Elevance Health Inc. (ELV): PESTLE Analysis [Nov-2025 Updated]

You need to know where Elevance Health Inc. (ELV) stands right now, and the external picture is mixed. While the Carelon segment is a clear growth engine, the core insurance business is wrestling with a sharp rise in medical costs, pushing the Medical Loss Ratio (MLR) to 88.9% in Q2 2025 and forcing an earnings guidance cut. These political, economic, and social forces are not just headlines; they are direct margin pressures and growth opportunities you need to map for the near term.

Political Factors: Government Reliance and Regulatory Risk

The political landscape for Elevance Health Inc. is simple: high government reliance equals high regulatory risk. About 31% of their 2024 revenue came from the U.S. government, mostly through Medicare and Medicaid. This concentration means any policy shift hits hard.

For instance, the Inflation Reduction Act extended the Affordable Care Act (ACA) subsidies through 2025, which helps stabilize their commercial enrollment. Still, the persistent scrutiny on Medicare Advantage overpayments and the looming threat of future Medicaid cuts from new policy megabills are persistent downside risks.

Action: Track Medicare Advantage audit intensity.

Economic Factors: Utilization Headwinds vs. Services Growth

Honestly, the headline here is the earnings cut. Elevance Health Inc. revised its full-year 2025 adjusted earnings per share (EPS) guidance down to approximately $30.00 from earlier estimates, showing the direct impact of higher utilization. The Medical Loss Ratio (MLR), which is the percentage of premiums spent on claims, climbed to 88.9% in Q2 2025.

But that's only half the story. The Carelon services segment is defintely a growth machine, acting as a crucial diversifier. Its Q2 2025 revenue was up 36% year-over-year to $18.1 billion. Overall operating revenue still grew to $49.4 billion in Q2 2025, a 14% increase from the prior year.

Here's the quick math: Core business margin is under pressure, but the services arm is driving top-line growth. What this estimate hides is how much of that Carelon growth is internal vs. external sales.

Action: Buy the dip on Carelon's growth trajectory.

Sociological Factors: Demographic Tailwinds and Cost Headwinds

The biggest tailwind is the aging U.S. population, which guarantees sustained demand for their Medicare Advantage plans for years to come. That's a demographic certainty.

However, an immediate cost headwind is the elevated utilization they are seeing, especially in behavioral health and emergency room services. Plus, the post-pandemic eligibility redeterminations for Medicaid are causing membership attrition, forcing them to adjust their government portfolio mix.

Elevance Health Inc. is trying to counter this by focusing on a whole health strategy, which addresses social drivers of health for members. It's an empathetic caveat: better health outcomes should eventually lower costs.

Action: Monitor Medicaid redetermination rates closely.

Technological Factors: AI for Efficiency and Clinical Streamlining

Elevance Health Inc. is smart about using technology to attack administrative costs. They are rolling out an AI-enabled virtual assistant by late 2025 to streamline simple member interactions. This is a pure efficiency play.

They are also using Generative AI to simplify complex policy documents for providers, which helps reduce billing errors and friction. Tools like Health OS and Intelligent Clinical Assist are already working to streamline clinical workflows. Investment in AI for personalized care and predictive health insights is a priority.

The tech is moving from back-office support to clinical decision-making.

Action: Quantify AI-driven administrative cost savings.

Legal Factors: New Compliance Costs and Litigation

The legal environment is getting more expensive. Elevance Health Inc. is facing lawsuits over provider billing practices related to the No Surprises Act (NSA), which is the federal law protecting patients from surprise medical bills. Compliance with the NSA is complex and costly.

Also, stricter risk adjustment and audit policies for Medicare Advantage are increasing their general compliance costs. Regulators are also applying pressure to maintain transparency and fairness in AI-driven decisions, which adds a new layer of legal scrutiny to their tech investments.

State-level data privacy and security regulations remain a constant headache.

Action: Assess liability exposure from NSA lawsuits.

Environmental Factors: Net Zero Commitment and Operational Wins

Elevance Health Inc. has made concrete progress on the E in ESG. They achieved the goal of procuring 100% renewable electricity for operations early, which is a strong operational win. They were also named a 2025 ESG Industry Top-Rated company by Sustainalytics.

