Elevance Health has filed its 10-Q with the SEC, and the corresponding figures are now available in our data. Revenue over the twelve months to Q3 2026 stood at $201.83 billion, representing a 3.6% increase on the year before. This growth rate was down 2.7 percentage points compared to the rate recorded a quarter earlier.

Profitability

The trailing gross margin for the period was 89.0%. The trailing operating margin stood at 2.7%, which is down 1.2 percentage points from a year earlier. The trailing net margin was recorded at 2.5%.

Net income over the twelve months was $5.14 billion, which fell 7.1% on the year before.

Cash flow

Operating cash flow over the twelve months was $7.60 billion, up 54.6% on the year before. Capital spending during this period was $1.08 billion, or 0.5% of revenue.

Free cash flow, defined as operating cash flow less capital spending, was $6.51 billion, up 72.9% on the year before. The free-cash-flow margin, or free cash flow as a percentage of revenue, was 3.2%, up 1.3 percentage points from a year earlier.

Share count

The average diluted share count fell 3.3% over the year.

Against its own history

Today’s free-cash-flow margin of 3.2% is higher than 35% of the company’s own past quarterly readings, which have ranged from 0.5% to 8.8%. Today’s operating margin of 2.7% is higher than 0% of the company’s own past quarterly readings, which have ranged from 2.7% to 7.2%.

Today’s twelve-month revenue growth rate of 3.6% is higher than 21% of the company’s own past quarterly readings, which have ranged from −9.9% to 17.2%.

Guidance

The company raised its FY 2026 guidance for diluted EPS to $22.00. It also raised its FY 2026 guidance for operating cash flow to $6.5 billion.

The company provided its 2027 guidance for adjusted diluted EPS growth at 12%.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 29.4%, and 5 percentage points higher would raise it by 38.6%. A free-cash-flow margin 1 percentage point lower would lower it by 30.9%.

What to watch

The next filing will reveal whether the recent decline in the revenue growth rate continues or reverses, providing clarity on the trajectory of top-line expansion. It will also show if the operating margin remains at its current level or moves within the historical range established by past quarterly readings. Finally, the report will indicate whether the free-cash-flow margin sustains its recent position relative to the company’s historical distribution of such metrics.