[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","uz9l1dxdiv9eznu18m1vpzrll","revision",2,"title","Elevance Health 2026年三季度财报：运营现金流改善但面临监管诉讼与转型成本","originalTitle","10-Q - Elevance Health, Inc. (0001156039) (Filer)","summary","Elevance Health截至2026年9月30日的季度报告显示，公司总资产为1278.01亿美元，股东权益447.94亿美元，净利润13.43亿美元，每股收益6.30美元。","reason","公司运营现金流显著改善，但面临监管诉讼风险及运营模式转型成本，有效税率上升及会员流失对盈利构成压力。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_77":88},"publishedAt","2026-10-21T18:14:36.000Z","discoveredAt","2026-10-21T18:16:46.814Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[82],"score",85,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fQ7RB_uRu2rk",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","60859b78-124e-4705-9a27-506f2dc3085b","Elevance Health 2026 年三季度财报发布",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

(选择一项)


☒	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡报告

从至

委员会文件编号: 001-16751

$\"eh_logo.jpg\"$

ELEVANCE HEALTH, INC.

(根据其章程规定的注册人准确名称)


印第安纳州		35-2145715
(州或其他司法管辖区成立或组织)		(美国国税局雇主识别号码)

220 弗吉尼亚大道

印第安纳波利斯，印第安纳州 46204

(主要执行办公室地址) (邮政编码)

注册人的电话号码，包括地区代码：(833) 401-1577

不适用

(如自上次报告以来名称、地址或财政年度有所更改，请注明)

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

每种证券的注册交易所名称

普通股，面值 0.01 美元

ELV

纽约证券交易所

通过复选框表明注册人是否：(1) 已提交根据《证券交易法》第 13 条或第 15(d) 条在前 12 个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及 (2) 在过去 90 天内已受到此类提交要求的约束。是 ☒ 否 ☐

通过复选框表明注册人是否已根据《S-T 规则》第 405 条（本章第 232.405 条）提交了所有要求提交的交互式数据文件，在前 12 个月内（或注册人需提交此类文件的较短期间）。是 ☒ 否 ☐

通过复选框表明注册人是否是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义：

大型加速提交者

☒

加速提交者

☐

非加速提交者

☐

较小的报告公司

☐

新兴成长公司

☐

如果是一家新兴成长公司，请通过复选框表明注册人是否已选择不使用《交易法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过复选框表明注册人是否是壳公司（根据《交易法》第 12b-2 条的定义）是 ☐ 否 ☒

As of October 15, 2026, 216,055,891 shares of the Registrant’s Common Stock were outstanding.

Elevance Health, Inc.

Quarterly Report on Form 10-Q

For the Period Ended September 30, 2026

Table of Contents


		Page
PART I. FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

	Consolidated Balance Sheets as of September 30, 2026 (Unaudited) and December 31, 2025	2
	Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2026 and 2025	3
	Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2026 and 2025	4
	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2026 and 2025	5
	Consolidated Statements of Changes in Total Equity (Unaudited) for the Nine Months Ended September 30, 2026 and 2025	6
	Notes to Consolidated Financial Statements (Unaudited)	8

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	35
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	53
ITEM 4.	CONTROLS AND PROCEDURES	53
PART II. OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	53
ITEM 1A.	RISK FACTORS	53
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	54
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	54
ITEM 4.	MINE SAFETY DISCLOSURES	54
ITEM 5.	OTHER INFORMATION	54
ITEM 6.	EXHIBITS	55
SIGNATURES	56

-1-

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Elevance Health, Inc.

Consolidated Balance Sheets


	September 30, 2026		December 31, 2025
	(Unaudited)
(In millions, except share and per share data)
Assets
Current assets:
Cash and cash equivalents	$	10,348			$	9,491
Fixed maturity securities (amortized cost of $26,806 and $25,773; allowance for credit losses of $60 and $21)	25,347			25,884
Equity securities	2,151			740


Premium receivables, net	10,686			10,073
Self-funded receivables, net	6,277			5,162
Other receivables	7,610			6,307


Other current assets	6,105			5,344

Total current assets	68,524			63,001
Long-term investments:
Fixed maturity securities (amortized cost of $1,272 and $1,116; allowance for credit losses of $0 and $0)	1,211			1,121

Other invested assets	11,508			10,839
Property and equipment, net	4,613			4,679
Goodwill	28,343			28,344
Other intangible assets	10,877			11,200
Other noncurrent assets	2,725			2,310
Total assets	$	127,801			$	121,494

Liabilities and equity
Liabilities
Current liabilities:

Medical claims payable	$	18,438			$	17,084

Other policyholder liabilities	2,635			3,632

Unearned income	1,637			1,493
Accounts payable and accrued expenses	8,315			7,322



Short-term borrowings	—			150
长期债务的当前部分	375			1,099
其他流动负债	15,262			10,255

流动负债总额	46,662			41,035
长期债务（减去当前部分）	30,382			30,797

净递延税负债	1,487			2,110
其他非流动负债	4,476			3,526
总负债	83,007			77,468

承诺和或有事项 – 注释 10

股东权益
优先股，无面值，授权股数 100,000,000；已发行和流通股 – 无	—			—
普通股，面值 0.01 美元，授权股数 900,000,000；已发行和流通股 – 216,113,946 和 220,723,898	2			2
额外 paid-in 资本	8,987			8,938
留存收益	37,368			35,393
其他综合亏损累计	(1,676)			(451)
股东权益总额	44,681			43,882
非控制性权益	113			144
总权益	44,794			44,026
总负债和权益	$	127,801			$	121,494

参见附注。

-2-

Elevance Health, Inc.

合并利润表

（未经审计）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
（以百万美元为单位，每股数据除外）
收入
保费	$	41,704			$	41,791		$	124,007	$	123,949
产品收入	6,454			6,159			18,943		18,010
服务费用	2,282			2,137			6,810		6,314
总运营收入	50,440			50,087			149,760		148,273
净投资收益	1,037			625			2,506		1,701
金融工具的净损失	(48)			(1)			(182)		(596)

总收入	51,429			50,711			152,084		149,378
费用
福利费用	37,779			38,140			110,418		110,158
产品销售成本	5,640			5,380			16,595		15,656
运营费用	5,752			5,272			17,629		15,569
利息费用	358			351			1,079		1,036
其他无形资产摊销	106			162			328		464


总费用	49,635			49,305			146,049		142,883
税前收入	1,794			1,406			6,035		6,495
所得税费用	451			219			1,478		1,380


净收入	1,343			1,187			4,557		5,115
非控制性权益的净损失	22			2			35		—
股东净收入	$	1,365			$	1,189		$	4,592	$	5,115
每股股东净收入


基本	$	6.30			$	5.32		$	21.08	$	22.73



稀释	$	6.27			$	5.32		$	21.01	$	22.67
每股股息	$	1.72			$	1.71		$	5.16	$	5.13

参见附注。

-3-

Elevance Health, Inc.

合并综合收益表

（未经审计）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
（以百万美元为单位）
净收入	$	1,343			$	1,187		$	4,557	$	5,115
其他综合收益（损失），税后：
未实现投资收益（损失）
未实现投资收益（损失）的总变动	(1,338)			274			(1,708)		670
所得税影响	310			(63)			396		(156)
税后未实现投资收益（损失）的总变动	(1,028)			211			(1,312)		514
包含在收益中的净实现投资损失的总重分类调整	74			12			118		117
所得税影响	(17)			(3)			(27)		(28)
未实现投资收益（损失）的变动	(971)			220			(1,221)		603
养老金和其他福利
期间变动	2			5			9		11
所得税影响	—			(1)			(2)		(10)
养老金和其他福利的变动	2			4			7		1
其他
期间变动	—			(6)			(17)		6
所得税影响	—			1			2		(2)
其他变动	—			(5)			(15)		4
其他综合收益（损失）	(969)			219			(1,229)		608
非控制性权益的净损失	22			2			35		—
非控制性权益的其他综合收益（损失）	4			(2)			4		(4)
股东综合收益总额	$	400			$	1,406		$	3,367	$	5,719

参见附注。

-4-

Elevance Health, Inc.

合并现金流量表（未经审计）


	截至 9 月 30 日的九个月
	2026		2025
（以百万为单位）
经营活动
净利润	$	4,557			$	5,115
调整项目以将净利润调节为经营活动产生的净现金：
金融工具的净损失	182			596

其他投资资产的净收益份额	(1,108)			(251)
折旧和摊销	1,083			1,140



递延所得税	(266)			43


固定资产减值	70			70
基于股票的补偿	210			246

经营性资产和负债的变化：
应收账款，净额	(2,727)			(3,282)
其他投资资产	—			(70)
其他资产	(1,262)			(403)
保单负债	358			(873)
未赚取收入	144			323
应付账款和其他负债	5,364			1,539


所得税	915			(13)
其他，净额	(8)			26
经营活动产生的净现金	7,512			4,206
投资活动
购买投资	(13,942)			(12,265)
出售投资所得	10,266			10,658
投资的到期、赎回和赎回	1,373			1,195





证券借贷抵押品的变化	(373)			(576)
购买子公司（扣除已购现金）	2			55

购买固定资产	(789)			(823)

其他，净额	(7)			(52)
投资活动使用的净现金	(3,470)			(1,808)
筹资活动
长期借款所得	—			2,994
偿还长期借款	(750)			(2,150)
短期借款所得	825			990
偿还短期借款	(975)			(1,175)
证券借贷应付账款的变化	373			576
银行透支的变化	100			77



回购和注销普通股	(1,688)			(2,134)

现金股息	(1,122)			(1,152)
通过员工股票计划发行普通股所得	88			21
通过员工股票计划以普通股抵税支付的税款	(36)			(31)

其他，净额	14			10
筹资活动使用的净现金	(3,171)			(1,974)
外汇汇率对现金及现金等价物的影响	(14)			1
现金及现金等价物的变化	857			425
期初现金及现金等价物	9,491			8,288

期末现金及现金等价物	$	10,348			$	8,713

S请参阅附注。

-5-

Elevance Health, Inc.

合并所有者权益变动表

（未经审计）


	股东权益总额
	普通股	额外支付的资本		留存收益	其他综合损失累计额		非控权益		总权益
（以百万为单位）	股数	面值		未实现投资收益（损失）	养老金和其他福利		其他
2025 年 12 月 31 日	220.7		$	2		$	8,938			$	35,393		$	108		$	(332)			$	(227)			$	144	$	44,026
净利润	—		—		—			1,764			—		—		—			(4)			1,760
其他综合收益（损失）	—		—		—			—			(275)		3		(18)			—			(290)

回购和注销普通股，包括消费税	(3.6)		—		(151)			(983)			—		—		—			—			(1,134)
股息和股息等价物	—		—		—			(378)			—		—		—			—			(378)
通过员工股票计划发行普通股，扣除相关税项收益	0.3		—		58			—			—		—		—			—			58
2026 年 3 月 31 日	217.4		$	2		$	8,845			$	35,796		$	(167)		$	(329)			$	(245)			$	140	$	44,042
净利润	—		—		—			1,463			$	—		—		—			(9)			$	1,454
其他综合收益	—		—		—			—			25		2		3			—			30
非控权益调整	—		—		—			—			—		—		—			8			8
回购和注销普通股，包括消费税	(0.8)		—		(28)			(208)			—		—		—			—			(236)
股息和股息等价物	—		—		—			(376)			—		—		—			—			(376)
通过员工股票计划发行普通股，扣除相关税项收益	0.2		—		100			—			—		—		—			—			100
2026 年 6 月 30 日	216.8		$	2		$	8,917			$	36,675		$	(142)		$	(327)			$	(242)			$	139	$	45,022


净利润	—		—		—			1,365			—		—		—			(22)			1,343











其他综合收益（亏损）	—		—		—			—			(967)		2		—			(4)			(969)



回购和注销普通股，包括消费税	(0.8)		—		(34)			(299)			—		—		—			—			(333)
股息和股息等价物	—		—		—			(375)			—		—		—			—			(375)
其他调整	—		—		—			2			—		—		—			—			2
通过员工股票计划发行普通股，扣除相关税盾收益	0.1		—		104			—			—		—		—			—			104
2026年9月30日	216.1		$	2		$	8,987			$	37,368		$	(1,109)		$	(325)			$	(242)			$	113	$	44,794