Their focus is now on the future: they are committed to pursuing net zero for Scope 1, 2, and 3 greenhouse gas emissions. Plus, they engage with strategic suppliers to set science-based emissions reduction targets. This moves the needle beyond their own four walls.

ESG is moving from a PR exercise to a supply chain requirement.

Action: Verify supplier compliance with emissions targets.

Next Step: Strategy Team: Draft a one-page memo by Friday outlining the mitigation plan for the 88.9% Q2 2025 Medical Loss Ratio trend, focusing on Carelon's role.

Elevance Health Inc. (ELV) - PESTLE Analysis: Political factors

High Revenue Concentration Risk with U.S. Government

The most immediate political risk for Elevance Health Inc. is its deep financial reliance on the U.S. government. In 2024, the company generated a significant 31% of its total revenue from federal agencies, primarily through Medicare Advantage and Medicaid programs. With a reported total revenue of $175.2 billion in 2024, this translates to approximately $54.3 billion in government-derived revenue. That's a huge concentration. Any shift in federal policy-whether it's a change in reimbursement rates, a new audit focus, or a legislative overhaul-can have an outsized impact on your bottom line. You simply cannot ignore the legislative calendar when a third of your business is tied to it.

Increased Regulatory Scrutiny on Medicare Advantage Overpayments

Regulatory scrutiny on Medicare Advantage (MA) overpayments is not just a persistent threat; it is a live, material headwind in 2025. The Centers for Medicare & Medicaid Services (CMS) finalized a new rule, effective January 1, 2025, which changes the standard for reporting and returning overpayments to align with the Federal False Claims Act (FCA) 'knowledge' standard. This means MA Organizations (MAOs) like Elevance Health now face greater liability if they fail to investigate credible information about potential overpayments.

This regulatory tightening is already hitting the company's financials. Elevance Health is facing an expected revenue loss of $375 million in 2025 following an unsuccessful legal challenge against CMS's decision to lower its Medicare Star Ratings. These ratings are critical because they directly determine quality bonus payments and enrollment periods. When the government cuts your quality bonus, you feel it immediately.

ACA Subsidies Extended Through 2025 by the Inflation Reduction Act

The enhanced Affordable Care Act (ACA) premium tax credits, originally expanded by the American Rescue Plan Act and extended by the Inflation Reduction Act (IRA), are a critical piece of the individual market's stability. They are set to expire at the end of 2025. This expiration is a clear, near-term policy cliff.

If Congress fails to act before the deadline, middle-income households could see their premiums more than double in 2026. The Congressional Budget Office (CBO) estimated that extending these subsidies would cost $350 billion over a decade, but the political will to do a clean extension is thin. In November 2025, the Senate Finance Committee was actively discussing alternatives, with some proposals aiming to overhaul eligibility and shift focus to Health Savings Accounts (HSAs). The risk is not just the premium spike, but the projected 4 million Americans who could become uninsured, shrinking the entire ACA marketplace and impacting Elevance Health's Individual segment membership.

Future Medicaid Cuts and ACA Eligibility Overhauls Loom

The legislative environment in 2025 has introduced major structural risk to government programs. The 'One Big Beautiful Bill Act' (OBBBA), signed into law in July 2025, is projected by the CBO to reduce federal spending on Medicaid by over $900 billion over the next decade.

These cuts are not abstract; they translate into direct operational challenges for Elevance Health's Medicaid business:

• Medicaid Disproportionate Share Hospital (DSH) payment reductions went into effect in October 2025.
• New work requirements and stricter enrollment verification processes are being implemented for Medicaid and ACA, which could result in the disenrollment of as many as 10 million individuals across these programs.
• A moratorium on new or increased Medicaid provider taxes will create significant state funding gaps, forcing states to either cut benefits or reduce provider reimbursement rates-a direct pressure point for Elevance Health's state contracts.

Here's the quick math: fewer enrollees and lower state reimbursement rates mean margin compression is defintely on the table for 2026.

Elevance Health Inc. (ELV) - PESTLE Analysis: Economic factors

Full-year 2025 adjusted EPS guidance cut to approximately $30.00 from earlier estimates.

You're looking at a classic signal of economic pressure: a downward revision of earnings per share (EPS) guidance. For Elevance Health, the full-year 2025 adjusted EPS guidance was recently trimmed to roughly $30.00. This cut, coming from earlier, more optimistic estimates, tells us two things. First, the cost of providing care (the Medical Loss Ratio, or MLR) is running hotter than anticipated. Second, the macro-economic environment-think inflation and labor costs-is defintely biting into margins.

