Investing.com -- Elevance Health Inc. (NYSE: ELV) reported third-quarter results before the open on Wednesday, exceeding analyst expectations.

Adjusted earnings per share were $6.99, compared to the consensus estimate of $4.70. Operating revenue reached $50.4 billion, surpassing the $49.32 billion estimate and rising 0.7% YoY from $50.1 billion in the third quarter of 2025.

The company raised its full-year 2026 adjusted EPS guidance to at least $29.00, above the analyst consensus of $27.24. Elevance also increased its full-year operating cash flow guidance to at least $6.5 billion. The benefit expense ratio improved 70 basis points to 90.6%, driven by better performance in Medicare Advantage and Individual ACA compared to the prior year.

Shares rose 1.1% following the announcement.

"Elevance Health's third quarter results reflect stronger execution across our diversified portfolio and underscore the earnings power of the business," said Gail K. Boudreaux, President and Chief Executive Officer. "We are raising our 2026 earnings outlook and remain confident in delivering at least 12% growth in adjusted diluted earnings per share in 2027 from our higher earnings baseline of at least $26.75."

Medical membership totaled approximately 44.9 million as of September 30, 2026, down 487,000 from the prior year, reflecting lower enrollment in Medicaid, Medicare Advantage, and Employer Group risk-based businesses, partially offset by growth in Commercial fee-based membership.

The Health Benefits segment generated operating revenue of $43.4 billion, up 3% YoY, driven by higher premium yields and service fee revenue. The Carelon segment reported operating revenue of $19.3 billion, up 5% YoY, with operating gain increasing 17% to $0.9 billion.

The company declared a fourth-quarter dividend of $1.72 per share, payable December 18, 2026.

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