-6-



Elevance Health, Inc. 股东权益变动合并报表（续）（未经审计）

	股东权益总额
	普通股					其他综合亏损累计额		非控股权益		总权益
				额外支付的资本	留存收益	未实现投资净收益（亏损）		养老金和其他福利		其他
（以百万美元为单位）	股数	面值
2024年12月31日	227.5		$	2			$	8,911			$	33,549	$	(523)		$	(399)			$	(225)	$	111	$	41,426
净利润	—		—			—			2,183			—	—		—			1			2,184
其他综合收益（亏损）	—		—			—			—			234	(5)		7			1			237
非控股权益调整	—		—			—			—			—	—		—			4			4
回购和注销普通股，包括消费税	(2.2)		—			(97)			(799)			—	—		—			—			(896)
股息和股息等价物	—		—			—			(387)			—	—		—			—			(387)
通过员工股票计划发行普通股，扣除相关税盾收益	0.4		—			52			—			—	—		—			—			52

2025年3月31日	225.7		$	2			$	8,866			$	34,546	$	(289)		$	(404)			$	(218)	$	117	$	42,620
净利润	—		—			—			1,743			—	—		—			1			1,744
其他综合收益	—		—			—			—			147	2		2			1			152
非控股权益调整	—		—			—			—			—	—		—			10			10
回购和注销普通股，包括消费税	(1.0)		—			(27)			(354)			—	—		—			—			(381)
股息和股息等价物	—		—			—			(386)			—	—		—			—			(386)
通过员工股票计划发行普通股，扣除相关税盾收益	0.1		—			92			—			—	—		—			—			92
2025年6月30日	224.8		$	2			$	8,931			$	35,549	$	(142)		$	(402)			$	(216)	$	129	$	43,851
净利润	—		—			—			1,189			—				(2)			1,187
其他综合收益（亏损）	—		—			—			—			218	4		(5)			2			219
非控股权益调整	—		—			—			—			—				—			—
回购和注销普通股	(2.9)		—			(115)			(769)			—				—			(884)
股息和股息等价物	—		—			—			(383)			—				—			(383)
通过员工股票计划发行普通股，扣除相关税盾收益	0.1		—			92			—			—				—			92
2025年9月30日	222.0		$	2			$	8,908			$	35,586	$	76		$	(398)			$	(221)	$	129	$	44,082

参见附注。

-7-

Elevance Health, Inc.

合并财务报表附注

（未经审计）

2026年9月 30日

（以百万美元为单位，除非此处另有说明或每股数据）

1. 组织

在这些合并财务报表附注中使用的“我们”、“我们”、“我们”或“Elevance Health”一词指的是Elevance Health, Inc.，一家印第安纳州公司，除非上下文另有要求，否则包括其直接和间接子公司。对“各州”的引用包括哥伦比亚特区和波多黎各，除非上下文另有要求。

Elevance Health 是一家以改善人类健康为宗旨的健康公司。截至 2026 年 9 月 30 日，我们是美国医疗会员人数最多的健康保险公司之一，通过我们的附属健康计划为大约 4490 万名医疗会员提供服务。我们向个人、雇主团体、医疗补助（Medicaid）和医疗保障（Medicare）市场提供广泛的基于网络的管理式护理风险型计划。此外，我们还为基于费用的客户提供广泛的管理式护理服务，包括理赔处理、免赔额保险、医疗提供者网络访问、医疗管理、护理管理、健康促进计划、精算服务和其他行政服务。在这些市场中，我们通过风险型保费、自付费用雇主的管理费用以及通过我们的 Carelon 业务的药品和健康服务费用获得收入。我们通过联邦健康产品和服务业务为联邦政府提供服务，该业务管理联邦雇员计划（“FEP”®）。® 我们还为我们的子公司健康计划的客户以及非关联的健康计划提供一系列专业服务，包括药品服务、免赔额保险、牙科、视力和补充健康保险福利，以及整合的健康服务。

我们是蓝十字和蓝盾协会（“BCBSA”）的独立特许经营商，BCBSA 是一个独立的健康福利计划协会。我们在加利福尼亚州作为蓝十字特许经营商为会员服务，在科罗拉多州、康涅狄格州、佐治亚州、印第安纳州、肯塔基州、缅因州、密苏里州（堪萨斯城地区除外的 30 个县）、内华达州、新罕布什尔州、纽约州（纽约市都会区和纽约州上州地区）、俄亥俄州、弗吉尼亚州（华盛顿特区北部郊区除外）和威斯康星州作为蓝十字和蓝盾（“BCBS”）特许经营商为会员服务。在这些服务区域的大多数地区，我们以 Anthem Blue Cross 和 Anthem Blue Cross and Blue Shield 的名义开展业务。我们还通过与其他 BCBS 特许经营商以及其他战略合作伙伴的安排开展业务。此外，我们在许多州以 Wellpoint、Carelon、MMM 和/或 Simply Healthcare 的名义为会员服务。我们通过子公司在所有 50 个州、哥伦比亚特区和波多黎各获得保险业务许可。

我们的产品组合包括以下核心市场品牌：

•Anthem Blue Cross/Anthem Blue Cross and Blue Shield — 代表我们的 Anthem 品牌以及关联的蓝十字和/或蓝盾特许经营的医疗保险、医疗补助（Medicaid）和商业健康福利计划；

•Wellpoint — 代表我们的 Wellpoint 品牌的医疗保险、医疗补助（Medicaid）和商业健康福利计划以及其他非 BCBSA 品牌；以及

•Carelon — 代表我们的医疗相关服务和能力，包括我们的 CarelonRx 和 Carelon Services 业务。

我们按照以下四个可报告业务部门报告运营结果：健康福利、CarelonRx、Carelon Services 和公司及其他（我们的业务中不单独满足运营部门数量阈值的业务，以及未分配到我们其他可报告业务部门的公司费用）。有关可报告业务部门的更多信息，请参见第 13 章“业务部门信息”。

-8-

2. 列报基础和重要会计政策

列报基础：附带的未经审计的合并财务报表是根据美国通用会计准则（“GAAP”）为中期财务报告而编制的。因此，它们不包含GAAP要求的年度财务报表所需的所有信息和脚注。我们已省略了某些脚注披露，这些披露在我们的截至2025年12月31日的年度报告10-K（“2025年10-K年度报告”）中已有实质性披露，除非这些披露中的信息发生了重大变化，或根据GAAP要求必须披露。管理层认为，为公允列报截至2026年9月30日及2025年9月30日的三个月和九个月期间的合并财务报表，已记录了所有必要的调整，包括正常的经常性调整。截至2026年9月30日的三个月和九个月期间的运营结果不一定能反映截至2026年12月31日的全年或任何其他期间的可能结果。我们部分医疗保健及相关福利业务的季节性，以及竞争和其他市场条件，可能导致全年结果与基于中期运营结果的估计不同。应将这些未经审计的合并财务报表与我们截至2025年12月31日的年度报告10-K中包含的经审计的合并财务报表一并阅读。

我们的一些子公司在美国境外运营，其功能货币不是美元（“USD”）。我们使用期末的汇率将这些子公司的资产和负债折算为美元。我们使用期间内平均汇率将这些子公司的收入和费用折算为美元。这些折算调整的净影响包含在我们合并的综合收益表的“其他”项目中。

重分类：某些以前年度的金额已重新分类，以符合本年度的披露方式。

现金及现金等价物：现金及现金等价物包括可支配现金以及购买时到期日为三个月或更短的高流动性投资。我们控制若干银行账户，这些账户专门用于持有客户资金以管理客户福利，我们有现金及现金等价物存入以满足某些监管和合同要求。截至2026年9月30日和2025年12月31日，这些金额分别为500和348，包含在我们合并资产负债表的现金及现金等价物项目中。

投资：我们将投资组合中的固定期限证券归类为“可供出售”，并按公允价值报告这些证券。某些固定期限证券可用于支持当前运营，因此我们将其归类为流动资产，而不论其合同到期日。用于满足合同、监管或其他要求的投资被归类为长期投资，而不论其合同到期日。

如果固定期限证券处于未实现损失状态，且我们有出售固定期限证券的意图，或者很可能在摊销成本基础恢复之前必须出售该固定期限证券，我们将固定期限证券的成本基础减记至公允价值，并在合并损益表中确认减值损失。对于我们不打算出售或很可能不会在出售之前必须出售的已减值固定期限证券，但预计无法完全恢复摊销成本基础的，我们在合并资产负债表中确认信用损失的信用部分作为信用损失准备，并在合并损益表中确认减值损失。减值的非信用部分在“其他综合损失”中确认。此外，对于预计可以完全恢复摊销成本基础的固定期限证券，由非信用相关因素导致的未实现损失继续在“其他综合损失”中确认。

减值的信用部分主要通过将预计未来现金流的净现值与固定期限证券的摊销成本基础进行比较来确定。净现值是通过在购买日固定期限证券中隐含的有效利率下，对预计未来现金流的最佳估计进行折现计算得出的。对于抵押贷款支持和资产支持证券，现金流估计基于对底层抵押品的假设，包括提前还款速度、发行年份、底层资产类型、地理集中度、违约率、回收率和价值变化。对于其他所有证券，现金流估计基于违约概率的假设，包括信用评级的变化以及与违约相关的回收时间和金额的估计。

-9-

对于包含在“固定期限证券”中的资产支持证券，我们根据预期的提前还款和证券的预计经济寿命来使用有效收益率确认收入。当提前还款的估计发生变化时，有效收益率会重新计算，以反映至今的实际还款和预期的未来还款。证券的净投资会调整为自证券购买日起应用新有效收益率时的金额。此类调整在我们的合并损益表中的“净投资收益”中报告。

我们可交易权益证券的公允价值变动在“金融工具净损失”项目中确认于我们的经营成果中。某些可交易权益证券是为满足合同义务而持有的，并在合并资产负债表的“其他投资资产”标题下进行报告。

我们投资于有限合伙企业（“LPs”）以及我们可能拥有影响力以影响被投资公司运营或财务决策的公司，包括未合并的可变利益实体。这些投资采用权益法进行会计核算，并在合并资产负债表的“其他投资资产”项目中进行报告。我们对这些LPs和未合并被投资公司的净收入（损失）的按比例份额在合并损益表的“投资净收益”项目中进行报告。当价值下降被认为是非暂时性时，这些投资的账面价值会减记或减值至公允价值。在应用权益法（包括非暂时性减值评估）时，我们使用LPs和被投资公司提供的财务信息，通常存在一至三个月的滞后。在某些其他情况下，如果我们被认为对被投资公司拥有控制权或被视为可变利益实体的主要受益人，我们会合并被投资公司。

我们在某些延迟补偿计划的参与者和其他管理人员身上拥有公司拥有的人寿保险政策。公司拥有的人寿保险政策的现金退保价值在合并资产负债表的“其他投资资产”标题下进行报告。

投资收益在实现时进行记录。所有导致投资实现收益和损失的证券出售均在交易日进行记录。实现的收益和损失是根据所售具体证券的成本或摊销成本确定的。

我们参与证券出借计划，将投资组合中的可交易证券转移给独立的经纪商或交易商，以换取现金和证券担保品。根据财务会计准则委员会（“FASB”）有关金融资产转让和管理以及负债注销的指南，我们将担保品确认为资产，该资产在合并资产负债表的“其他流动资产”中列示，同时我们记录一项相应的负债，以反映将担保品返还给借款人的义务，在“其他流动负债”标题下列示。出借的证券在合并资产负债表的相关投资类别中列示。证券出借担保品的未实现损益作为股东权益的单独组成部分计入“其他综合损失”。出借证券的市场价值和所质押担保品的价值可能会以不同步的方式波动。如果出借证券的价值上涨速度比所质押担保品的价值快，或下跌速度比所质押担保品的价值慢，我们就会面临差额风险。作为主要缓解机制，出借证券和所质押担保品会每日按市价计价，如有差额，将相应收取。其次，所质押担保品的水平设定为出借证券价值的102%，这在出现任何差额之前提供了一定的缓冲。现金担保品的投资面临市场风险，该风险通过将投资限制在高质量和短期工具来管理。