When a company like Elevance Health, a bellwether for the managed care sector, adjusts its EPS, it signals a broader challenge across the industry. This isn't a catastrophe, but it's a clear headwind that demands tighter operational control and more aggressive pricing strategies for 2026. Here's the quick math: a lower EPS means less profit for every dollar of revenue, which directly impacts shareholder value.

Q2 2025 operating revenue grew to $49.4 billion, a 14% year-over-year increase.

Still, the top-line growth is absolutely solid, which is a key economic opportunity. Elevance Health's Q2 2025 operating revenue hit $49.4 billion, marking a substantial 14% year-over-year increase. This growth is a direct result of increased membership across their government business (Medicaid and Medicare) and effective premium rate increases in their commercial plans.

This massive revenue base provides a crucial buffer against the rising cost environment. The economic factor here is scale. In a high-cost environment, having nearly $50 billion in quarterly revenue allows for better negotiation power with providers and drug manufacturers. That's a huge competitive advantage.

Medical Loss Ratio (MLR) climbed to 88.9% in Q2 2025 due to elevated medical costs.

This is the core economic risk. The Medical Loss Ratio (MLR)-the percentage of premium revenue spent on medical claims-climbed to a concerning 88.9% in Q2 2025. This means that for every dollar of premium collected, 88.9 cents went straight out the door to cover medical services. This elevated MLR is driven by higher utilization, particularly in elective procedures and outpatient services, which were deferred during the pandemic and are now being accessed.

The economic reality is that consumers are catching up on care, and that cost is flowing directly to the payer. The 88.9% MLR is a tight margin for a business of this size, and any sustained increase past 90% would be a major red flag for profitability. It's a classic squeeze: strong revenue growth, but costs are growing faster.

Carelon services segment is a growth engine, with Q2 2025 revenue up 36% to $18.1 billion.

The Carelon services segment is the economic bright spot and the strategic hedge against rising MLR. This segment, which includes pharmacy benefits management (PBM) and health-tech solutions, saw Q2 2025 revenue jump a remarkable 36% to $18.1 billion. This is a crucial diversification strategy.

The PBM business, in particular, helps Elevance Health control its own drug costs, while the broader Carelon platform offers services to external clients, creating a non-insurance revenue stream. This high-growth, fee-based revenue is less exposed to the volatility of medical claims. It's the company's internal counter-cyclical investment, and it's paying off.

The economic opportunity here is clear:

• Diversify revenue away from pure insurance risk.
• Capture margin from the entire healthcare value chain.
• Scale high-margin technology and consulting services.

The $18.1 billion in Carelon revenue is a powerful indicator that Elevance Health is successfully transforming its business model to better navigate the challenging economic landscape of rising healthcare costs.

Elevance Health Inc. (ELV) - PESTLE Analysis: Social factors

Aging U.S. population drives sustained demand for Medicare Advantage plans.

The demographic shift toward an older U.S. population is a powerful, tailwind for Elevance Health, as it directly fuels the demand for Medicare Advantage (MA) plans. More than half of eligible Medicare beneficiaries-specifically, 34.1 million people, or 54%-are enrolled in an MA plan in 2025, showing this market is defintely maturing but still growing.

Elevance Health is capitalizing on this trend, targeting growth where competitors are pulling back. The company projects its MA membership will end 2025 between 2.2 million and 2.25 million members, reflecting a projected growth rate of 7%-9% for the year. In absolute terms, Elevance Health had the second-largest MA enrollment growth in the industry between March 2024 and March 2025, adding about 249,000 beneficiaries. This sustained demand is the core of their government business strategy.

Elevated utilization in behavioral and emergency room health services is raising costs.

A significant social factor impacting profitability is the elevated use of healthcare services, particularly in behavioral health and emergency rooms. This isn't just a trend; it's a cost driver. The Health Benefits segment's adjusted operating gain plummeted 63.0% to $0.6 billion in the third quarter of 2025, a contraction largely attributed to these rising medical costs.

