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On its third-quarter 2026 earnings call, held on Oct. 21, 2026, Elevance (ELV -1.37%) announced an increased 2026 earnings baseline of at least $26.75 per share. Long-term investors gain higher visibility into future earnings as Medicaid rates align with medical costs and health services expand. Three things management said stand out.

1. Higher Baseline Guidance Signals Core Earnings GrowthRaising the underlying earnings baseline provides a higher launching pad for future growth. Favorable claims experienced in Individual ACA (Affordable Care Act) health plans supported this higher floor.

Our earnings baseline increases by $0.75 to at least $26.75, reflecting third quarter operating outperformance and an improved full year outlook for Individual ACA.
-- Mark Kaye, Chief Financial Officer2. Targeted Clinical Programs Cut Hospital AdmissionsElevance relies on clinical management tools inside Carelon, its healthcare services unit, to lower overall medical costs. Coordinating cancer care early keeps patients out of the hospital and reduces expensive claims.

Through earlier identification of risks and more coordinated intervention, our cancer care engagement program has reduced avoidable inpatient admissions by 15% in the commercial market.
-- Gail Boudreaux, President and Chief Executive Officer3. Combined Pharmacy and Medical Coverage Lowers Customer CostsIntegrating pharmacy benefits with medical coverage creates tangible savings for employer groups. Lower total care expenses help Elevance win and retain large commercial accounts.

What we have seen is, as we integrate medical and pharmacy, our members are benefiting by saving up to $100 per member per month.
-- Mark Kaye, Chief Financial OfficerLooking AheadMedical cost trends remain stable across Medicaid and commercial lines, while rate updates support ongoing margin expansion. Elevance leverages its scale across health plans and digital platforms to improve pricing discipline and medical cost control.

As we extend these solutions across our health plans and to external clients, we expect to improve medical cost management, increase operating leverage, and deliver greater value for those we serve.
-- Gail Boudreaux, President and Chief Executive OfficerManagement expects broad-based operating improvement to carry momentum into future periods across its entire health benefits portfolio.

Beyond 2027, we believe the actions we are taking today position us to drive sustainable long-term earnings growth.
-- Gail Boudreaux, President and Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways ISRG's Q3 earnings jumped 25%, fueled by strong robotic surgery demand.ELV crushed Q3 earnings expectations by 50% and raised its FY26 outlook.Both healthcare stocks boast impressive earnings beat streaks and favorable growth prospects. Healthcare stocks Intuitive Surgical (ISRG - Free Report) ) and Elevance Health (ELV - Free Report) ) are worth considering after both companies delivered better-than-expected third-quarter results this week, highlighting encouraging growth across the medical instruments and services industries.

With strong earnings momentum and favorable outlooks, both stocks present attractive investment opportunities following their strong Q3 reports.

Intuitive Surgical – ISRG: Robotic Surgery Growth AcceleratesIntuitive Surgical, a global leader in robotic-assisted surgery, reported adjusted Q3 earnings of $3.00 per share, surpassing the Zacks Consensus Estimate of $2.61 by nearly 15% and climbing 25% from EPS of $2.40 in the prior-year quarter.

Revenue jumped 22% to $3.05 billion, beating expectations of $2.88 billion by almost 6%. Growth was supported by continued adoption of Intuitive's da Vinci surgical systems, with worldwide da Vinci procedures increasing 14%. Notably, the company placed 546 da Vinci systems during the quarter, up 28% from 427 a year ago.

Despite strong results, ISRG shares have faced selling pressure amid concerns about slowing procedure growth, increased competition, and a $450 million antitrust settlement. However, expanding robotic surgery adoption and Intuitive's growing installed base continue to support its long-term outlook.

Encouragingly, management maintained its FY26 outlook for worldwide da Vinci procedure growth of 14%-15%, while projecting adjusted gross margins of 68.7%-69.3%, reinforcing expectations for continued demand and solid profitability.

Furthermore, Intuitive Surgical has now surpassed earnings expectations for 15 consecutive quarters, posting an impressive average EPS surprise of 15.12% over its last four reports.

Image Source: Zacks Investment Research

Elevance Health – ELV: Better Medical Cost Management Boosts MarginsHealth insurance giant Elevance Health delivered an impressive Q3 earnings beat as well, posting adjusted EPS of $6.99. This exceeded the Zacks Consensus Estimate of $4.66 by 50% and increased16% from $6.03 per share a year ago.

Operating revenue climbed modestly to $50.4 billion, topping expectations by nearly 3%, supported by stronger premium yields and growth in its Carelon healthcare services business. Optimistically, Elevance's benefit expense ratio improved 70 basis points to 90.6%, reflecting better medical cost management.

Adding to investor optimism, Elevance raised its FY26 adjusted EPS guidance from $27.00 to at least $29.00 per share. Plus, management expects adjusted earnings growth of at least 12% in FY27, excluding certain one-time benefits from its FY26 results, signaling confidence in improving profitability.

ELV shares are up 25% year-to-date and offer a solid annual dividend yield of 1.56%. Furthermore, Elevance has exceeded earnings expectations for five consecutive quarters, posting a very impressive average EPS surprise of 23.94% over its last four reports.

Image Source: Zacks Investment Research

Bottom LineIntuitive Surgical and Elevance Health offer two distinct ways to capitalize on growth in the medical sector, with ISRG benefiting from expanding robotic surgery adoption and ELV demonstrating improving profitability and cost management.

Most importantly, both stocks currently sport a Zacks Rank #2 (Buy), making them compelling healthcare stocks to consider following their better-than-expected Q3 results.

Key Takeaways Elevance Health posted Q3 adjusted EPS of $6.99, 50% above estimates, while revenue rose 0.7% to $50.4B.Carelon revenues climbed 5.4% to $19.3B, with operating gains up 17.2% on stronger services and pharmacy.ELV lifted its 2026 earnings baseline to at least $26.75; adjusted EPS guidance is at least $29.00.
Elevance Health, Inc. (ELV - Free Report) reported third-quarter 2026 adjusted earnings per share (EPS) of $6.99, which surpassed the Zacks Consensus Estimate by 50%. However, the bottom line increased 15.9% year over year.

Operating revenues advanced 0.7% year over year to $50.4 billion. The top line beat the consensus mark by 4%.

The quarterly results benefited from higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. However, lower medical membership and elevated operating expenses partly offset the gains.

Elevance Health, Inc. Price, Consensus and EPS SurpriseELV’s Q3 Operational UpdateAs of Sept. 30, 2026, Elevance Health’s Medical membership was around 44.9 million, which dipped 1.1% year over year. The decline was driven by reduced enrollment across the Medicaid, Medicare Advantage and Employer Group risk-based businesses. The reported figure beat the Zacks Consensus Estimate of 44.3 million and our estimate of 44 million.

Premiums totaled $41.7 billion in the quarter under review, which decreased 0.2% year over year and surpassed our estimate of $39.7 billion. Product revenues grew 4.8% year over year to $6.5 billion, marginally missing the Zacks Consensus Estimate by 0.5% and our estimate by 0.1%.

Net investment income rose 65.9% year over year to $1 billion. Adjusted operating margin remained flat at 2.7% year over year.

Total expenses escalated 0.7% year over year to $49.6 billion in the third quarter, higher than our estimate of $46.6 billion. The year-over-year increase was due to higher costs of products sold, operating expenses and interest expenses.

The operating expense ratio was 11.4%, which increased 90 bps year over year. The benefit expense ratio improved 70 basis points year over year to 90.6%, driven by better performance in Medicare Advantage and Individual ACA.

Q3 Segmental Results of ELVHealth BenefitsThe unit recorded operating revenues of $43.4 billion in the third quarter, which rose 2.6% year over year and beat the Zacks Consensus Estimate of $41.4 billion as well as our estimate of $40.8 billion. The segment benefited from increased premium yields and service fee revenue.

The unit recorded an operating gain of $0.4 billion, which fell 27.5% year over year. It also missed the consensus mark of $0.5 billion. The operating margin deteriorated 40 basis points year over year to 1%.

CarelonThe segment’s operating revenues rose 5.4% year over year to $19.3 billion in the quarter under review, beating the Zacks Consensus Estimate of $18.6 billion and our estimate of $17.9 billion. The year-over-year increase was driven by higher CarelonRx product revenues and the scaling of risk-based capabilities in Carelon Services.

The unit’s operating gain was $0.9 billion, up 17.2% year over year, reflecting strong performance in Carelon Services’ risk-based solutions and improved profitability in specialty pharmacy. The operating margin increased 50 bps year over year to 4.7%.

Corporate & OtherOperating revenues amounted to $6 million. The unit incurred an operating loss of $75 million, narrower than the prior-year quarter’s $81 million loss.

ELV’s Financial Details (As of Sept. 30, 2026)Elevance Health ended the third quarter with cash and cash equivalents of $10.3 billion, which advanced 9% from the 2025-end level. Total assets of $127.8 billion rose 5.2% from the 2025-end level.

Long-term debt, less the current portion, amounted to $30.4 billion and fell 1.3% from the figure as of Dec. 31, 2025. There were no short-term borrowings at the end of the third quarter, while the current portion of the long-term debt amounted to $375 million.

Total equity of $44.8 billion was up 1.7% from the 2025-end level.

Elevance Health generated net cash flow from operations of $1.3 billion in the third quarter of 2026. The figure rose from the prior-year figure of $1.1 billion.

ELV: Capital Deployment UpdateElevance Health repurchased 0.8 million shares for $330 million in the third quarter. It had approximately $5 billion remaining under its share repurchase authorization as of Sept. 30, 2026.