-10-

应收款：应收款按预计信用损失金额扣除后列示。坏账准备基于历史回收趋势、未来预测以及我们对特定账户回收能力的判断。

保费应收款包括从被保险团体、个人和政府项目中未收回的金额。截至2026年9月30日和2025年12月31日，坏账准备分别为180和167。

自付应收款包括来自基于费用客户的管理费、索赔和其他应收款。截至2026年9月30日和2025年12月31日，坏账准备分别为236和145。

其他应收款包括药房回扣、供应商预付款、索赔追回、再保险应收款、尚未结算的投资交易中应从经纪商处获得的收益、应计投资收益和其他应由我们收取的杂项金额。截至2026年9月30日和2025年12月31日，坏账准备分别为1,758和1,509。在截至2025年9月30日的九个月内，我们与基于价值的护理提供者达成了一笔237美元的和解，使我们能够从坏账准备中释放出129美元。其中，154美元和83美元分别涉及2024年和2025年提供的服务。

收入确认：基于风险的合同保费在保险保障期间内确认为收入，如有适用，扣除根据合同保费稳定安排、《平价医疗法案》（“ACA”）或其他监管要求确认的医疗损失率退税、风险调整、再保险和风险走廊金额。保费可能还包括绩效激励和罚金，这些根据合同条款确认。我们对这些合同条款下的应收和应付金额进行估计，并且在这些估计金额与最终支付金额存在差异时，调整金额将在最终结算期间计入收益。来自合同政府机构的保费支付基于政府机构提供的资格名单。与未到期合同保障期间相关的保费支付在附带的合并资产负债表中列为“未赚取收入”。保费包括对回顾性评级合同的收入调整，其中收入基于合同的估计损失经验。某些业务线的保费费率需经各州保险局批准。此外，来自合同政府机构的年度保费费率变更的延迟要求我们将任何费率上涨的确认推迟到费率最终确定的期间。根据费率上涨的幅度、适用的会员人数以及费率上涨生效日期与最终合同日期之间的延迟长度，该影响的价值可能在确认期间非常重要。费率下降在费率变化生效且费率变化已知的期间确认，这可能早于影响费率的合同修订最终确定的期间。

我们还为Carelon Services医疗交付业务的某些基于价值的安排记录保费。在这些基于价值的安排中，我们通过与健康计划的风险合同承担医疗索赔成本，我们为患者提供、整合、指导和控制某些医疗服务。作为交换，我们收到通常按每位患者每月支付的保费以及在实现绩效指标时确认的基于绩效的付款。我们认为这些基于价值的安排代表一项单一的履约义务，收入在医疗保健服务可供使用时的期间确认。

服务费用包括来自某些团体合同的收入，这些合同规定团体需对其索赔经验承担全部风险，或在有补充保险安排的情况下，承担部分风险。我们向这些基于费用的团体收取管理费，该费用基于团体成员数量和团体的索赔经验。对于团体保留部分索赔风险而我们承担剩余部分风险的安排，与基于风险的组成部分相关的金额被确认为保费，而与自付部分相关的管理服务费用被确认为服务费用。此外，服务费用还包括我们为管理医疗保险、某些其他政府项目以及Carelon子公司的管理服务安排所获得的金额。通常，每个基于费用的安排都包括构成一个完整服务套件的服务，且对价基于约定的费率，无论在特定期间提供的服务量多少。基于费用的安排可能包含追溯性费率或成员调整、绩效激励和处罚条款，这些都是交易价格中的可变对价形式。因此，每个基于费用的安排包含一个构成系列的履约义务，收入在服务提供时逐步确认。

-11-

这些计划下的福利支付不计入福利支出。此外，某些从政府机构获得的必须转付给提供者的医疗补助支付，且我们不承担与这些支付相关的索赔风险的，不计入收入和福利支出。

确定服务是否为应单独核算的独立履约义务，或作为单一核算单位合并处理可能需要重大判断。对将要确认的可变对价的估计需要在确定绩效激励的实现程度、受绩效处罚影响的服务水平达成程度以及受实施费用影响的任务完成程度方面进行重大判断。

产品收入代表CarelonRx为非关联药房客户提供的服务，包括原料成本（扣除任何回扣或折扣），包括由客户或代表客户支付的共付额，以及服务费用。非关联药房客户包括我们与CarelonRx签订药房服务合同的收费团体和第三方健康计划。我们关联健康计划的产品收入和产品销售成本在合并时予以抵消，但不包括由关联客户或代表关联客户支付的共付额和补贴。对于药房服务的产品收入，当CarelonRx确定其为交易主体时，按照协商的合同价格使用总额法确认收入，并在处方药转移给客户之前控制这些服务。CarelonRx根据其合同权利设计和开发提供给客户的处方药清单（处方药目录管理）；其对为客户提供的处方药配送药房网络的控制权（网络管理）；以及其对处方药定价的自主权来确定其是否为交易主体。总体而言，对这些活动的控制权表明CarelonRx对履行提供药房服务的承诺负有主要责任。CarelonRx在处方药控制权转移给客户时确认收入，金额为其预期有权获得的用于交换所提供产品或服务的金额。

对于我们的非风险基础合同，截至2026年9月30日和2025年12月31日，我们在合并资产负债表上没有记录重大合同资产、合同负债或递延合同成本。对于截至2026年9月30日和2025年9月30日的三个月和九个月期间，由于交易价格变化等原因，从与以前期间相关的履约义务中确认的收入不重大。对于原始预期期限超过一年的合同，与未履行的合同履约义务以及与未交付的履约义务相关的可变对价在未来期间预期确认的收入不重大。

最近采用的会计指南： 2025年7月，FASB发布了会计准则更新第2025-05号，金融工具—信用损失（主题326）：应收账款和合同资产的信用损失计量（“ASU 2025-05”）。该标准为所有实体在估算根据会计准则汇编（“ASC”）主题606交易产生的当前应收账款和合同资产的预期信用损失时引入了一项实用便利。根据该实用便利，实体可以假设资产负债表日的条件在资产整个生命周期内保持不变，从而减少为短期余额准备复杂宏观经济预测的需要。ASU 2025-05适用于我们2025年12月15日之后开始的财年及该财年内的中期期间，要求采用前瞻性应用。我们于2026年1月1日采用这些修正案，并按前瞻性方式应用这些修正案。ASU 2025-05的采用对我们合并的财务报表和披露没有影响。

尚未采用的最新会计准则： 2024年11月，FASB发布了会计准则更新No. 2024-03，利润表 - 报告综合收益 - 费用分解披露（子主题220-40）：利润表费用的分解（“ASU 2024-03”）。该准则要求在附注中对库存采购、员工薪酬、折旧和无形资产摊销等项目进行额外的费用分解。上市公司还必须提供未单独披露的剩余费用金额的定性描述，以及销售费用的定义和总金额。ASU 2024-03适用于我们2026年12月15日之后开始的财年，以及我们财年中2027年12月15日之后的中期期间。修订内容应适用于更新生效日后发布的报告期的财务报表，或适用于财务报表中列示的所有先前期间。我们正在评估采用ASU 2024-03对我们合并财务报表及相关披露的影响。

-12-

2025年9月，FASB发布了会计准则更新No. 2025-06，无形资产—商誉和其他—内部使用软件（子主题350-40）：对内部使用软件会计的针对性改进（“ASU 2025-06”）。该准则通过删除对规定性开发阶段的引用，对内部使用软件的会计处理进行了现代化，而是要求在（1）管理层已授权并承诺资助软件项目，且（2）很可能完成并投入使用的项目时，对成本进行资本化。在满足此资本化门槛之前，实体必须评估是否存在“重大开发不确定性”，例如未解决的新功能或实质性修订的性能要求。ASU 2025-06适用于我们2027年12月15日之后开始的财年以及该财年内的中期期间，允许提前采用。实体可以选择前瞻性、追溯性或采用修改后的过渡方法进行采用。我们正在评估ASU 2025-06对我们合并财务报表及相关披露的影响。

自我们发布2025年年度报告（10-K表）以来，没有其他新的会计声明被发布或生效，这些声明或预计会对我们的合并财务状况、经营成果、现金流量或披露产生重大影响。

3. 运营模式转型

在2026年第一季度，基于对公司运营、资产和投资的战略审查，管理层实施了2026-2027年运营模式转型计划（“转型计划”），以简化决策流程，简化组织结构，并在整个企业中提高先进技术（包括人工智能）的使用。转型计划包括减少组织层级、重新调整职责以及设计支持更高效、技术驱动运营的工作流程的举措。这些措施还包括某些信息技术平台的现代化、有针对性的人员精简和岗位重新调整。截至2026年9月30日，转型计划下的相关措施仍在进行中。与该计划相关的现金支出，主要与人员相关成本有关，预计将在2028年支付完毕。

在截至2026年9月30日的三个月和九个月内，我们分别产生了18和147美元的转型计划成本，主要与办公室关闭和人员精简及调动有关，包括遣散费和相关费用。这些费用被确认为公司及其他部门的运营费用。

截至2026年9月30日，转型计划下与员工终止成本相关的期末负债余额为99美元，其中包括截至2026年9月30日九个月内产生的129美元费用和支付的30美元。

-13-

4. 投资

固定期限证券

截至2026年9月30日和2025年12月31日，当前和长期固定期限证券（可供出售）的摘要如下：


	成本或摊销成本		未实现收益总额		未实现损失总额		信用损失准备金	估计公允价值

2026年9月30日
固定期限证券：
美国政府证券	$	1,633			$	—		$	(102)	$	—	$	1,531
政府担保证券	34			—			(2)		—	32
外国政府证券	15			—			(1)		—	14
州、市政和政治分区，免税	3,663			3			(237)		(2)	3,427
公司证券	14,028			36			(654)		(7)	13,403
住宅抵押贷款支持证券	4,049			3			(332)		(2)	3,718
商业抵押贷款支持证券	1,577			2			(68)		(2)	1,509
其他资产支持证券	3,079			51			(159)		(47)	2,924
固定期限证券总额	$	28,078			$	95		$	(1,555)	$	(60)	$	26,558
2025年12月31日
固定期限证券：
美国政府证券	$	1,512			$	10		$	(19)	$	—	$	1,503
政府担保证券	80			2			(1)		—	81
外国政府证券	13			—			—		—	13
州、市政和政治分区，免税	3,701			76			(74)		(2)	3,701
公司证券	13,498			419			(130)		(4)	13,783
住宅抵押贷款支持证券	3,203			43			(136)		(3)	3,107
商业抵押贷款支持证券	2,078			28			(31)		(2)	2,073
其他资产支持证券	2,804			53			(103)		(10)	2,744
固定期限证券总额	$	26,889			$	631		$	(494)	$	(21)	$	27,005

其他资产支持证券主要包括抵押贷款支持债券和其他债务证券。

-14-

对于截至2026年9月30日和2025年12月31日处于未实现损失状态的固定期限证券，下表按这些证券连续处于未实现损失状态的时间长度汇总了总公允价值和未实现损失总额：


	不足12个月	12 个月或更长
（证券为整数金额）	证券数量	估计公允价值		未实现损失		证券数量		估计公允价值		未实现损失
2026 年 9 月 30 日
固定收益证券：
美国政府证券	71		$	1,351			$	(76)			13	$	106		$	(26)
政府担保证券	12		24			(1)			11		8		(1)
外国政府证券	5		14			(1)			1		—		—
州、市政和政治分支机构，免税	1,071		2,729			(148)			330		510		(89)
公司证券	2,561		10,977			(541)			531		752		(113)
住宅抵押贷款支持证券	697		2,737			(152)			1,139		819		(180)
商业抵押贷款支持证券	276		1,109			(41)			110		222		(27)
其他资产支持证券	403		1,567			(53)			165		355		(106)
固定收益证券总额	5,096		$	20,508			$	(1,013)			2,300	$	2,772		$	(542)


2025 年 12 月 31 日
固定收益证券：
美国政府证券	18		$	460			$	(3)			17		$	167		$	(16)
政府担保证券	4		—			—			16		29		(1)
外国政府证券	1		3			—			2		1		—
州、市政和政治分支机构，免税	213	486			(8)			522		848		(66)
公司证券	568	1,398			(22)			839		1,397		(108)
住宅抵押贷款支持证券	169	282			(4)			1,164		1,012		(132)
商业抵押贷款支持证券	80	308			(6)			212		479		(25)
其他资产支持证券	154	657			(28)			174		275		(75)
固定收益证券总额	1,207		$	3,594			$	(71)			2,946		$	4,208		$	(423)

-15-

表中所示的我们证券的未实现损失尚未计入收入，因为截至 2026 年 9 月 30 日，我们无意出售这些投资，并且很可能在预期恢复前不需要出售这些投资。公允价值的下降主要是由于由较高通胀率和其他市场状况驱动的利率升高所致。