The overall benefit expense ratio (Medical Loss Ratio) for the company rose to 91.3% in Q3 2025, an increase of 180 basis points year-over-year, reflecting this elevated cost trend across Medicare and Medicaid. Here's the quick math: higher utilization means a higher percentage of premiums goes straight out to pay claims. Also, members in the Affordable Care Act (ACA) exchange plans are a particular pressure point, as they exhibited nearly double the emergency room usage compared to commercial enrollees.

Focus on 'whole health' strategy addresses social drivers of health for members.

Elevance Health is actively mitigating some of these utilization issues through its 'whole health' strategy, which acknowledges that social drivers of health (SDoH) determine up to 80% of a person's health outcomes. This approach integrates physical, behavioral, and social factors like housing and food access.

The company is making concrete investments to operationalize this strategy, committing $90 million over three years to initiatives that directly address social drivers of health. They use their proprietary Whole Health Index (WHI) to measure these social factors and target interventions, which is a smart way to manage risk and improve member outcomes at the same time.

• Invest $90 million over three years for SDoH initiatives.
• Use the Whole Health Index to measure social drivers.
• Address factors like food and housing, which determine up to 80% of health outcomes.

Medicaid membership is seeing attrition due to post-pandemic eligibility redeterminations.

The unwinding of the COVID-19 Public Health Emergency's continuous coverage provision has led to a significant social and financial challenge: the mass Medicaid eligibility redeterminations. This is causing substantial membership attrition for Elevance Health.

While the overall medical membership stood at approximately 45.4 million as of September 30, 2025, this total was partially offset by ongoing Medicaid membership losses. The impact is clear in the financials: the company projects its Medicaid operating margin will decline by 125 basis points year-over-year, creating a challenging financial environment for 2026. The scale of the initial drop was massive, with Medicaid enrollment falling 21.5% to 9.3 million in Q1 2024 from 11.9 million a year earlier, and the losses continue through 2025.

Elevance Health Inc. (ELV) - PESTLE Analysis: Technological factors

AI-enabled virtual assistant is rolling out by late 2025 to reduce administrative costs

You're looking for where the big cost savings are coming from in a healthcare enterprise, and the answer is increasingly in the digital front door. Elevance Health is aggressively rolling out its AI-driven virtual assistant, integrated within the Sydney Health member app, to automate routine inquiries and reduce administrative friction.

This is a direct play to cut down on expensive call center volume. By the end of 2025, the company projects that more than 10 million members will have access to this virtual assistant, which is a massive deployment before the planned expansion to the full membership of over 45 million people in 2026. This initiative is a key component of the strategy to expand Elevance Health's adjusted operating margin to between 6.5% and 7%. It's a clear action: automate the simple stuff to free up human capital for complex care issues.

Generative AI is used to simplify complex policy documents for providers

The administrative burden on care providers-the endless paperwork and complex policy manuals-is a major cost driver in healthcare. Elevance Health is using Generative AI (GenAI) to tackle this head-on, simplifying the 'thousands of pages of policy documents and claims' that providers typically have to navigate. This directly reduces their workload, which helps improve provider satisfaction and speeds up the entire claims and authorization process.

Internally, the company is also seeing significant efficiency gains. Elevance Health's homegrown AI toolkit, Spark, enables employees to automate manual tasks like contract processing and document analysis. Plus, in their call centers, AI is already automating about one million post-call summaries each month, routing them correctly and improving overall efficiency. That's a defintely powerful volume of administrative work being streamlined.

Health OS and Intelligent Clinical Assist tools streamline clinical workflows

The core of Elevance Health's clinical technology strategy is the Health OS platform, which acts as a central data hub, connecting provider data, lab results, and pharmacy information to create a comprehensive, 360-degree view of the member. The Intelligent Clinical Assist tools sit on top of this data, streamlining clinical workflows and accelerating routine approvals by surfacing relevant data for licensed professionals.

The results here are concrete and impactful. The use of Health OS has already led to a 68% reduction in denials that stem from a lack of information, which is a huge win for both the company and the providers. This platform is directly improving care quality metrics, too.

• Increased medication adherence in chronic conditions by 25%.
• Increased primary care physician connection with patients after discharge by 15%.
• Improved consumer adherence to Healthcare Effectiveness Data and Information Set (HEDIS) measures by 12%.

Investment in AI for personalized care and predictive health insights is a priority

Elevance Health is moving past simple automation to focus on proactive, predictive health. They are committed to investing 'several hundred million dollars' in 2025 in initiatives that advance strategic goals, including AI and digital tools. This capital is aimed at boosting productivity, reducing administrative waste, and improving clinical outcomes.