Elevance Health paid a quarterly dividend of $1.72 per share, totaling $373 million in cash distributions.

ELV’s Revised 2026 OutlookThe company now expects adjusted EPS of at least $29 for 2026. Management raised its underlying 2026 earnings baseline to at least $26.75 from at least $26, reflecting stronger operating performance. The company remains confident in delivering at least 12% growth in adjusted diluted EPS in 2027 from the revised baseline.

The operating margin for the Health Benefits segment was earlier estimated to witness a decrease of 50-25 bps from the 2025 reported figure. Also, the operating margin for CarelonRx was expected to see a 25-0 bps decline, while the same for Carelon Services was estimated to witness an increase of 0-25 bps.

Management had earlier projected operating revenues to witness a low-single-digit decline in 2026 from the 2025 level. Premium revenues were estimated to witness a mid-single-digit decline from the 2025 level. Medical enrollment was forecasted to be between 43.2 million and 43.9 million in 2026.

Net investment income was expected to be $1.9 billion. Interest expenses were forecasted to be $1.5 billion in 2026, while operating cash flow guidance was raised to at least $6.5 billion. Diluted shares are estimated to be 219-220 million.

ELV’s Zacks Rank & Other Key PicksELV currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader Medical space are Phibro Animal Health Corporation (PAHC - Free Report) and Halozyme Therapeutics, Inc. (HALO - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. Concentra Group Holdings Parent, Inc. (CON - Free Report) currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Phibro Animal Health’s third-quarter 2026 earnings is pegged at 79 cents per share, which has witnessed one downward revision in the past 60 days, with no movement in the opposite direction. It beat earnings estimates in each of the trailing four quarters, with the average surprise being 18.4%. The consensus estimate for PAHC’s third-quarter2026 revenues is pinned at $378.5 million.

The Zacks Consensus Estimate for Halozyme Therapeutics’ third-quarter 2026 earnings is pegged at $2.28 per share, indicating 32.6% year-over-year growth. It has witnessed one upward revision in the past 60 days, with no movement in the opposite direction. The consensus estimates for HALO’s third quarter 2026 revenues are pinned at $480.68 million, implying 35.7% year-over-year growth.

The Zacks Consensus Estimate for Concentra Group’s third quarter 2026 earnings is pegged at 45 cents per share, indicating a 15.4% year-over-year increase. It beat earnings estimates in each of the trailing four quarters, with the average surprise being 16.3%. The consensus estimate for CON’s third quarter 2026 revenues is pinned at $ 600.15 million, implying 4.8% year-over-year growth.

While the top- and bottom-line numbers for Elevance Health (ELV) give a sense of how the business performed in the quarter ended September 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

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Experienced healthcare executive will lead Carelon’s continued evolution and strategic growth

INDIANAPOLIS--(BUSINESS WIRE)--Elevance Health (NYSE: ELV) today announced the appointment of Jeff Park as President of Carelon, effective December 1, 2026. In this role, Park will lead Carelon through its next phase of growth, building on its momentum and expanding its ability to improve affordability, enhance the consumer experience, and create greater value for customers and the people it serves.

Park joins Carelon at a time of significant opportunity as demand continues to grow for integrated solutions that improve affordability, simplify the health care experience, and support better outcomes.

With more than two decades of experience, Park has built, transformed and scaled healthcare services, pharmacy and technology-enabled businesses. Throughout his career, he has successfully led complex integrations, managed large-scale operations and developed innovative solutions addressing complex challenges across the healthcare ecosystem. Most recently, he served as President of Waltz Health and, following Waltz Health's merger with EVERSANA, continued to lead the Waltz business while supporting enterprise growth and strategy initiatives. Previously, Park held senior leadership roles at OptumRx, Catamaran, WellDyneRx and Diplomat Pharmacy.

“Carelon is central to our strategy and an important driver of growth for Elevance Health,” said Gail K. Boudreaux, President and Chief Executive Officer, Elevance Health. “Jeff brings deep healthcare experience and a proven track record of growing businesses, driving execution, and creating value for customers. As we build on Carelon's momentum, his leadership will help accelerate growth, expand our impact, and further our work to make health care more affordable, simpler, and more personalized.”

Carelon brings together its capabilities and trusted partnerships to develop solutions around each person's needs. This connected approach strengthens care coordination and helps consumers and care providers navigate the health care system more effectively.

Under Park’s leadership, Carelon will focus on strengthening operational performance, scaling its solutions and lowering the total cost of care. This work will deepen Carelon’s contribution to Elevance Health and position the business to capture emerging opportunities across the health care ecosystem.

About Elevance Health

Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health’s companies serve approximately 103 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

More News From Elevance Health, Inc.

Back to Newsroom

INDIANAPOLIS--(BUSINESS WIRE)--Elevance Health, Inc. (NYSE: ELV) reported third quarter 2026 results ahead of expectations.

"Elevance Health's third quarter results reflect stronger execution across our diversified portfolio and underscore the earnings power of the business. We are raising our 2026 earnings outlook and remain confident in delivering at least 12% growth in adjusted diluted earnings per share in 2027 from our higher earnings baseline of at least $26.753. By bringing together the capabilities of our Health Benefits business and Carelon, we are improving the healthcare experience, strengthening our competitive advantage, and creating long-term value for our shareholders."

Gail K. Boudreaux
President and Chief Executive Officer

  1.   Earnings per diluted share ("EPS").

  2.   Refer to GAAP reconciliation tables for reconciliation of GAAP to adjusted measures.

  3.   FY 2026 earnings baseline excludes non-recurring net investment income and other non-operating items, as well as targeted one-time investments.

Elevance Health

Consolidated Enterprise Highlights

(Unaudited)

(In billions)

Three Months Ended

September 30,
2026

September 30,
2025

Operating Revenue1

$50.4

$50.1

Operating Gain1,2

$1.3

$1.3

Adjusted Operating Gain1,3

$1.3

$1.3

Operating Margin1

2.5 %

2.6 %

Adjusted Operating Margin1,3

2.7 %

2.7 %

  1.   See “Basis of Presentation.”

  2.   Operating Gain for the three months ended September 30, 2026 and September 30, 2025 includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

  3.   Adjusted Operating Gain for the three months ended September 30, 2026 and September 30, 2025 excludes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

Operating revenue was $50.4 billion in the third quarter of 2026, an increase of $0.4 billion compared to the prior year quarter. This was driven by higher premium yields, increased CarelonRx product revenue, and growth in service fees, partially offset by lower Medicare Advantage, Medicaid, and Employer Group risk membership.

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.

Days in Claims Payable stood at 44.9 days as of September 30, 2026, an increase of 3.5 days year over 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.

Cash Flow & Balance Sheet

Operating cash flow of $1.3 billion in the quarter increased $0.1 billion relative to the prior year, primarily reflecting favorable working capital dynamics. As of September 30, 2026, cash and investments at the parent company totaled approximately $2.4 billion.

During the third quarter of 2026, the Company repurchased 0.8 million shares of its common stock for $330 million, at a weighted average price of $398.75 per share, and paid a quarterly dividend of $1.72 per share, representing a distribution of cash totaling $373 million. As of September 30, 2026, the Company had approximately $5.0 billion of Board approved share repurchase authorization remaining.

Health Benefits is comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses.

Health Benefits

Reportable Segment Highlights

(Unaudited)

(In billions)

Three Months Ended

September 30,
2026

September 30,
2025

Operating Revenue1

$43.4

$42.2

Operating Gain1

$0.4

$0.6

Operating Margin1

1.0 %

1.4 %

Health Benefits segment operating revenue was $43.4 billion in the third quarter of 2026, an increase of $1.1 billion, or 3 percent compared to the prior year quarter, driven primarily by higher premium yields and service fee revenue, partially offset by lower Medicare Advantage, Medicaid, and Employer Group risk membership.

Operating gain was $0.4 billion, a decline year over year, reflecting the impact of targeted investments to support our long-term operating model. This was partially offset by the improvement in our benefit expense ratio.

Medical membership of approximately 44.9 million as of September 30, 2026 decreased by 487 thousand compared to the prior year. The decline reflected lower enrollment in our Medicaid, Medicare Advantage, and Employer Group risk-based businesses, partially offset by growth in Commercial fee-based membership.

Carelon is comprised of CarelonRx and Carelon Services.

Carelon

Reportable Segment Highlights

(Unaudited)

(In billions)

Three Months Ended

September 30,
2026

September 30,
2025

Operating Revenue1

$19.3

$18.3

Operating Gain1

$0.9

$0.8

Operating Margin1

4.7 %

4.2 %

Operating revenue for Carelon was $19.3 billion in the third quarter of 2026, an increase of $1.0 billion, or 5 percent compared to the prior year quarter. Growth was driven by CarelonRx product revenue and continued expansion of Carelon Services risk-based solutions.

Operating gain for Carelon totaled $0.9 billion, an increase of 17 percent year over year, reflecting strong performance of Carelon Services risk-based solutions and the improved profitability of our specialty pharmacy.

Quarterly Dividend

On October 20, 2026, the Audit Committee of the Company's Board of Directors declared a fourth quarter 2026 dividend to shareholders of $1.72 per share. The fourth quarter dividend is payable on December 18, 2026 to shareholders of record at the close of business on December 4, 2026.

About Elevance Health

Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health’s companies serve approximately 103 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

Conference Call and Webcast

Management will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time (“EDT”) to discuss the company’s third quarter results and outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:

The access code for today's conference call is 3972058. There is no access code for the replay. The replay will be available from 11:30 a.m. EDT today, until the end of the day on November 20, 2026. The call will also be available through a live webcast at www.elevancehealth.com under the “Investors” link. A webcast replay will be available following the call.

