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Elevance Health, Inc. (ELV) Q3 FY2026 Financial Statements: Revenue $51.43B, Net income $1.36B

CIK 0001156039 · NYSE · Latest period: Q3 FY2026 (ended 2026-09-30, 10-Q accession 0001156039-26-000071) · Annual report: FY2025 10-K (filed 2026-02-06, accession 0001156039-26-000013) · Next expected filing: 10-K ~2027-02-05

More for Elevance Health: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ3 FY2026

Published

Elevance Health reported $51.43 billion in revenue for Q3 FY2026, the quarter ended September 30, 2026, up 1.4% from a year earlier, and net income attributable to shareholders of $1.36 billion, up 14.8%, or $6.27 per diluted share, up 17.9%. Higher net investment income, $1.04 billion against $625 million a year earlier, drove the increase, while total operating gain across its segments was $1.27 billion, down 2.0%. The benefit expense ratio, benefit expense as a percentage of premiums, was 90.6%, down 0.7 points from a year earlier.

MetricAmountvs. year ago
Revenue$51,429,000,000up 1.4%
Net income$1,365,000,000up 14.8%
Diluted EPS$6.27up 17.9%
Benefit expense ratio90.6%down 0.7 points
Net investment income$1,037,000,000up 65.9%
Operating gain$1,269,000,000down 2.0%

Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.

About this file

TickerELV
CIK0001156039
CompanyElevance Health, Inc.
Business typeinsurer
Schema templateManaged care / health benefits insurer: revenue split the way the company reports it (premiums, product revenue, service fees, then net investment income and net losses on financial instruments); expenses on the company's own lines (benefit expense, cost of products sold, operating expense, interest expense, amortization of other intangible assets); income before tax, net income, shareholders' net income and per-share figures; the benefit expense ratio (benefit expense as a percentage of premiums) and operating expense ratio the company reports; total medical membership; operating revenue and operating gain by reportable segment (Health Benefits, CarelonRx, Carelon Services, Corporate & Other); and a balance sheet and cash flow on the company's own lines. Gross profit is not used because the company does not present one.
Reporting currencyUSD
Converted to USDno
Unitsactual dollars (not millions); share counts in actual shares (not millions); medical membership in actual members (not thousands); per-share amounts in dollars; ratios in percent. Figures keep the sign the statement prints: amounts shown in parentheses (net losses on financial instruments, cash outflows) are negative; expenses the income statement prints without parentheses are positive.