The goal is to use AI to generate holistic and actionable insights, moving from reactive sick care to proactive health management. This means using AI to provide members with personalized care recommendations, helping them understand their health benefits, and connecting them with the right providers. This shift to personalized care is what drives long-term value, improving outcomes while managing costs.

Elevance Health Inc. (ELV) - PESTLE Analysis: Legal factors

The legal environment for Elevance Health is currently defined by aggressive federal oversight, particularly in Medicare Advantage, and complex litigation surrounding the No Surprises Act. For a company of this scale, legal compliance is not just a cost center; it's a massive operational risk that directly impacts the bottom line, especially given the multi-billion dollar exposure in government programs.

Facing lawsuits over provider billing practices related to the No Surprises Act

Elevance Health is actively engaged in a legal battle over the implementation of the No Surprises Act (NSA), but not just as a defendant. In May and June 2025, subsidiaries like Blue Cross Blue Shield Healthcare Plan of Georgia and Anthem Blue Cross and Blue Shield of Ohio filed lawsuits against medical services firms, including HaloMD, alleging a fraudulent scheme to exploit the NSA's Independent Dispute Resolution (IDR) process.

The core of the issue is that providers are allegedly submitting thousands of disputes clearly ineligible for the IDR process, seeking inflated reimbursement. In the Georgia case, Elevance estimates the scheme resulted in approximately $5.9 million in improper payments and arbitration fees between January 2024 and April 2025. The providers were reportedly requesting payouts that were, on average, 900% higher than the median contracted rates for a specific service in their region. Honestly, that's not a dispute; it's an attempt to game the system, so the legal action is necessary to protect plan solvency.

The company also faces lawsuits alleging its own non-compliance with the NSA and the Mental Health Parity and Addiction Equity Act. For instance, a class-action lawsuit from April 2024 against its Carelon Behavioral Health subsidiary claims the company uses 'ghost networks'-inaccurate provider directories-to mislead beneficiaries. This dual legal pressure, both defending against and prosecuting alleged fraud, keeps legal expenses high.

Stricter risk adjustment and audit policies for Medicare Advantage are increasing compliance costs

The Centers for Medicare & Medicaid Services (CMS) launched a dramatically expanded and aggressive audit strategy in May 2025, which directly increases compliance costs and financial risk for Elevance Health's Medicare Advantage (MA) segment. This is a huge shift, moving from auditing a small sample of plans to auditing virtually all eligible MA contracts annually.

Here's the quick math on the compliance ramp-up:

• CMS is expanding its audit scope from approximately 50 to 60 MA plans per year to auditing all eligible MA contracts, which is around 550 plans annually.
• The agency is increasing its team of medical coders from 40 to approximately 2,000 by September 1, 2025, to manually verify flagged diagnoses.
• CMS is expediting the completion of all remaining Risk Adjustment Data Validation (RADV) audits for payment years 2018 through 2024 by early 2026.

What this estimate hides is the new power to extrapolate audit findings, meaning a small error in a sample of records can lead to multi-million dollar recoupment demands across an entire contract year. This is a major liability shift, especially since federal estimates suggest MA plans may overbill the government by an estimated $17 billion to $43 billion per year through unsupported diagnoses. Elevance Health is already facing a federal lawsuit alleging it received over $100 million in overpayments from CMS for MA enrollees between 2014 and 2018, which shows the historical exposure.

Regulatory pressure to maintain transparency and fairness in AI-driven decisions

As Elevance Health embeds Artificial Intelligence (AI) into its operations-for example, to streamline clinical review and expedite prior authorization approvals-it faces mounting regulatory pressure on transparency and fairness. Regulators are increasingly concerned about algorithmic bias leading to discriminatory coverage decisions or denials.

Elevance Health has adopted a 'responsible AI' approach, emphasizing a human-in-the-loop model, where licensed professionals and clinicians make the final coverage decisions, not the AI itself. Still, the regulatory framework is evolving fast. State legislatures, like Texas, have pre-filed comprehensive AI bills for 2025, and other states are looking at health-specific AI legislation. This means the company must continually update its AI governance to meet a patchwork of new state laws, which is defintely a challenge.

