This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

Fortune AIQ 75

The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

This year's 100 Best Companies to Work For are rebuilding the social contract at work so people feel supported, trusted, and future-ready as they undergo that transition.

100 Best Places to Work 2026_Elevance Health

Employees say:"I have never worked for a company that is so upbeat, positive and supportive. This feeling comes mainly from my manager and team leads, which are second to none. They have high expectations but offer all the support needed to get us there. They are friendly and approachable and always ready and willing to lend a hand when work gets tough. They never make you feel like you're lacking if you make a mistake, or don't know how to do something, or need assistance. They always build us up and never knock us down. I'll never look for another job because this feeling is rare."

Fortune 100 Best Companies to Work For

Fortune AIQ 50

See which workplaces made this year's list.

2025_GPTW_HealthCare_Large_Elevance Health_US1__685d529f023fa8a026342338_5

Employees say:"We are not just employees, we are family. Employees feel valued, appreciated and connected which creates a trustful, respectful and open communication environment. Employees are offered several resources to assist us outside of work, because Elevance cares about our work life balance. In addition, there's learning programs to help us to better ourselves as employees which helps us excel and gives us better learning opportunities. As an employee, I appreciate the days off and the additional wellness days, this gives employees a chance to slow down to take of ourselves as we should. Again, Elevance is a great place to work and cares about us as individuals."

Best Large Workplaces in Health Care

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

GPTW_100BestCompaniesToWorkFor_2025-Elevance-Health_US1__20241210214006_5.jpg

Employees say: "I find it unique that my company helps us when we're experiencing financial setbacks. It makes me feel like I don't have to go outside of the company for anything. I really appreciate the childcare reimbursement. The fact that the company gives us options for a food card, childcare, or transportation speaks volumes! Who does that? They all want us to succeed and be happy not only at work, but at home as well! I love it here and I plan to be here for a long time!"

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

The companies on this annual list make a conscious effort to be supportive, inclusive workplaces.

GPTW_Women_Large_2024-Elevance Health_US1__20240830224000_1

Employees say:"I feel this company pays fairly and has great benefits. I'm treated well and feel like I'm listen to and heard. I feel accomplished when allowed to manage our team, make changes, and drive success. We are allowed to mentor and develop others."

100 Best Large Workplaces for Women

© Robert Deitchler / Gensler

Employees say:"I love the emphasis and support for work/life balance as well as mental health. The opportunity for growth both through education and career advancement makes this a wonderful environment to foster success. The management team has been the best that I have ever worked for. I feel that management truly cares about me as a person and appreciates my value and contributions to the team and its success."

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Fortune partners with global people analytics firm Great Place to Work to analyze survey feedback representing employees from companies across the U.S.

GPTW-Millennials-Large-2024-Elevance-Health

Employees say:"I love the emphasis and support for work-life balance as well as mental health. The opportunity for growth both through education and career advancement makes this a wonderful environment to foster success. The management team has been the best that I have ever worked for. I feel that management truly cares about me as a person and appreciates my value and contributions to the team and its success."

100 Best Large Workplaces for Millennials

Industries included in the sector are insurance and managed care, medical products and facilities, pharmacy services, and pharmaceutical companies.

Fortune Sector Leaders: Health Care

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Creating a more empathetic workplace looks like staying loyal to workers, emphasizing D&I initiatives, and paying well.

100 Best Companies 2024-Elevance Health

Elevance, formerly Anthem, calls itself the <a href="https://www.healthcaredive.com/news/elevance-health-us-largest-insurer-unitedhealthcare/634501/">largest</a> commercial insurer in the U.S., and contains the core brands of Anthem Blue Cross and Blue Shield, Carelon, and Wellpoint.The company developed its employee assistance program into the concierge service Associate CARE Service, which provides customized care for employees and their households, including support for mental illness, family distress, grief counseling, and substance abuse, all as part of associates’ benefits and at no extra cost.&nbsp;In 2022, the Elevance Health Foundation invested more than $84 million in grants and sponsorships, and associates volunteered 135,199 hours and generated an additional $12.5 million in community support. The foundation made a three-year commitment to invest $90 million in partnerships and programs addressing racial inequity in maternal-child health, substance abuse disorders, and food as medicine.

The 200 companies on this list are transforming industries from the inside out.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

Building a culture of trust and transparency is essential to help everyone thrive, especially in rocky economic times.