ELV annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession10-K10-K10-K
Income statement
Premiums164,639,000,000144,166,000,000142,854,000,000
Product revenue24,470,000,00022,630,000,00019,452,000,000
Service fees8,475,000,0008,408,000,0007,903,000,000
Total operating revenue197,584,000,000175,204,000,000170,209,000,000
Net investment income2,194,000,0002,051,000,0001,825,000,000
Net losses on financial instruments-653,000,000-445,000,000-694,000,000
Gain on sale of business0201,000,0000
Total revenues199,125,000,000177,011,000,000171,340,000,000
Benefit expense148,223,000,000127,567,000,000124,330,000,000
Cost of products sold21,178,000,00019,750,000,00017,293,000,000
Operating expense20,984,000,00020,025,000,00020,087,000,000
Interest expense1,402,000,0001,185,000,0001,030,000,000
Amortization of other intangible assets628,000,000580,000,000885,000,000
Total expenses192,415,000,000169,107,000,000163,625,000,000
Income before income tax expense6,710,000,0007,904,000,0007,715,000,000
Income tax expense1,049,000,0001,933,000,0001,724,000,000
Net income5,661,000,0005,971,000,0005,991,000,000
Net loss attributable to noncontrolling interests1,000,0009,000,000-4,000,000
Net income attributable to shareholders5,662,000,0005,980,000,0005,987,000,000
Basic EPS25.2825.8125.38
Diluted EPS25.2125.6825.22
Basic shares224,000,000231,700,000235,900,000
Diluted shares224,600,000232,900,000237,400,000
Key metrics
Effective tax rate percent15.624.522.3
Benefit expense ratio percent90.088.587.0
Operating expense ratio percent10.611.411.8
Total medical membership45,232,00045,734,00046,829,000
Book value per share derived198.81181.62
Segments
Operating revenue
Health benefits167,094,000,000150,275,000,000148,571,000,000
Carelonrx43,400,000,00035,961,000,00033,835,000,000
Carelon services28,316,000,00017,961,000,00014,147,000,000
Corporate and other463,000,000309,000,000479,000,000
Eliminations-41,689,000,000-29,302,000,000-26,823,000,000
Total197,584,000,000175,204,000,000170,209,000,000
Operating gain
Health benefits4,158,000,0006,243,000,0006,888,000,000
Carelonrx2,418,000,0002,172,000,0001,975,000,000
Carelon services960,000,000717,000,000680,000,000
Corporate and other-337,000,000-1,270,000,000-1,044,000,000
Eliminations000
Total7,199,000,0007,862,000,0008,499,000,000
Balance sheet
Cash and cash equivalents9,491,000,0008,288,000,000
Fixed maturity securities current25,884,000,00025,201,000,000
Equity securities740,000,0001,192,000,000
Premium receivables10,073,000,0008,011,000,000
Self funded receivables5,162,000,0005,044,000,000
Other receivables6,307,000,0006,016,000,000
Total current assets63,001,000,00058,942,000,000
Fixed maturity securities long term1,121,000,0001,035,000,000
Other invested assets10,839,000,0009,749,000,000
Goodwill28,344,000,00028,277,000,000
Other intangible assets11,200,000,00012,094,000,000
Total assets121,494,000,000116,889,000,000
Medical claims payable17,084,000,00015,746,000,000
Short term borrowings150,000,000365,000,000
Current portion of long term debt1,099,000,0001,649,000,000
Total current liabilities41,035,000,00040,581,000,000
Long term debt less current portion30,797,000,00029,218,000,000
Total liabilities77,468,000,00075,463,000,000
Total shareholders equity43,882,000,00041,315,000,000
Noncontrolling interests144,000,000111,000,000
Total equity44,026,000,00041,426,000,000
Total debt32,046,000,00031,232,000,000
Common shares outstanding220,723,898227,479,695
Cash flow
Net income5,661,000,0005,971,000,0005,991,000,000
Depreciation and amortization1,546,000,0001,393,000,0001,745,000,000
Net cash provided by operating activities4,290,000,0005,808,000,0008,061,000,000
Purchases of property and equipment-1,116,000,000-1,256,000,000-1,296,000,000
Net cash used in investing activities-1,344,000,000-5,167,000,000-5,572,000,000
Repurchase and retirement of common stock-2,605,000,000-2,900,000,000-2,676,000,000
Cash dividends-1,529,000,000-1,508,000,000-1,395,000,000
Net cash provided by used in financing activities-1,738,000,0001,193,000,000-3,349,000,000
Cash and cash equivalents at end of period9,491,000,0008,288,000,0006,526,000,000
Free cash flow3,174,000,0004,552,000,0006,765,000,000

