Elevance Health (ELV) official guidance

| Adjusted shareholders' earnings per diluted share | At least $29.00 |

Excluding these items, the Company continues to expect adjusted shareholders’ earnings to be at least $27.00 per diluted share.

Our second quarter operating results support raising our full-year 2026 adjusted diluted earnings per share guidance to at least $27 while preserving appropriate prudence in our outlook.

| Adjusted shareholders' earnings per diluted share | At least $27.00 | | | | | | | | | | | | | | |

Excluding these items, the Company continues to expect adjusted shareholders’ earnings to be at least $26.75 per diluted share.

That is why we are raising our full-year adjusted diluted earnings per share guidance to at least $26.75.

•FY 2026 adjusted diluted EPS2 guidance raised to at least $26.75, supported by underlying business strength, actions to reduce medical costs, and increased visibility

During these meetings, Company officers will reaffirm adjusted shareholders’ earnings for full year 2026 to be at least $25.50 per diluted share.

Consistent with that approach, we are establishing 2026 adjusted diluted earnings per share guidance of at least $25.50.

Adjusted Diluted EPS | $30.29 | At least $25.50

During these meetings, Company officers will reaffirm the Company’s shareholders’ earnings guidance for full year 2026 to be at least $20.10 per diluted share, including approximately $6.90 per diluted share of net unfavorable items.

During these meetings, Company officers will reaffirm the Company’s shareholders’ earnings guidance for full year 2026 to be at least $19.85 per diluted share, including approximately $6.90 per diluted share of net unfavorable items.

•FY 2026 diluted EPS1 guidance to be at least $19.85, including the Company's estimate of the financial impact for the CMS matter

Elevance Health's third quarter results reflect stronger execution across our diversified portfolio and underscore the earnings power of the business. 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 $26.753.

Today, we are raising our 2026 adjusted diluted earnings per share guidance to at least $27, and we remain confident in our ability to return to at least 12% adjusted EPS growth in 2027, off our ending 2026 earnings baseline.

These actions will strengthen how we operate, improve consistency over time, and reinforce our confidence in returning to at least 12% adjusted EPS growth in 2027 off our 2026 earnings baseline.”

As we look ahead, we remain confident in our ability to deliver at least 12% adjusted EPS growth in 2027.

Third, as those actions take hold, we expect to return to at least 12% adjusted EPS growth in 2027 off our ending 2026 earnings baseline, supported by the earnings power of our diversified platform.

remain confident in our ability to return to at least 12% adjusted EPS growth in 2027.

Member retention remains modestly ahead of our expectations, and we now expect to end 2026 with at least 1 million individual ACA members.

However, given the unique market dynamics this year and a significant shift in product mix, it is still early to revise our full-year outlook for at least 900,000 members.

On the individual ACA, we are guiding towards at least 900,000 members at year-end 2026, and that, that outlook really reflects two drivers here.

•FY 2026 operating cash flow guidance raised to at least $6.5 billion

Based on the strength of our operating performance and our outlook for the remainder of the year, we are raising our full-year operating cash flow to at least $6 billion.

•FY 2026 operating cash flow guidance raised to at least $6.0 billion

Operating cash flow was $4.3 billion in the quarter, and we continue to expect full-year operating cash flow of at least $5.5 billion, inclusive of potential cash payments related to the CMS matter.

•Reaffirm FY 2026 operating cash flow of at least $5.5 billion, inclusive of potential cash payments for the CMS matter

Incorporating these items, we expect our 2026 operating cash flow to be at least $5.5 billion.

Operating Cash Flow | $4.3 billion | At least $5.5 billion

Taken together, our full-year Medicaid operating margin outlook of approximately -1.75% remains appropriately prudent based on what we see today.

We remain confident in our full-year operating margin outlook of approximately -1.75% as our guidance maintains a prudent stance towards rate adequacy and trend development over the remainder of the year.

We expect our Medicaid operating margin to be approximately -1.75%, with improvement over time as rates incorporate more current experience and our actions take hold.

Starting with Medicaid, continued membership re-verifications and state program changes have driven acuity higher, and we are planning for at least a 125 basis point year-over-year decline in Medicaid margins as rates like acuity and utilization trends remain elevated. This is an initial input at this early stage, not formal guidance.

| Accrual related to CMS notice1,2 | $4.27 | | | | | | | | | | | | | | |

| Accrual related to CMS notice1,2 | $4.24 | | | | | |

| Amortization of other intangible assets3 | $2.00 | | | | | | | | | | | | | | |

| Amortization of other intangible assets3 | $2.00 | | | | | |

Amortization of other intangibles3 | $2.00

| Business optimization program charges1 | $0.59 | | | | | | | | | | | | | | |

| Business optimization program charges1 | $0.59 | | | | | |

| Shareholders' earnings per diluted share | At least $20.10 | | | | | | | | | | | | | | |

GAAP Diluted EPS | $25.21 | At least $22.30

| Litigation and settlement expenses1,3 | $0.10 | | | | | | | | | | | | | | |

| Litigation and settlement expenses1,3 | $0.10 | | | | | |

Litigation and settlement expenses1,3 | $0.10

During these meetings, Company officers will reaffirm the Company’s shareholders’ earnings guidance for full year 2026 to be at least $20.10 per diluted share, including approximately $6.90 per diluted share of net unfavorable items.

| Net adjustment items | $6.90 | | | | | | | | | | | | | |

During these meetings, Company officers will reaffirm the Company’s shareholders’ earnings guidance for full year 2026 to be at least $19.85 per diluted share, including approximately $6.90 per diluted share of net unfavorable items.

| Net adjustment items | $6.90 | | | | | |

Net adjustment items | $3.20

| Net losses on financial instruments3 | $1.15 | | | | | | | | | | | | | | |

| Net losses on financial instruments3 | $1.15 | | | | | |

Net losses on financial instruments3 | $1.15

| Tax impact of non-GAAP adjustments3 | Approximately ($2.11) | | | | | | | | | | | | | |

| Tax impact of non-GAAP adjustments3 | Approximately ($2.08) | | | | | |

Tax impact of non-GAAP adjustments3 | Approximately ($0.95)