V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough

Elevance Health Executive Compensation (FY25)

ELV · Executive and director compensation, fiscal 2022 to 2025

The paid brief on Elevance Health

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 7, 2026Latest filing (8-K): May 13, 2026
15 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Elevance Health brief$1,500Get the executive brief
319 figures on this page: 308 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Gail Boudreaux
Latest say-on-pay support
=
May 13, 2026
Chief executive pay ratio
◇
To the median employee

More on Elevance Health

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Gail Boudreaux: $20,471,976 → $22,582,314 (10.3% higher)
Say-on-pay support: 91.8% → 96.0% (4.2 points higher)
CEO pay ratio: 370:1 → 286:1 (22.7% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Elevance Health's chief executive and what were they paid?
Gail Boudreaux was paid $22,582,314 in total compensation as President and Chief Executive Officer for fiscal 2025. Boudreaux's total was 10.3% higher than the $20,471,976 reported for fiscal 2024.
What was Elevance Health's say-on-pay result?
The say-on-pay proposal drew 96.0% of votes cast for or against in favor at the meeting held May 13, 2026 for fiscal 2025.
Which companies are in Elevance Health's peer group?
The disclosed peer group names Centene Corporation, Chevron Corporation, Citigroup Inc., Comcast Corporation and Costco Wholesale Corporation, among others. The General Industry Group names Alphabet Inc., Amazon.com, Inc., Apple Inc., Archer-Daniels-Midland Company and AT&T Inc., among others.
What is Elevance Health's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 286:1, against median employee compensation of $79,007.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gail Boudreaux
President and Chief Executive Officer
◇—◇◇◇—◇◇
John Gallina
Former Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Peter Haytaian
Executive Vice President and President of Carelon and CarelonRx
◇—◇◇◇—◇◇
Felicia Norwood
Executive Vice President and President of Government Health Benefits
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gail Boudreaux
President and Chief Executive Officer
◇—◇◇◇—◇◇
Mark Kaye
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
John Gallina
Former Executive Vice President and Chief Financial Officer
Departed during or after this year
◇—◇◇◇◇◇◇
Blair Todt
Executive Vice President, Chief Legal and Administrative Officer
◇—◇◇◇—◇◇
Peter Haytaian
Executive Vice President and President of Carelon and CarelonRx
◇—◇◇◇—◇◇
Felicia Norwood
Executive Vice President and President of Government Health Benefits
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gail Boudreaux
President and Chief Executive Officer
◇—◇◇◇—◇◇
Mark Kaye
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Peter Haytaian
Executive Vice President and President of Carelon and CarelonRx
◇—◇◇◇—◇◇
Felicia Norwood
Executive Vice President and President of Government Health Benefits
◇—◇◇◇—◇◇
Morgan Kendrick
Executive Vice President and President of Commercial and Specialty Health Benefits
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gail Boudreaux
President and Chief Executive Officer
◇—◇◇◇—◇◇
Mark Kaye
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Peter Haytaian
Executive Vice President and President of Carelon and CarelonRx
◇—◇◇◇—◇◇
Felicia Norwood
Executive Vice President and President of Government Health Benefits
◇—◇◇◇—◇◇
C. Morgan Kendrick
Executive Vice President and President of Commercial and Specialty Health Benefits
◇—◇◇◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
C. Morgan KendrickRSU◇——◇——◇
C. Morgan KendrickPSU◇—◇—◇—◇
C. Morgan KendrickOPTION◇——◇—◇◇
Felicia NorwoodRSU◇——◇——◇
Felicia NorwoodOPTION◇——◇—◇◇
Felicia NorwoodPSU◇—————◇
Gail BoudreauxPSU◇—————◇
Gail BoudreauxRSU◇——◇——◇
Gail BoudreauxOPTION◇——◇—◇◇
Mark KayeOPTION◇——◇—◇◇
Mark KayePSU◇—————◇
Mark KayeRSU◇——◇——◇
Peter HaytaianRSU◇——◇——◇
Peter HaytaianOPTION◇——◇—◇◇
Peter HaytaianPSU◇—◇—◇—◇
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Mark KayeOption◇—◇—
PSU◇◇——
Option◇—◇—
Option◇—◇—
RSU◇◇——
Morgan KendrickOption◇—◇—
Option◇—◇—
RSU◇◇——
PSU◇◇——
Option◇—◇—
Felicia NorwoodOption◇—◇—
Option◇—◇—
RSU◇◇——
PSU◇◇——
Option◇—◇—
Peter HaytaianOption◇—◇—
Option◇—◇—
Option◇—◇—
RSU◇◇——
PSU◇◇——
Gail BoudreauxOption◇—◇—
Option◇—◇—
PSU◇◇——
RSU◇◇——
Option◇—◇—
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Ramiro G. Peru
Board chair
◇◇———◇◇
Elizabeth E. Tallett
◇◇————◇
Ryan M. Schneider
◇◇———◇◇
Bahija Jallal
◇◇———◇◇
Antonio F. Neri
◇◇———◇◇
Susan D. DeVore
◇◇———◇◇
R. Kerry Clark
◇◇———◇◇
Robert L. Dixon Jr
◇◇———◇◇
Deanna D. Strable
◇◇———◇◇
Lewis Hay III
◇◇———◇◇
Steven H. Collis
◇◇———◇◇
Gail K. Boudreaux and Amy W. Schulman served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as deferred stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Centene Corporation CNC
  • Chevron Corporation CVX
  • Citigroup Inc. C
  • Comcast Corporation CMCSA
  • Costco Wholesale Corporation COST
  • CVS Health Corporation CVS
  • Dell Technologies Inc. DELL
  • Exxon Mobil Corporation XOM
  • Federal Home Loan Mortgage Corporation FMCC
  • Federal National Mortgage Association FNMA
  • FedEx Corporation FDX
  • Ford Motor Company F
  • General Motors Company GM
  • Humana Inc. HUM
  • Johnson & Johnson JNJ
  • JPMorgan Chase & Co. JPM
  • Lowe's Companies, Inc. LOW
  • Marathon Petroleum Corporation MPC
  • McKesson Corporation MCK
  • Meta Platforms, Inc. META
  • Microsoft Corporation MSFT
  • Morgan Stanley MS
  • PepsiCo, Inc. PEP
  • Phillips 66 PSX
  • Target Corporation TGT
  • Tesla, Inc. TSLA
  • The Cigna Group CI
  • The Goldman Sachs Group, Inc. GS
  • The Home Depot, Inc. HD
  • The Kroger Co. KR
  • The Procter & Gamble Company PG
  • The Walt Disney Company DIS
  • United Parcel Service, Inc. UPS
  • UnitedHealth Group Incorporated UNH
  • Valero Energy Corporation VLO
  • Verizon Communications Inc. VZ
  • Walgreens Boots Alliance, Inc. WBA
  • Walmart Inc. WMT
  • Wells Fargo & Company WFC
General Industry Group
  • Alphabet Inc. GOOGL
  • Amazon.com, Inc. AMZN
  • Apple Inc. AAPL
  • Archer-Daniels-Midland Company ADM
  • AT&T Inc. T
  • Bank of America Corporation BAC
  • Berkshire Hathaway Inc. BRK.A
  • Cardinal Health, Inc. CAH
  • Cencora, Inc. COR

