Elevance Health Inc. · ELV · Next earnings

Elevance Health Inc. reports Wednesday, Oct 21, 2026

ELV reports before market open with consensus EPS at $4.66 and revenue at $49.30B. Last quarter: Elevance Health Beats Q2 EPS by 20%, Raises Guidance to $27 — Stock Falls 8.5%

Reports Before market open31 days awayDate estimated Healthcare

What the street expects

Consensus for the coming report
Consensus EPS $4.66 Calendar consensus
Consensus revenue $49.30B Calendar consensus
Report date Oct 21, 2026 Wednesday, date estimated
Session Before market open 31 days away

Where ELV left off: FY2026 Q2

Full report

Elevance Health Beats Q2 EPS by 20%, Raises Guidance to $27 — Stock Falls 8.5%

EPS surprise +20.0% Reported $7.45 vs $6.21
Revenue surprise +1.9% Reported $49.83B vs $48.88B
Stock move -8.5% Event window
Subsequent drift -1.2% Up to 20 sessions

Prior: FY2026 adjusted EPS guidance of at least $26.75. Current: FY2026 adjusted EPS guidance of at least $27. Change: +$0.25. Note: A $0.80 per-share one-time benefit was redirected to accelerated investments, meaning the net guidance raise was modest relative to the upside. 2027 target of at least 12% adjusted EPS growth reaffirmed.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Persistent elevated cost trends in Medicaid (behavioral health, specialty pharmacy, outpatient surgery, ED usage).
  • Potential impact of state work-requirement and waiver (1115) policies on Medicaid profitability.
  • Uncertainty around second-half utilization trends and rate timing.
  • Magnitude and timing of Medicaid market exits may affect revenue and membership.
  • One-time investments may not deliver expected longer-term leverage.

Questions analysts left open

  • Magnitude and timing of Medicaid market exits.
  • Details on Medicaid margin trajectory and acuity trends.
  • Extent of ACA risk adjustment carry-forward.
  • Impact of one-time investments on future earnings.
  • Outlook for outpatient surgery utilization.

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Recent ELV quarters

All ELV earnings
-8.5%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.