Elevance Health
33 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
U.S. federal government agencies
earns from · approximately 32%, 31% and 29% of our total consolidated revenuesThrough our participation in various federal government programs, we generated approximately 32%, 31% and 29% of our total consolidated revenues from agencies of the U.S. government for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)
Suppliers
CVS Health Corporation (CaremarkPCS Health)
depends onnamed as a riskIf CVS fails to provide pharmacy benefit manager services as contractually required, we may not be able to meet the full demands of our customers, which could have an adverse effect on our business, reputation and results of operations.Risk factors (Item 1A)
Also named by MCK
Partners and platforms
Blue Cross and Blue Shield Association (BCBSA)
depends on · approximately 34 million Blue Cross and/or Blue Shield enrolleesnamed as a riskIf the Re-establishment Fee were applied to our total Blue Cross and/or Blue Shield enrollees of approximately 34 million as of December 31, 2025, we would be assessed approximately $3 billion by the BCBSA.Risk factors (Item 1A)
BlueCard
earns fromWe perform certain administrative functions for BlueCard® host members, including claims pricing and administration, for which we receive service fees from the BlueCard® members’ home plan.Business (Item 1)
Mosaic Health (Augusta Topco Holdings L.P.)
Our Carelon Advanced Primary Care business includes palliative care services and management of our partnership with Augusta Topco Holdings L.P. (“Mosaic Health”), a joint venture with Clayton, Dubilier & Rice (“CD&R”).Business (Item 1)
Places
California
concentrated innamed as a riskThe states in which we operate with the largest concentrations of revenues include California, New York, Virginia, Indiana, Ohio, Georgia, Florida and Texas.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Florida
concentrated innamed as a riskThe states in which we operate with the largest concentrations of revenues include California, New York, Virginia, Indiana, Ohio, Georgia, Florida and Texas.Risk factors (Item 1A)
Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more
Texas
concentrated innamed as a riskThe states in which we operate with the largest concentrations of revenues include California, New York, Virginia, Indiana, Ohio, Georgia, Florida and Texas.Risk factors (Item 1A)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
New York
concentrated innamed as a riskThe states in which we operate with the largest concentrations of revenues include California, New York, Virginia, Indiana, Ohio, Georgia, Florida and Texas.Risk factors (Item 1A)
Also named by ABR, AXP, BJ, BPOP, BRO, BWA, CHE, CINF and 12 more
Georgia
concentrated innamed as a riskThe states in which we operate with the largest concentrations of revenues include California, New York, Virginia, Indiana, Ohio, Georgia, Florida and Texas.Risk factors (Item 1A)
Also named by ABR, ACHR, AXP, BRO, CNC, IMKTA, MKL, MLM and 7 more
Ohio
concentrated innamed as a riskThe states in which we operate with the largest concentrations of revenues include California, New York, Virginia, Indiana, Ohio, Georgia, Florida and Texas.Risk factors (Item 1A)
Also named by AM, AR, BBSI, CINF, DRVN, FE, INTC, KEY and 6 more
Commodities and inputs
Corporate fixed maturity securities
exposed to its price · 51% of our total fixed maturity securitiesnamed as a riskInvestments in fixed maturity securities include corporate securities, which account for 51% of our total fixed maturity securities at December 31, 2025 and are subject to credit/default risk.Market risk (Item 7A)
Prescription drugs
exposed to its pricenamed as a riskPharmaceutical products and services are a significant component of our healthcare costs.Risk factors (Item 1A)
Regulators
Laws and programs
CMS Medicare Advantage Star Ratings
subject to · approximately 59% of our Medicare Advantage membersnamed as a riskOur 2026 Star Ratings reflect that approximately 59% of our Medicare Advantage members are enrolled in plans rated at least 4.0 stars or higher, or the equivalent, compared to approximately 40% of our Medicare Advantage members being in plans with 2025 Star Ratings of at least 4.0 stars.Risk factors (Item 1A)
Affordable Care Act (ACA) minimum MLR regulations
subject to · Approximately 53.5% and 18.7% of our premium revenue and medical membershipnamed as a riskApproximately 53.5% and 18.7% of our premium revenue and medical membership, respectively, were subject to the minimum MLR regulations as of and for the year ended December 31, 2025.Business (Item 1)
Medicaid
earns fromnamed as a riskFurther, our state Medicaid contracts have not always been renewed, we have not always been awarded new contracts as a result of the competitive procurement process, and in some cases, we have lost members under existing contracts as a result of a post-award challenge by unsuccessful bidders, each of which could take place in the future and have an adverse effect on our business, cash flows, financial condition and results of operations.Risk factors (Item 1A)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
