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).”