# Elevance Health Q3 2026 EPS Beat

> Elevance Health raises 2026 EPS guidance to $29 and 2027 baseline to $26.75 on Medicaid, Medicare Advantage outperformance.
- Title: Elevance Health Q3 2026 EPS Beat · BigGo Finance | Shortify
- Summary: Elevance Health raises 2026 EPS guidance to $29 and 2027 baseline to $26.75 on Medicaid, Medicare Advantage outperformance. Elevance Health raised 2026 EPS…
- Keywords: elevance health, q3 2026, eps, medicaid, medicare advantage, individual ac, carelonrx, aca, finance, markets, Elevance, Health
- Source: BigGo Finance — https://finance.biggo.com/news/US_ELV_2026-10-21
- Author: BigGo Finance
- Published: 2026-10-21T15:14:16+00:00
- Read time: 1 min
- Topics: elevance health, q3 2026, eps, medicaid, medicare advantage, individual ac, carelonrx, aca, finance, markets
## Elevance Health Q3 2026 Earnings
Elevance Health reported third-quarter 2026 adjusted diluted EPS of $6.99, beating its outlook.
## Operating Revenue Growth
Operating revenue rose just under 1% to $50.4 billion, driven by higher premium yields and CarelonRx product revenue.
## Benefit Expense Ratio
The consolidated benefit expense ratio improved 70 basis points to 90.6%.
## Operating Expense Ratio
The adjusted operating expense ratio rose 90 basis points to 11.3% due to targeted investments.
## 2026 EPS Guidance Raised
Management raised full-year 2026 adjusted EPS guidance to at least $29.
## 2026 Earnings Baseline Lifted
Elevance increased the 2026 earnings baseline to at least $26.75, up $0.75.
## 2027 EPS Growth Target
From this higher base, Elevance remains confident in delivering at least 12% adjusted EPS growth in 2027.
## Medicaid Performance
Medicaid results were ahead of outlook, with 2026 seen as the trough for margin improvement.
## Medicare Advantage Outlook
Medicare Advantage full-year operating margin expected at least 2%, progressing toward 3%-5% target.
## Individual ACA Performance
Individual ACA membership expected to end 2026 at at least 1.2 million, up from prior expectations.
## CarelonRx Performance
CarelonRx posted 10.8% operating gain growth with a 5.3% margin.
## 2027 EPS Growth Drivers
Margin improvement in health benefits, Carelon expansion, and operating efficiency support 12% EPS growth in 2027.
## CFO Statement
CFO Mark Kaye emphasized growth is not reliant on any single business or assumption.
## 2027 Medicaid Margin Outlook
Medicaid is expected to improve in 2027 as rates align with cost trends, with 2026 seen as the trough.
## Key takeaway

Elevance Health raised 2026 EPS guidance to at least $29 and increased 2026 earnings baseline to $26.75, up $0.75, due to Medicaid, Medicare Advantage, and individual ACA outperformance.