10-Q · July 15, 2026
Elevance Health reported a modest revenue increase with a Q2 2026 total operating revenue of $49.83 billion, up 0.8% year-over-year, but a noticeable 16.1% decline in diluted EPS to $6.71. The company faced challenges…
Earnings analysis · 10-Q
ELV earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
Elevance reported Q3 2026 revenue of $50.440 billion and diluted EPS of $6.27, exceeding consensus estimates of $49.037 billion and $4.69, respectively. Revenue was modestly below the prior-year quarter, while EPS was…
Read full summary
Elevance reported Q3 2026 revenue of $50.440 billion and diluted EPS of $6.27, exceeding consensus estimates of $49.037 billion and $4.69, respectively. Revenue was modestly below the prior-year quarter, while EPS was above Q3 2025 but below Q2 2026. Management raised FY2026 diluted EPS guidance to at least $22.00, adjusted EPS guidance to at least $29.00, and operating cash flow guidance to at least $6.5 billion. The $935 million CMS-related accrual and modest revenue decline remain material risks, although the overall outlook improved.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.27
What stood out
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Revenue beat consensus
Third-quarter revenue was $50.440 billion, exceeding consensus of $49.037 billion by $1.403 billion, or approximately 2.9%. Revenue was approximately $270 million below $50.710 billion in Q3 2025, however.
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EPS materially beat estimates
Diluted EPS was $6.27 versus consensus of $4.69, a $1.58 or approximately 33.7% beat. EPS declined from $6.71 in Q2 2026 but increased from $5.32 in Q3 2025.
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Full-year EPS outlook raised
FY2026 diluted EPS guidance was raised to at least $22.00 from at least $20.10, while adjusted diluted EPS guidance increased to at least $29.00 from at least $27.00.
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Cash-flow outlook improved
FY2026 operating cash flow guidance was raised to at least $6.5 billion, indicating improved expected cash generation despite the filing not disclosing a standalone Q3 free-cash-flow figure.
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Continued sizable share repurchases
The company repurchased 827,223 shares for an aggregate cost of $330 million during the three months ended September 30, 2026; $5.007 billion remained available under the repurchase authorization at September 30, 2026.
What to watch
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CMS accrual remains material
The company recorded a $935 million CMS-related accrual, highlighting continued exposure to Medicare risk-adjustment and regulatory outcomes.
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Revenue and sequential EPS pressure
Revenue declined from $50.710 billion in Q3 2025 to $50.440 billion in Q3 2026, a decrease of $270 million or approximately 0.5%, while Q3 EPS declined $0.44 from $6.71 in Q2 2026.
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No new risk-factor detail
The 10-Q states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K; it also states that there were no material changes to market risks since December 31, 2025. Accordingly, no new quantified risk-factor change was identified in this filing.
Management's outlook
FY2026 diluted EPS guidance was raised to at least $22.00 from at least $20.10; adjusted diluted EPS guidance was raised to at least $29.00 from at least $27.00. FY2026 operating cash flow guidance was raised to at least $6.5 billion. No quantitative revenue guidance was provided in the 10-Q.
Earlier filings 2
10-Q · April 22, 2026
Elevance reported quarter-over-quarter revenue and operating-revenue growth while GAAP profitability declined. Total revenues rose to $50,181 million and operating cash flow strengthened to $4,332 million, but…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.