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.

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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 Fourth 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 Fourth Quarter 2025 Earnings Conference Call. My name is Nathan Rich, Vice President of Investor Relations. With us 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 fourth quarter performance, our 2026 guidance, and the progress we continue to make on our strategic priorities. 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 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 today. Affordability remains the central challenge in healthcare. At Elevance Health, our focus is on improving outcomes, making care easier to access and navigate, and managing costs responsibly. Our commitment to whole person health shapes how we deliver on our strategy by strengthening care coordination, reducing unnecessary complexity, and creating a simpler experience for those we serve. Before I go through the business, there are three points I want to underscore. First, 2026 is a year of execution and repositioning, and the outlook we provided today reflects prudent, achievable assumptions grounded in pricing discipline, operational rigor, and targeted investments. Second, even in a dynamic environment, we are acting decisively in the areas within our control to strengthen margins, reduce volatility, and improve the consistency of our performance.

Third, as those actions take hold, we expect to return to at least 12% adjusted EPS growth in 2027 off our ending 2026 earnings baseline, supported by the earnings power of our diversified platform. Consistent with that approach, we are establishing 2026 adjusted diluted earnings per share guidance of at least $25.50. As you consider the year-over-year comparison, it's important to remember that our 2025 results included approximately $3.75 per share of favorable non-recurring items. Let me walk through how we are positioning the portfolio. In Medicaid, we continue to see our rates lag elevated acuity and utilization, and we are working urgently with state partners on both rate actions and program design changes that support the long-term sustainability of the Medicaid program.

We continue to view 2026 as a trough year. We expect our Medicaid operating margin to be approximately -1.75%, with improvement over time as rates incorporate more current experience and our actions take hold. We are also preparing for new eligibility and community engagement requirements under recently enacted federal legislation, the One Big Beautiful Bill Act. As these changes are phased in by states, we expect Medicaid membership may decline, and the acuity of the population may shift over time, and we have reflected that in our planning assumptions. We believe this is manageable within the context of our diversified enterprise and long-term growth strategy, and we're approaching these changes constructively with state partners with a focus on continuity of care and program stability.

Turning to Medicare, our execution during the annual election period was aligned with our emphasis on delivering greater value for members and strengthening our performance while maintaining stable share in markets that are core to our long-term growth. We expect Medicare Advantage membership to decline in the high teens% range in 2026, reflecting deliberate portfolio actions and stability in our dual-eligible membership.... The actions we've taken and the composition of our membership should support meaningful margin improvement in 2026. In the individual ACA market, we've repositioned our plans with discipline to reflect higher costs observed this year and the expiration of enhanced subsidies while maintaining value and access for consumers.

Our commercial business continues to have healthy momentum, particularly in national accounts, supported by a productive selling season, favorable client retention, and new opportunities to expand our reach through the Second Blue bid process. We remain disciplined in our pricing and focused on delivering sustainable margins, while helping employers address affordability through whole health solutions that integrate a member's medical, pharmacy, and behavioral health needs. Our integrated approach continues to resonate in the market, and we are pleased that 40 employers over the past five years have selected our Anthem-affiliated plans as their sole carrier. And finally, Carelon is increasingly recognized as a differentiated platform in the market, with growing demand for its solutions in managing high-cost, complex areas of healthcare.

Elevance Health (ELV) Q4 2025 Earnings Call Transcript

Company Participants