Basis of Presentation

Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to the GAAP reconciliation tables.
Operating margin is defined as operating gain divided by operating revenue. Elevance Health
Earnings Release Financial Schedules and Supplementary Information
Quarter & Year-to-Date Ended September 30, 2026

Membership and Other Metrics Quarterly & Year-to-Date Consolidated Statements of Income Condensed Consolidated Balance Sheet Condensed Consolidated Statement of Cash Flows Supplemental Financial Information - Reportable Segments & Health Benefits Revenue Details Supplemental Financial Information - Reconciliation of Medical Claims Payable Reconciliation of Non-GAAP Financial Measures Elevance Health

Membership and Other Metrics

(Unaudited)

Change from

Medical Membership (in thousands)

September 30,
2026

September 30,
2025

June 30,
2026

September 30,
2025

June 30,
2026

Individual

1,348

1,354

1,317

(0.4) %

2.4 %

Employer Group Risk-Based

3,366

3,616

3,417

(6.9) %

(1.5) %

Commercial Risk-Based

4,714

4,970

4,734

(5.2) %

(0.4) %

BlueCard®

6,596

6,394

6,582

3.2 %

0.2 %

Employer Group Fee-Based

21,009

20,608

20,931

1.9 %

0.4 %

Commercial Fee-Based

27,605

27,002

27,513

2.2 %

0.3 %

Medicare Advantage

1,898

2,245

1,897

(15.5) %

0.1 %

Medicare Supplement

898

877

893

2.4 %

0.6 %

Total Medicare

2,796

3,122

2,790

(10.4) %

0.2 %

Medicaid

8,220

8,645

8,358

(4.9) %

(1.7) %

Federal Employee Program

1,547

1,630

1,554

(5.1) %

(0.5) %

Total Medical Membership

44,882

45,369

44,949

(1.1) %

(0.1) %

Other Metrics (in millions)

CarelonRx Quarterly Adjusted Scripts

82.6

85.0

80.9

(2.8) %

2.1 %

Carelon Services Consumers Served

91.0

97.6

92.4

(6.8) %

(1.5) %

Elevance Health

Consolidated Statements of Income

(Unaudited)

(In millions, except per share data)

Three Months Ended

September 30

Nine Months Ended

September 30

2026

2025

Change

2026

2025

Change

Revenues

Premiums

$

41,704

$

41,791

(0.2

)%

$

124,007

$

123,949

—

%

Product revenue

6,454

6,159

4.8

%

18,943

18,010

5.2

%

Service fees

2,282

2,137

6.8

%

6,810

6,314

7.9

%

Total operating revenue

50,440

50,087

0.7

%

149,760

148,273

1.0

%

Net investment income

1,037

625

65.9

%

2,506

1,701

47.3

%

Net losses on financial instruments

(48

)

(1

)

NM

(182

)

(596

)

NM

Total revenues

51,429

50,711

1.4

%

152,084

149,378

1.8

%

Expenses

Benefit expense

37,779

38,140

(0.9

)%

110,418

110,158

0.2

%

Cost of products sold

5,640

5,380

4.8

%

16,595

15,656

6.0

%

Operating expense

5,752

5,272

9.1

%

17,629

15,569

13.2

%

Interest expense

358

351

2.0

%

1,079

1,036

4.2

%

Amortization of other intangible assets

106

162

(34.6

)%

328

464

(29.3

)%

Total expenses

49,635

49,305

0.7

%

146,049

142,883

2.2

%

Income before income tax expense

1,794

1,406

27.6

%

6,035

6,495

(7.1

)%

Income tax expense

451

219

105.9

%

1,478

1,380

7.1

%

Net income

1,343

1,187

13.1

%

4,557

5,115

(10.9

)%

Net loss (gain) attributable to noncontrolling interests

22

2

NM

35

—

NM

Shareholders' net income

$

1,365

$

1,189

14.8

%

$

4,592

$

5,115

(10.2

)%

Shareholders' earnings per diluted share

$

6.27

$

5.32

17.9

%

$

21.01

$

22.67

(7.3

)%

Diluted shares

217.6

223.7

(2.7

)%

218.6

225.6

(3.1

)%

Benefit expense as a percentage of premiums

90.6

%

91.3

%

(70) bp

89.0

%

88.9

%

10 bp

Operating expense as a percentage of total operating revenue

11.4

%

10.5

%

90 bp

11.8

%

10.5

%

130 bp

Income before income tax expense as a percentage of total revenue

3.5

%

2.8

%

70 bp

4.0

%

4.3

%

(30) bp

            "NM" = calculation not meaningful

Elevance Health

Condensed Consolidated Balance Sheet

(In millions)

September 30,
2026

December 31,
2025

Assets

(Unaudited)

Current assets:

Cash and cash equivalents

$10,348

$9,491

Fixed maturity and equity securities

27,498

26,624

Premium and other receivables

24,573

21,542

Other current assets

6,105

5,344

Total current assets

68,524

63,001

Long-term investments

12,719

11,960

Property and equipment, net

4,613

4,679

Goodwill and other intangible assets

39,220

39,544

Other noncurrent assets

2,725

2,310

Total assets

$127,801

$121,494

Liabilities and equity

Liabilities

Current liabilities:

Medical claims payable

$18,438

$17,084

Short-term borrowings

—

150

Current portion of long-term debt

375

1,099

Other current liabilities

27,849

22,702

Total current liabilities

46,662

41,035

Long-term debt, less current portion

30,382

30,797

Other noncurrent liabilities

5,963

5,636

Total liabilities

83,007

77,468

Total shareholders’ equity

44,681

43,882

Noncontrolling interests

113

144

Total equity

44,794

44,026

Total liabilities and equity

$127,801

$121,494

Elevance Health

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(In millions)

Nine Months Ended
September 30

2026

2025

Operating activities

Net income

$4,557

$5,115

Depreciation and amortization

1,083

1,140

Share-based compensation

210

246

Changes in operating assets and liabilities

2,784

(2,753)

Other non-cash items

(1,122)

458

Net cash provided by operating activities

7,512

4,206

Investing activities

Sales and maturities of investments, net of purchases (purchases of investments, net of sales and maturities)

(2,303)

(412)

Purchases of subsidiaries, net of cash acquired

2

55

Purchases of property and equipment

(789)

(823)

Other, net

(380)

(628)

Net cash used in investing activities

(3,470)

(1,808)

Financing activities

Net change in short-term and long-term borrowings

(900)

659

Repurchase and retirement of common stock

(1,688)

(2,134)

Cash dividends

(1,122)

(1,152)

Other, net

539

653

Net cash used in financing activities

(3,171)

(1,974)

Effect of foreign exchange rates on cash and cash equivalents

(14)

1

Change in cash and cash equivalents

857

425

Cash and cash equivalents at beginning of period

9,491

8,288

Cash and cash equivalents at end of period

$10,348

$8,713

REPORTABLE SEGMENTS

Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; and Corporate & Other (comprised of businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).

Elevance Health

Reportable Segment Details

(Unaudited)

(In millions)

Three Months Ended September 30

Nine Months Ended September 30

2026

2025

Change

2026

2025

Change

Operating Revenue

Health Benefits

$43,357

$42,246

2.6 %

$128,567

$125,259

2.6 %

CarelonRx

11,599

10,997

5.5 %

33,449

31,756

5.3 %

Carelon Services

7,708

7,324

5.2 %

23,048

21,301

8.2 %

Corporate & Other

6

149

(96.0) %

16

546

(97.1) %

Eliminations

(12,230)

(10,629)

NM6

(35,320)

(30,589)

NM6

Total Operating Revenue1

$50,440

$50,087

0.7 %

$149,760

$148,273

1.0 %

Operating Gain (Loss)

Health Benefits

$436

$601

(27.5) %

$3,489

$4,378

(20.3) %

CarelonRx

616

556

10.8 %

1,780

1,694

5.1 %

Carelon Services

292

219

33.3 %

1,128

1,110

1.6 %

Corporate & Other2,3

(75)

(81)

NM6

(1,279)

(292)

NM6

Total Operating Gain1,4

$1,269

$1,295

(2.0) %

$5,118

$6,890

(25.7) %

Operating Margin

Health Benefits

1.0 %

1.4 %

(40) bp

2.7 %

3.5 %

(80) bp

CarelonRx

5.3 %

5.1 %

20 bp

5.3 %

5.3 %

— bp

Carelon Services

3.8 %

3.0 %

80 bp

4.9 %

5.2 %

(30) bp

Total Operating Margin1

2.5 %

2.6 %

(10) bp

3.4 %

4.6 %

(120) bp

Health Benefits Revenue Details

(In millions)

Three Months Ended September 30

Nine Months Ended September 30

2026

2025

Change

2026

2025

Change

Health Benefits Operating Revenue

Commercial

$13,343

$12,849

3.8 %

$40,142

$37,654

6.6 %

Individual5

2,514

2,358

6.6 %

7,774

7,047

10.3 %

Medicare

11,229

11,138

0.8 %

33,182

33,990

(2.4) %

Medicaid

14,979

14,166

5.7 %

43,703

42,120

3.8 %

Federal Employee Program

3,806

4,093

(7.0) %

11,540

11,495

0.4 %

Total Health Benefits Operating Revenue1

$43,357

$42,246

2.6 %

$128,567

$125,259

2.6 %

1.   See “Basis of Presentation.”

2.   Operating Gain for the three and nine months ended September 30, 2026 included $42 and $133 million, respectively, of transaction and integration related costs, $18 and $147 million, respectively, of business optimization charges, and $8 and $26 million, respectively, of litigation and settlement expenses. Operating Gain for the nine months ended September 30, 2026 also included $935 million for the Company's current best estimate of the identified potential exposure for certain historical Medicare Advantage risk adjustment data related to the CMS notice to the Company dated February 27, 2026. All adjustments for the three and nine month periods reside in the Corporate & Other reportable segment.

