Elevance Health, Inc. reported its financial results for the third quarter of 2026 on October 21, 2026, filing an 8-K with the SEC. The company reported operating revenue of $50.4 billion for the quarter ended September 30, 2026, an increase of 0.7% compared to the same period in 2025. This growth was driven by higher premium yields, increased CarelonRx product revenue, and growth in service fees, which were partially offset by lower membership in Medicare Advantage, Medicaid, and Employer Group risk segments.
On a per-share basis, the company reported diluted earnings per share (EPS) of $6.27 and adjusted diluted EPS of $6.99 for the quarter. The company raised its full-year 2026 guidance, projecting diluted EPS of at least $22.00 and adjusted diluted EPS of at least $29.00. Additionally, the company raised its full-year 2026 operating cash flow guidance to at least $6.5 billion.
Management highlighted that the benefit expense ratio improved to 90.6% in the third quarter, a decrease of 70 basis points from the prior year. Operating expenses were 11.4% of total operating revenue, an increase of 90 basis points from the prior year, attributed to targeted investments in capabilities and business growth initiatives. The company repurchased 0.8 million shares of its common stock for $330 million during the quarter and paid a quarterly dividend of $1.72 per share.
Segment performance varied, with the Health Benefits segment reporting operating revenue of $43.4 billion, an increase of 3% year-over-year. Conversely, the Carelon segment reported operating revenue of $19.3 billion, an increase of 5% year-over-year, driven by CarelonRx product revenue and risk-based solutions.