100-best-companies-2023-elevance-health

Elevance Health, which says it’s the <a href="https://www.healthcaredive.com/news/elevance-health-us-largest-insurer-unitedhealthcare/634501/">largest commercial insurer in the U.S.</a> as of 2022, is known for having a culture that recognizes that it’s people who make the company great. 
<ul> 
 	<li>Elevance Health underwent a <a href="https://providers.anthem.com/docs/gpp/IN_CAID_ElevanceIntro.pdf?v=202206241915">corporate rebrand</a> in June 2022, after being previously known as Anthem.</li> 
 	<li>In 2022 the company laid off 642 employees, roughly 0.8% of its workforce.</li> 
 	<li>Recognizing that different employees have different needs and preferences, Elevance Health devised a hybrid strategy that features four distinct “flex workstyles” that managers and direct reports can use based on their individual team needs.</li> 
 	<li>In partnership with the She-Suite Brand Leadership Institute, Elevance Health launched a new program to advance high-potential women more quickly within the company.</li> 
 	<li>Elevance encourages employees to celebrate each other through the IMPACT recognition program. Colleagues can give out the Go Above award and the Go Beyond award for stellar performance.</li> 
</ul> 
 
 
&nbsp;

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

G500-2023-Elevance-Health

The 300 companies on this list are transforming industries from the inside out.

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Modern Board 2023-Elevance Health

The health insurance provider’s board, including experts in the medical field and a who’s who of finance executives, also scores strongly in gender, racial, and age diversity. Its chair, Elizabeth Tallett, is a health care consultant and previously the CEO of pharmaceutical firm Transcell Technologies. Other board members include Elevance CEO Gail Boudreaux and Robert L. Dixon, former CIO of PepsiCo. Elevance’s stock is down 8% year to date, but the company plans to expand several care management programs and product offerings. Elevance hit a first-quarter profit of $2 billion, adding 1.3 million new members.

Fortune Modern Board 25

GPTW Health Care Large 2023-Elevance Health

Employees say: 
 
"Elevance Health has a significant focus on culture, and the company's approach to culture is one of the primary reasons I love working here. Additionally, the flexibility that the company provides with work-at-home options is very desirable and contributes to a good work-life balance. I find the company to be very competitive with pay, and the company does a great job for rewarding associates based on performance."

GPTW Women 2023-Elevance Health

Fortune partnered with Great Place to Work to analyze survey feedback representing nearly half a million U.S. employees.

GPTW Millennial Large 2023-Elevance Health

Employees say: 
 
"Management and executives are very understanding and empathetic—willing to accommodate life (things that come up like childcare, pickup, etc.) They promote good work- life balance, and that means the world to employees and engenders loyalty to the company."

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Elevance Health continued its brisk recent pace of growth in 2022, boosted by acquisitions and by pandemic-related spending. Revenues rose 13% to $156.6 billion. 
<ul> 
 	<li>Elevance ended 2022 with 47.5 million members on its various health insurance plans. In the first quarter of 2023 it added another 1.3 million.</li> 
 	<li>The health insurance giant agreed to purchase Blue Cross and Blue Shield of Louisiana for a reported $2.5 billion in December 2022, adding roughly 1.9 million patients to its books.</li> 
 	<li>In June 2022 Elevance consolidated all of its health care services divisions, including prescriptions fulfillment, behavioral health, and at-home care, under the new Carelon brand.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

When it comes to supporting employees, flexibility, diversity, and a few extra paid days off go a long way.

100 Best 2022 Anthem,-Inc.

When the pandemic hit, insurance giant Anthem held listening sessions and developed fresh ways to support associates. The Associate CARE Community of Service was an online community—complete with 24/7 concierge service—that assisted employees in need of food, transportation, childcare, and more. (It has since been discontinued and replaced with other wellness benefits.) Anthem also realizes the value of self-care; during Mental Health Awareness Month in 2021, employees tallied 500,000 #MeMinutes—time spent doing things like meditating, listening to podcasts, or chatting with friends. Anthem’s interest in employee input doesn’t end with COVID-era programs. The company’s IdeaHub site allows staffers to share innovative ideas for the future. “The organization as a whole is transformational,” says one employee. “They are open to new ideas, and there is no discrimination based on who the idea comes from. This fosters a great work environment and allows everyone to be heard.”

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Elevance Health, formerly known as Anthem, experienced rapid growth during the public-health crisis created by COVID-19. In 2021, its profits increased by 33.5% compared with the prior year’s, and the company announced in early 2022 that it expects medical costs to remain at a high level in the near future owing to the pandemic. Meanwhile, the health insurer added about 30% more Medicare Advantage customers in 2021 than it did the previous year, enrolling 431,000 new members in the plans.

Employees say: 
 
“What makes this company a great place of work is that we all have a relationship as if we're one big family. Everyone is so kind, caring and helpful etc. My team members and managers are very responsive and always available help is needed. And for that, it makes everyone happy and the company flourish.”