3.   Operating Gain for the three and nine months ended September 30, 2025, included $49 and $182 million, respectively, of transaction and integration related costs, ($4) and ($4) million, respectively, of business optimization charges, and $4 and $19 million, respectively, of litigation and settlement expenses. All adjustments for the three and nine month periods reside in the Corporate & Other reportable segment.

4.   Operating Gain for the three and nine months ended September 30, 2026, and September 30, 2025, include items excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

5.   The Individual business, including ACA products, is reported as part of Commercial Operating Revenue.

6.   "NM" = calculation not meaningful.

Elevance Health

Reconciliation of Medical Claims Payable

Nine Months Ended September 30

Years Ended December 31

2026

2025

2025

2024

2023

(In millions)

(Unaudited)

(Unaudited)

Gross medical claims payable, beginning of period

$

16,829

$

15,580

$

15,580

$

15,865

$

15,348

Ceded medical claims payable, beginning of period

(48

)

(13

)

(13

)

(7

)

(6

)

Net medical claims payable, beginning of period

16,781

15,567

15,567

15,858

15,342

Business combinations and purchase adjustments

—

344

344

143

—

Net incurred medical claims:

Current year

108,608

108,423

145,566

125,370

121,798

Prior years redundancies1

(1,295

)

(1,266

)

(1,290

)

(1,731

)

(1,571

)

Total net incurred medical claims

107,313

107,157

144,276

123,639

120,227

Net payments attributable to:

Current year medical claims

92,416

93,545

130,265

110,930

107,146

Prior years medical claims

13,629

12,699

13,141

13,143

12,565

Total net payments

106,045

106,244

143,406

124,073

119,711

Net medical claims payable, end of period

18,049

16,824

16,781

15,567

15,858

Ceded medical claims payable, end of period

45

44

48

13

7

Gross medical claims payable, end of period2

$

18,094

$

16,868

$

16,829

$

15,580

$

15,865

Current year medical claims paid as a percentage of current year net incurred medical claims

85.1

%

86.3

%

89.5

%

88.5

%

88.0

%

Prior year redundancies in the current year as a percentage of prior year net medical claims payable less prior year redundancies in the current year

8.4

%

8.9

%

9.0

%

12.3

%

11.4

%

Prior year redundancies in the current year as a percentage of prior year net incurred medical claims

0.9

%

1.0

%

1.0

% 1.4

%

1.4

% Elevance Health

GAAP Reconciliation

(Unaudited)

This document references non-GAAP measures, including “Adjusted Diluted EPS,” “Adjusted Operating Expense Ratio,” “Adjusted Operating Gain,” “Adjusted Operating Margin,” “Adjusted Shareholders’ Net Income,” and “Adjusted Operating Expense”. These non-GAAP measures are intended to aid investors when comparing Elevance Health’s financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are available below. In addition to these non-GAAP measures, references are made to the measures “Operating Revenue,” “Operating Gain/Loss,” and “Operating Margin”. Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Each of these measures is provided to further aid investors in understanding and analyzing Elevance Health’s operating and financial results. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein. A reconciliation of reportable segments operating gain to income before income tax expense is provided below. Prior amounts may be grouped differently to conform to the current presentation. Net adjustment items per share may not sum due to rounding.

      Three Months Ended
September 30

Nine Months Ended
September 30

  (In millions, except per share data)

2026

2025

Change

2026

2025

Change

  Shareholders' net income

$

1,365

$

1,189

14.8

%

$

4,592

$

5,115

(10.2

)%

  Add / (Subtract):

  Amortization of other intangible assets

106

162

328

464

  Net losses on financial instruments

48

1

182

596

  Transaction and integration related costs1

42

49

133

182

  Business optimization program charges1

18

(4

)

147

(4

)

  Litigation and settlement expenses1

8

4

26

19

  Accrual related to CMS notice1,2

—

—

935

—

  Tax impact of non-GAAP adjustments

(67

)

(52

)

(427

)

(307

)

  Net adjustment items

155

160

1,324

950

  Adjusted shareholders' net income

$

1,520

$

1,349

12.7

%

$

5,916

$

6,065

(2.5

)%

    Shareholders' earnings per diluted share

$

6.27

$

5.32

17.9

%

$

21.01

$

22.67

(7.3

)%

  Add / (Subtract):

  Amortization of other intangible assets

0.49

0.72

1.50

2.06

  Net losses on financial instruments

0.22

—

0.83

2.64

  Transaction and integration related costs1

0.19

0.22

0.61

0.81

  Business optimization program charges1

0.08

(0.02

)

0.67

(0.02

)

  Litigation and settlement expenses1

0.04

0.02

0.12

0.08

  Accrual related to CMS notice1,2

—

—

4.28

—

  Tax impact of non-GAAP adjustments

(0.31

)

(0.23

)

(1.95

)

(1.36

)

  Net adjustment items

0.72

0.71

6.05

4.21

  Adjusted shareholders' earnings per diluted share

$

6.99

$

6.03

15.9

%

$

27.06

$

26.88

0.7

%

    Three Months Ended September 30

Nine Months Ended September 30

  (In millions)

2026

2025

Change

2026

2025

Change

    Income before income tax expense

$

1,794

$

1,406

27.6

%

$

6,035

$

6,495

(7.1

)%

  Net investment income

(1,037

)

(625

)

(2,506

)

(1,701

)

  Net losses on financial instruments

48

1

182

596

  Interest expense

358

351

1,079

1,036

  Amortization of other intangible assets

106

162

328

464

  Reportable segments operating gain

$

1,269

$

1,295

(2.0

)%

$

5,118

$

6,890

(25.7

)%

Elevance Health

GAAP Reconciliation

(Unaudited)

      Three Months Ended
September 30

Nine Months Ended
September 30

  (In millions)

2026

2025

Change

2026

2025

Change

    Reportable segments operating gain

$

1,269

$

1,295

(2.0

)%

$

5,118

$

6,890

(25.7

)%

  Add / (Subtract):

  Transaction and integration related costs1

42

49

133

182

  Business optimization program charges1

18

(4

)

147

(4

)

  Litigation and settlement expenses1

8

4

26

19

  Accrual related to CMS notice1,2

—

—

935

—

  Net adjustment items

68

49

1,241

197

  Reportable segments adjusted operating gain

$

1,337

$

1,344

(0.5

)%

$

6,359

$

7,087

(10.3

)%

    Operating revenue

$

50,440

$

50,087

0.7

%

$

149,760

$

148,273

1.0

%

    Operating margin

2.5

%

2.6

%

(10) bp

3.4

%

4.6

%

(120) bp

  Adjusted operating margin

2.7

%

2.7

%

— bp

4.2

%

4.8

%

(60) bp

    Three Months Ended
September 30

Nine Months Ended
September 30

  (In millions)

2026

2025

Change

2026

2025

Change

  Operating expense

$

5,752

$

5,272

9.1

%

$

17,629

$

15,569

13.2

%

  Add / (Subtract):

  Transaction and integration related costs1

(42

)

(49

)

(133

)

(182

)

  Business optimization program charges1

(18

)

4

(147

)

4

  Litigation and settlement expenses1

(8

)

(4

)

(26

)

(19

)

  Accrual related to CMS notice1,2

—

—

(935

)

—

  Net adjustment items

(68

)

(49

)

(1,241

)

(197

)

  Adjusted operating expense

$

5,684

$

5,223

8.8

%

$

16,388

$

15,372

6.6

%

    Operating revenue

$

50,440

$

50,087

0.7

%

$

149,760

$

148,273

1.0

%

    Operating expense ratio

11.4

%

10.5

%

90 bp

11.8

%

10.5

%

130 bp

  Adjusted operating expense ratio

11.3

%

10.4

%

90 bp

10.9

%

10.4

%

50 bp

    Full Year
2026 Outlook

  Shareholders' earnings per diluted share

At least $22.00

  Add / (Subtract):

  Accrual related to CMS notice1,2

$

4.28

  Amortization of other intangible assets3

$

2.02

  Net losses on financial instruments3

$

1.16

  Transaction and integration related costs1,3

$

0.91

  Business optimization program charges1

$

0.67

  Litigation and settlement expenses1,3

$

0.16

  Tax impact of non-GAAP adjustments3

Approximately ($2.20)

  Net adjustment items

$

7.00

  Adjusted shareholders' earnings per diluted share

At least $29.00

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan,” "potential," "predict" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems, or failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity or sentiment related to the health benefits industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.

More News From Elevance Health, Inc.

For the third quarter, the health-insurance company reported a rise in net income to $1.34 billion, or $6.27 a share, compared with $1.19 billion, or $5.32 a share, a year earlier.

The upcoming report from Elevance Health (ELV - Free Report) is expected to reveal quarterly earnings of $4.66 per share, indicating a decline of 22.7% compared to the year-ago period. Analysts forecast revenues of $48.6 billion, representing a decline of 3% year over year.

The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

That said, let's delve into the average estimates of some Elevance Health metrics that Wall Street analysts commonly model and monitor.

