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Elevance Health (ELV) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 21, 2026 · Elevance Health (ELV) Q3 2026 earnings results →
Q3 2026 Revenue up 1% year over year to $51.4B · 3¢ of every $1 of revenue kept as net profit · operating margin 2.5%
Elevance Health made $51.4B in Q3 2026 (+1% Y/Y). Operating margin 2.5%, net earnings $1.3B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $51.4B in Q3 2026, up 1% year over year and up 2% from the previous quarter.
Operating profit was $1.3B, a 2.5% margin (down 0.1 points year over year). Operating profit fell $0.03B even though revenue rose $0.72B versus Q3 2025, so costs grew faster than sales. Total costs grew 2% against revenue growth of 1%. Net earnings were $1.4B, up 15% year over year. The effective tax rate was 25.1%. Non-operating items added $0.53B, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.3B (up 12% year over year), 94% of net earnings. Non-cash charges added back $0.36B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.52B. Capital expenditures of $0.27B left free cash flow of $1.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 21, 2026 | $51.4B | +1% | 2.5% | $1.3B | $1.3B |
| Q2 2026 | 10-Q | Jul 15, 2026 | $50.5B | +1% | 3.5% | $1.5B | $1.9B |
| Q1 2026 | 10-Q | Apr 22, 2026 | $50.2B | +3% | 4.2% | $1.8B | $4.3B |
| Q4 2025 | 10-K | Feb 6, 2026 | $49.7B | +10% | 0.6% | $546M | $84.0M |
| Q3 2025 | 10-Q | Oct 21, 2025 | $50.7B | +12% | 2.6% | $1.2B | $1.1B |
| Q2 2025 | 10-Q | Jul 17, 2025 | $49.8B | +13% | 4.9% | $1.7B | $2.1B |
| Q1 2025 | 10-Q | Apr 22, 2025 | $48.9B | +15% | 6.5% | $2.2B | $1.0B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government — 32% of its revenue · Stated in 10-K (sentence) · source
Buys from
- AMWL — 24% of the supplier’s revenue · Stated in 10-K (sentence) · source
- HNGE — 17% of the supplier’s revenue · Stated in 10-K (sentence) · source
About Elevance Health
Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as “we,” “us,” “our,” the “Company” or “Elevance Health,” is a leading health company bringing together the concepts of elevate and advance. We are focused on enhancing well-being and advancing health outcomes by delivering integrated, whole health solutions across the care journey. We support consumers throughout their full health journeys with medical, pharmacy, and behavioral health services designed to address their whole health needs. Through this comprehensive approach, we aim to improve the health of the people and communities we serve. We advance our mission by collaborating with care providers and community organizations, fostering innovation that supports growth and equal opportunity for health access, and cultivating a high-performance culture.
In its own words, from its 10-K, filed Feb 6, 2026.
Elevance Health against its Hospital & Medical Service Plans peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +1% against the peers' median +6%. Operating margin: 2.5% against the peers' median 1.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ELV Elevance Health | Q3 2026 | $51.4B | +1% | 2.5% |
| UNH UnitedHealth Group | Q3 2026 | $112.7B | -0.4% | 5.8% |
| CI Cigna | Q3 2026 | $73.7B | +6% | 3.3% |
| CNC Centene | Q3 2026 | $50.6B | +2% | -0.6% |
| HUM Humana | Q3 2026 | $41.2B | +26% | 0.2% |
| MOH Molina Healthcare | Q3 2026 | $11.1B | -3% | 1.0% |
| OSCR Oscar Health | Q3 2026 | $5.1B | +72% | 3.5% |
| ALHC Alignment Healthcare | Q3 2026 | $1.4B | +37% | -0.3% |
| CLOV Clover Health Investments | Q3 2026 | $759M | +53% | 0.8% |
Source: Elevance Health 10-Q on SEC EDGAR · CIK 1156039 · Hospital & Medical Service Plans
Guidance and outlook
13F: who owns ELV and who is buying
More on ELV
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results