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 13, 2026=◇◇◇
2024May 14, 2025=◇◇◇
2023May 15, 2024=◇◇◇
2022May 10, 2023=◇◇◇
2021May 18, 2022=◇◇◇
2020May 26, 2021=◇◇◇
2019May 21, 2020=◇◇◇
2018May 15, 2019=◇◇◇
2017May 16, 2018=◇◇◇
2016May 18, 2017=◇◇◇
2015May 19, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
Email me this page as a cited PDF
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Elevance Health files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact Elevance Health disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Elevance Health sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for a Velarion Pro seat
Full platform access for one person: every industry we cover, peer positioning, and the written analysis. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.
Join the list for Peer Group Review
Whether Elevance Health's disclosed peer group is defensible, who names Elevance Health back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
319 figures on this page: 308 cited to the filing that reported them, 11 calculated from figures it prints.
308 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001156039-26-000046
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001156039-26-000031
    CEO Pay Ratio · Compensation of Non-Employee Directors · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · and 1 more section
  3. 0001156039-25-000065
  4. 0001156039-24-000069
  5. 0001156039-24-000050
    Summary Compensation Table
  6. 0001156039-23-000067
  7. 0001156039-23-000050
    Summary Compensation Table
  8. 0001193125-22-154417
  9. 0001193125-21-175381
  10. 0001193125-20-148721
  11. 0001193125-19-147906
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-18-165264
  13. 0001193125-17-175313
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-16-597089
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001156039-25-000046
    Summary Compensation Table
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Elevance Health executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ELV (accessed 2026).
Short form: data: Velarion

The paid brief for Elevance Health

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Elevance Health and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Peers Elevance Health discloses

The companies named in ELV's own disclosed peer group.

Centene CorporationChevron CorporationCitigroup Inc.Comcast CorporationCostco Wholesale CorporationCVS Health CorporationDell Technologies Inc.Exxon Mobil CorporationFedEx CorporationFord Motor CompanyGeneral Motors CompanyHumana Inc.Johnson & JohnsonJPMorgan Chase & Co.Lowe's Companies, Inc.Marathon Petroleum CorporationMcKesson CorporationMeta Platforms, Inc.Microsoft CorporationMorgan StanleyPepsiCo, Inc.Phillips 66Target CorporationTesla, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  All companies · The Pay Desk · Methodology · Terms · Privacy