GPTW Women 2022-Elevane Health

Employees say: 
 
“Having a CEO who is both a woman and an academic All-American athlete is highly inspirational, and her empathy and concern for our members and us, the Anthem associates, come across as very genuine. Gail also ensures her hiring practices for executive leadership are inclusive of women and people of color. On a separate note, Anthem worked hard to help us get through the pandemic, especially at the beginning stages, and supported both our physical and mental health. One thing that was especially helpful during that time, and that they have since continued, is our office fitness center vendor EXOS began leading video movement and stretch breaks: 15 minutes in the morning and 15 minutes in the afternoon, respectively.”

This year’s Fortune 500 marks the 68th running of the list.

F500 2022 Anthem

Health-insurance provider Elevance Health experienced rapid growth during the public-health crisis created by COVID-19. In 2021, its profits increased by 33.5% compared with the prior year’s, and the company announced in early 2022 that it expects medical costs to remain at a high level in the near future owing to COVID. Meanwhile, Elevance Health added about 30% more Medicare Advantage customers in 2021 than it did the previous year, enrolling 431,000 new members in the plans.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Our 2021 list of the 100 best companies to work for, as ranked by their employees. See which companies made the list.

100 Best Companies 2021-72-Anthem,-Inc.

A new addition to Fortune’s Best Companies list, health care insurance provider Anthem is no stranger to medical care crises. As the pandemic reared its ugly head, the company moved aggressively to help its employees work through the global shutdown. It offered 80 hours of additional paid leave to those who were ill or had children, and also paid for the cost of COVID testing and treatment in full.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-050-Anthem

America’s largest for-profit health insurance federation continues to roll on unabated, and, as with other industry titans, vertical integration has been its key to success in a tumultuous year. Controlling the length of a supply chain provides a bit of security in uncertain times, and Anthem’s pharmacy benefits arm IngenioRx has helped it do just that. The company’s 2020 revenue was just shy of $121 billion, a 17% increase over the previous year, assisted by a massive surge in Anthem’s Medicare Advantage business. The unit encompassing IngenioRx helped fuel a 9.3% year-over-year spike in first-quarter 2021 sales and is one of the company’s main focus areas going forward.

These companies foster supportive cultures, where employees find opportunities for growth with help from their colleagues.

Best Large Workplaces New York 2021-Anthem

Employees say: 
 
“One of the greatest perks of the company is the ability to work at home. I have worked at home my entire time with Anthem and the new technology such as Webex and Teams has allowed for connecting on a more personal level.”

Best Large Workplaces in New York

The best workplaces in financial services and insurance acted as generous corporate citizens amid a year of multiple crises.

Best-Workplaces-Financial-Services-Large-2021-Anthem,-Inc

Employees say: 
 
“As a female, I feel that equal pay, benefits, and advancements are better than most. I love the flexibility and work-from-home capabilities. I also appreciate the consistent yearly raises and bonuses, and I've always felt very appreciated by that.”

Best Large Workplaces in Financial Services and Insurance

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-23-Anthem

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-068-Anthem

Anthem is the largest for-profit health insurer in the sprawling Blue Cross Blue Shield federation—a compendium that includes 36 independent and locally operated companies. In 2019, the company seized on a growth opportunity by officially launching its new pharmacy benefits arm, IngenioRx. Anthem president and CEO Gail Boudreaux, who was appointed to the top perch in late 2017, has emphasized the importance of that move, citing it as the main driver for the firm’s nearly 13% increase in year-over-year operating revenue. However, as with most major health insurers, a special tax waiver for 2019 boosted Anthem’s numbers. The company has about 41 million insured members across more than two dozen states.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-029-Anthem

Anthem is the largest for-profit health insurer in the sprawling Blue Cross Blue Shield federation—a compendium that includes 36 independent and locally-operated companies. In 2019, the company seized on a growth opportunity by officially launching its new pharmacy benefits arm, IngenioRx. Anthem president and CEO Gail Boudreaux, who was appointed to the top perch in late 2017, has emphasized the importance of that move, citing it as the main driver for the firm’s nearly 13% increase in year-over-year operating revenue. However, as with most major health insurers, a special tax waiver for 2019 boosted Anthem’s numbers. The company has about 41 million insured members across more than two dozen states.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Best Workplaces For Women

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Best Workplaces In Health Care

Elevance Health is a health benefits provider, offering health care coverage and specialty insurance, such as dental, vision, and life. It also operates a pharmacy service and prescription delivery business. Elevance Health was formerly known as Anthem, and does business under its Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Elevance Health (ELV): Company Profile, Stock Price, News, Rankings

legacy

Elevance Health

elevance health

Ladies and gentlemen, thank you for standing by and welcome to the Elevance Health third quarter earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session where participants are encouraged to present a single question. If you wish to ask a question, please press star then one on your telephone keypad. You will hear a prompt that you have been queued. You may withdraw your question at any time by pressing star then two. These instructions will be repeated prior to the question and answer portion of this call. As a reminder, today's conference is being recorded. I would now like to turn the conference over to the company's management. Please go ahead.