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，由于影响我们对本金和利息可收回性的信用质量特征的不利变化，已记录了 60 美元和 21 美元的信用损失准备金。

截至 2026 年 9 月 30 日，按合同到期日划分的固定收益证券的摊余成本和公允价值如下所示。预期到期日可能与合同到期日不同，因为证券的发行人可能有权提前偿还义务。


	摊余成本		估计公允价值
一年内到期	$	295			$	289
一年后至五年内到期	3,254			3,167
五年后至十年内到期	9,379			8,972
十年后到期	6,445			5,979

抵押贷款和其他资产支持证券	8,705			8,151
固定收益证券总额	$	28,078			$	26,558

权益证券

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的当前权益证券摘要如下：


	2026 年 9 月 30 日		2025 年 12 月 31 日
权益证券：
交易所交易基金	$	2,063			$	650

普通权益证券	40			35
私募股权证券	48			55
总计	$	2,151			$	740

其他投资资产

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的其他投资资产摘要如下：


	2026 年 9 月 30 日		2025 年 12 月 31 日
其他投资资产：
公司拥有的人寿保险	$	3,080			$	2,927
权益法投资和合资企业	3,087			3,136
有限合伙投资	3,646			3,033
其他	1,695			1,743
总计	$	11,508			$	10,839

截至2026年9月30日，“其他投资资产”包括非控股权益法投资和合营企业，包括我们对Augusta Topco Holdings, L.P.（“Mosaic Health”）约40%的少数股权，以及我们对Project Freedom Holdings, LLC的40%少数股权，Project Freedom Holdings, LLC是LIBERTY Dental Plan Corporation（“Liberty Dental”）的最终母公司。详见我们2025年年度报告10-K表第II部分第8项中包含的截至2025年12月31日的经审计合并财务报表的第5号注释“投资”。

-16-

就我们对Mosaic Health的权益法投资而言，我们签订了一项融资协议，向Mosaic Health提供200万美元的定期贷款和最高500万美元的信用额度。截至2026年9月30日，根据这些安排的应收净额为定期贷款188万美元和信用额度借款188万美元，以及截至2025年12月31日的定期贷款188万美元和信用额度借款94万美元，这些金额均列示在我们的合并资产负债表“其他投资资产”项目下。截至2026年9月30日及2025年9月30日的三个月和九个月内，从融资安排中确认的利息收入不重大。除了定期贷款和信用额度外，我们承诺向Mosaic Health提供70万美元的额外资金，且不增加在Mosaic Health中的额外股权，以满足截至2026年12月31日通过我们注入Mosaic Health的某些业务的运营现金流和监管资本要求的任何不足。截至2026年9月30日的三个月和九个月内分别提供了0万美元和34万美元的额外资金。截至2025年12月31日，未提供额外资金。如果有必要，我们还承诺为上述70万美元的不足部分提供资金，届时我们将获得Mosaic Health的额外股权，但截至目前尚未有任何此类股权注入。与Mosaic Health的关联方交易包括在正常业务过程中提供的护理交付和使能服务，相关金额已计入我们合并损益表中的“福利费用”，分别为截至2026年9月30日的三个月和九个月的197万美元和583万美元，以及截至2025年9月30日的三个月和九个月的162万美元和662万美元。

就我们对Liberty Dental的权益法投资而言，2024年12月，我们承诺以Liberty Dental的强制赎回优先股形式提供资金，最高金额为250美元，截至2026年9月30日和2025年12月31日已拨付165美元。在2026年9月30日和2025年12月31日的合并资产负债表中，Liberty Dental的强制赎回优先股分别为168美元和137美元，列示在“其他投资资产”标题下。截至2026年9月30日和2025年9月30日的三个月和九个月内，从融资安排中确认的股息收入不重大。与Liberty Dental在正常业务过程中的关联方交易包括根据固定费用安排为我们医保优势计划成员提供的管理服务，金额分别为126美元和382美元，以及截至2026年9月30日的九个月内分别为149美元和441美元，这些金额已计入我们合并损益表中的“福利费用”。

投资收益（损失）

截至2026年9月30日和2025年9月30日的三个月和九个月的净投资收益（损失）如下：


	截至 9月30日的三个月		截至 9月30日的九个月
	2026		2025		2026		2025
净收益（损失）：
固定期限证券：
销售产生的已实现收益	$	12			$	39		$	75	$	88
销售产生的已实现损失	(80)			(51)			(151)		(195)
在收入中确认的减值损失	(6)			—			(42)		(10)
固定期限证券销售产生的已实现损失净额	(74)			(12)			(118)		(117)
权益证券：
在期末仍持有的权益证券上确认的未实现收益（损失）	(8)			8			(8)		2
在期间内出售的权益证券上确认的已实现损失净额	(4)			(7)			(7)		(9)
权益证券的净收益（损失）	(12)			1			(15)		(7)
其他投资：
销售产生的收益	21			28			58		41
销售产生的损失	(12)			—			(23)		(100)
在收入中确认的其他已实现损失	(55)			(17)			(150)		(411)
其他投资的净收益（损失）	(46)			11			(115)		(470)
投资净损失	$	(132)			$	—		$	(248)	$	(594)

-17-

我们管理固定期限和权益投资组合的主要目标是相对于基础负债和各自的流动性需求最大化总回报。在实现这一目标的过程中，可能会出售资产以利用市场条件或其他投资机会以及税务考虑因素。出售通常会产生已实现的收益和损失。在正常业务过程中，我们可能会出于多种原因以亏损出售证券，包括但不限于：（i）投资环境的变化；（ii）预期公允价值可能进一步恶化；（iii）希望减少对发行人或行业的敞口；（iv）信用质量的变化；或（v）预期现金流的变化。

截至2026年9月30日的三个月和九个月，我们从固定期限证券的销售、到期、赎回或赎回中获得的总收入分别为3,447美元和9,243美元。截至2025年9月30日的三个月和九个月，我们从固定期限证券的销售、到期、赎回或赎回中获得的总收入分别为2,738美元和8,759美元。

应计投资收益

截至2026年9月30日和2025年12月31日，应计投资收益分别为308和295。我们在合并资产负债表的“其他应收款”项目下列示应计投资收益。

证券出借计划

截至2026年9月30日和2025年12月31日，作为证券出借抵押品收到的现金和证券的公允价值分别为3,064和2,691。在2026年9月30日和2025年12月31日，收到的抵押品分别为出借证券市值的102%。

我们在合并资产负债表的“其他流动资产”项目下列示抵押品作为资产，并在“其他流动负债”项目下列示返还抵押品给借款人的义务作为相应负债。出借的证券在合并资产负债表的相关投资类别中列示。

截至2026年9月30日和2025年12月31日，我们证券出借交易的剩余合同期限包括现金的隔夜和持续交易，分别为2,373和2,136，美国政府证券分别为587和552，以及住宅抵押贷款支持证券分别为104和3。

5. 衍生金融工具

我们主要投资以下类型的衍生金融工具：利率互换、期货、远期合约、看跌和看涨期权、期权组合、互换期权、嵌入式衍生品和认股权证。我们还签订主协议净额结算协议，通过允许交易的净额结算来降低信用风险。截至2026年9月30日和2025年12月31日，我们为衍生金融工具分别提供了372和34的抵押品。

We have entered into various interest rate swap contracts to convert a portion of our interest rate exposure on our long-term debt from fixed rates to floating rates. The floating rates payable on all of our fair value hedges are benchmarked to the Secured Overnight Financing Rate (“SOFR”). These derivatives are recorded at fair value and are included in the captions “Other current assets,” “Other noncurrent assets,” “Other current liabilities” or “Other noncurrent liabilities” in our consolidated balance sheets, as applicable.

The unrecognized loss, net of tax, for all expired and terminated interest rate cash flow hedges included in “Accumulated other comprehensive loss” in our consolidated balance sheets was $184 and $192 as of September 30, 2026 and December 31, 2025, respectively.

During the three and nine months ended September 30, 2026, we recognized net gains of $86 and $66, respectively, on non-hedging derivatives included in “Net losses on financial instruments” in our consolidated income statements. During the three and nine months ended September 30, 2025, we recognized net gains of $0 and net losses of $2, respectively, on non-hedging derivatives included in “Net losses on financial instruments” in our consolidated income statements.

-18-

In connection with our equity investment in Mosaic Health (see Note 4, “Investments”), we entered into a limited partnership and related agreements with the majority owners that provide for certain rights and obligations of each party, including certain put, call, and purchase price true-up options. These options, if exercised, will result in our purchase of the units held by the majority owners as early as 2028 but no later than 2030 at a price based on certain multiples of revenue and earnings of Mosaic Health businesses, subject to various adjustments and qualifications. At inception, we calculated the fair value of the net put option, which is a Level III measurement (see Note 6, “Fair Value”), using a Monte Carlo simulation, which relies on assumptions including cash flow projections, risk-free rates, volatility and details specific to the options. Significant changes in assumptions could result in significantly lower or higher fair value measurements. The carrying value of the net put option of $1,330, which is a non-cash item originally measured at fair value, is included under the caption “Other noncurrent liabilities” in our consolidated balance sheets as of September 30, 2026. We have elected to not mark the net put option to market, as it is an option on large blocks of equity securities, and the carrying value of the net put option will remain on the consolidated balance sheets until it is exercised, expires, or the terms are substantially amended.

In connection with our equity investment in Liberty Dental (see Note 4, “Investments”), we entered into an agreement with the majority owners that provides for certain rights and obligations of each party, including certain put and call options. The terms of the agreement were amended in September 2026 whereby the put and call options were replaced with a variable-priced forward contract with specified purchase dates in 2027 for the majority owners' shares, subject to customary regulatory approvals. Our purchase of the units held by the majority owners will be at a price based on certain multiples of Liberty Dental earnings, subject to various adjustments and qualifications, which is expected to total up to $600 based on current projections. We have calculated the fair value of the forward contract as of September 2026, which is a Level III measurement (see Note 6, “Fair Value”), based on assumptions including cash flow projections, risk-free rates, volatility and details specific to the agreement. Significant changes in assumptions could result in significantly lower or higher fair value measurements. The fair value of the variable-priced forward contract of $227, which is a non-cash item, was recorded under the caption “Other noncurrent liabilities” in our consolidated balance sheets as of September 30, 2026. Replacing the $396 net put option liability with the variable-priced forward contract resulted in a realized gain on financial instruments of $169 during the three months ended September 30, 2026.

For additional information relating to the fair value of our derivative assets and liabilities, see Note 6, “Fair Value,” included in this Quarterly Report on Form 10-Q.

6. Fair Value

Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. These assets and liabilities are classified into one of three levels of hierarchy defined by GAAP.

For a description of the methods and assumptions that are used to estimate and determine the fair value hierarchy classification for each class of financial instruments, see Note 7, “Fair Value,” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.

-19-

A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at September 30, 2026 and December 31, 2025 is as follows:


	Level I		Level II		Level III	Total
September 30, 2026
Assets:
Cash equivalents	$	5,687		$	—	$	—	$	5,687
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,531		—	1,531
Government sponsored securities	—		32		—	32
Foreign government securities	—		14		—	14
States, municipalities and political subdivisions, tax-exempt	—		3,427		—	3,427
Corporate securities	—		13,006		397	13,403
Residential mortgage-backed securities	—		3,715		3	3,718
Commercial mortgage-backed securities	—		1,509		—	1,509
Other asset-backed securities	—		2,041		883	2,924
Total fixed maturity securities, available-for-sale	—		25,275		1,283	26,558
Equity securities:
Exchange traded funds	2,063		—		—	2,063
Common equity securities	—		40		—	40
Private equity securities	—		—		48	48
Total equity securities	2,063		40		48	2,151
Other invested assets - common equity securities	5		—		3	8
Securities lending collateral	—		3,066		—	3,066
Derivatives - other assets	—		72		—	72
Total assets	$	7,755		$	28,453	$	1,334	$	37,542
Percentage of total assets at fair value	21%		76%		3%	100%
Liabilities:
Derivatives - other liabilities	$	—		$	(602)	$	—	$	(602)
Total liabilities	$	—		$	(602)	$	—	$	(602)

December 31, 2025
Assets:
Cash equivalents	$	5,184		$	—	$	—	$	5,184
Fixed maturity securities, available-for-sale:
United States Government securities	—		1,503		—	1,503
Government sponsored securities	—		81		—	81
Foreign government securities	—		13		—	13
States, municipalities and political subdivisions, tax-exempt	—		3,701		—	3,701
Corporate securities	—		13,373		410	13,783
Residential mortgage-backed securities	—		3,090		17	3,107
Commercial mortgage-backed securities	—		2,073		—	2,073
Other asset-backed securities	—		1,878		866	2,744
Total fixed maturity securities, available-for-sale	—		25,712		1,293	27,005
Equity securities:
Exchange traded funds	650		—		—	650
Common equity securities	—		35		—	35
Private equity securities	—		—		55	55
Total equity securities	650		35		55	740
Other invested assets - common equity securities	6		—		—	6
Securities lending collateral	—		2,692		—	2,692
Derivatives - other assets	—		62		—	62
Total assets	$	5,840		$	28,501	$	1,348	$	35,689
Percentage of total assets at fair value	16%		80%		4%	100%
Liabilities:
Derivatives - other liabilities	$	—		$	(28)	$	—	$	(28)
Total liabilities	$	—		$	(28)	$	—	$	(28)

-20-

There were no individually material transfers into or out of Level III during the three and nine months ended September 30, 2026 or 2025. There were no adjustments to quoted market prices obtained from the pricing services during the three and nine months ended September 30, 2026 or 2025.

