Elevance Health Q3 GAAP EPS falls 20% to $4.36; revenue rises 5.3%
Elevance Health reported third quarter 2024 operating revenue of $44.7 billion, up 5.3% from a year earlier, but GAAP diluted EPS fell 20.0% to $4.36 and the operating gain fell 19.8% to $1.4 billion. The company cited a timing mismatch between Medicaid rates and the higher acuity of its members, which pushed the benefit expense ratio up 270 basis points to 89.5%. It now expects 2024 GAAP EPS of approximately $26.50 and adjusted EPS of approximately $33.00, and on October 15, 2024 it authorized an $8.0 billion increase to its share repurchase program.
Key points
- Q3 2024 operating revenue $44.7 billion, up $2.2 billion from the prior year quarter, driven by higher premium yields and CarelonRx product revenue
- Q3 2024 GAAP diluted EPS $4.36 versus $5.45 a year earlier; adjusted diluted EPS $8.37 versus $8.99
- Medical membership fell 3.3% year over year to 45,760 thousand, with Medicaid down 19.0% to 8,926 thousand
- Board authorized an $8.0 billion increase to the share repurchase program on October 15, 2024; quarterly dividend of $1.63 per share declared
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 17, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.