Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
The portfolio, not insurance, lifted the quarter's profit
Investment income rose to $1.04B while the operating gain slipped, and the filing credits the profit rise mainly to it.
For investorsHow much of the earnings path rests on the portfolio?
For foundersRunning a fee business on top of a risk business
Medical bills took a smaller share of premiums, but overhead grew faster than revenue and the operating gain still slipped.
Annual revenue rose from $92.1B to $199.1B in seven years, while operating income grew by only about a third.
Insured members pay premiums and self-funded employers pay fees, so the same network and systems earn from both.
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Business Lens describes Elevance Health from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