Inflation Reduction Act of 2022
subject tonamed as a riskThe Inflation Reduction Act of 2022 (“IRA”) includes several provisions that have impacted, and continue to impact, our business.Business (Item 1)
Also named by ABBV, APD, ARE, BKH, DD, DHR, ENPH, ENS and 30 more
Medicare Advantage
earns fromnamed as a riskAdditionally, ongoing CMS changes to the calculation of risk in the Medicare Advantage program may impact our revenue.Risk factors (Item 1A)
Also named by BWIN, CDNA, CHE, CNC, CVS, DGX, DOC, DVA and 3 more
No Surprises Act
subject tonamed as a riskState and federal laws, such as the No Surprises Act, define the compensation that must be paid to out-of-network providers in certain scenarios, and related litigation has lessened the weight of the Qualifying Payment Amount during independent dispute resolution processes, which may result in an increase in rates we must pay to out-of-network providers.Risk factors (Item 1A)
ACA Public Exchange enhanced premium tax credits
subject tonamed as a riskAs a result, the amount of Public Exchange coverage premiums may increase for those individuals previously receiving the enhanced PTCs, which may negatively impact individual market enrollment.Business (Item 1)
Consolidated Appropriations Act of 2026
subject tonamed as a riskIn addition, Congress recently passed the Consolidated Appropriations Act of 2026, which includes pharmacy benefit manager reforms requiring pharmacy benefit managers to remit all rebates, fees (other than bona fide service fees), and other remuneration received from entities such as manufacturers and group purchasing organizations to commercial plan sponsors, and to provide detailed commercial claims reporting, effective thirty months after enactment.Risk factors (Item 1A)
California pharmacy benefit manager legislation
subject tonamed as a riskRecently, California enacted legislation that significantly regulates pharmacy benefit managers and pharmacy pricing practices.Risk factors (Item 1A)
In re Blue Cross Blue Shield Antitrust Litigation Subscriber Settlement Agreement
subject tonamed as a riskAlthough previously we did not have a right to sell products and services using the BCBS names and marks outside of our exclusive service areas, under the terms of the In re Blue Cross Blue Shield Antitrust Litigation subscriber settlement agreement and release (the “Subscriber Settlement Agreement”), some large national employers with self-funded plans (specifically identified in the Subscriber Settlement Agreement) have a right to request a second Blue plan bid in addition to a bid from the local Blue plan, effective as of September 2024.Business (Item 1)
Consolidated Appropriations Act of 2023 (Medicaid redeterminations)
subject tonamed as a riskAs a result, states were permitted to begin removing ineligible beneficiaries from their Medicaid programs starting April 1, 2023, and the majority of our Medicaid markets began doing so as of June 30, 2023.Business (Item 1)
Health Plan Transparency Rule
subject tonamed as a riskIn December 2025, the Tri-Agencies published a proposed rule that would revise the structure and content of the machine readable files issuers must submit under the Health Plan Transparency Rule, which could result in additional administrative burden and costs.Business (Item 1)
Mental health parity regulations
subject tonamed as a riskIn September 2024, the Tri-Agencies issued final regulations related to mental health parity that will require health plans to make administrative and operational changes to comply with these final regulations.Business (Item 1)
CMS hierarchical condition category model version 28
subject tonamed as a riskFor example, CMS made significant changes to the structure of the hierarchical condition category model in version 28, which impacted risk adjustment factor (“RAF”) scores for a larger percentage of Medicare Advantage beneficiaries and resulted in changes to beneficiary RAF scores regardless of a change in the patient’s health status.Risk factors (Item 1A)
Medicare Part D
earns fromIn 2026, we will no longer offer Medicare Part D plans.Business (Item 1)
Also named by ABBV, AMGN, BMY, CI, CNC, CVS, INCY, JNJ and 5 more
Federal Employee Program (FEP)
earns fromWe provide services to the federal government in connection with our Federal Health Products & Services business, which administers the Federal Employee Program® (“FEP®”).Business (Item 1)
Indiana Business Corporation Law
subject toFurther, the Indiana Business Corporation Law contains business combination provisions that, in general, prohibit for five years any business combination with a beneficial owner of 10% or more of our common stock unless the holder’s acquisition of the stock was approved in advance by our Board of Directors.Risk factors (Item 1A)