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Elevance Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.0B in Q3 2026 · $6.5B over twelve months

Operating cash flow$1.3B
Capital spending−$267M
Free cash flow+$1.0B
Cash / net income0.9×

Analysis

In Q3 2026, Elevance Health generated $1.3B of operating cash flow and spent $267M on capital projects, leaving free cash flow of $1.0B. That is $225M more than in Q3 2025 ($775M).

Over the twelve months to Sep 30, 2026, operating cash flow was $7.6B; the largest uses were buybacks ($2.2B), other investing ($2.0B), dividends ($1.5B); besides operations, cash came from other financing ($1.6B), shares issued ($118M); the cash balance rose by $1.6B.

Operating cash flow was $1.3B against net income of $1.3B — 0.9× profit, roughly in line with earnings. The largest differences: payables +$1.2B, receivables −$896M, income taxes payable +$427M.

Free cash flow

Elevance Health: free cash flow by quarterElevance Health: free cash flow by quarter$384MQ4 2024$821MQ1 2025$1.8BQ2 2025$775MQ3 2025−$209MQ4 2025$4.1BQ1 2026$1.6BQ2 2026$1.0BQ3 2026
Operating cash flow less capital spending.
Elevance Health: operating cash flow against capital spendingElevance Health: operating cash flow against capital spendingOperating cash flowCapital spending$706M$322MQ4 2024$1.0B$196MQ1 2025$2.1B$267MQ2 2025$1.1B$360MQ3 2025$84.0M$293MQ4 2025$4.3B$235MQ1 2026$1.9B$287MQ2 2026$1.3B$267MQ3 2026
Latest (Q3 2026): Operating cash flow $1.3B, Capital spending $267M.

Capital allocation, year by year

Elevance Health: where the cash came from (up) and went (down), by fiscal yearElevance Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $8.4BFY2021: Net borrowing $2.8BFY2021: Shares issued $203MFY2021: Capital spending −$1.1BFY2021: Acquisitions −$3.5BFY2021: Buybacks −$1.9BFY2021: Dividends −$1.1B$11.3BFY2021FY2022: Operating cash flow $8.4BFY2022: Net borrowing $562MFY2022: Shares issued $120MFY2022: Capital spending −$1.2BFY2022: Acquisitions −$649MFY2022: Buybacks −$2.3BFY2022: Dividends −$1.2B$9.1BFY2022FY2023: Operating cash flow $8.1BFY2023: Net borrowing $625MFY2023: Shares issued $87.0MFY2023: Capital spending −$1.3BFY2023: Acquisitions −$1.6BFY2023: Buybacks −$2.7BFY2023: Dividends −$1.4B$8.8BFY2023FY2024: Operating cash flow $5.8BFY2024: Net borrowing $6.2BFY2024: Shares issued $154MFY2024: Asset sales $363MFY2024: Capital spending −$1.3BFY2024: Acquisitions −$4.8BFY2024: Buybacks −$2.9BFY2024: Dividends −$1.5B$12.5BFY2024FY2025: Operating cash flow $4.3BFY2025: Net borrowing $2.3BFY2025: Shares issued $51.0MFY2025: Capital spending −$1.1BFY2025: Acquisitions $88.0MFY2025: Buybacks −$2.6BFY2025: Dividends −$1.5B$6.8BFY2025
Over these 5 years operating cash flow totalled $34.9B; the largest uses were buybacks ($12.4B) and acquisitions ($10.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$35.7B
Debt$30.8B
Net cash$4.9B
Due within a year$1.1B

Elevance Health funds itself: free cash flow was $6.5B over the last twelve months, and $35.7B of cash and investments stands against $30.8B of debt ($1.1B due within a year, 32.5× covered by cash).

Elevance Health: debt maturities by year (FY2025)Elevance Health: debt maturities by year (FY2025)$1.1BYear 1$1.6BYear 2$2.0BYear 3$1.4BYear 4$1.9BYear 5$24.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $35.7B of cash and investments now.

Where the cash came from and went

Elevance Health: sources (+) and uses (−) of cash, Q3 2026Elevance Health: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.7BOther financing$1.5BOperating cash flow$1.3BDividends−$373MBuybacks−$330MCapital spending−$267MCash drawn (+) / kept (−)−$116MShares issued$25.0MAcquisitions−$3.0MExchange rates−$2.0MTaxes on employees’ shares−$1.0M
Elevance Health: sources (+) and uses (−) of cash, TTM to Q3 2026Elevance Health: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$7.6BBuybacks−$2.2BOther investing−$2.0BCash drawn (+) / kept (−)−$1.6BOther financing$1.6BDividends−$1.5BCapital spending−$1.1BNet borrowing (+) / repaid (−)−$930MShares issued$118MTaxes on employees’ shares−$37.0MAcquisitions$35.0MExchange rates−$20.0M

From profit to cash

Elevance Health: net income to operating cash flow, Q3 2026Elevance Health: net income to operating cash flow, Q3 2026Net income$1.3BDepreciation & amortization$363MStock-based pay$80.0MDeferred taxes−$143MImpairments$33.0MReceivables−$896MPayables$1.2BDeferred revenue−$3.0MPrepaid and other assets$179MIncome taxes payable$427MOther operating capital−$5.0MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.3B−$267M−$3.0M−$330M−$373M—$25.0M−$116M$1.0B
Q2 2026$1.9B−$287M—−$234M−$373M−$724M$26.0M−$575M$1.6B
Q1 2026$4.3B−$235M$5.0M−$1.1B−$376M−$176M$37.0M−$166M$4.1B
Q4 2025$84.0M−$293M$33.0M−$471M−$377M−$30.0M$30.0M−$778M−$209M
Q3 2025$1.1B−$360M$1.0M−$876M−$381M$1.9B—−$153M$775M
Q2 2025$2.1B−$267M$50.0M−$378M−$385M$110M−$2.0M−$1.1B$1.8B
Q1 2025$1.0B−$196M$4.0M−$880M−$386M−$1.4B$23.0M$788M$821M
Q4 2024$706M−$322M−$3.7B−$1.8B−$373M$4.3B−$51.0M−$468M$384M

Elevance Health: income statement and cash flow

Elevance Health, Q3 2026: revenue $51.4B (+1% year over year), operating margin 2.5%. The chart follows the revenue to costs, profit and cash.

Elevance Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.