Compliance with state-level data privacy and security regulations remains complex

The lack of a single federal data privacy law forces Elevance Health to comply with a complex and growing list of state-level regulations. As of 2025, a total of 19 states have passed comprehensive consumer privacy laws. The complexity is compounded by the fact that health data is often regulated by both the federal Health Insurance Portability and Accountability Act (HIPAA) and these new state consumer privacy laws.

Elevance Health must manage compliance across a wide range of state-specific requirements, including the right to access, deletion, and correction of personal information. The company maintains a State Consumer Privacy Law Request Form to manage requests from residents in states like California, Virginia, Colorado, Connecticut, Utah, Washington, Nevada, Texas, Montana, and Oregon. Furthermore, new laws specifically regulating consumer health data are emerging, with Maryland becoming the fourth state in 2024 to pass such a law, following Washington, Nevada, and Connecticut. This fragmented legal environment requires significant and ongoing investment in legal, IT, and compliance personnel.

Finance: draft a 13-week cash view by Friday, explicitly modeling the high-end risk of Medicare Advantage recoupment exposure based on the new CMS extrapolation rules.

Elevance Health Inc. (ELV) - PESTLE Analysis: Environmental factors

The environmental factor for Elevance Health Inc. is a clear-cut story of aggressive target-setting and early achievement, particularly in energy sourcing, but it still faces the enormous challenge of Scope 3 emissions. You can see their commitment in the $0 market-based Scope 2 emissions for 2023, which is a powerful metric for a company of this scale.

Committed to pursuing net zero for Scope 1, 2, and 3 greenhouse gas emissions

Elevance Health is pursuing a long-term goal of net zero for its Scope 1, Scope 2, and Scope 3 greenhouse gas (GHG) emissions, aligning with a net zero by 2050 aspiration for its general account investments. This is a critical commitment, especially as the healthcare sector's carbon footprint faces increasing scrutiny. Their near-term, Science Based Targets initiative (SBTi) approved goal is to reduce absolute Scope 1 emissions by 46.2% by 2030, using a 2019 baseline.

The real challenge, as with most service-based companies, is in the value chain. Here's the quick math on the latest reported emissions data (in metric tons of CO2 equivalent, MT CO2e), which highlights the Scope 3 issue.

What this estimate hides is the sheer size of the Scope 3 number-it represents the vast majority of their carbon footprint, driven largely by purchased goods and services, and investments. The $0 Scope 2 number is defintely a win, but the Scope 3 figure is the one that demands strategic focus.

Achieved the goal of procuring 100% renewable electricity for operations early

The company hit its 100% renewable electricity target in 2021, a full four years ahead of its original 2025 schedule. This achievement is maintained through active annual sourcing via power-purchase agreements and onsite installations, with a commitment to continue this 100% sourcing through 2030.

This early success in renewable energy, which is tied to the RE100 global corporate initiative, is why their Scope 2 market-based emissions are reported as 0 MT CO2e. It significantly de-risks their direct operational footprint from energy price volatility and carbon taxes.

Named a 2025 ESG Industry Top-Rated company by Sustainalytics

The market recognizes these efforts. Elevance Health was named a 2025 ESG Industry Top-Rated company by Sustainalytics. This ranking placed them first in managed healthcare and fourth out of nearly 600 companies in the overall healthcare category.

Such high-level third-party validation in the 2025 reporting cycle is important for attracting capital from funds with strict environmental, social, and governance (ESG) mandates. It signals to investors that the company is effectively managing its material environmental risks.

Engages with strategic suppliers to set science-based emissions reduction targets

To tackle that massive Scope 3 footprint, the company is pushing its environmental standards down the supply chain. They manage over $7 billion of indirect spending in products and services with their suppliers, so this engagement is crucial.

Their commitment is to have 75% of their suppliers by spend set their own SBTi-approved science-based targets by 2028. In 2024, they were already engaging with over 75% of their suppliers by spend on this exact issue.

This engagement includes using the CDP (formerly Carbon Disclosure Project) Supply Chain platform to collect environmental metrics and offering training to suppliers who need guidance on measuring emissions and creating a climate strategy.

• Target 75% of supplier spend for SBTi targets by 2028.
• Engaged over 75% of suppliers by spend in 2024 on setting targets.
• Manage over $7 billion in indirect supplier spending.

This is a clear, actionable strategy to reduce the largest part of their environmental impact-the indirect one.