$ELV · Elevance Health, Inc.

Elevance Health filed an 8-K with its Q3 2026 earnings release. Operating revenue was $50.4B (+0.7% YoY), adjusted diluted EPS was $6.99 vs. $6.03 a year ago. Full-year 2026 adjusted EPS guidance was raised to at least $29.00, and operating cash flow guidance was raised to at least $6.5 billion. The company also committed to at least 12% adjusted EPS growth in 2027 from a $26.75 baseline.

Extended-hours trading shows ELV at $444.83, up +1.06% from the regular close of $440.18, indicating a positive initial reaction to the beat and guidance raise. The $95.46B market cap managed-care giant's results were described as "ahead of expectations."

A managed-care bellwether delivering a beat-and-raise quarter with explicit 2027 growth commitments signals confidence that the margin recovery cycle is intact despite membership headwinds.

Elevance's results reflect the broader managed-care theme of benefit-expense-ratio improvement offsetting membership attrition, particularly in Medicare Advantage. The 2027 commitment of at least 12% adjusted EPS growth from a $26.75 baseline signals confidence in sustained margin recovery.

Medical membership declined 487K YoY to 44.9M, with Medicare Advantage down 15.5% and Medicaid down 4.9%. The nine-month results include a $935M accrual for potential CMS exposure related to historical Medicare Advantage risk adjustment data.