The collective assessment of analysts points to an estimated 'Revenues- Premiums' of $39.73 billion. The estimate indicates a change of -4.9% from the prior-year quarter.

Analysts forecast 'Revenues- Service fees' to reach $2.26 billion. The estimate suggests a change of +5.7% year over year.

Analysts expect 'Revenues- Net investment income' to come in at $476.23 million. The estimate suggests a change of -23.8% year over year.

Analysts' assessment points toward 'Revenues- Product revenue' reaching $6.49 billion. The estimate suggests a change of +5.3% year over year.

Analysts predict that the 'Total Medical Membership' will reach 44.26 million. The estimate is in contrast to the year-ago figure of 45.37 million.

According to the collective judgment of analysts, 'Medical Membership - Medicare - Medicare Advantage' should come in at 1.86 million. The estimate compares to the year-ago value of 2.25 million.

The consensus estimate for 'Medical Membership - Medicaid' stands at 8.05 million. Compared to the current estimate, the company reported 8.65 million in the same quarter of the previous year.

The combined assessment of analysts suggests that 'Medical Membership - Federal Employees Health Benefits' will likely reach 1.55 million. Compared to the current estimate, the company reported 1.63 million in the same quarter of the previous year.

The average prediction of analysts places 'Medical Membership - Total Medicare' at 2.73 million. Compared to the current estimate, the company reported 3.12 million in the same quarter of the previous year.

It is projected by analysts that the 'Medical Membership - Commercial Risk-Based - Individual' will reach 1.12 million. The estimate is in contrast to the year-ago figure of 1.35 million.

Based on the collective assessment of analysts, 'Benefit Expense Ratio' should arrive at 91.4%. Compared to the current estimate, the company reported 91.3% in the same quarter of the previous year.

The consensus among analysts is that 'Medical Membership - Commercial Fee-Based' will reach 27.46 million. The estimate is in contrast to the year-ago figure of 27.00 million.

View all Key Company Metrics for Elevance Health here>>>

Elevance Health shares have witnessed a change of +3.4% in the past month, in contrast to the Zacks S&P 500 composite's +2.4% move. With a Zacks Rank #2 (Buy), ELV is expected outperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Elevance Health (NYSE:ELV – Get Free Report) and biote (NASDAQ:BTMD – Get Free Report) are both healthcare companies, but which is the better stock? We will contrast the two businesses based on the strength of their valuation, analyst recommendations, earnings, dividends, profitability, risk and institutional ownership.

Analyst Recommendations This is a breakdown of current ratings and recommmendations for Elevance Health and biote, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Elevance Health 0 8 15 0 2.65 biote 1 1 1 1 2.50 Elevance Health presently has a consensus target price of $441.48, suggesting a potential upside of 7.02%. biote has a consensus target price of $2.50, suggesting a potential upside of 117.39%. Given biote’s higher possible upside, analysts clearly believe biote is more favorable than Elevance Health.

Insider & Institutional Ownership 89.2% of Elevance Health shares are owned by institutional investors. Comparatively, 21.7% of biote shares are owned by institutional investors. 0.3% of Elevance Health shares are owned by insiders. Comparatively, 32.4% of biote shares are owned by insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock will outperform the market over the long term. Profitability This table compares Elevance Health and biote’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Elevance Health 2.47% 14.64% 5.22% biote 3.19% -22.33% 12.10% Valuation & Earnings This table compares Elevance Health and biote”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Elevance Health $199.12 billion 0.45 $5.66 billion $22.50 18.33 biote $183.53 million 0.23 $27.05 million $0.11 10.45 Elevance Health has higher revenue and earnings than biote. biote is trading at a lower price-to-earnings ratio than Elevance Health, indicating that it is currently the more affordable of the two stocks.

Volatility and Risk Elevance Health has a beta of 0.7, indicating that its share price is 30% less volatile than the S&P 500. Comparatively, biote has a beta of 1.69, indicating that its share price is 69% more volatile than the S&P 500.

Summary Elevance Health beats biote on 9 of the 15 factors compared between the two stocks.

(Get Free Report)

Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits. The company operates in the pharmacy services business; and markets and offers pharmacy services, including pharmacy benefit management, as well as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services. In addition, it provides healthcare-related services and capabilities, including utilization management, behavioral health, integrated care delivery, palliative care, payment integrity services, subrogation services, and health and wellness programs, as well as services related to data management, information technology, and business operations. Further, the company is involved in the National Government Services business. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brand names. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance Health, Inc. was incorporated in 2001 and is headquartered in Indianapolis, Indiana.

About biote (Get Free Report)

biote Corp. operates in practice-building business within the hormone optimization space. It trains physicians and nurse practitioners in hormone optimization using bioidentical hormone replacement pellet therapy in men and women experiencing hormonal imbalance. The company offers Biote Method, a comprehensive end-to-end practice building platform that provides Biote-certified practitioners with the components developed for practitioners in the hormone optimization space comprising Biote Method education, training, and certification services; practice management software that allows Biote-certified practitioners to order, track, and manage hormone optimization product inventory and other administrative requirements; inventory management software to monitor pellet inventory; and information regarding available hormone replacement therapy products, as well as digital and point-of-care marketing support. It also sells dietary supplements under the Biote brand; and sterile pellet insertion kits that is used with hormone optimization therapies for male and female. The company was founded in 2012 and is headquartered in Irving, Texas.

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Investors interested in stocks from the Medical Services sector have probably already heard of Elevance Health (ELV) and Danaher (DHR). But which of these two stocks is more attractive to value investors?

INDIANAPOLIS--(BUSINESS WIRE)--Elevance Health (NYSE: ELV) announced today that its affiliated health plans will offer 2027 Medicare Advantage plans designed to help members navigate healthcare more confidently through meaningful choice, simpler benefit experiences and personalized support that reflects individual health needs. As members evaluate Medicare coverage for 2027, many want to understand their benefits, connect to care, manage healthcare costs and know where to turn for support throu.

For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Elevance Health (ELV - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.

Elevance Health is one of 916 individual stocks in the Medical sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Elevance Health is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for ELV's full-year earnings has moved 1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

According to our latest data, ELV has moved about 19.1% on a year-to-date basis. At the same time, Medical stocks have gained an average of 1.5%. This means that Elevance Health is performing better than its sector in terms of year-to-date returns.

American Well Corporation (AMWL - Free Report) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 178.4%.

For American Well Corporation, the consensus EPS estimate for the current year has increased 4.5% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

To break things down more, Elevance Health belongs to the Medical Services industry, a group that includes 72 individual companies and currently sits at #88 in the Zacks Industry Rank. On average, stocks in this group have gained 3.8% this year, meaning that ELV is performing better in terms of year-to-date returns.

American Well Corporation, however, belongs to the Medical Info Systems industry. Currently, this 41-stock industry is ranked #76. The industry has moved +11.8% so far this year.

Investors interested in the Medical sector may want to keep a close eye on Elevance Health and American Well Corporation as they attempt to continue their solid performance.

10.9.2026 22:04

Americkým akciím se počtvrté za sebou nevedlo. Špatná nálada plyne z růstu cen ropy a dalších inflačních tlaků, které vytvářejí významný prostor pro brzký růst sazeb FEDu. Pokračující nejistota v Hormuzském průlivu a očekávané americké midterms vzývají investory k vyčkávání a zavírání zisků.

Index Dow Jones -0,6 % na 52064,1 b.
S&P 500 -0,58 % na 7591,75 b.
Nasdaq Composite -0,65 % na 26081,72 b.

Index S&P 500 -0,58 % na 7591,75 b. Nejsilnij1í sektory S&P Zmina Nejslab1í sektory S&P Zmina Komunikaení slu 3/4 by +0,3 % Základní materiály -1,5 % Nezbytná spotoeba +0,2 % Utility -1 % Finanení sektor -0,3 % Informaení technologie -0,9 % Nejsilnij1í akcie S&P Zmina Nejslab1í akcie S&P Zmina Skyworks Solutions (SWKS) +9,8 % Cooper Cos (COO) -15 % Reddit (RDDT) +6,1 % Baker Hughes (BKR) -6,7 % Charter Communications (CHTR) +5,0 % Freeport-McMoRan (FCX) -6,6 % Elevance Health (ELV) +5,0 % Hewlett Packard Enterprise (HPE) -6,2 % Apple (AAPL) +3,6 % FactSet Research Systems (FDS) -5,8 %
Martin Varecha
Fio banka, a.s.
Prohlášení

10.9.2026 16:07

Index Dow Jones -0,59 % na 52071,53 b. S&P 500 -0,7 % na 7583,18 b. Nasdaq Composite -0,82 % na 26037,74 b.

Přední americké indexy otevírají obchodování v záporném teritoriu. Hlavní pozornost trhu směřuje k inflačním tlakům v ekonomice. Před otevřením trhu byl zveřejněn index výrobních cen, který dosáhl v srpnu meziročního růstu o 5,4 % při očekávání +5,3 %. Indexům nenapomohly také revize směrem výše a aktuální vývoj na cenách ropy, které zvyšují pravděpodobnost zvýšení úrokových sazeb na dalším zasedání Fedu. V úvodu obchodování ztrácí těžaři mědi. Podle agentury Reuters americká vládní administrativa prozatím nerozhodla o clech na rafinovanou měď, jelikož zvažuje riziko, že vyšší ceny zvýší výrobní náklady, proti potenciálním přínosům v podobě podpory domácí těžby.