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The fair values of goodwill and other intangible assets acquired in certain business acquisitions during the years ended December 31, 2025 and 2024 were finalized based on a valuation performed using the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets could be expected to generate in the future. We developed internal estimates for the expected cash flows and discount rate in the present value calculation.

As discussed in more detail within Note 4, “Investments”, we entered into an agreement that included a put and call option associated with our minority interest ownership of Mosaic Health in 2024. The resulting net put option liability was recorded at its fair value measured at the date of acquisition using Level III inputs with an election not to mark the derivative to market, which is further discussed and disclosed in Note 5, “Derivative Financial Instruments”. The net put option fair value for Mosaic Health was $2,763 and $2,717 at September 30, 2026 and December 31, 2025, respectively.

As discussed in Note 5, “Derivative Financial Instruments”, an agreement that included a put and call option associated with our minority interest ownership of Liberty Dental, for which the fair value of the net put liability was $327 at December 31, 2025, was replaced with a variable-priced forward contract recorded at fair value of $227 as of September 30, 2026. The net put option liability was measured and recorded at fair value at the date of acquisition using Level III inputs, with an election not to mark the derivative to market. The variable-priced forward contract is a derivative carried at estimated fair value.

For the three and nine months ended September 30, 2026, there were no material assets or liabilities measured at fair value on a nonrecurring basis other than the net put option on Mosaic Health. Other than the goodwill and intangible assets acquired and liabilities assumed in our business acquisitions and the net put option on Mosaic Health and Liberty Dental, there were no material assets or liabilities measured at fair value on a nonrecurring basis during the three and nine months ended September 30, 2025

In addition to the preceding disclosures on assets recorded at fair value in the consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in our consolidated balance sheets.

Non-financial instruments such as property and equipment, other current assets, deferred income taxes, intangible assets and certain financial instruments, such as limited partnerships, joint ventures, other non-controlled corporations, corporate-owned life insurance policies, and policy liabilities, are excluded from the fair value disclosures. Therefore, the fair value amounts cannot be aggregated to determine our underlying economic value.

The carrying amounts reported in the consolidated balance sheets for cash, premium receivables, self-funded receivables, other receivables, unearned income, accounts payable and accrued expenses, and certain other current liabilities approximate fair value because of the short-term nature of these items. These assets and liabilities are not listed in the table below.

See Note 7, “Fair Value,” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K for details on the methods and assumptions used to estimate the fair value for each class of financial instruments that are recorded at their carrying value in our consolidated balance sheets.

-21-

A summary of the estimated fair values by level for each class of financial instruments that is recorded at its carrying value on our consolidated balance sheets at September 30, 2026 and December 31, 2025 is as follows:


	Carrying Value		Estimated Fair Value
		Level I		Level II		Level III		Total
September 30, 2026
Assets:
Other invested assets	$	901			$	—			$	—	$	852	$	852
Liabilities:
Debt:

Notes	30,757			—			27,370			—	27,370
Options	1,330			—			—			2,763	2,763

December 31, 2025
Assets:
Other invested assets	$	781			$	—			$	—	$	762	$	762
Liabilities:
Debt:
Short-term borrowings	150			—			150			—	150

Notes	31,896			—			30,207			—	30,207
Options	1,726			—			—			3,044	3,044

7. Income Taxes

During the three months ended September 30, 2026 and 2025, we recognized income tax expense of $451 and $219, respectively, which represent effective income tax rates of 25.1% and 15.6%, respectively. During the nine months ended September 30, 2026 and 2025, we recognized income tax expense of $1,478 and $1,380, respectively, which represent effective income tax rates of 24.5% and 21.2%, respectively. The increase in our effective income tax rate compared to the three months ended September 30, 2025 was primarily due to investment tax credits purchased and recognized in the prior-year quarter, with less tax credits purchased in the current-year quarter. The increase in our effective income tax rate compared to the nine months ended September 30, 2025 was primarily due to a current year net increase in reserves for uncertain tax positions.

Income taxes netted to a payable of $479 at September 30, 2026 and a receivable of $436 at December 31, 2025. We recognized income taxes receivable of $206 and $587 as an asset under the caption “Other current assets” and income taxes payable of $685 and $151 as a liability under the caption “Other current liabilities” in our consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively.

-22-

8. Medical Claims Payable

A reconciliation of the beginning and ending balances for medical claims payable for the nine months ended September 30, 2026 and 2025 is as follows:


	2026		2025
Gross medical claims payable, beginning of period	$	16,829			$	15,580
Ceded medical claims payable, beginning of period	(48)			(13)
Net medical claims payable, beginning of period	16,781			15,567
Business combinations and purchase adjustments	—			344
Net incurred medical claims:
Current period	108,608			108,423
Prior periods redundancies	(1,295)			(1,266)
Total net incurred medical claims	107,313			107,157
Net payments attributable to:
Current period medical claims	92,416			93,545
Prior periods medical claims	13,629			12,699
Total net payments	106,045			106,244
Net medical claims payable, end of period	18,049			16,824
Ceded medical claims payable, end of period	45			44
Gross medical claims payable, end of period	$	18,094			$	16,868

At September 30, 2026, the total of net incurred but not reported liabilities plus expected development on reported claims was $16,192, $1,445 and $412 for the claim years 2026, 2025, and 2024 and prior, respectively.

The favorable development recognized in the nine months ended September 30, 2026 resulted from both favorable completion and trend factor development from 2025.

The favorable development recognized in the nine months ended September 30, 2025 resulted from trend factors in late 2024 developing more favorably than originally expected as well as a smaller contribution from faster than expected development of completion factors from the latter part of 2024.

The reconciliation of net incurred medical claims to benefit expense included in our consolidated statements of income for the nine months ended September 30, 2026 and 2025 is as follows:



	2026		2025
Net incurred medical claims with medical claims payable	$	107,094			$	103,923
Performance-based risk arrangements without medical claims payable	219			3,234
Total net incurred medical claims	107,313			107,157
Quality improvement and other claims expense	3,105			3,001
Benefit expense	$	110,418			$	110,158

Net incurred medical claims under certain performance-based risk arrangements that include gain or loss sharing components do not require a medical claim payable liability.

-23-

The reconciliation of the medical claims payable reflected in the tables above to the consolidated ending balance for medical claims payable included in the consolidated balance sheets, as of September 30, 2026 is as follows:



	Total
Net medical claims payable, end of period	$	18,049
Ceded medical claims payable, end of period	45
Insurance lines other than short duration	344
Gross medical claims payable, end of period	$	18,438

9. Debt

Long-term debt

The carrying value of our long-term debt at September 30, 2026 and December 31, 2025 consists of the following:



	September 30, 2026		December 31, 2025
Senior unsecured notes	$	30,732			$	31,871
Unsecured surplus note	25			25
Total long-term debt	30,757			31,896
Current portion of long-term debt	(375)			(1,099)
Long-term debt, less current portion	$	30,382			$	30,797

On March 15, 2026, we repaid, at maturity, the $750 outstanding balance of our 1.500% senior unsecured notes. During the twelve months ended December 31, 2025, the Company repaid at maturity $1,250 of its 2.375% senior unsecured notes and redeemed $400 of its 5.350% senior unsecured notes and $500 of its 4.900% senior unsecured notes.

Short-term borrowings

We have a senior revolving credit facility (the “5-Year Facility”) with a group of lenders for general corporate purposes.

The 5-Year Facility provides credit of $5,000 and matures in September 2030. In addition, we have an authorized commercial paper program of up to $5,000, the proceeds of which may be used for general corporate purposes. We also maintain borrowing arrangements with the Federal Home Loan Bank of Indianapolis, the Federal Home Loan Bank of Cincinnati, the Federal Home Loan Bank of Atlanta and the Federal Home Loan Bank of New York (collectively, the “FHLBs”), under which we may obtain advances.

The following table summarizes our outstanding short-term borrowings and advances as of September 30, 2026 and December 31, 2025.


Facility	September 30, 2026		December 31, 2025

Senior revolving credit facility	$	—		$	—
Commercial paper program	$	—		$	—
FHLB advances	$	—		$	150

All debt is a direct obligation of Elevance Health, Inc., except for the unsecured surplus note and the FHLB advances, which are obligations of certain subsidiaries. We were in compliance with our debt covenants as of September 30, 2026. For more information on our short-term borrowings, debt covenants and long-term debt, see Note 13, “Debt,” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.

-24-

10. Commitments and Contingencies

Litigation and Regulatory Proceedings

We are defendants in, or parties to, a number of pending or threatened legal actions or proceedings. To the extent a plaintiff or plaintiffs in the following cases have specified in their complaint or in other court filings the amount of damages being sought, we have noted those alleged damages in the descriptions below.

Where available information indicates that it is probable that a loss has been incurred as of the date of the consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many proceedings, however, it is difficult to determine whether any loss is probable or reasonably possible. In addition, even where loss is possible or probable or an exposure to loss exists in excess of the liability already accrued with respect to a previously identified loss contingency, it is not always possible to reasonably estimate the amount of the possible or probable loss or range of losses in excess of the amount, if any, accrued, for various reasons, including but not limited to some or all of the following: (i) there are novel or unsettled legal issues presented, (ii) the proceedings are in early stages, (iii) there is uncertainty as to the likelihood of a class being certified or decertified or the ultimate size and scope of the class, (iv) there is uncertainty as to the outcome of pending appeals or motions, (v) there are significant factual issues to be resolved, and/or (vi) in many cases, the plaintiffs have not specified damages in their complaint or in court filings.

With respect to the cases described below, we contest the liability and/or the amount of damages in each matter, and we believe we have meritorious defenses. We do not believe the outcome of any known pending or threatened legal actions or proceedings will, in the aggregate, have a material impact on our financial position. However, unanticipated outcomes do sometimes occur, which could result in liabilities in excess of our accruals and could have a material adverse effect on our consolidated financial position or results of operations.

In addition to the lawsuits described below, we are also involved in other pending and threatened litigation of the character incidental to our business and are from time to time involved as a party in various governmental investigations, audits, reviews and administrative proceedings (“government actions”). These government actions include routine and special inquiries by and disclosures to state insurance departments, state attorneys general, U.S. Regulatory Agencies, the U.S. Attorney General and subcommittees of the U.S. Congress. Such government actions could result in the imposition of civil or criminal fines, penalties, other sanctions and additional rules, regulations or other restrictions on our business operations. Any liability that may result from any one of these government actions individually, or in the aggregate, could have a material adverse effect on our consolidated financial position or results of operations.

Blue Cross Blue Shield Antitrust Litigation

We have been a defendant in multiple lawsuits that were initially filed in 2012 against the BCBSA and Blue Cross and/or Blue Shield licensees (the “Blue plans”) across the country. These cases were consolidated into a single, multi-district proceeding captioned In re Blue Cross Blue Shield Antitrust Litigation (the “BCBSA Litigation”) that is pending in the U.S. District Court for the Northern District of Alabama (the “Court”). Generally, the suits allege that the BCBSA and the Blue plans have conspired to horizontally allocate geographic markets through license agreements, best efforts rules that limit the percentage of non-Blue revenue of each plan, restrictions on acquisitions, rules governing the BlueCard® and National Accounts programs and other arrangements in violation of the Sherman Antitrust Act and related state laws. The cases were brought by two putative nationwide classes of plaintiffs, health plan subscribers and providers.

