ELV Elevance Health (ELV) Q3 FY26 earnings call
Elevance Health delivered strong third-quarter results, exceeding expectations across Medicaid, Medicare Advantage, and Individual ACA, leading to a higher 2026 earnings outlook and increased confidence for 2027. The company is focused on integrating its Health Benefits business with Carelon's clinical and operational expertise to drive medical cost management and operating efficiency. Management expects continued margin improvement in Health Benefits and broader adoption of Carelon's value-based solutions to fuel at least 12% adjusted EPS growth in the coming year.
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ELV operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | This call Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Medical members | 45.8MWe ended the first quarter with 45.8 million medical members, up 99,000 from year-end, driven primarily by targeted expansion and better-than-expected retention rates in Medicare Advantage.Source: earnings call transcript | 45.6MWe ended the second quarter with 45.6 million medical members, down approximately 200,000 sequentially, driven by a reduction in Medicaid membership and lower effectuation rates in our ACA business, a dynamic we first highlighted on last quarter's earnings call.Source: earnings call transcript | 45.4MWe ended the quarter with 45.4 million medical members.Source: earnings call transcript | 45.2MWe ended the year with 45.2 million members, a decrease of approximately 500,000 year-over-year, principally reflecting a decline in Medicaid membership due to continued eligibility reverifications.Source: earnings call transcript | 45.4MWe ended March with 45.4 million members, an increase of nearly 200,000 from year-end, driven by growth in our commercial fee-based membership and higher enrollment in Individual ACA.Source: earnings call transcript | 44.9MWe ended the quarter with 44.9 million medical members.Source: earnings call transcript | ~44.9MWe ended the quarter with approximately 44.9 million medical members.Source: earnings call transcript | — |
| Medical care ratio | 86.4%Our consolidated benefit expense ratio was 86.4%, an increase of 80 basis points year-over-year.Source: earnings call transcript | 88.9%The consolidated benefit expense ratio was 88.9%, an increase of 260 basis points year-over-year, driven by our ACA and Medicaid businesses, partially offset by a favorable out-of-period settlement with a value-based care provider.Source: earnings call transcript | 91.3%The consolidated benefit expense ratio was 91.3%, aligned with our expectations.Source: earnings call transcript | 93.5%Our consolidated benefit expense ratio was 93.5% for the quarter and 90% for the full year, in line with our guidance.Source: earnings call transcript | 86.8%Our consolidated benefit expense ratio was 86.8%.Source: earnings call transcript | — | 90.6%Our consolidated benefit expense ratio was 90.6%, an improvement of 70 basis points.Source: earnings call transcript | — |
| Days in claims payable | — | — | — | 41.3Days in claims payable was 41.3 days, a decrease of 0.1 days sequentially.Source: earnings call transcript | 46.6Days in claims payable were 46.6 days, an increase of 5.3 days sequentially.Source: earnings call transcript | 45.4Days in claims payable were 45.4 days as of June 30, an increase of 2.9 days year-over-year.Source: earnings call transcript | 44.9Days in Claims Payable were 44.9 days as of September 30, an increase of 3.5 days year-over-year.Source: earnings call transcript | -1.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.