Index S&P 500 -0,7 % na 7583,18 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Nezbytná spotřeba +0,9 % Základní materiály -1,4 % Zdravotní péče +0,1 % Informační technologie -1,4 % Reality 0 % Průmysl -0,9 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Elevance Health (ELV) +5,4 % Cooper Cos (COO) -15 % Centene Corp (CNC) +5,1 % Freeport-McMoRan (FCX) -7,8 % Charter Communications (CHTR) +4,1 % Vertiv Holdings (VRT) -6,5 % Reddit (RDDT) +3,9 % Intel Corp (INTC) -5,9 % Philip Morris International (PM) +3,2 % Lam Research Corp (LRCX) -5,2 % Zdroj: Bloomberg

Jakub Němec
Fio banka, a.s.
Prohlášení

Allen Mooney & Barnes Investment Advisors LLC cut its stake in Elevance Health, Inc. (NYSE:ELV – Free Report) by 6.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,398 shares of the company’s stock after selling 3,218 shares during the quarter. Elevance Health accounts for about 2.7% of Allen Mooney & Barnes Investment Advisors LLC’s portfolio, making the stock its 8th biggest position. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Elevance Health were worth $17,943,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of ELV. Stoneridge Investment Partners LLC bought a new position in Elevance Health during the second quarter valued at about $970,000. Manning & Napier Advisors LLC raised its position in Elevance Health by 1,423.1% in the fourth quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock worth $129,152,000 after acquiring an additional 344,237 shares during the period. State of Wyoming purchased a new position in Elevance Health in the second quarter valued at about $1,765,000. Mawer Investment Management Ltd. boosted its stake in Elevance Health by 10.9% in the fourth quarter. Mawer Investment Management Ltd. now owns 207,095 shares of the company’s stock valued at $72,597,000 after acquiring an additional 20,438 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $1,267,000. Institutional investors own 89.24% of the company’s stock.

Shares of NYSE ELV opened at $415.05 on Friday. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24. The business has a 50-day simple moving average of $396.48 and a two-hundred day simple moving average of $364.27. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market cap of $90.01 billion, a P/E ratio of 18.45, a P/E/G ratio of 2.11 and a beta of 0.69.

Elevance Health (NYSE:ELV – Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. Elevance Health’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $8.84 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year. Elevance Health Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is 30.58%.

Insider Activity at Elevance Health In related news, Director Robert Dixon, Jr. sold 151 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director directly owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets Several equities research analysts have recently issued reports on ELV shares. JPMorgan Chase & Co. raised their price target on shares of Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft raised Elevance Health from a “hold” rating to a “buy” rating and increased their price objective for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. Bank of America boosted their target price on Elevance Health from $435.00 to $460.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, Wells Fargo & Company dropped their price target on Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.

Get Our Latest Analysis on Elevance Health

About Elevance Health (Free Report)

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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On August 25, 2026, we delve into the DCF analysis for Elevance Health Inc ELV, a company that has shown impressive price performance recently, with a year-to-date increase of 16.0% and a remarkable 29.9% rise over the past year. However, the valuation models present a divergence in their conclusions:

DCF Earnings-based intrinsic value of $614.23 compared to the current price of $402.63, indicating a margin of safety of 34.5%. DCF Free Cash Flow (FCF)-based intrinsic value stands at $390.62, suggesting a fair valuation with a margin of safety of -3.1%. GF Score™ of 90/100, reflecting strong financial health but indicating that the DCF inputs may be less reliable due to a predictability rank of 2/5 stars. What Is ELV Worth? DCF Earnings-Based Model The DCF earnings-based model employs a two-stage approach to estimate the intrinsic value of Elevance Health Inc. The first stage anticipates a robust growth rate of 14.0% for the next ten years, followed by a terminal growth rate of 4% for the subsequent ten years. The discount rate used in this analysis is 11%, derived from the risk-free rate and equity risk premium.

Parameter Value Current EPS (TTM, excl. non-recurring) $29.39 10-Year Growth Rate 14.0% 10-Year Treasury Rate 4.67% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In this model, the calculation summary reveals the following:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 14.0%, discounted at 11% $341.33 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $272.90 Intrinsic Value Growth + Terminal $614.23 With the current price at $402.63, the intrinsic value of $614.23 indicates that Elevance Health Inc is significantly undervalued, presenting a margin of safety of 34.5%. Notably, GuruFocus utilizes EPS figures that exclude non-recurring items, as research suggests that stock prices correlate more closely with earnings than with free cash flow. For further details, you can access the ELV DCF Calculator.

What Does the Free Cash Flow DCF Say? The DCF based on Free Cash Flow (FCF) estimates an intrinsic value of $390.62. This contrasts with the earnings-based DCF, which suggests a more optimistic valuation. The FCF model indicates that Elevance Health Inc is fairly valued, with a margin of safety of -3.1%. This discrepancy between the two models illustrates the tension in the valuation, highlighting the need for caution when interpreting these results.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for Elevance Health Inc is calculated at $483.83, providing a third perspective on the company’s valuation. This proprietary measure considers historical trading multiples, past business growth, and future performance estimates. The divergence among the three models—DCF earnings, DCF FCF, and GF Value™—suggests a complex valuation landscape for Elevance Health Inc. For more insights, visit the GF Value™ page.

What Does ELV's GF Score™ Tell Us? The GF Score™ evaluates a company's financial strength, profitability, growth potential, valuation, and momentum, offering a comprehensive view of its overall health. Elevance Health Inc boasts a strong GF Score™ of 90/100, indicating solid fundamentals. However, its predictability rank of 2/5 stars suggests that the DCF model may be less reliable for this stock due to its lower predictability. Below is a summary of the GF Score™ metrics:

Metric Rating GF Score™ 90/100 Financial Strength 5/10 Profitability 8/10 Growth 9/10 Valuation 8/10 Momentum 9/10 For more information, check out the ELV stock page.

Key Assumptions and Limitations It is important to note that DCF models are highly sensitive to the assumptions made regarding growth and discount rates. Stocks with lower predictability ratings, such as Elevance Health Inc, tend to produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not fully capture future market conditions.

What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—a clear tension emerges. While the earnings-based DCF suggests significant undervaluation, the FCF model indicates fair value, and GF Value™ offers a middle ground. This divergence calls for careful consideration by investors. Additionally, the guru ownership signal is noteworthy: 26 gurus currently hold Elevance Health Inc stock, with 12 adding and 13 trimming their positions in recent quarters, alongside a net buying of $2.2M by insiders over the past year. This insider activity, combined with the guru flow, adds a layer of credibility to the stock's potential. For a deeper dive into the valuation, explore the ELV DCF Calculator.

Frequently Asked Questions What is ELV's intrinsic value based on DCF?

According to the DCF analysis, the earnings-based intrinsic value is $614.23, while the FCF-based intrinsic value is $390.62.

Is ELV overvalued or undervalued?

The earnings-based DCF suggests that ELV is undervalued, while the FCF-based model indicates it is fairly valued, creating a nuanced view of its valuation.

How reliable is the DCF model for ELV?

The DCF model's reliability is affected by its predictability rank of 2/5 stars, indicating lower confidence in its estimates for this stock.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

B. Metzler seel. Sohn & Co. AG purchased a new position in Elevance Health, Inc. (NYSE:ELV – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 31,408 shares of the company’s stock, valued at approximately $12,146,000.

Other institutional investors have also added to or reduced their stakes in the company. M&T Bank Corp lifted its stake in shares of Elevance Health by 160.4% in the 4th quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock valued at $17,698,000 after purchasing an additional 31,101 shares during the last quarter. Stoneridge Investment Partners LLC bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $970,000. Solidarity Wealth LLC bought a new position in shares of Elevance Health during the 4th quarter valued at approximately $1,433,000. Manning & Napier Advisors LLC raised its holdings in Elevance Health by 1,423.1% during the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock valued at $129,152,000 after buying an additional 344,237 shares during the period. Finally, State of Wyoming bought a new stake in Elevance Health in the second quarter worth $1,765,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance Shares of NYSE:ELV opened at $397.15 on Friday. The firm’s 50 day simple moving average is $394.82 and its 200-day simple moving average is $359.63. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24. The firm has a market cap of $86.13 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68.

Elevance Health (NYSE:ELV – Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the firm posted $8.84 earnings per share. As a group, equities analysts predict that Elevance Health, Inc. will post 27.07 EPS for the current year. Elevance Health Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is 30.58%.

Analyst Upgrades and Downgrades ELV has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a research note on Thursday, August 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and upped their price target for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. Citigroup raised shares of Elevance Health to a “buy” rating in a research report on Wednesday, April 29th. Finally, Truist Financial boosted their target price on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Check Out Our Latest Stock Report on ELV

Insider Activity at Elevance Health In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.34% of the company’s stock.

Elevance Health Company Profile (Free Report)

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

Featured Articles Five stocks we like better than Elevance Health 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV – Free Report).

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Avise Financial Cooperative Inc. acquired a new stake in Elevance Health, Inc. (NYSE: ELV) in the undefined quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,633 shares of the company's stock, valued at approximately $632,000. A number of other hedge funds and other institutional investors

It has been about a month since the last earnings report for Elevance Health (ELV - Free Report) . Shares have added about 6.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Elevance Health due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Elevance Health, Inc. before we dive into how investors and analysts have reacted as of late.

ELV Beats Q2 Earnings Estimates on Higher CarelonRx Product Revenues

Elevance Health reported second-quarter 2026 adjusted earnings per share (EPS) of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year.

Operating revenues advanced 0.8% year over year to $49.8 billion. The top line beat the consensus mark by 2.9%.

The quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The upside was partly offset by a decline in overall medical membership and an elevated expense level.

ELV’s Q2 Operational UpdateAs of June 30, 2026, Medical membership of Elevance Health was around 44.9 million, which dipped 1.5% year over year. The decrease was due to the expected loss of some commercial fee-based customers and a decline in Individual ACA and Medicaid membership. The reported figure beat the Zacks Consensus Estimate of 44.8 million and our estimate of 44.5 million.

Premiums totaled $41.3 billion in the quarter under review, which remained flat year over year and surpassed our estimate of $39.3 billion. Product revenues grew 3.7% year over year to $6.3 billion, marginally missing the Zacks Consensus Estimate by 0.9% and our estimate by 0.5%.

Net investment income rose 44.9% year over year to $704 million. The Adjusted operating margin of 3.6% deteriorated 140 basis points (bps) year over year.

Total expenses escalated 2.2% year over year to $48.5 billion in the second quarter, higher than our estimate of $46.7 billion. The year-over-year increase was due to higher cost of products sold, operating expenses and interest expenses.

The operating expense ratio was 11.1%, which increased 100 bps year over year. The benefit expense ratio increased 80 bps year over year to 89.7%.

Q2 Segmental Results of ELVHealth BenefitsThe unit recorded operating revenues of $42.7 billion in the second quarter, which rose 2.7% year over year and beat the Zacks Consensus Estimate of $41.2 billion as well as our estimate of $40.7 billion. The segment benefited from increased premium yields.

The unit recorded an operating gain of $0.9 billion, which fell 43.8% year over year. It also missed the consensus mark of $1 billion. The operating margin deteriorated 170 basis points year over year to 2.1%.

CarelonThe segment’s operating revenues rose 6.1% year over year to $19.2 billion in the quarter under review, beating the Zacks Consensus Estimate of $18.4 billion and our estimate of $18.3 billion. The year-over-year increase was driven by higher CarelonRx product revenues and the scaling of risk-based capabilities in Carelon Services.

The unit’s operating gain of $0.9 billion was up 1% year over year, reflecting better profitability in specialty pharmacy. The operating margin deteriorated 30 bps year over year to 4.9%.

Corporate & OtherOperating revenues amounted to $6 million. The unit incurred an operating loss of $81 million, wider than the prior-year quarter’s loss of $71 million.

ELV’s Financial Details (As of June 30, 2026)Elevance Health exited the second quarter with cash and cash equivalents of $10.2 billion, which advanced 7.8% from the 2025-end level. Total assets of $126.4 billion increased 4.1% from the figure as of 2025-end.

Long-term debt, less the current portion, amounted to $30.7 billion and fell 0.4% from the figure as of Dec. 31, 2025. There were no short-term borrowings at the end of the second quarter, while the current portion of the long-term debt amounted to $375 million.

Total equity of $45 billion was up 2.3% from the 2025-end level.

Elevance Health generated net cash flow from operations of $6.2 billion at the end of the second quarter of 2026. The figure rose from the prior-year figure of $3.1 billion.

ELV: Capital Deployment UpdateElevance Health bought back shares worth $0.7 million in the second quarter. It had a leftover capacity of around $5.3 billion under its share buyback authorization as of June 30, 2026.

Elevance Health paid a quarterly dividend of $1.72 per share, adding up to a cash distribution worth $373 million.

ELV’s Revised 2026 OutlookThe company now expects adjusted EPS to be at least $27.00, up from the previous guidance of at least $26.75.

The operating margin for the Health Benefits segment was earlier estimated to witness a decrease of 50-25 bps from the 2025 reported figure. Also, the operating margin for CarelonRx was expected to see a 25-0 bps decline, while the same for Carelon Services was estimated to witness an increase of 0-25 bps.

Management had earlier projected operating revenues to witness a low-single-digit decline in 2026 from the 2025 level. Premium revenues were estimated to witness a mid-single-digit decline from the 2025 level. Medical enrollment was forecasted to be between 43.2 million and 43.9 million in 2026.

Net investment income was expected to be $1.9 billion. Interest expenses were forecasted to be $1.5 billion in 2026, while operating cash flow guidance raised to at least $6.0 billion. Diluted shares are estimated to be 219-220 million.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.

VGM ScoresAt this time, Elevance Health has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a score of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Elevance Health has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Posted by Defense World Staff on Aug 1st, 2026

Bank of America Corp DE lifted its stake in Elevance Health, Inc. (NYSE:ELV – Free Report) by 23.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,718,766 shares of the company’s stock after buying an additional 511,626 shares during the period. Bank of America Corp DE owned approximately 1.25% of Elevance Health worth $795,919,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ELV. M&T Bank Corp grew its holdings in shares of Elevance Health by 160.4% during the fourth quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock worth $17,698,000 after purchasing an additional 31,101 shares during the last quarter. Solidarity Wealth LLC acquired a new position in Elevance Health during the 4th quarter worth about $1,433,000. Manning & Napier Advisors LLC grew its holdings in Elevance Health by 1,423.1% during the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock worth $129,152,000 after acquiring an additional 344,237 shares during the last quarter. Aberdeen Group plc increased its position in Elevance Health by 6.1% in the 4th quarter. Aberdeen Group plc now owns 288,976 shares of the company’s stock valued at $101,301,000 after acquiring an additional 16,540 shares in the last quarter. Finally, Assetmark Inc. raised its stake in shares of Elevance Health by 21.8% in the fourth quarter. Assetmark Inc. now owns 105,688 shares of the company’s stock worth $37,049,000 after acquiring an additional 18,913 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Elevance Health In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth A number of analysts recently weighed in on ELV shares. Evercore reissued a “hold” rating on shares of Elevance Health in a report on Tuesday, May 19th. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Barclays lowered their target price on Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. JPMorgan Chase & Co. boosted their target price on Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a research report on Monday, June 8th. Finally, Guggenheim upped their price target on Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Get Our Latest Research Report on Elevance Health

Elevance Health Stock Performance ELV stock opened at $375.44 on Friday. The business’s 50-day moving average price is $397.01 and its two-hundred day moving average price is $356.81. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm has a market cap of $81.42 billion, a PE ratio of 16.69, a P/E/G ratio of 2.17 and a beta of 0.67. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $436.24.

Elevance Health (NYSE:ELV – Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the business posted $8.84 earnings per share. As a group, research analysts forecast that Elevance Health, Inc. will post 27.04 earnings per share for the current year.

Elevance Health Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. Elevance Health’s dividend payout ratio is currently 30.58%.

Elevance Health Profile (Free Report)

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

Read More Five stocks we like better than Elevance Health Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case Apple’s Record Quarter Could Not Outrun Its Guidance Problem McKesson’s Compounding Keeps Adding Up Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV – Free Report).

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INDIANAPOLIS--(BUSINESS WIRE)--Cancer care is often overwhelming, not just medically, but emotionally and logistically. Elevance Health is strengthening its connected cancer care model to enhance support consumers receive throughout their care journeys, with a focus on earlier support, personalized care navigation, and more coordinated care.Each year in the U.S., 1.8 million people are diagnosed with cancer. For many patients, a cancer diagnosis brings not only medical decisions, but also a comp.

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Elevance Health’s (NYSE: ELV) CEO Gail Boudreaux picked up 2,725 shares of the stock for $1 million just days after the stock dropped on earnings.

EPS of $7.45 beat estimates by $1.24. Revenue of $49.83 billion, up 0.8% year over year, beat by $1.2 billion. The company even raised guidance. And it declared a $1.72 per share dividend, which is payable on September 25 to shareholders of record as of September 10.

Yet, the stock dropped on a pullback in core profit margins and rising medical costs.

Markets are mixed this morning as investors react to company earnings, technology stocks, and the latest news from the Federal Reserve. At the moment, the S&P 500 is up by 0.03%, or by about two points. The SPDR S&P 500 ETF (SPY) is up about 0.15%, or by $1.08. The Dow is up by about 0.77%, or by 400 points, as the Nasdaq sinks by 0.8%, or by 225 points.

Tech Leading the Nasdaq Decline The biggest story today is the pullback in technology stocks, especially companies that make computer chips. These businesses have done very well over the past year because of excitement about artificial intelligence (AI). However, some investors now believe these stocks have become too expensive. As a result, many are selling shares and taking profits.

Not helping, semiconductor stocks are down on more weakness in Asia and Europe. SK Hynix, for example, dropped about 14.5% at the close.  “Sharp swings in SK Hynix shares underscore the uncertainty surrounding the AI investment cycle, said Acadian Asset Management’s senior vice president Owen Lamont, arguing that investors still have little visibility into how the technology will ultimately affect the economy,” added CNBC.

Technology companies are not the only focus today. Investors are also watching several companies that reported their latest earnings.

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UPS had good news this morning. The shipping company earned more money than expected and said it expects business to remain strong for the rest of the year. Coca-Cola also reported better-than-expected results. Strong sales helped the company raise its outlook for the coming months. Boeing also released its earnings report. The airplane maker brought in more revenue than expected, but it still reported a larger loss than many analysts had predicted.

All Eyes on the Federal Reserve  Another major event this week is the Federal Reserve’s policy meeting, which begins today.

Most experts do not expect interest rates to change right now.

Even so, investors will pay close attention to what Federal Reserve officials say about the economy and future rate decisions. Interest rates are important because they affect the cost of borrowing money. Higher interest rates can slow spending by consumers and businesses. Lower rates usually encourage more spending and investing. That is why every comment from the Federal Reserve can move the stock market.

