Elevance Health, Inc. is expected to release its Q3 2026 10-Q filing on October 19, 2026, before market open. Last quarter: Elevance Health's Q2 FY2026 revenue grew modestly to $50.5B while profitability declined sharply, with operating income down 27.3% and EPS down 13.1%, driven by elevated Medicaid/Medicare medical cost trends, a Medicare Advantage risk-adjustment loss contingency accrual, and increased operating expenses tied to workforce and transformation initiatives.
EPS Estimate
$4.81
Revenue Estimate
$49.57B
Analyst consensus from Finnhub. Actual results posted within minutes of the SEC filing on the ELV page.
Drawn from management commentary in the Q2 2026 10-Q:
Total operating gain fell 27.3% to $1,763M in Q2 FY2026 from $2,425M a year ago, primarily due to Health Benefits segment operating gain dropping 42.6% to $896M (from $1,560M), while CarelonRx operating gain grew 8.6% to $582M. Health Benefits operating margin contracted 170bp to 2.1%, and total operating margin fell 140bp to 3.5%.
Total medical membership fell to 44.9M members as of June 30, 2026, down 672K (1.5%) from 45.6M a year earlier, driven by Medicaid attrition from eligibility redeterminations (-375K, -4.3%), Medicare Advantage declines (-358K, -15.9%), and Employer Group Risk-Based declines (-198K, -5.5%), partially offset by Employer Group Fee-Based growth (+347K, +1.7%).
Benefit expense ratio increased 80bp to 89.7% in Q2 FY2026, primarily due to expected elevated medical cost trend in Medicaid and Medicare businesses, partially offset by improved performance in the Individual ACA business. Membership shifts and lower effectuation rates following ACA subsidy expiration (APTCs expired Dec 31, 2025) have driven market-wide morbidity increases.
Revenue
$50.47B
++1.40% YoY
EPS (Basic)
$6.74
-12.92% YoY
Operating Income
$1.76B
-27.30% YoY
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