Good morning and welcome to Elevance Health's third quarter 2025 earnings conference call. My name is Nathan Rich, Vice President of Investor Relations. With us this morning on the earnings call are Gail Boudreaux, President and CEO, Mark Kaye, our CFO, Pete Haytaian, President of Carelon, Morgan Kendrick, President of our Commercial Health Benefits business, and Felicia Norwood, President of our Government Health Benefits business. Gail will begin the call with a discussion of our third quarter performance, our planning assumptions for 2026, and the progress we've made against our strategic initiatives. Mark will then discuss our financial results and outlook in greater detail. After our prepared remarks, the team will be available for Q&A. During the call, we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available on our website, elevancehealth.com.

We will also be making forward-looking statements on this call. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Elevance Health. These risks and uncertainties may cause actual results to differ materially from our current expectations. We advise the listeners to carefully review the risk factors discussed in today's press release and in our quarterly filings with the SEC. I will now turn the call over to Gail.

Good morning and thank you for joining us. Healthcare is at a pivotal moment. The industry has been challenged by rising medical and pharmacy costs and regulatory changes that will impact coverage for millions of Americans. At Elevance Health, we're focused on lowering the total cost of care and improving the member experience. We're acting with urgency through an integrated clinical and benefits approach, leveraging value-based care to align incentives, improve outcomes, and guide people to high-value, lower-cost settings. Tools like Health OS and our AI-enabled clinical support are already reducing friction, feeding decisions, and bending the cost curve. Our third quarter results reflected solid execution, with the benefit-expense ratio in line with our expectations. While results included approximately $1 of favorable items below the line, underlying performance remained consistent with the outlook we shared last quarter.

We are reaffirming 2025 adjusted EPS of approximately $30 and continue to view $27 as the appropriate earnings baseline, excluding $3 of discrete, non-recurring items. As we plan for 2026, our posture is prudent and practical, and we're approaching next year with discipline and focus. We want to set expectations that reflect today's realities, acknowledge uncertainties that remain, and be clear about the levers we control. While we are still in our planning process for next year, there are a few key assumptions that will shape our outlook. Starting with Medicaid, continued membership re-verifications and state program changes have driven acuity higher, and we are planning for at least a 125 basis point year-over-year decline in Medicaid margins as rates like acuity and utilization trends remain elevated. This is an initial input at this early stage, not formal guidance.

In Medicare Advantage, we've taken disciplined actions to improve profitability in 2026, focusing on products that drive retention and value while exiting plans not aligned with our long-term strategy. For the 2027 payment year, approximately 55% of our MA members will be in four-star or higher contracts, including three five-star contracts, up from about 40% for payment year 2026, demonstrating steady improvement in STAR's performance and strong returns on the investments we've made. In commercial, our integrated medical pharmacy model and advocacy solutions continue to resonate with employers. We maintained a disciplined approach to pricing and were pleased with strong client retention. We continue to see expansion in our fee-based relationships, driven by new client growth and sustained high retention among our large employer customers. Our industry-leading net promoter scores reflect the trust employers place in our model.

In the ACA market, our products are positioned to provide value to members while reflecting the higher acuity observed this year. We have taken a disciplined approach to pricing while continuing to design offerings that ensure affordability and access. The anticipated expiration of enhanced subsidies would significantly impact membership in 2026. If the subsidies are extended, we will work closely with states to support implementation and ensure continued access for consumers who rely on this coverage. Carelon is expanding external relationships and scaling pharmacy, behavioral health, specialty care management, and home-based services, embedding value-based care principles throughout. External revenue grew double digits year-over-year, reflecting broad momentum across pharmacy, behavioral, and specialty services. Clients are turning to us for the value we deliver. CarelonRx had another strong selling season for 2026, with several national account wins and high retention.

Carelon Services continues to deepen its partnerships with external clients, driven by high-value solutions and the launch of new innovative products. At the same time, enrollment dynamics and health benefits will create a directional headwind for Carelon next year, which we will size when we provide our earnings guidance in January. In Medicaid, re-verification effects have raised acuity and sustained higher cost trends, and states are preparing program changes that will influence the pace of rate adequacy. We are proactively working with our state partners on rate alignment, recommending program improvements such as benefit refinements, and supporting states as they implement program changes. In parallel, we're expanding behavioral health interventions, strengthening specialty drug management, and optimizing sites of care. These steps are designed to improve program effectiveness and bend the cost curve. We are creating our own future through innovation.

Elevance Health (ELV) Q3 2025 Earnings Call Transcript

Company Participants