The BCBSA and Blue plans approved and entered into a settlement agreement and release with the subscriber plaintiffs (the “Subscriber Settlement Agreement”) and a separate settlement agreement and release with the provider plaintiffs (the “Provider Settlement Agreement”) which settlements received final approval from the Court in September 2022 and August 2025, respectively.

A number of follow-on cases involving entities that opted out of the Subscriber Settlement Agreement have been filed and remain pending. Those actions are: Alaska Air Group, Inc., et al. v. Anthem, Inc., et al., No. 2:21-cv-01209-AMM (N.D. Ala.) (“Alaska Air”); JetBlue Airways Corp., et al. v. Anthem, Inc., et al., No. 2:22-cv-00558-GMB (N.D. Ala.) (“Jet Blue”); Metropolitan Transportation Authority v. Blue Cross and Blue Shield of Alabama et al., No. 2:22-cv-00265-RDP (N.D. Ala.) (dismissed without prejudice in June 2023); Bed Bath & Beyond Inc. v. Anthem, Inc., No. 2:22-cv-01256-SGC (N.D. Ala.) and Hoover, et al. v. Blue Cross Blue Shield Association, et al., No. 1:21-cv-23448 (S.D. Fla.) (dismissed with prejudice in

-25-

July 2026). Beginning in 2021, Prime Healthcare Services, Inc., Prime Healthcare Foundation, Inc., Prime Healthcare Management, Inc.and VHS Liquidating Trust (“VHS”) filed an antitrust action, VHS Liquidating Trust v. Blue Cross of California, et al., No. RG21106600 (Cal Super.) against BCBSA and all Blue plans in California Superior Court bringing similar claims as the BCBSA Litigation. In February 2023, the Court denied the defendants’ motion to dismiss based on a statute of limitations defense in Alaska Air and Jet Blue. In September 2023, the California Superior Court presiding over the VHS case upheld its prior order granting in part defendants’ motion to strike based on the statute of limitations. In February 2025, the VHS plaintiffs amended their complaint to add an additional plaintiff, Children’s Hospital of Los Angeles. In October 2026, the California Superior Court issued an order on the applicable standard of review for the VHS case. Trial for this case is scheduled for March 2027. Additional provider opt-out cases, The Regents of the University of California vs Blue Cross Blue Shield Association, et al., No.25CV154222 (Cal Super.) and Chinese Hospital Association, et al. v. Blue Cross California, et al., No. 25CV113731 (Cal Super.), have been coordinated with the VHS case for case management purposes in a proceeding captioned. In re Blue Cross Antitrust Cases, JCCP 5398 (Cal Super.) We intend to continue to vigorously defend these follow-on cases, which we believe are without merit; however, their ultimate outcome cannot be presently determined.

A number of follow-on cases involving entities that opted out of the Provider Settlement Agreement have been filed and have been centralized in the BCBSA Litigation multi-district proceeding. We intend to continue to vigorously defend these provider follow-on cases, which we believe are without merit; however, their ultimate outcome cannot be presently determined.

Medicare Risk Adjustment Litigation

In March 2020, the U.S. Department of Justice (“DOJ”) filed a civil lawsuit against Elevance Health, Inc. in the U.S. District Court for the Southern District of New York (the “District Court”) in a case captioned United States v. Anthem, Inc. The DOJ’s suit alleges, among other things, that we falsely certified the accuracy of the diagnosis data we submitted to the Centers for Medicare & Medicaid Services (“CMS”) for risk-adjustment purposes under Medicare Part C and knowingly failed to delete inaccurate diagnosis codes. The DOJ further alleges that, as a result of these purported acts, we caused CMS to calculate the risk-adjustment payments based on inaccurate diagnosis information, which enabled us to obtain unspecified amounts of payments in Medicare funds in violation of the False Claims Act. The DOJ filed an amended complaint in July 2020, alleging the same causes of action but revising some of its factual allegations. In September 2020, we filed a motion to transfer the lawsuit to the Southern District of Ohio, a motion to dismiss part of the lawsuit, and a motion to strike certain allegations in the amended complaint, all of which the District Court denied in October 2022. In November 2022, we filed an answer. In March 2023, discovery commenced. Fact and expert discovery are ongoing with current completion deadlines of November 20, 2026 and August 2, 2027, respectively. We intend to continue to vigorously defend this suit, which we believe is without merit; however, the ultimate outcome cannot be presently determined.

CMS Notice

In connection with the notice that the Company received in February 2026 from CMS regarding certain Medicare Advantage risk adjustment data submission requirements related to diagnosis codes for dates of service 2015 through April 2023, CMS provided a series of steps required to be completed by July 31, 2026 in order to avoid sanctions being imposed on the Company. On July 13, 2026, the Company received a letter from CMS stating that the Company had completed all required steps, sanctions would not be imposed and the enforcement process for this matter had been closed.

As previously disclosed, the Company recorded an accrual in connection with the CMS Notice of approximately $935 at March 31, 2026 representing our current best estimate of the identified potential exposure for the resubmission of certain Medicare Advantage risk adjustment data pursuant to applicable loss contingency accounting guidance. On May 27, 2026, we paid CMS $342, leaving an accrual balance of $593 as of September 30, 2026. The $593 accrual was recorded in “Other current liabilities” on the consolidated balance sheet as of September 30, 2026 and the $935 in “Operating expense” on the consolidated statement of income for the nine months ended September 30, 2026.

The Company believes that it is reasonably possible that the loss contingency liability for the risk adjustment data previously disclosed to CMS could differ from the amount originally accrued. Management currently estimates that the aggregate amount of such liability could range from approximately $320 less than the amount originally accrued up to $320 in excess of the amount originally accrued.

-26-

Independent Dispute Resolution (“IDR”) Matters

Under the No Surprises Act, certain out-of-network provider reimbursement disputes arising within the Company's commercial business are resolved through the federal IDR process. The Company evaluates IDR matters on an ongoing basis and records liabilities for matters when losses are considered probable and reasonably estimable. Following the finalization and implementation of the Federal IDR Operations Final Rule, the Company recorded liabilities of $669, consisting of $44 related to fully insured arrangements and $625 related to administrative service arrangements, for certain IDR judgments and disputes that met these recognition criteria. Because amounts related to administrative services arrangements are generally recoverable from the applicable customers under the terms of those contracts, the Company also recorded corresponding self-funded receivables of $575, net of an allowance for doubtful accounts, as of September 30, 2026.

The Company is also involved in other pending IDR matters for which potential additional liabilities could amount to $324, before any related customer recoveries. Approximately 94% of these potential liabilities relate to administrative service agreements. No liabilities have been recorded for these matters because losses were not considered probable as of the reporting date. The ultimate resolution of these matters remains uncertain and may be affected by future regulatory developments, litigation, and governmental reviews.

Federal Securities Class Action and Derivative Lawsuits

In May 2025, a putative federal securities class action, Miller v Elevance Health, Inc., et al., No. 1:25-cv-923, (S.D. Ind.) (the “Securities Action”), was filed against the Company and certain of its executives in the U.S. District Court for the Southern District of Indiana. The plaintiff in the lawsuit alleges that the Company made false and misleading statements with respect to the Company’s 2024 earnings guidance in violation of federal securities laws. The Company filed a Motion to Dismiss in November 2025 and the Court issued an opinion in September 2026. The Court denied the Company’s motion allowing certain portions of the allegations to proceed. Three related derivative lawsuits have been filed against the Company, as a nominal defendant, members of the board of directors, and certain officers. These cases remain pending, are: Jones v. Boudreaux, et al., No. 49D11-2506-PL-028778, (In Superior), Silva v. Boudreaux, et al., No. 1:25-cv-01270-RLY-TAB, (S.D. Ind.) and Holzman v. Boudreaux, et al., No. 49D01-2509-CE-044598, (In Superior) (the “Derivative Actions”). The plaintiffs in the Derivative Actions allege that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the Securities Action. The Company will continue to vigorously defend these cases, which we believe are without merit; however, their ultimate outcome cannot be presently determined.

Other Contingencies

From time to time, we and certain of our subsidiaries are parties to various legal proceedings, many of which involve claims for coverage encountered in the ordinary course of business. We, like Health Maintenance Organizations (“HMOs”) and health insurers generally, exclude certain healthcare and other services from coverage under our HMO, Preferred Provider Organizations and other plans. We are, in the ordinary course of business, subject to the claims of our enrollees arising out of decisions to restrict or deny reimbursement for uncovered services. The loss of even one such claim, if it results in a significant punitive damage award, could have a material adverse effect on us. In addition, the risk of potential liability under punitive damage theories may increase significantly the difficulty of obtaining reasonable reimbursement of coverage claims.

Contractual Obligations and Commitments

In September 2024, we extended our agreement with a vendor for information technology infrastructure and related management and support services through June 2029. Our remaining commitment under this agreement is approximately $1,295. We have the ability to terminate the agreement upon the occurrence of certain events, subject to early termination fees.

CarelonRx markets and offers pharmacy services to our affiliated health plan customers throughout the country, as well as to customers outside of the health plans we own. The comprehensive pharmacy services portfolio includes all core pharmacy services, such as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database and member services. CarelonRx delegates certain core pharmacy services to CaremarkPCS Health, L.L.C. (“CVS”), which is a subsidiary of CVS Health Corporation, pursuant to

-27-

an agreement (“CVS Agreement”). CarelonRx has entered into a new five-year agreement with CVS that continues the CVS relationship under updated terms beginning January 1, 2027 through December 31, 2031, subject to certain early termination rights. In the event of a termination by CarelonRx or non-renewal by either party, CarelonRx can elect to have CVS provide transition services for a period of at least 18 months.

We have financial guarantees related to standby letters of credit and surety bonds related to certain contractual commitments, which totaled $786 as of September 30, 2026. We do not believe such obligations will materially affect our financial position, results of operations, or cash flows.

We have unfunded loan commitments to certain equity investees of $301 at September 30, 2026. We do not believe such obligations will materially affect our financial position, results of operations, or cash flows.

Vulnerability Concentrations

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, investment securities, premium receivables and instruments held through hedging activities. All investment securities are managed by professional investment managers within policies authorized by our Board of Directors. Such policies limit the amounts that may be invested in any one issuer and prescribe certain investee company criteria. Concentrations of credit risk with respect to premium receivables are limited due to the large number of employer groups that constitute our customer base in the states in which we conduct business. As of September 30, 2026, there were no significant concentrations of financial instruments in a single investee, industry or geographic location.

11. Capital Stock

Stock Incentive Plans

A summary of stock option activity for the nine months ended September 30, 2026 is as follows:


	Number of Shares	Weighted- Average Option Price per Share		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2026	3.1		$	373.90
Granted	0.9		296.14
Exercised	(0.2)		222.90
Forfeited or expired	(0.2)		389.88
Outstanding at September 30, 2026	3.6		$	362.09		6.04	$	200
Exercisable at September 30, 2026	2.2		$	373.99		4.44	$	119

A summary of the status of nonvested restricted stock activity, including restricted stock units and performance units, for the nine months ended September 30, 2026 is as follows:


	Restricted Stock Shares and Units	Weighted- Average Grant Date Fair Value per Share
Nonvested at January 1, 2026	1.1		$	437.32
Granted	1.0		297.97
Vested	(0.3)		452.21
Forfeited	(0.2)		391.18
Nonvested at September 30, 2026	1.6		$	355.42

-28-

During the nine months ended September 30, 2026, we granted approximately 0.3 restricted stock units that are contingent upon us achieving an earnings target for 2026 and certain qualitative plan metrics over the three-year period from 2026 to 2028. These grants have been included in the activity shown above but will be subject to adjustment at the end of 2028 based on results during the three-year period.

Fair Value

We use a binomial lattice valuation model to estimate the fair value of all stock options granted. For a more detailed discussion of our stock incentive plan fair value methodology, see Note 15, “Capital Stock,” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.

The following weighted-average assumptions were used to estimate the fair values of options granted during the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30
	2026		2025
Risk-free interest rate	3.97	%		4.29	%
Volatility factor	31.00	%		30.00	%
Quarterly dividend yield	0.585	%		0.432	%
Weighted-average expected life (years)	4.55		4.45

The following weighted-average fair values per option or share were determined for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30
	2026		2025
Options granted during the period	$	76.29			$	106.92
Restricted stock awards granted during the period	297.97			393.39

Use of Capital – Dividends and Stock Repurchase Program

We regularly review the appropriate use of capital, including acquisitions, common stock and debt security repurchases and dividends to shareholders. The declaration and payment of any dividends or repurchases of our common stock or debt is at the discretion of our Board of Directors and depends upon our financial condition, results of operations, future liquidity needs, regulatory and capital requirements and other factors deemed relevant by our Board of Directors.

