liabilities1.54×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 2.47 billion
Exact value

Exact value: 2470000000 USD

2016-01-01 – 2016-12-31: 2470000000 USD Inspect Net Income Open source
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USD 3.27 billion
Exact value

Exact value: 3270000000 USD

2016-01-01 – 2016-12-31: 3270000000 USD Inspect Operating Cash Flow Open source
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USD 584 million
Exact value

Exact value: 584000000 USD

2016-01-01 – 2016-12-31: 584000000 USD Inspect Capital Expenditure Open source
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USD 2.69 billion
Calculation and evidence

3270000000 − 584000000 USD

Exact free cash flow: 2686000000 USD

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2017 2017-01-01 – 2017-12-31
USD 3.84 billion
Exact value

Exact value: 3843000000 USD

2017-01-01 – 2017-12-31: 3843000000 USD Inspect Net Income Open source
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USD 4.19 billion
Exact value

Exact value: 4185000000 USD

2017-01-01 – 2017-12-31: 4185000000 USD Inspect Operating Cash Flow Open source
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USD 791 million
Exact value

Exact value: 791000000 USD

2017-01-01 – 2017-12-31: 791000000 USD Inspect Capital Expenditure Open source
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USD 3.39 billion
Calculation and evidence

4185000000 − 791000000 USD

Exact free cash flow: 3394000000 USD

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2018 2018-01-01 – 2018-12-31
USD 3.75 billion
Exact value

Exact value: 3750000000 USD

2018-01-01 – 2018-12-31: 3750000000 USD Inspect Net Income Open source
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USD 3.83 billion
Exact value

Exact value: 3827000000 USD

2018-01-01 – 2018-12-31: 3827000000 USD Inspect Operating Cash Flow Open source
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USD 1.21 billion
Exact value

Exact value: 1208000000 USD

2018-01-01 – 2018-12-31: 1208000000 USD Inspect Capital Expenditure Open source
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USD 2.62 billion
Calculation and evidence

3827000000 − 1208000000 USD

Exact free cash flow: 2619000000 USD

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2019 2019-01-01 – 2019-12-31
USD 4.81 billion
Exact value

Exact value: 4807000000 USD

2019-01-01 – 2019-12-31: 4807000000 USD Inspect Net Income Open source
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USD 6.06 billion
Exact value

Exact value: 6061000000 USD

2019-01-01 – 2019-12-31: 6061000000 USD Inspect Operating Cash Flow Open source
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USD 1.08 billion
Exact value

Exact value: 1077000000 USD

2019-01-01 – 2019-12-31: 1077000000 USD Inspect Capital Expenditure Open source
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USD 4.98 billion
Calculation and evidence

6061000000 − 1077000000 USD

Exact free cash flow: 4984000000 USD

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2020 2020-01-01 – 2020-12-31
USD 4.57 billion
Exact value

Exact value: 4572000000 USD

2020-01-01 – 2020-12-31: 4572000000 USD Inspect Net Income Open source
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USD 10.69 billion
Exact value

Exact value: 10688000000 USD

2020-01-01 – 2020-12-31: 10688000000 USD Inspect Operating Cash Flow Open source
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USD 1.02 billion
Exact value

Exact value: 1021000000 USD

2020-01-01 – 2020-12-31: 1021000000 USD Inspect Capital Expenditure Open source
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USD 9.67 billion
Calculation and evidence

10688000000 − 1021000000 USD

Exact free cash flow: 9667000000 USD

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2021 2021-01-01 – 2021-12-31
USD 6.16 billion
Exact value

Exact value: 6158000000 USD

2021-01-01 – 2021-12-31: 6158000000 USD Inspect Net Income Open source
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USD 8.36 billion
Exact value

Exact value: 8364000000 USD

2021-01-01 – 2021-12-31: 8364000000 USD Inspect Operating Cash Flow Open source
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USD 1.09 billion
Exact value

Exact value: 1087000000 USD

2021-01-01 – 2021-12-31: 1087000000 USD Inspect Capital Expenditure Open source
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USD 7.28 billion
Calculation and evidence

8364000000 − 1087000000 USD

Exact free cash flow: 7277000000 USD

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2022 2022-01-01 – 2022-12-31
USD 5.89 billion
Exact value

Exact value: 5894000000 USD

2022-01-01 – 2022-12-31: 5894000000 USD Inspect Net Income Open source
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USD 8.4 billion
Exact value

Exact value: 8399000000 USD

2022-01-01 – 2022-12-31: 8399000000 USD Inspect Operating Cash Flow Open source
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USD 1.15 billion
Exact value

Exact value: 1152000000 USD

2022-01-01 – 2022-12-31: 1152000000 USD Inspect Capital Expenditure Open source
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USD 7.25 billion
Calculation and evidence

8399000000 − 1152000000 USD

Exact free cash flow: 7247000000 USD

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2023 2023-01-01 – 2023-12-31
USD 5.99 billion
Exact value

Exact value: 5987000000 USD

2023-01-01 – 2023-12-31: 5987000000 USD Inspect Net Income Open source
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USD 8.06 billion
Exact value

Exact value: 8061000000 USD

2023-01-01 – 2023-12-31: 8061000000 USD Inspect Operating Cash Flow Open source
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USD 1.3 billion
Exact value

Exact value: 1296000000 USD

2023-01-01 – 2023-12-31: 1296000000 USD Inspect Capital Expenditure Open source
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USD 6.77 billion
Calculation and evidence

8061000000 − 1296000000 USD

Exact free cash flow: 6765000000 USD

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2024 2024-01-01 – 2024-12-31
USD 5.98 billion
Exact value

Exact value: 5980000000 USD

2024-01-01 – 2024-12-31: 5980000000 USD Inspect Net Income Open source
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USD 5.81 billion
Exact value

Exact value: 5808000000 USD

2024-01-01 – 2024-12-31: 5808000000 USD Inspect Operating Cash Flow Open source
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USD 1.26 billion
Exact value

Exact value: 1256000000 USD

2024-01-01 – 2024-12-31: 1256000000 USD Inspect Capital Expenditure Open source
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USD 4.55 billion
Calculation and evidence

5808000000 − 1256000000 USD

Exact free cash flow: 4552000000 USD

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2025 2025-01-01 – 2025-12-31
USD 5.66 billion
Exact value

Exact value: 5662000000 USD

2025-01-01 – 2025-12-31: 5662000000 USD Inspect Net Income Open source
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USD 4.29 billion
Exact value

Exact value: 4290000000 USD

2025-01-01 – 2025-12-31: 4290000000 USD Inspect Operating Cash Flow Open source
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USD 1.12 billion
Exact value

Exact value: 1116000000 USD

2025-01-01 – 2025-12-31: 1116000000 USD Inspect Capital Expenditure Open source
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USD 3.17 billion
Calculation and evidence

4290000000 − 1116000000 USD

Exact free cash flow: 3174000000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

279 filings · 8,143 latest values · 8,143 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001156039, 1156039, ANTM, ELV, WLP, edgar:1156039

Also known as ANTHEM INC, ANTHEM, INC., Anthem, Inc., ELEVANCE HEALTH, INC., Elevance Health, Inc., WELLPOINT INC, WELLPOINT, INC, WellPoint, Inc.