Earnings call analysis

Elevance Health (ELV) Q3 2026 Earnings Call: Guidance and Outlook

The company provided revised full-year 2026 guidance and reaffirmed its outlook for 2027 growth. The guidance reflects strong operating performance and a higher earnings baseline.

About Elevance Health. Operating as a major health benefits organization, Elevance Health Inc. commits to guiding consumers, families, and communities across their entire health and wellness path. It facilitates access to vital care, assistance, and tools designed to enable healthier living for approximately 118 million individuals.

Call date

Oct 21, 2026

Sentiment score

+45 Positive

Management tone, -100 to +100

Sentiment change

+10

vs Q2 2026 call

Sector

Health Care, Health Care Providers and Services

Next report

Jan 27, 2027

View calendar

Quarterly guidance

Quarterly guidance: No quarterly guidance was given.

Annual guidance

2026 Adjusted Diluted EPS: At least $29
2027 Adjusted EPS Growth: At least 12% growth from the 2026 baseline
2026 Operating Cash Flow: At least $6.5 billion
2026 Individual ACA Membership: At least 1.2 million members

Outlook

Medicaid Margins: 2026 is viewed as the trough for Medicaid margins, with improvement expected in 2027.
Medicare Advantage Margins: The company expects a full year operating margin of at least 2% for 2026.
Commercial Group Trend: Cost trends remain elevated but stable, with pricing set for a low double-digit cost trend environment.
Carelon Growth: Carelon is expected to be an increasingly important contributor to both affordability and enterprise earnings growth.
Medicaid Cost Trend: Cost trends remain elevated but relatively stable compared to the second quarter.
Individual ACA Margins: The company expects a modestly higher full year operating margin for 2026.

Sources and method

Dombey's summary of the Elevance Health Q3 2026 earnings call held Oct 21, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.

Updated Nov 9, 2026. All earnings call analyses

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Research published before the catalyst, kept on the record after it.

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