A summary of our cash dividend activity for the nine months ended September 30, 2026 and 2025 is as follows:


Declaration Date	Record Date	Payment Date	Cash Dividend per Share	Total
Nine Months Ended September 30, 2026
January 27, 2026	March 10, 2026	March 25, 2026	$1.72	$	376
April 21, 2026	June 10, 2026	June 25, 2026	$1.72	$	373
July 14, 2026	September 10, 2026	September 25, 2026	$1.72	$	373



Nine Months Ended September 30, 2025
January 22, 2025	March 10, 2025	March 25, 2025	$1.71	$	386
April 16, 2025	June 10, 2025	June 25, 2025	$1.71	$	385
July 16, 2025	September 10, 2025	September 25, 2025	$1.71	$	381

On October 20, 2026, our Audit Committee declared a fourth quarter 2026 dividend to shareholders of $1.72 per share, payable on December 18, 2026 to shareholders of record at the close of business on December 4, 2026.

-29-

Under our Board of Directors’ authorization, we maintain a common stock repurchase program. On October 15, 2024, our Audit Committee, pursuant to authorization granted by the Board of Directors, authorized an $8,000 increase to the common stock repurchase program. No duration has been placed on the common stock repurchase program, and we reserve the right to discontinue the program at any time. Repurchases may be made from time to time at prevailing market prices, subject to certain restrictions on volume, pricing and timing. The repurchases are effected from time to time in the open market, through negotiated transactions, including accelerated share repurchase agreements, and through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Our stock repurchase program is discretionary, as we are under no obligation to repurchase shares. We repurchase shares under the program when we believe it is a prudent use of capital. The excess cost of the repurchased shares over par value is charged on a pro rata basis to additional paid-in capital and retained earnings.

A summary of common stock repurchases for the nine months ended September 30, 2026 and 2025 is as follows:


	Nine Months Ended September 30
	2026		2025
Shares repurchased	5.2			6.1
Average price per share	$	324.88			$	353.83
Aggregate cost	$	1,688			$	2,134
Authorization remaining at the end of the period	$	5,007			$	7,166

We expect to utilize the remaining authorized amount over a multi-year period, subject to market and industry conditions. For additional information regarding the use of capital for debt security repurchases, see Note 9, “Debt,” included in this Quarterly Report on Form 10-Q and Note 13, “Debt,” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.

12. Shareholders' Earnings per Share

The denominator for basic and diluted shareholders' earnings per share for the three and nine months ended September 30, 2026 and 2025 is as follows:


	Three Months Ended September 30	Nine Months Ended September 30
	2026	2025		2026	2025
Denominator for basic shareholders' earnings per share – weighted-average shares	216.6		223.3		217.8	225.0
Effect of dilutive securities – employee stock options and non-vested restricted stock awards	1.0		0.4		0.8	0.6
Denominator for diluted shareholders' earnings per share	217.6		223.7		218.6	225.6

During the three months ended September 30, 2026 and 2025, weighted-average shares related to certain stock options of 1.6 and 2.2, respectively, were excluded from the denominator for diluted shareholders' earnings per share because the stock options were anti-dilutive. During the nine months ended September 30, 2026 and 2025, weighted-average shares related to certain stock options of 1.7 and 1.9, respectively, were excluded from the denominator for diluted shareholders' earnings per share because the stock options were anti-dilutive.

We have issued approximately 0.8 cumulative restricted stock units under our stock incentive plans, of which vesting is contingent upon us meeting specified earnings and qualitative plan performance targets. Contingent restricted stock units are excluded from the denominator for diluted shareholders’ earnings per share and are included only if and when the contingency is met. These contingent restricted stock units are being measured over a three-year period and generally vest in March of the year following each measurement period.

-30-

13. Segment Information

We report our results of operations in the following four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other. An immaterial amount of our total consolidated revenues is derived from activities outside of the U.S. and Puerto Rico.

Our Health Benefits segment offers a comprehensive suite of health plans and services to our Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid and FEP® members. The Health Benefits segment offers health products on a full-risk basis; provides a broad array of administrative managed care services to our fee-based customers; and provides a variety of specialty and other insurance products and services such as stop loss, dental, vision and supplemental health insurance benefits.

Our CarelonRx segment includes our pharmacy services business. CarelonRx markets and offers pharmacy services to our affiliated health plan customers, as well as to external customers outside of the health plans we own. CarelonRx offers a comprehensive pharmacy services portfolio, which includes all core pharmacy services, such as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database and member services, as well as infusion services and injectable therapies.

Our Carelon Services segment integrates physical, behavioral, and social services with the aim of delivering whole health affordably by offering a broad array of healthcare related services and capabilities to internal and external customers through our Carelon Health and Carelon Insights businesses. Carelon promotes affordability by managing complex areas of the healthcare system, leveraging data and insights to ensure members receive safe, appropriate, high-quality care and providers are reimbursed accurately and timely. Our approach to cost management relies on capabilities including provider enablement, value-based networks, member engagement, and utilization management. Our care delivery services primarily target serving chronic and complex populations by providing personalized care in the home and virtually.

Our Corporate & Other segment includes our businesses that do not individually meet the quantitative threshold for an operating segment, as well as corporate expenses not allocated to our other reportable segments.

We define operating revenues to include premiums, product revenue and service fees. Operating revenues are derived from premiums and fees received, primarily from the sale and administration of health benefits and pharmacy products and services. Operating gain is calculated as total operating revenue less benefit expense, cost of products sold and operating expense.

Affiliated operating revenues represent revenues or costs for services provided to our subsidiaries by CarelonRx and Carelon Services, in addition to certain administrative and other services provided by our international businesses, which are recorded at cost or management’s estimate of fair market value. These affiliated operating revenues are eliminated in our consolidated financial statements.

The accounting policies of the segments are consistent with those described in the summary of significant accounting policies in Note 2, “Basis of Presentation and Significant Accounting Policies,” except that all capitation risk arrangements are reported on a gross basis with an adjustment included in eliminations for capitated risk arrangements that are presented on a net basis under GAAP.

Our chief operating decision maker (the “CODM”) is our Chief Executive Officer. The CODM assesses the performance of our reportable segments based on operating gain or loss as defined above. The CODM evaluates net investment income, net gains (losses) on financial instruments, interest expense, depreciation and amortization expense, income taxes and assets, liabilities and equity on a consolidated basis, as these items are managed in a corporate shared service environment and are not the responsibility of segment operating management.

The CODM uses operating gain or loss, developed during the annual budget process, and updated during the periodic forecasting process, as a basis to assess performance and allocate operating and capital resources to each segment.

-31-

Financial data by reportable segment for the three and nine months ended September 30, 2026 and 2025 is as follows:


			Carelon
	Health Benefits		CarelonRx		Carelon Services		Total	Corporate & Other		Eliminations	Total
Three Months Ended September 30, 2026
Premiums	$	41,282			$	—		$	669		$	669		$	—			$	(247)	$	41,704
Product revenue	—			6,454			—		6,454		—		—			6,454
Service fees	2,075			1			206		207		—		—			2,282
Operating revenue - unaffiliated	43,357			6,455			875		7,330		—		(247)			50,440
Operating revenue - affiliated	—			5,144			6,833		11,977		6		(11,983)			—
Operating revenue - total	$	43,357			$	11,599		$	7,708		$	19,307		$	6			$	(12,230)	$	50,440

Benefit expense	$	37,625			$	—		$	6,521		$	6,521		$	6			$	(6,373)	$	37,779
Cost of products sold	—			10,779			—		10,779		—		(5,139)			5,640
Operating expense	5,296			204			895		1,099		75		(718)			5,752
Operating gain (loss)	$	436			$	616		$	292		$	908		$	(75)			$	—	$	1,269


Three Months Ended September 30, 2025
Premiums	$	40,304			$	—		$	1,762		$	1,762		$	—			$	(275)	$	41,791
Product revenue	—			6,159			—		$	6,159		—		—			6,159
Service fees	1,942			4			191		195		—		—			2,137
Operating revenue - unaffiliated	42,246			6,163			1,953		8,116		—		(275)			50,087
Operating revenue - affiliated	—			4,834			5,371		10,205		149		(10,354)			—
Operating revenue - total	$	42,246			$	10,997		$	7,324		$	18,321		$	149			$	(10,629)	$	50,087

Benefit expense	$	36,845			$	—		$	6,349		$	6,349		$	4			$	(5,058)	$	38,140
Cost of products sold	—			10,209			—		$	10,209		—		(4,829)			5,380
Operating expense	4,800			232			756		988		226		(742)			5,272
Operating gain (loss)	$	601			$	556		$	219		$	775		$	(81)			$	—	$	1,295

-32-


			Carelon
	Health Benefits		CarelonRx		Carelon Services		Total	Corporate & Other		Eliminations	Total
Nine Months Ended September 30, 2026
Premiums	$	122,381			$	—		$	2,281		$	2,281		$	—			$	(655)	$	124,007
Product revenue	—			18,943			—		18,943		—		—			18,943
Service fees	6,186			8			616		624		—		—			6,810
Operating revenue - unaffiliated	128,567			18,951			2,897		21,848		—		(655)			149,760
Operating revenue - affiliated	—			14,498			20,151		34,649		16		(34,665)			—
Operating revenue - total	$	128,567			$	33,449		$	23,048		$	56,497		$	16			$	(35,320)	$	149,760

Benefit expense	$	109,817			$	—		$	19,350		$	19,350		$	21			$	(18,770)	$	110,418
Cost of products sold	—			31,082			—		31,082		—		(14,487)			16,595
Operating expense	15,261			587			2,570		3,157		1,274		(2,063)			17,629
Operating gain (loss)	$	3,489			$	1,780		$	1,128		$	2,908		$	(1,279)			$	—	$	5,118


Nine Months Ended September 30, 2025
Premiums	$	119,602			$	—		$	5,125		$	5,125		$	—			$	(778)	$	123,949
Product revenue	—			18,010			—		$	18,010		—		—			18,010
Service fees	5,657			11			646		657		—		—			6,314
Operating revenue - unaffiliated	125,259			18,021			5,771		23,792		—		(778)			148,273
Operating revenue - affiliated	—			13,735			15,530		29,265		546		(29,811)			—
Operating revenue - total	$	125,259			$	31,756		$	21,301		$	53,057		$	546			$	(30,589)	$	148,273

Benefit expense	$	106,725			$	—		$	17,958		$	17,958		$	22			$	(14,547)	$	110,158
Cost of products sold	—			29,377			—		29,377		—		(13,721)			15,656
Operating expense	14,156			685			2,233		2,918		816		(2,321)			15,569
Operating gain (loss)	$	4,378			$	1,694		$	1,110		$	2,804		$	(292)			$	—	$	6,890

A reconciliation of reportable segments’ operating revenue to the amounts of total revenues included in our consolidated statements of income for the three and nine months ended September 30, 2026 and 2025 is as follows:


	Three Months Ended September 30		Nine Months Ended September 30
	2026		2025		2026		2025
Reportable segments’ operating revenue	$	50,440			$	50,087		$	149,760	$	148,273
Net investment income	1,037			625			2,506		1,701
Net losses on financial instruments	(48)			(1)			(182)		(596)

Total revenues	$	51,429			$	50,711		$	152,084	$	149,378

-33-

A reconciliation of reportable segments' operating gain to income before income tax expense included in our consolidated statements of income for the three and nine months ended September 30, 2026 and 2025 is as follows:


	Three Months Ended September 30		Nine Months Ended September 30
	2026			2025		2026		2025

Income before income tax expense	$	1,794				$	1,406		$	6,035	$	6,495
Net investment income	(1,037)				(625)			(2,506)		(1,701)
Net losses on financial instruments	48				1			182		596

Interest expense	358				351			1,079		1,036
Amortization of other intangible assets	106				162			328		464

Reportable segments’ operating gain	$	1,269				$	1,295		$	5,118	$	6,890

-34-

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(In Millions, Except Per Share Data or as Otherwise Stated Herein)

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the accompanying consolidated financial statements and notes, as well as our consolidated financial statements and notes as of and for the year ended December 31, 2025 and the MD&A included in our 2025 Annual Report on Form 10-K. References to the terms “we,” “our,” “us,” or “Elevance Health” used throughout this MD&A refer to Elevance Health, Inc., an Indiana corporation, and, unless the context otherwise requires, its direct and indirect subsidiaries. References to the “states” include the District of Columbia and Puerto Rico, unless the context otherwise requires.

