ELEVANCE HEALTH $ELV Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $50.44B (Est. $49.21B) 🟢; +0.7% YoY
🔹 Adj. EPS: $6.99 (Est. $4.68) 🟢; +15.9% YoY
🔹 Benefit Expense Ratio: 90.6%; +70 bps YoY
Raises FY26 Guide:
🔹 Adj. EPS: at least $29.00
🔹 GAAP EPS: at least $22.00
🔹 Operating Cash Flow: at least $6.5B
Segment Operating Revenue:
🔹 Health Benefits: $43.36B; +2.6% YoY
🔹 Carelon: $19.3B; +5% YoY
Other Q3 Metrics:
🔹 GAAP EPS: $6.27; +17.9% YoY
🔹 Operating Margin: 2.5%; -10 bps YoY
🔹 Total Medical Membership: 44.9M; -1.1% YoY
🔹 Operating Cash Flow: $1.3B
Key Updates:
🔹 Amortization of other intangible assets: $0.49/share
🔹 Net losses on financial instruments: $0.22/share
🔹 Transaction and integration related costs: $0.19/share
🔹 Business optimization program charges: $0.08/share
🔹 Litigation and settlement expenses: $0.04/share
🔹 Tax impact of non-GAAP adjustments: -$0.31/share
🔸 Results reflect improved operating performance and a net non-operating benefit of $1.85 per share
🔹 Share Repurchases: 0.8M shares for $330M; Quarterly Dividend: $1.72/share
Comments:
🔸 “We are raising our 2026 earnings outlook and remain confident in delivering at least 12% growth in adjusted diluted earnings per share in 2027 from our higher earnings baseline of at least $26.75(3).”