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Anthem Income Statement 2025-2006 | ANTM
Brief overview of financial results at Anthem
The conclusions below are based on five years of reported results. Revenue at Anthem moved from $122 billion in 2020 to $199 billion in 2025. The five-year change reached +63.4%, while CAGR stood at 10.3%. The trajectory reflects meaningful expansion of the business.
Gross profit changed from $113 billion to $178 billion (+57.6%). Direct costs outpaced revenue, limiting the benefit of changes in sales. At the margin level, the figure shifted from 92.7% to 89.4%. The margin decline reflects a less favorable sales-and-cost structure.
EBITDA changed from 7.5 billion dollars to 8.7 billion dollars (+16.4%). EBITDA underperformed the top-line trend. At the operating-margin level, the figure shifted from 6.2% to 4.4%. EBITDA as a share of revenue remained steady.
Net income changed from 4.6 billion dollars to 5.7 billion dollars (+23.8%). Profit changed without establishing a distinct trend.
Summary assessment
The current trajectory does not yet confirm a sustainable recovery. The constructive conclusion rests on net-income growth and a larger revenue base. Caution is warranted because of limited operating profitability, pressure from direct costs and weaker operating efficiency. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Anthem
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
- | 103 B | 105 B | 107 B | 113 B | 79.3 B | 67.2 B | 76.6 B | 62.3 B | 40.7 B | 34.1 B | 36.2 B | 25.7 B | 19.9 B | 21.9 B | - | - | - | - | - |
Shares |
224 M | 232 M | 236 M | 240 M | 244 M | 251 M | 253 M | 257 M | 256 M | 264 M | 261 M | 268 M | 293 M | 305 M | 339 M | 411 M | 476 M | 520 M | - | - |
Historical Prices |
- | 444 | 444 | 444 | 462 | 316 | 294 | 252 | 214 | 134 | 128 | 113 | 82 | 53 | 56.6 | |||||
Net Income |
5.66 B | 5.98 B | 5.99 B | 5.89 B | 6.16 B | 4.57 B | 4.81 B | 3.75 B | 3.84 B | 2.47 B | 2.56 B | 2.57 B | 2.49 B | 2.66 B | 2.65 B | 2.89 B | 4.75 B | 2.49 B | 3.35 B | - |
Revenue |
199 B | 177 B | 171 B | 157 B | 139 B | 122 B | 104 B | 92.1 B | 90 B | 84.9 B | 79.2 B | 73.9 B | 71 B | 61.7 B | 60.7 B | 58.7 B | 64.9 B | 61.3 B | 61.2 B | - |
Cost of Revenue |
21.2 B | 19.8 B | 17.3 B | 13 B | 10.9 B | 8.95 B | 1.99 B | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
7.2 B | 7.86 B | 8.5 B | 8.28 B | 7.56 B | 6.36 B | 6 B | 5.43 B | 4.18 B | 4.8 B | 4.75 B | 4.42 B | 4 B | 3.62 B | 3.78 B | 4.08 B | 4.18 B | 4.35 B | - | - |
Interest Expense |
- | - | 1.03 B | 851 M | 798 M | 784 M | 746 M | 753 M | 739 M | 723 M | 653 M | 601 M | 603 M | 512 M | 430 M | 419 M | 447 M | 470 M | 448 M | - |
EBITDA |
8.74 B | 9.26 B | 10.2 B | 9.96 B | 8.86 B | 7.51 B | - | - | - | - | - | - | - | - | - | 4.18 B | 4.29 B | 4.45 B | 120 M | - |
Operating Expenses |
- | - | - | - | - | - | 97.5 B | 86.3 B | 85.1 B | 79.6 B | 73.9 B | 68.8 B | 66.4 B | 57.1 B | 56.3 B | - | - | - | - | - |
General and Administrative Expenses |
21 B | 20 B | 20.1 B | 17.7 B | 15.9 B | 17.4 B | 13.4 B | 14 B | 11.3 B | 11.2 B | 11.1 B | 10.3 B | 8.43 B | 7.15 B | 6.82 B | 7.12 B | 7.33 B | 6.72 B | 6.98 B | - |
All numbers in USD currency
Quarterly Income Statement Anthem
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
217 M | 220 M | 221 M | 223 M | 225 M | 226 M | 227 M | 232 M | 232 M | 233 M | 233 M | 235 M | 237 M | 238 M | 238 M | 240 M | 241 M | 241 M | 242 M | 243 M | 244 M | 245 M | 245 M | 251 M | 252 M | 252 M | 253 M | 255 M | 257 M | 257 M | 257 M | 260 M | 259 M | 256 M | 256 M | 260 M | 265 M | 264 M | 264 M | 263 M | 263 M | 262 M | 261 M | 261 M | 263 M | 267 M | 268 M | 273 M | 277 M | 285 M | 293 M | 297 M | 300 M | 303 M | 305 M | 319 M | 328 M | 335 M | 339 M | 356 M | 366 M | 374 M | 398 M | 417 M | 431 M | 465 M | 477 M |