ELV quarterly income statement, balance sheet and cash flow

Q3 FY2026Q3 FY2025
Fiscal quarter33
Period start2026-07-012025-07-01
Period end2026-09-302025-09-30
Period typethree monthsthree months
Source accession10-Q10-Q
Income statement
Premiums41,704,000,00041,791,000,000
Product revenue6,454,000,0006,159,000,000
Service fees2,282,000,0002,137,000,000
Total operating revenue50,440,000,00050,087,000,000
Net investment income1,037,000,000625,000,000
Net losses on financial instruments-48,000,000-1,000,000
Total revenues51,429,000,00050,711,000,000
Benefit expense37,779,000,00038,140,000,000
Cost of products sold5,640,000,0005,380,000,000
Operating expense5,752,000,0005,272,000,000
Interest expense358,000,000351,000,000
Amortization of other intangible assets106,000,000162,000,000
Total expenses49,635,000,00049,305,000,000
Income before income tax expense1,794,000,0001,406,000,000
Income tax expense451,000,000219,000,000
Net income1,343,000,0001,187,000,000
Net loss attributable to noncontrolling interests22,000,0002,000,000
Net income attributable to shareholders1,365,000,0001,189,000,000
Basic EPS6.305.32
Diluted EPS6.275.32
Basic shares216,600,000223,300,000
Diluted shares217,600,000223,700,000
Key metrics
Dividends per share1.721.71
Effective tax rate percent25.115.6
Benefit expense ratio percent90.691.3
Operating expense ratio percent11.410.5
Total medical membership44,882,00045,369,000
Book value per share derived206.75
Segments
Operating revenue
Health benefits43,357,000,00042,246,000,000
Carelonrx11,599,000,00010,997,000,000
Carelon services7,708,000,0007,324,000,000
Corporate and other6,000,000149,000,000
Eliminations-12,230,000,000-10,629,000,000
Total50,440,000,00050,087,000,000
Operating gain
Health benefits436,000,000601,000,000
Carelonrx616,000,000556,000,000
Carelon services292,000,000219,000,000
Corporate and other-75,000,000-81,000,000
Eliminations00
Total1,269,000,0001,295,000,000
Balance sheet
Cash and cash equivalents10,348,000,000
Fixed maturity securities current25,347,000,000
Equity securities2,151,000,000
Premium receivables10,686,000,000
Self funded receivables6,277,000,000
Other receivables7,610,000,000
Total current assets68,524,000,000
Fixed maturity securities long term1,211,000,000
Other invested assets11,508,000,000
Goodwill28,343,000,000
Other intangible assets10,877,000,000
Total assets127,801,000,000
Medical claims payable18,438,000,000
Short term borrowings0
Current portion of long term debt375,000,000
Total current liabilities46,662,000,000
Long term debt less current portion30,382,000,000
Total liabilities83,007,000,000
Total shareholders equity44,681,000,000
Noncontrolling interests113,000,000
Total equity44,794,000,000
Total debt30,757,000,000
Common shares outstanding216,113,946

ELV year-to-date income statement and cash flow

Nine months ended September 30, 2026Nine months ended September 30, 2025
Period start2026-01-012025-01-01
Period end2026-09-302025-09-30
Period typenine monthsnine months
Source accession10-Q10-Q
Income statement
Premiums124,007,000,000123,949,000,000
Product revenue18,943,000,00018,010,000,000
Service fees6,810,000,0006,314,000,000
Total operating revenue149,760,000,000148,273,000,000
Net investment income2,506,000,0001,701,000,000
Net losses on financial instruments-182,000,000-596,000,000
Total revenues152,084,000,000149,378,000,000
Benefit expense110,418,000,000110,158,000,000
Cost of products sold16,595,000,00015,656,000,000
Operating expense17,629,000,00015,569,000,000
Interest expense1,079,000,0001,036,000,000
Amortization of other intangible assets328,000,000464,000,000
Total expenses146,049,000,000142,883,000,000
Income before income tax expense6,035,000,0006,495,000,000
Income tax expense1,478,000,0001,380,000,000
Net income4,557,000,0005,115,000,000
Net loss attributable to noncontrolling interests35,000,0000
Net income attributable to shareholders4,592,000,0005,115,000,000
Basic EPS21.0822.73
Diluted EPS21.0122.67
Basic shares217,800,000225,000,000
Diluted shares218,600,000225,600,000
Key metrics
Dividends per share5.165.13
Effective tax rate percent24.521.2
Benefit expense ratio percent89.088.9
Operating expense ratio percent11.810.5
Segments
Operating revenue
Health benefits128,567,000,000125,259,000,000
Carelonrx33,449,000,00031,756,000,000
Carelon services23,048,000,00021,301,000,000
Corporate and other16,000,000546,000,000
Eliminations-35,320,000,000-30,589,000,000
Total149,760,000,000148,273,000,000
Operating gain
Health benefits3,489,000,0004,378,000,000
Carelonrx1,780,000,0001,694,000,000
Carelon services1,128,000,0001,110,000,000
Corporate and other-1,279,000,000-292,000,000
Eliminations00
Total5,118,000,0006,890,000,000
Cash flow
Net income4,557,000,0005,115,000,000
Depreciation and amortization1,083,000,0001,140,000,000
Net cash provided by operating activities7,512,000,0004,206,000,000
Purchases of property and equipment-789,000,000-823,000,000
Net cash used in investing activities-3,470,000,000-1,808,000,000
Repurchase and retirement of common stock-1,688,000,000-2,134,000,000
Cash dividends-1,122,000,000-1,152,000,000
Net cash provided by used in financing activities-3,171,000,000-1,974,000,000
Cash and cash equivalents at end of period10,348,000,0008,713,000,000
Free cash flow6,723,000,0003,383,000,000

