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Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt
The carrying value of our long-term debt at June 30, 2026 and December 31, 2025 consists of the following:
June 30, 2026December 31, 2025
Senior unsecured notes$31,019 $31,871 
Unsecured surplus note25 25 
Total long-term debt31,044 31,896 
Current portion of long-term debt(375)(1,099)
Long-term debt, less current portion$30,669 $30,797 
On March 15, 2026, we repaid, at maturity, the $750 outstanding balance of our 1.500% senior unsecured notes. During the twelve months ended December 31, 2025, the Company repaid at maturity $1,250 of its 2.375% senior unsecured notes and redeemed $400 of its 5.350% senior unsecured notes and $500 of its 4.900% senior unsecured notes.
Short-term borrowings
We have a senior revolving credit facility (the “5-Year Facility”) with a group of lenders for general corporate purposes.
The 5-Year Facility provides credit of $5,000 and matures in September 2030. In addition, we have an authorized commercial
paper program of up to $5,000, the proceeds of which may be used for general corporate purposes. We also maintain borrowing arrangements with the Federal Home Loan Bank of Indianapolis, the Federal Home Loan Bank of Cincinnati, the Federal Home Loan Bank of Atlanta and the Federal Home Loan Bank of New York (collectively, the “FHLBs”), under which we may obtain advances.

The following table summarizes our outstanding short-term borrowings and advances as of June 30, 2026 and December 31, 2025.
FacilityJune 30, 2026December 31, 2025
Senior revolving credit facility$— $— 
Commercial paper program$— $— 
FHLB advances$— $150 
All debt is a direct obligation of Elevance Health, Inc., except for the unsecured surplus note and the FHLB advances, which are obligations of certain subsidiaries. We were in compliance with our debt covenants as of June 30, 2026. For more information on our short-term borrowings, debt covenants and long-term debt, see Note 13, “Debt,” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.