Elevance Health

Q3 FY2026 EarningsQ3 FY26 results significantly beat consensus expectations, with adjusted diluted EPS of $6.99 outperforming the $4.69 mean estimate. Operating revenue of $50.4B slightly exceeded the $49.2B consensus, driven by premium yield increases and Carelon growth. While membership declined in Medicare and Medicaid, strong execution in Carelon Services and a 70bps improvement in the benefit expense ratio (90.6%) supported margins. Management raised FY26 adjusted EPS guidance to at least $29.00 (vs. ~$27.00 consensus) and projected 12% growth for FY27.