Net Income |
1.46 B | 1.76 B | - | 1.19 B | 1.74 B | 2.18 B | - | 1.02 B | 2.3 B | 2.25 B | - | 1.29 B | 1.85 B | 1.99 B | - | 1.6 B | 1.64 B | 1.78 B | - | 1.51 B | 1.8 B | 1.67 B | 551 M | 222 M | 2.28 B | 1.52 B | 934 M | 1.18 B | 1.14 B | 1.55 B | 424 M | 960 M | 1.05 B | 1.31 B | 1.23 B | 747 M | 855 M | 1.01 B | 368 M | 618 M | 781 M | 703 M | 181 M | 655 M | 859 M | 865 M | 507 M | 631 M | 731 M | 701 M | 148 M | 656 M | 800 M | 885 M | 464 M | 691 M | 644 M | 856 M | 335 M | 683 M | 702 M | 927 M | 739 M | 722 M | 877 M | 730 M | 694 M |
Revenue |
50.5 B | 50.2 B | - | 50.7 B | 49.8 B | 48.9 B | - | 45.1 B | 43.9 B | 42.6 B | - | 42.8 B | 43.7 B | 42.2 B | - | 39.9 B | 38.6 B | 38.1 B | - | 35.8 B | 33.9 B | 32.4 B | 31.8 B | 31.2 B | 29.3 B | 29.6 B | 27.4 B | 26.7 B | 25.5 B | 24.7 B | 23.4 B | 23.3 B | 22.9 B | 22.5 B | 22.7 B | 22.4 B | 22.4 B | 22.5 B | 21.7 B | 21.4 B | 21.5 B | 20.3 B | 20.2 B | 19.9 B | 20 B | 19.1 B | 19 B | 18.6 B | 18.5 B | 17.9 B | 17.9 B | 17.9 B | 17.7 B | 17.6 B | 15.4 B | 15.2 B | 15.4 B | 15.4 B | 15.3 B | 15.4 B | 15.1 B | 14.9 B | 14.6 B | 14.5 B | 15.1 B | 15.4 B | 15.4 B |
Cost of Revenue |
5.49 B | 5.46 B | - | 5.38 B | 5.29 B | 4.98 B | - | 5.09 B | 4.82 B | 3.82 B | - | 4.65 B | 4.33 B | 3.48 B | - | 3.44 B | 3.07 B | 2.88 B | - | 2.9 B | 2.61 B | 2.31 B | - | 2.22 B | 2.22 B | 1.98 B | - | 745 M | 98 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
1.76 B | 2.09 B | - | 1.3 B | 2.42 B | 3.17 B | - | 1.41 B | 2.76 B | 3.02 B | - | 1.76 B | 2.63 B | 2.83 B | - | 2.25 B | 2.35 B | 2.43 B | - | 2.06 B | 2.08 B | 2.16 B | - | 201 M | 3.36 B | 2.19 B | - | 1.53 B | 1.43 B | 1.94 B | - | 1.25 B | 1.56 B | 1.87 B | - | 982 M | 1.23 B | 1.59 B | - | 1.08 B | 1.5 B | 1.57 B | - | 1.22 B | 1.51 B | 1.58 B | - | 1.19 B | 1.22 B | 1.12 B | - | 1 B | 1.22 B | 1.36 B | - | 1 B | 992 M | 1.21 B | - | 973 M | 947 M | 1.35 B | 1.04 B | 1.06 B | - | - | - |
Interest Expense |
- | - | - | - | - | - | - | 300 M | 280 M | 265 M | - | 259 M | 261 M | 251 M | - | 213 M | 208 M | 201 M | - | 201 M | 205 M | 192 M | - | 198 M | 201 M | 194 M | - | 185 M | 184 M | 187 M | - | 188 M | 192 M | 184 M | - | 150 M | 190 M | 235 M | - | 173 M | 186 M | 187 M | - | 165 M | 154 M | 154 M | - | 155 M | 146 M | 146 M | - | 152 M | 152 M | 154 M | - | 134 M | 118 M | 109 M | - | 108 M | 104 M | 106 M | 106 M | 100 M | 99.4 M | 111 M | 117 M |
EBITDA |
2.48 B | 2.44 B | - | 1.46 B | 2.57 B | 3.54 B | - | 1.53 B | 2.93 B | 3.35 B | - | 1.98 B | 2.85 B | 3.29 B | - | 2.48 B | 2.51 B | 2.78 B | - | 3 B | 2.67 B | 2.44 B | - | 1.06 B | 3.92 B | 2.46 B | - | 2.42 B | 2.02 B | 2.23 B | - | 1.34 B | 1.62 B | 1.9 B | - | 1.06 B | 1.28 B | 1.61 B | - | 1.16 B | 1.55 B | 1.6 B | - | 1.3 B | 1.56 B | 1.6 B | - | 1.27 B | 1.28 B | 1.15 B | - | 1.08 B | 1.27 B | 1.38 B | - | 1.08 B | 1.04 B | 1.24 B | - | 1.04 B | 994 M | 1.37 B | 1.12 B | 1.11 B | 27.6 M | 78.7 M | 52.3 M |
General and Administrative Expenses |
5.55 B | 6.33 B | - | 5.27 B | 5 B | 5.3 B | - | 5.27 B | 5.07 B | 4.89 B | - | 5.47 B | 4.82 B | 4.8 B | - | 4.52 B | 4.27 B | 4.34 B | - | 3.95 B | 3.82 B | 3.92 B | - | 5.3 B | 4.05 B | 3.78 B | - | 3.42 B | 3.28 B | 3.17 B | - | 3.22 B | 3.1 B | 3.11 B | - | 2.66 B | 2.71 B | 2.84 B | - | 2.79 B | 2.62 B | 2.85 B | - | 2.72 B | 2.68 B | 2.78 B | - | 2.59 B | 2.5 B | 2.49 B | - | 2.17 B | 2.06 B | 1.94 B | - | 1.69 B | 1.69 B | 1.77 B | - | 1.72 B | 1.61 B | 1.68 B | 1.69 B | 1.78 B | 1.8 B | 1.98 B | 1.92 B |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Anthem (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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