ELV trailing twelve month income statement and cash flow

Twelve months ended September 30, 2026
Period start2025-10-01
Period end2026-09-30
Period typetrailing twelve months
Source accession10-Q
Source accessions10-K, 10-Q
Income statement
Premiums164,697,000,000
Total operating revenue199,071,000,000
Total revenues201,831,000,000
Benefit expense148,483,000,000
Operating expense23,044,000,000
Income before income tax expense6,250,000,000
Net income5,103,000,000
Net income attributable to shareholders5,139,000,000
Cash flow
Net cash provided by operating activities7,596,000,000
Purchases of property and equipment-1,082,000,000
Free cash flow6,514,000,000
  • Derivation. Computed, not printed in either filing: full year 2025 from the FY2025 10-K (accession 0001156039-26-000013), plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025, both from the Q3 2026 10-Q (accession 0001156039-26-000071).

Adjustments

Splits appliednone
ADR ration/a
FXn/a
NoteNone applied. The company reports in US dollars, its common stock trades directly on the NYSE (it is not an American depositary share), and it had no stock split in the periods shown.

Notes

  • Sources: the FY2025 annual report on Form 10-K (accession 0001156039-26-000013) for fiscal years 2025, 2024 and 2023, and the Q3 2026 quarterly report on Form 10-Q (accession 0001156039-26-000071) for the three and nine months ended September 30, 2026 and 2025 and the September 30, 2026 balance sheet. Elevance Health's fiscal year is the calendar year.
  • Template: managed care / health benefits insurer. Revenue is shown as the company reports it: premiums, product revenue (mainly CarelonRx pharmacy) and service fees make up total operating revenue; net investment income and net losses on financial instruments bring it to total revenues. The company does not present gross profit or an operating income subtotal, so neither is shown.
  • Signs follow the statements: expenses the income statement prints without parentheses are positive; net losses on financial instruments and cash outflows (purchases of property and equipment, share repurchases, dividends) are negative.
  • net_loss_attributable_to_noncontrolling_interests is shown as the income statement prints it: a positive figure is a loss borne by noncontrolling interests, which is added back to net income to reach shareholders' net income; FY2023's negative figure is a gain attributable to noncontrolling interests. Shareholders' net income (net_income_attributable_to_shareholders) is the numerator of the company's earnings per share.
  • Weighted-average basic and diluted shares come from the earnings-per-share note of each filing, where they are stated in millions.
  • Benefit expense ratio (benefit expense as a percentage of premiums), operating expense ratio (operating expense as a percentage of total operating revenue) and effective tax rate are the percentages the company prints in management's discussion and analysis, not recomputed.
  • Total medical membership is the company's count of medical members at the end of each period, reported in thousands and shown here as actual members.
  • Segment figures come from the segment information note. Operating revenue by segment includes revenue earned from other Elevance Health businesses; the eliminations line removes it, so the segments plus eliminations equal consolidated total operating revenue. Operating gain is the company's segment profit measure: total operating revenue less benefit expense, cost of products sold and operating expense. It is before net investment income, net losses on financial instruments, interest expense, amortization of other intangible assets and income taxes.
  • Dividends per share are as printed on the 10-Q income statement for the quarterly and nine-month periods; the 10-K income statement does not print an annual figure, so none is shown for the fiscal years.
  • Derived figures, not printed as such in the filings: free_cash_flow is net cash provided by operating activities less purchases of property and equipment; total_debt is short-term borrowings plus the current portion of long-term debt plus long-term debt less current portion; book_value_per_share_derived is total shareholders' equity (excluding noncontrolling interests) divided by the common shares outstanding stated on the balance sheet.
  • common_shares_outstanding is the issued and outstanding count stated on the face of each balance sheet (220,723,898 at December 31, 2025; 227,479,695 at December 31, 2024; 216,113,946 at September 30, 2026).
  • The trailing twelve months ended September 30, 2026 are computed as fiscal year 2025 (10-K, accession 0001156039-26-000013) plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025 (10-Q, accession 0001156039-26-000071). Per-share figures are not computed for this period.
  • The 10-Q's December 31, 2025 balance sheet column folds reserves for future policy benefits ($145 million in the 10-K) into other noncurrent liabilities ($3,526 million versus $3,381 million in the 10-K). None of the balance sheet lines carried here is affected; every December 31, 2025 figure shown agrees between the two filings.

