Elevance Health, Inc. · NYSE:ELV
Elevance Health — Q3 2026 Earnings Presentation
14 slides from Elevance Health's earnings presentation, Oct 21, 2026
Slide 1: Elevance Health 3Q 2026 Supplemental Earnings Presentation
Elevance Health 3Q 2026 Supplemental Earnings Presentation October 21, 2026
Slide 2: Key Highlights
Key Highlights 1 3Q 2026 Results Results exceeded our outlook, driven by favorable benefit expense performance and strong operating execution • • Adjusted diluted EPS 1 of $6.99 reflects operating outperformance of ~$0.50 and a net non Operating revenue of $50.4B increased 0.7% due to higher premium
Slide 3: Scaling Capabilities to Drive Measurable Results
Scaling Capabilities to Drive Measurable Results Our connected model builds a durable advantage: better health outcomes, lower costs, and stronger operating performance Medical Cost Member Carelon Provider Management Engagement Connectivity Identify and Address Deliver a More Personal Expand Integra
Slide 4: 3Q 2026 Results
3Q 2026 Results Key Highlights Elevance Health 3Q 2026 3Q 2025 Change • Third quarter adjusted diluted EPS exceeded our outlook, reflecting Operating Revenue 1 $50.4B $50.1B 0.7% favorable benefit expense performance and disciplined execution Benefit Expense Ratio 90.6% 91.3% (70) bps • Adjusted EPS
Slide 5: 3Q 2026 Results: Health Benefits
Health Benefits Key Highlights 3Q 2026 Results • Our Health Benefits segment performed better than expected, driven by a favorable benefit expense ratio, while Health Benefits 3Q 2026 3Q 2025 Change investing to drive future growth • Operating revenue grew 2.6% year over Operating Revenue 1 $43.4B $
Slide 6: 3Q 2026 Results: Health Services
Health Services Key Highlights 3Q 2026 Results • Carelon delivered strong third quarter results, underscoring its expanding role in improving affordability and driving Carelon 3Q 2026 3Q 2025 Change sustainable earnings growth • CarelonRx operating revenue reflected Operating Revenue 1 $19.3B $18.3B
Slide 7: Flywheel Supports Our Long-Term Growth Algorithm
Flywheel Supports Our Long -Term Growth Algorithm Health Benefits Health Services Approximately 45M medical members Optimize Invest in As an integrated portfolio of whole balanced across Commercial, Medicaid, the Core Growth health solutions serving approximately Medicare, and the Federal Employee 9
Slide 8: Long-Term Growth Algorithm
Long -Term Growth Algorithm Targeting at least 12% average annual growth in Adjusted Diluted EPS Adjusted Operating Gain – High Single Digit to Low Double Digit CAGR 1 Revenue Growth High Single Digit CAGR 1 + Adjusted Operating Margin Expanding to 5.0% – 6.0% + Capital Deployment Approximately 4% C
Slide 9: Committed to Strong Growth Over the Long-Term
Committed to Strong Growth Over the Long -Term Health Benefits Carelon 2 Elevance Health High Single Dividends Digit CAGR 1 Mid to High Single Digit 20% CAGR 1 $198B $167B Mid Teens CAGR 1 M&A/ Organic Reinvestment Capital 50% $72B Revenue Allocation (in billions) 2025 Target 2025 Target 2025 Target
Slide 10: Forward-Looking Statements
Forward -Looking Statements This document contains certain forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward -looking statements reflect our views about future events and financial performance and are generally not historical facts. Words
Slide 11: Non-GAAP Measures and Basis of Presentation
Non -GAAP Measures and Basis of Presentation This document references non -GAAP measures, including “Adjusted Diluted EPS,” “Adjusted Operating Expense Ratio,” “Adjusted Oper ating Gain,” “Adjusted Operating Margin,” “Adjusted Shareholders’ Net Income,” and “Adjusted Operating Expense”. These non -G
Slide 12: GAAP Reconciliation — Shareholders' Net Income and Earnings Per Diluted Share
GAAP Reconciliation — Shareholders’ Net Income and Shareholders’ Earnings Per Diluted Share Three Months Ended Sep 30 Nine Months Ended Sep 30 (In millions, except per share data) 2026 2025 Change 2026 2025 Change Shareholders' net income $1,365 $1,189 14.8% $4,592 $5,115 (10.2%) Add / (Subtract): A
Slide 13: GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2026 Outlook
GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2026 Outlook Three Months Ended Sep 30 Nine Months Ended Sep 30 (In millions) 2026 2025 Change 2026 2025 Change Reportable segments operating gain $1,269 $1,295 (2.0%) $5,118 $6,890 (25.7%) Add / (Subtract): Transaction and integrati
Slide 14: Reportable Segment & Health Benefits Revenue Details
Reportable Segment & Health Benefits Revenue Details Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk -based, Employer Grou p fee -based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; a