Elevance earnings
MyStockButler's October 2026 analysis: Elevance's next results are expected on January 27, 2027. The one thing to watch is whether Elevance's 2027 outlook shows medical margins improving.
What has Elevance guided for 2026?
On October 21, 2026, Elevance raised its full-year earnings floor to $22.00 per diluted share under standard accounting and $29.00 on an adjusted basis. It also guided to operating cash flow of at least $6,500 million. Adjusted earnings remove selected charges, but they do not automatically remove temporary gains. In the third quarter of 2026, reported earnings were $6.27 per share and adjusted earnings were $6.99, including a $1.85-per-share net non-operating benefit.
For 2027, management promises at least 12.0% adjusted earnings growth from a $26.75 baseline that excludes specified non-recurring items. That baseline implies approximately $29.96 per share. The result is only slightly above the $29.00 2026 headline floor, because the two figures use different definitions.
| Period it covers | Low | High | Date given | |
|---|---|---|---|---|
| Shareholders' earnings per diluted share | FY 2026 | 22.00 | Oct 21, 2026 | |
| Adjusted shareholders' earnings per diluted share | FY 2026 | 29.00 | Oct 21, 2026 | |
| Operating cash flow | FY 2026 | 6,500 | Oct 21, 2026 | |
| Adjusted diluted earnings per share growth | FY 2027 | 12.0% | Oct 21, 2026 | |
| FY 2026 earnings baseline | FY 2026 | 26.75 | Oct 21, 2026 | |
| Benefit Expense Ratio | FY 2026 | 89.7% | 90.7% | Sep 10, 2026 |
What this means. The adjusted earnings targets leave out one-time items, so they are not the company's full reported earnings.
Has Elevance kept its past promises?
Management’s record earns a mixed assessment: adjusted earnings and operating cash flow beat checked guidance in three of five years. The cuts made during 2024 and 2025 matter most now because Medicaid payments, ACA medical costs, working capital and settlement payments all pressured results.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Adjusted Diluted EPS / Adjusted EPS | 5 years | 3 | 0 | 2 |
| Operating Cash Flow | 5 years | 3 | 0 | 2 |
| Benefit Expense Ratio | 4 years | 2 | 2 | 0 |
What this means. The 3 out of 5 score counts five overall promises, not the fourteen yearly checks shown in the rows.
How have Elevance's last eight quarters tracked revenue and profit?
The September 2026 quarter showed improvement, but not yet a durable recovery. Net premiums written were $41,704 million, slightly below $41,791 million a year earlier, while core earnings rose from $1,349 million to $1,520 million.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Net premiums written | 41,704 | 41,279 | 41,024 | 40,690 | 41,791 | 41,271 | 40,887 | 36,245 |
| Core earnings (company's measure) | 1,520 | 1,624 | 2,772 | 739 | 1,349 | 1,997 | 2,719 | 747 |
| Net income | 1,365 | 1,463 | 1,764 | 547 | 1,189 | 1,743 | 2,183 | 418 |
| EPS, diluted | 6.27 | 6.71 | 8.00 | 2.47 | 5.32 | 7.72 | 9.61 | 1.81 |
What this means. The company's core earnings are its own adjusted profit measure, so they differ from net income because they leave out or change some items.
What should people watch in Elevance's next results?
Investors should look for the 2027 outlook, the durability of the $26.75 baseline and the cash reconciliation after claims and other obligations. Medicaid is especially important. Federal work requirements generally take effect on January 1, 2027. A projection puts the annual enrollment reduction at 3.1 million people in the first full year and 3.3 million by 2033.