Uncertainties

  • No three-month cash flow figures are shown for the quarters: the Q3 2026 10-Q prints only nine-month cash flows, and the second-quarter figures needed to isolate the third quarter are not in the filings this page is built from.
  • No balance sheet is shown for September 30, 2025 or December 31, 2023, because neither filing prints one.
  • Gain on sale of business appears only on the 10-K income statement (FY2024: $201 million); the 10-Q does not print the line, so it is absent from the quarterly and nine-month periods rather than shown as zero.

Company details

NameElevance Health, Inc.
TickerELV
CIK0001156039
ExchangeNYSE
StateIndiana
IncorporationIndiana
SIC6324
OfficeFinance
IndustryHospital & Medical Service Plans

Fiscal period

Fiscal year2026
Fiscal periodQ3
TagFY26Q3
Period end2026-09-30
Form10-Q
Accession0001156039-26-000071
Fiscal year end1231
Sourcefacts

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionSource
annualno10-K2025FYFY252025-12-312026-02-060001156039-26-000013reported
quarterlyyes10-Q2026Q3FY26Q32026-09-302026-10-210001156039-26-000071facts

FAQ · Elevance Health financial statements

What was Elevance Health's revenue in Q3 FY2026?

Elevance Health reported total revenues of $51.43 billion for Q3 FY2026, the quarter ended September 30, 2026. That is up 1.4% from $50.71 billion in the same quarter a year earlier.

How much did Elevance Health earn in Q3 FY2026?

Elevance Health's net income attributable to shareholders was $1.36 billion in Q3 FY2026, up 14.8% from $1.19 billion a year earlier. Diluted earnings per share were $6.27, against $5.32 in the same quarter a year earlier.

What was Elevance Health's benefit expense ratio in Q3 FY2026?

Elevance Health's benefit expense ratio, benefit expense as a percentage of premiums, was 90.6% in Q3 FY2026, down 0.7 points from 91.3% a year earlier.

Why did Elevance Health's earnings rise in Q3 FY2026?

Elevance Health's earnings rose in Q3 FY2026 mainly on higher net investment income, which was $1.04 billion against $625 million a year earlier. Total operating gain across its segments, measured before investment results, interest expense, amortization of intangible assets and income taxes, was $1.27 billion, down 2.0% from $1.29 billion.

Where can I get Elevance Health, Inc. (ELV) financial data in machine-readable form?

Ticker Scout publishes Elevance Health, Inc.'s financial statements as JSON at https://tickerscout.ai/elv/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/elv/narrative.md and https://tickerscout.ai/elv/events.md. Elevance Health, Inc.'s SEC CIK is 0001156039. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Elevance Health, Inc. (ELV) next file with the SEC?

Elevance Health, Inc. (ELV) is expected to file its next Form 10-K with the SEC on or around February 5, 2027. That date is a projection rather than a company-announced date: it is derived from Elevance Health, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q3 FY2026, the period ended 2026-09-30, SEC accession 0001156039-26-000071.

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How this page was built

This page was built from two of Elevance Health, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names three such gaps.

A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.

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Built from Elevance Health, Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.