Elevance Health 三季度调整后EPS超预期并上调2026全年指引，但核心承保利润下滑、会员流失，盘前涨幅迅速回落至约+0.2%

Elevance Health, Inc. (ELV) reported third-quarter 2026 results that exceeded its expectations, driven by improved operating performance across its healthcare and services businesses. The company also raised its full-year earnings and cash flow guidance for 2026.
Third-Quarter 2026 Results
Operating revenue for the third quarter increased 0.7% to $50.4 billion, compared with $50.1 billion in the third quarter of 2025. Growth was driven by higher premium yields, increased CarelonRx product revenue, and higher service fee revenue, partially offset by lower membership in Medicare Advantage, Medicare and employer-sponsored health plans.
Net income attributable to shareholders rose to $1.37 billion, or $6.27 per diluted share, compared with $1.19 billion, or $5.32 per diluted share, in the prior-year quarter.
Adjusted diluted earnings per share increased to $6.99, up from $6.03 a year earlier.
The company's benefit expense ratio, a key measure of medical costs relative to premiums collected, improved to 90.6% from 91.3% in the third quarter of 2025, reflecting better performance in its Medicare Advantage and Individual ACA businesses.
Operating cash flow totaled $1.3 billion during the quarter.
Segment Performance
The Health Benefits segment generated revenue of $43.4 billion, up 3% from $42.2 billion a year earlier. Operating gain, however, declined to $436 million from $601 million, reflecting targeted investments in the company's long-term operating model.
Medicare membership totaled approximately 44.9 million, down 487,000 members from the prior year, primarily due to lower Medicaid, Medicare Advantage and employer group risk-based enrolment.
The Carelon segment continued to be a growth driver. Revenue increased 5% to $19.3 billion from $18.3 billion in the prior-year quarter, while operating gain increased to 17% to $0.9 billion from $0.8 billion. Growth was driven by CarelonRx product revenue and continued expansion of Carelon Services risk-based solutions.
Capital Returns and Balance Sheet
During the quarter, Elevance repurchased 0.8 million shares for approximately $330 million and paid $373 million in dividends. The company ended the quarter with approximately $2.4 billion in cash and investments at the parent company level and about $5.0 billion remaining under its share repurchase authorization.
The board also declared a fourth-quarter dividend of $1.72 per share, payable on December 18, 2026, to shareholders of record as of December 4, 2026.
Outlook Raised
Reflecting continued operating momentum, Elevance increased its fiscal 2026 outlook and now expects:
-Diluted EPS of at least $22.00, up from $25.21, from FY 2025
-Adjusted diluted EPS of at least $29.00, compared to $30.29, from FY 2025
-Operating cash flow of atleast $6.5 million compared with $4.3 billion from FY 2025
Management also reiterated confidence in delivering at least 12% adjusted EPS growth in 2027 from its updated 2026 earnings baseline.
ELV has traded between $274.84 and $440.67 over the past year. The stock closed Tuesday's trading at $440.18, up 2.31%. In pre-market trading the stock is at $446.00, up 1.26%.
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Business News
October 16, 2026 16:06 ET Monthly consumer price inflation data and retail sales figures were the main news from the U.S. economy this week. In Europe, monthly GDP figures from the U.K. gained attention. External trade data from China was in focus in Asia. Elsewhere, the International Monetary Fund released its latest projections for the global economy.