Elevance Health, Inc. stock research
FY2026 Q1
Elevance Health (ELV) Gross Margin & Quarterly History
Explore Elevance Health, Inc. (ELV) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue remained stable sequentially. Gross margin improved slightly from the prior quarter but weakened relative to the year-ago period.
- The gross margin improvement from the prior quarter was driven by revenue growth outpacing cost of revenue growth. The year-over-year decline in gross margin indicates that cost of revenue increased at a faster rate than revenue over the longer term.
- Compared to the prior quarter, gross margin improved slightly as revenue grew while cost of revenue was unchanged. Compared to the same quarter last year, gross margin weakened as revenue increased but cost of revenue rose more sharply.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
89.1%
Gross profit
$44.7B
Revenue
$50.2B
Cost of revenue
$5.5B
Quarter-over-quarter change
+0.2 pts
Year-over-year change
-0.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $49.8B | $44.5B | $5.3B | 89.4% |
| Sep 30, 2025 | $50.7B | $45.3B | $5.4B | 89.4% |
| Dec 31, 2025 | $49.7B | $44.2B | $5.5B | 88.9% |
| Mar 31, 2026 | $50.2B | $44.7B | $5.5B | 89.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+0.2 pts
Year-over-year change
Mar 31, 2025
-0.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improvement from the prior quarter was driven by revenue growth outpacing cost of revenue growth. The year-over-year decline in gross margin indicates that cost of revenue increased at a faster rate than revenue over the longer term.
Compared to the prior quarter, gross margin improved slightly as revenue grew while cost of revenue was unchanged. Compared to the same quarter last year, gross margin weakened as revenue increased but cost of revenue rose more sharply.
Monitor the trend in cost of revenue relative to revenue, as its faster growth year over year has pressured gross margin.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Elevance Health, Inc. (ELV) | 89.1% |