As the trading day continues, investors will watch to see if technology stocks recover or continue to fall. They will also pay attention to more company earnings reports and any news coming from the Federal Reserve meeting.

For now, the mood on Wall Street is cautious but not overly worried. Investors are taking a closer look at technology stocks while keeping an eye on the broader economy. By the end of the day, new earnings reports and market news could change the direction of trading. Until then, Wall Street is taking a careful approach.

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Contact [email protected] for any questions or corrections.

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Posted by Defense World Staff on Jul 23rd, 2026

Shares of Elevance Health, Inc. (NYSE:ELV – Get Free Report) have been given an average recommendation of “Moderate Buy” by the twenty-three ratings firms that are covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $440.9048.

A number of brokerages have issued reports on ELV. Mizuho upped their target price on Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Truist Financial lifted their price target on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. The Goldman Sachs Group restated a “neutral” rating and set a $395.00 price target on shares of Elevance Health in a report on Thursday, July 16th. Raymond James Financial set a $450.00 price objective on Elevance Health in a research note on Tuesday, July 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and raised their price objective for the company from $363.00 to $498.00 in a report on Wednesday, May 20th.

View Our Latest Stock Report on Elevance Health

Insider Activity In other news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows Several large investors have recently bought and sold shares of the stock. Sei Investments Co. lifted its stake in shares of Elevance Health by 7.7% in the second quarter. Sei Investments Co. now owns 163,668 shares of the company’s stock worth $63,666,000 after acquiring an additional 11,745 shares during the period. Glenview Trust co increased its position in Elevance Health by 41.5% during the 2nd quarter. Glenview Trust co now owns 1,619 shares of the company’s stock valued at $630,000 after purchasing an additional 475 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Elevance Health by 6.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company’s stock valued at $25,650,000 after purchasing an additional 4,272 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Elevance Health by 5.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company’s stock worth $16,478,000 after purchasing an additional 2,012 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in Elevance Health by 111.8% during the 2nd quarter. Quantinno Capital Management LP now owns 43,911 shares of the company’s stock worth $17,080,000 after purchasing an additional 23,180 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Down 1.1% ELV stock opened at $389.29 on Thursday. Elevance Health has a 12 month low of $273.71 and a 12 month high of $436.24. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $84.42 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 2.26 and a beta of 0.67. The firm has a 50-day moving average price of $399.36 and a 200-day moving average price of $356.20.

Elevance Health (NYSE:ELV – Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same period in the prior year, the business earned $8.84 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities research analysts anticipate that Elevance Health will post 27.08 EPS for the current fiscal year.

Elevance Health Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is 30.58%.

About Elevance Health (Get Free Report)

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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Ramiro G. Peru, Chairman of the Board of Directors at Elevance Health, Inc. (ELV +0.07%), purchased 1,000 shares of common stock on July 17, 2026. SEC Form 4 filing.

Today's Change

(

0.07

%) $

0.26

Current Price

$

373.11

Transaction summaryMetricValueTransaction value$366,050Shares purchased1,000Post-transaction shares (directly held)10,908Post-transaction value~$4.03 millionTransaction value based on SEC Form 4 weighted average purchase price ($366.05); post-transaction value based on July 17, 2026 market close ($369.16).

Key questionsHow does this purchase affect the director's total equity position?
The acquisition of 1,000 shares increases Ramiro G. Peru's direct equity holdings from 9,908 shares to 10,908 shares, reflecting a 10% expansion of his stake in the company.What is the current market valuation of the director's holdings?
Following this transaction, the total direct position is valued at ~$4.03 million based on the July 17, 2026 market close of $369.16.What was the share price context at the time of the transaction?
The purchase was executed at $366.05 per share, while the common stock was priced at $372.85 as of the July 16, 2026 market close, having generated a 22% return over the preceding year as of the transaction date.What is the broader context of insider ownership at Elevance Health?
Following this acquisition, the total beneficial ownership for the reporting director is 10,908 shares, which is an insignificant ownership level of the firm.Company OverviewMetricValueShare Price (as of market close 2026-07-16)$372.85Market Capitalization$80.0 billionRevenue (TTM)$201.1 billionNet Income (TTM)$5.0 billionCompany SnapshotElevance Health operates as a comprehensive health benefits organization offering medical, digital, pharmaceutical, behavioral health, and clinical care solutions to approximately 118 million individuals across consumers, families, and communities.The company generates revenue through health insurance premiums, managed care services, and integrated healthcare solutions that span the entire health and wellness continuum for its diverse member base.Elevance Health serves employers, government programs, and individual consumers seeking comprehensive health coverage and wellness solutions across the United States.Elevance Health is one of the nation's largest health benefits organizations, commanding a significant market position with $201.1 billion in trailing twelve-month (TTM) revenue from serving over 118 million individuals. The company's integrated platform approach—combining medical plans, pharmacy management, behavioral health services, and digital health tools—provides a competitive advantage in delivering coordinated care and managing healthcare costs. Founded in 1944 and headquartered in Indianapolis, Elevance Health demonstrates substantial profitability with $5 billion in TTM net income, reflecting strong operational execution and market leadership in the managed care sector.

What this transaction means for investorsThere are many reasons an insider may sell, some of which have nothing to do with the person’s outlook for the stock price. These reasons can include having to pay a big personal expense.

There is only one reason an insider buys: they expect the share price will rise.

By that rule alone, it’s bullish that Ramiro Peru bought $366,000 worth of Elevance Health shares. Peru has been a director of the business since 2004, so he knows the business inside and out.

In the stock market, Elevance investors are reacting positively to the company’s plan to exit unprofitable Medicaid markets, such as the District of Columbia, with more to be announced. Wall Street sees fiscal 2026 bringing a slight slip in revenue and net income, but free cash flow should just about double to more than $6 billion, a positive development. Good trends in morbidity this year — which, in insurance speak, refers to the number and severity of customers getting sick — could also help offset the fact that most of its ACA (Obamacare) customers tend to backload care in the latter half of each year.

Further cost controls and the use of technology to improve the customer experience are expected to benefit the bottom line in the long term.

Peru’s purchase isn’t a large fresh commitment by some standards, but it’s a positive signal that Elevance investors should take into account.

Gail Boudreaux, President and CEO of Elevance Health, Inc. (ELV +0.07%), purchased 2,725 shares of common stock on July 17, 2026, at $367.79 per share. SEC Form 4 filing.

Today's Change

(

0.07

%) $

0.26

Current Price

$

373.11

Transaction summaryMetricValueShares purchased2,725Transaction value~$1.0 millionPost-transaction shares (total)~172,000Post-transaction shares (directly held)~172,000Post-transaction shares (indirectly held)60Post-transaction value$63.51 millionTransaction value based on SEC Form 4 weighted average purchase price ($367.79); post-transaction value based on July 17, 2026 market close ($369.16).

Key questionsHow significant is this purchase relative to the CEO's existing position?
The purchase of 2,725 shares represents a 2% expansion of Gail Boudreaux's total equity stake in Elevance Health. Following the transaction, the market value of the insider's total holdings is $63.51 million based on the July 17 valuation price.What is the financial profile of Elevance Health at the time of this activity?
Elevance Health maintains a market capitalization of $80 billion as of the July 16 market close. The company reported trailing twelve-month revenue of $201.1 billion and net income of $5.0 billion, indicating a solid fundamental backdrop for this capital commitment.What is the structure of the insider's remaining equity interest?
The vast majority of the insider's position is held directly, totaling ~172,000 shares. A nominal indirect holding of 60 shares is maintained through a spouse's revocable trust, and the insider also holds derivative securities.Company OverviewMetricValueShare Price (as of market close 2026-07-16)$372.85Market Capitalization$80.0 billionRevenue (TTM)$201.1 billionNet Income (TTM)$5.0 billionCompany SnapshotElevance Health operates as a comprehensive health benefits organization offering medical, digital, pharmaceutical, behavioral health, and clinical care solutions to approximately 118 million individuals across consumers, families, and communities.The company generates revenue through health insurance premiums, managed care services, and integrated healthcare solutions that span the entire health and wellness continuum for its diverse member base.Elevance Health serves employers, government programs, and individual consumers seeking comprehensive health coverage and wellness solutions across the United States.Elevance Health is one of the nation's largest health benefits organizations, commanding a significant market position with $201.1 billion in trailing twelve-month (TTM) revenue and serving over 118 million individuals. The company's integrated platform approach—combining medical plans, pharmacy management, behavioral health services, and digital health tools—provides a competitive advantage in delivering coordinated care and managing healthcare costs. Founded in 1944 and headquartered in Indianapolis, Elevance Health demonstrates substantial profitability with $5 billion in TTM net income, reflecting strong operational execution and market leadership in the managed care sector.

What this transaction means for investorsThere are many reasons an insider may sell, some of which have nothing to do with the person’s outlook for the stock price, like having to pay a big personal expense.

There is only one reason an insider buys: they think the stock price is going up.

By that rule alone, it’s bullish that Gail Boudreaux spent another million dollars on Elevance Health stock. Investors are reacting positively to the company’s plan to exit unprofitable Medicaid markets, like the District of Columbia, with more expected to be announced. Wall Street sees fiscal 2026 bringing a slight slip in revenue and net income, but free cash flow should just about double to more than $6 billion, a positive development. Good trends this year in morbidity — the number and severity of customers getting sick — also could help balance out the fact that most of its ACA (Obamacare) customers tend to backload care in the latter half of each year.

Further cost controls and the use of technology to improve the customer experience are expected to benefit the bottom line in the long term.

If Bourdreax’s buying is any indication, 2026 should be positive for Elenvance Health.

Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.