Elevance raises 2026 adjusted EPS guidance to at least $29.00
Elevance Health
Elevance Health (ELV) raised its 2026 diluted earnings guidance to at least $22.00 per share and adjusted diluted earnings guidance to at least $29.00 on October 21. It also raised operating cash flow guidance to at least $6.5 billion.[1]
Quarterly results and earnings quality
Third-quarter diluted EPS was $6.27, while adjusted diluted EPS was $6.99. Results included a net non-operating benefit of $1.85 per share, alongside improved operating performance.[1]
Operating revenue was $50.4 billion, up 0.7% from the third quarter of 2025. The benefit expense ratio improved by 70 basis points to 90.6 percent, which the company attributed to better Medicare Advantage and Individual ACA performance.[1]
Why it matters for ELV
The higher outlook improves the company’s stated earnings expectations. Shareholders should distinguish underlying operating progress from the non-operating benefit when assessing the quarter. The adjusted EPS target is a separate measure from reported diluted EPS.[1]
ELV insider trading activity
In open-market trades dated in the last 90 days, no insider bought and 2 insiders sold $5.2M, per Form 4 filings.
- Mark Kaye (EVP & CFO) sold 10,584 shares for $4.7M, last filed Oct 23.
- Ratnakar Lavu (EVP & Chief Digital Info Ofr) sold 1,300 shares for $572K, last filed Nov 6.
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ELV 13F fund activity
In 13F filings for the quarter ended Jun 30, 2026, 11 funds we track made a large change in ELV: 9 opened a position or grew one by half or more, and 2 cut one by half or more.
- Fmr LLC added 1,155,933 shares.
- Qube Research & Technologies Ltd added 527,464 shares.
- D. E. Shaw & Co., Inc. cut 265,668 shares.
- Balyasny Asset Management L.P. cut 255,733 shares.
- Renaissance Technologies LLC added 185,800 shares.
