Elevance Health Reports Third Quarter 2026 Results; Raises Full-Year Guidance
3Q 2026 operating revenue of $50.4 billion, up 0.7% from 3Q 2025
3Q 2026 diluted EPS1 of $6.27 and adjusted diluted EPS2 of $6.99; results reflect improved operating performance and a net non-operating benefit of $1.85 per share
FY 2026 diluted EPS1 guidance raised to at least $22.00; adjusted diluted EPS2 guidance raised to at least $29.00 on continued operating momentum
FY 2026 operating cash flow guidance raised to at least $6.5 billion
Investing in capabilities that improve the member experience, strengthen our competitive advantage, and support long-term growth
INDIANAPOLIS, October 21, 2026--Elevance Health, Inc. (NYSE: ELV) reported third quarter 2026 results ahead of expectations.
"Elevance Health's third quarter results reflect stronger execution across our diversified portfolio and underscore the earnings power of the business. 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 $26.753. By bringing together the capabilities of our Health Benefits business and Carelon, we are improving the healthcare experience, strengthening our competitive advantage, and creating long-term value for our shareholders."
Gail K. Boudreaux
President and Chief Executive Officer
| 1. | Earnings per diluted share ("EPS"). | ||
| 2. | Refer to GAAP reconciliation tables for reconciliation of GAAP to adjusted measures. | ||
| 3. | FY 2026 earnings baseline excludes non-recurring net investment income and other non-operating items, as well as targeted one-time investments. |
| Elevance Health | ||||||
| Consolidated Enterprise Highlights | ||||||
| (Unaudited) | ||||||
| (In billions) | Three Months Ended | |||||
| September 30, | September 30, | |||||
| Operating Revenue1 | $50.4 | $50.1 | ||||
| Operating Gain1,2 | $1.3 | $1.3 | ||||
| Adjusted Operating Gain1,3 | $1.3 | $1.3 | ||||
| Operating Margin1 | 2.5 % | 2.6 % | ||||
| Adjusted Operating Margin1,3 | 2.7 % | 2.7 % | ||||
| 1. | See "Basis of Presentation." | ||
| 2. | Operating Gain for the three months ended September 30, 2026 and September 30, 2025 includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation." | ||
| 3. | Adjusted Operating Gain for the three months ended September 30, 2026 and September 30, 2025 excludes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation." |
Operating revenue was $50.4 billion in the third quarter of 2026, an increase of $0.4 billion compared to the prior year quarter. This was driven by higher premium yields, increased CarelonRx product revenue, and growth in service fees, partially offset by lower Medicare Advantage, Medicaid, and Employer Group risk membership.