Elevance Health (ELV) Q3 2026 (USD): adj. EPS 6.99 (exp. 4.70), Revenue 50.4bln (exp. 49.29bln); raises FY guidance

The benefit expense ratio of 90.6 percent improved 70 basis points, driven by better performance in Medicare Advantage and Individual ACA compared to the prior year. The operating expense ratio was 11.4 percent. The adjusted operating expense ratio was 11.3 percent, an increase of 90 basis points from the prior year. The increase principally reflected targeted, one-time investments in capabilities that support our long-term performance, along with spending to advance business growth and quality initiatives. GUIDANCE: Sees FY adj. EPS at 29.00 (exp. 27.26)