Results of operations, cost of care trends, investment yields and other measures for the three and nine months ended September 30, 2026 are not necessarily indicative of the results and trends that may be expected for the full year ending December 31, 2026, or any other period.

Overview

Elevance Health is a health company with the purpose of improving the health of humanity. We are one of the largest health insurers in the United States in terms of medical membership, serving approximately 44.9 million medical members through our affiliated health plans as of September 30, 2026. We are an independent licensee of the Blue Cross and Blue Shield Association (“BCBSA”), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield (“BCBS”) licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (in the New York City metropolitan area and upstate New York), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.) and Wisconsin. In a majority of these service areas, we do business as Anthem Blue Cross and Anthem Blue Cross and Blue Shield. We also conduct business through arrangements with other BCBS licensees, as well as other strategic partners. In addition, we serve members in numerous states as Wellpoint, Carelon, MMM and/or Simply Healthcare. We are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries. Through various subsidiaries, we also offer pharmacy services through our CarelonRx business, and other healthcare related services as Carelon Services.

Our portfolio consists of the following core go-to-market brands:

•Anthem Blue Cross/Anthem Blue Cross and Blue Shield — represents our Anthem-branded and affiliated Blue Cross and/or Blue Shield licensed Medicare, Medicaid, and commercial Health Benefit plans;

•Wellpoint — represents our Wellpoint branded Medicare, Medicaid and commercial Health Benefit plans and other non-BCBSA brands; and

•Carelon — represents our healthcare related services and capabilities, including our CarelonRx and Carelon Services businesses.

We report our results of operations in the following four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other (our businesses that do not individually meet the quantitative thresholds for an operating segment, as well as corporate expenses not allocated to our other reportable segments). For additional information, see Note 13, “Segment Information,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

For additional information about our organization, see Part I, Item 1, “Business” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in our 2025 Annual Report on Form 10-K.

-35-

Business Trends

Medical Cost Trends: Our medical cost trends are primarily driven by changes in the utilization of services across all provider types and the unit cost of these services. We work to mitigate these trends through various medical management programs such as care and condition management, program integrity and specialty pharmacy management and utilization management, as well as benefit design changes. There are many drivers of medical cost trends that can cause variance from our estimates, such as changes in the level and mix of services utilized, regulatory changes, aging of the population, health status and other demographic characteristics of our members, epidemics, pandemics, advances in medical technology, new high-cost prescription drugs, including increased utilization of specialty pharmaceuticals, new indications of existing prescription drugs, provider contracting inflation, provider reimbursement levels, labor costs and healthcare fraud, waste and abuse.

Membership shifts from Medicaid into our Individual ACA (as defined below) business following the redetermination process that began in April 2023, together with lower membership effectuation rates, particularly in geographies with high concentrations of highly subsidized members, have driven a market-wide increase in morbidity, resulting in elevated medical cost trends. Medicaid cost trends remain elevated due to higher population acuity and increased utilization of services. In response, we are working on program improvements in partnership with the states, strengthening care and provider network management, optimizing our clinical strategy to improve effectiveness and enhancing payment integrity to manage costs. We expect the impact of these initiatives to build over time as implementation progresses and the initiatives mature.

Pricing Trends: We strive to price our health benefit products consistent with anticipated underlying medical cost trends. We frequently make adjustments to respond to legislative and regulatory changes as well as pricing and other actions taken by existing competitors and new market entrants. Revenues from the Medicare and Medicaid programs are dependent, in whole or in part, upon annual funding from the federal government and/or applicable state governments. Product pricing remains competitive. Pricing of the Medicare and Medicaid programs may not adequately reflect current underlying healthcare cost trends given the timing lag between when pricing is established and the start of the applicable contract, which could adversely affect our financial results.

If the approvals of any annual premium rate changes by contracted government agencies are delayed, we are required to defer the recognition of any premium rate increases to the period in which the premium rates become final. The impact of this deferral can be significant in the period in which the increased premium rates are first recognized depending on the magnitude of the premium rate increase, the number of members to which it applies and the length of the delay between the effective date of the rate increase and the final contract date. Premium rate decreases are recognized in the period the change in premium rate becomes effective and the change in the rate is known, which may be prior to the period in which the contract amendment affecting the rate is finalized.

Affordable Care Act: We continue to participate in the Individual state- or federally-facilitated marketplaces (the “Public Exchange”) in nearly all of our Anthem Blue Cross and Anthem Blue Cross and Blue Shield service areas. In 2025, we expanded our operations into select service areas in Florida through our Simply Healthcare brand, and Maryland and Texas through our Wellpoint brand. In 2026, we expanded into Washington through our Wellpoint brand. Going forward, we expect the Public Exchange to be influenced by policy and regulatory changes, particularly around federal subsidies, compliance requirements, and market stability.

CarelonRx: CarelonRx markets and offers pharmacy services to our affiliated health plans nationwide and to unaffiliated customers. The pharmacy services market continues to evolve toward greater cost transparency and predictability. We support multiple contract structures, including rebate pass-through and fee-based arrangements, and are expanding offerings focused on net client cost. Rising drug spending and affordability pressures are also driving demand for coordinated medical and pharmacy management. These trends present opportunities to expand existing client relationships through our clinical programs, specialty pharmacy, and home-delivery capabilities.

CarelonRx delegates certain core pharmacy services to CaremarkPCS Health, L.L.C. (“CVS”), which is a subsidiary of CVS Health Corporation, pursuant to an agreement (“CVS Agreement”). CarelonRx has entered into a new five-year agreement with CVS that continues the CVS relationship under updated terms beginning January 1, 2027 through December 31, 2031, subject to certain early termination rights. In the event of a termination by CarelonRx or non-renewal by either party, CarelonRx can elect to have CVS provide transition services for a period of at least 18-months.

-36-

For additional discussion regarding business trends, see Part I, Item 1, “Business” included in our 2025 Annual Report on Form 10-K.

Regulatory Trends and Uncertainties

The federal budget reconciliation legislation, known as the One Big Beautiful Bill Act (the “OBBBA”) was signed into law on July 4, 2025. The OBBBA includes provisions that could impact our business and operations including: requiring more frequent Medicaid reverifications for beneficiaries receiving coverage under a state’s Medicaid expansion program implemented pursuant to the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended (collectively, the “ACA”); and imposing work or community engagement requirements on certain adults in the ACA Medicaid expansion population. The OBBBA also makes changes to federal requirements regarding Medicaid state directed payments and provider taxes, including taxes on managed care organizations; delays implementation of Medicaid final regulations on certain eligibility and enrollment provisions; reduces the allowable home equity asset threshold for individuals seeking eligibility for long-term care under Medicaid; establishes a new Rural Health Transformation program; eliminates the repayment limit for excess advanced Premium Tax Credits (“PTCs”) under the ACA; modifies the rules regarding Health Savings Account (“HSA”) eligible plans under the ACA; and makes permanent an extension of the safe harbor first established under the Coronavirus Aid, Relief, and Economic Security Act, allowing pre-deductible coverage of telehealth services for HSA eligible high-deductible health plans; among other provisions.

Additional federal and state guidance is being issued to implement these OBBBA provisions. Implementation dates vary, with many provisions impacting commercial plans effective January 1, 2026, and many Medicaid-related provisions effective in 2027 and 2028. States may choose to implement certain Medicaid provisions as early as 2026.

In May 2026, the U.S. Department of Health and Human Services, Labor, and the Treasury (collectively, the “Tri-Agencies”) issued final regulations updating the federal Independent Dispute Resolution (“IDR”) process used to determine compensation to be paid by health plans to out-of-network providers in certain scenarios under the No Surprises Act. The regulations modify certain procedures and requirements governing the operation and administration of the IDR process. Additional regulatory guidance or rulemakings are possible, and changes resulting from any such guidance or rulemakings, as well as current and potential litigation, arbitration proceedings, and government audits related to the IDR and No Surprises Act, have had and could continue to have an adverse effect on our Commercial business, cash flows, results of operations and financial condition.

In February 2026, Congress passed the Consolidated Appropriations Act of 2026, which includes pharmacy benefit manager reforms requiring pharmacy benefit managers to remit all rebates, fees (other than bona fide service fees), and other remuneration received from entities such as manufacturers and group purchasing organizations to commercial plan sponsors, and to provide detailed commercial claims reporting, effective 30 months after enactment. The legislation also imposes extensive reporting requirements and delinks pharmacy benefit manager compensation in Medicare Part D by prohibiting pharmacy benefit managers from receiving remuneration related to Part D drugs in any form other than bona fide service fees that cannot be based on a drug’s price, effective in 2028. There continues to be the potential that similar or additional legislation may be adopted at the state or federal level. These requirements, as well as any similar or additional legislative or regulatory changes, could have an adverse effect on our business, cash flows, results of operations and financial condition.

In addition, in June 2025, the Centers for Medicare and Medicaid Services (“CMS”) finalized the Marketplace Integrity and Affordability Regulation, which modifies the open enrollment period for all Exchanges beginning in plan year 2027 and eligibility for PTCs, among other requirements. In August 2025, a federal court stayed certain provisions of the regulation, and in June 2026, vacated several provisions, a decision that is currently under appeal. In May 2026, CMS finalized the Notice of Benefit and Payment Parameters for 2027, effective July 2026, which establishes additional Public Exchange enrollment and eligibility requirements, among other changes. Certain provisions of the 2027 regulation were stayed by a federal court in July 2026 pending ongoing litigation.

In September 2024, the Tri-Agencies issued final regulations related to mental health parity that will require health plans to make administrative and operational changes to comply with these final regulations. While some provisions became effective on January 1, 2025, additional guidance from the Tri-Agencies is necessary to assess the full impact of these regulations on our operations and financial results. Litigation has been filed challenging the final regulations.

-37-

The Consolidated Appropriations Act of 2023 separated Medicaid eligibility redeterminations from the COVID-19 Public Health Emergency initially declared in January 2020. As a result, states were permitted to begin removing ineligible beneficiaries from their Medicaid programs starting April 1, 2023, and the majority of our Medicaid markets began doing so as of June 30, 2023. CMS required states to complete Medicaid eligibility redeterminations by December 31, 2025. Although the federally mandated Medicaid eligibility redetermination period has ended, states continue to conduct regular eligibility reverifications and the effects on Medicaid enrollment, member acuity, utilization and state rate-setting, as well as changes arising from the OBBBA, may continue to affect our business.

In addition, subsequent budget reconciliation legislation enacted during 2023 through 2025 included provisions affecting Medicaid eligibility enrollment and program financing, which may influence state Medicaid policies and beneficiary coverage dynamics over time.

The Inflation Reduction Act of 2022 (“IRA”) includes several provisions that have impacted, and continue to impact, our business. These provisions include extending the American Rescue Plan Act of 2021’s enhanced Advance Premium Tax Credits (“APTCs”) through 2025; imposing a new corporate alternative minimum tax; establishing a one percent excise tax on repurchases of stock by issuers; authorizing CMS to negotiate prices on a limited set of Medicare prescription drugs beginning in 2026; instituting caps on insulin cost sharing in Medicare; redesigning the Medicare Part D benefit; requiring drug manufacturers to pay rebates if prices increase beyond inflation; and delaying the implementation of the Trump Administration Medicare drug rebate rule until at least 2032. From 2021 to 2025, Individual market enrollment grew significantly, driven in part by APTCs, which reduced Public Exchange coverage premiums for individuals who qualified. This, in combination with lower membership effectuation rates, particularly in geographies with high concentrations of highly subsidized members, have driven a market-wide increase in morbidity, resulting in elevated medical cost trends. The APTCs expired on December 31, 2025. As a result, the cost of Public Exchange coverage premiums has increased for those individuals previously receiving the APTCs, which has impacted our Individual market enrollment.

We also expect further and ongoing regulatory guidance on a number of issues related to Medicare, including evolving methodology for ratings and quality bonus payments. CMS also frequently proposes changes to its program that audits data submitted under the risk adjustment programs in ways that could increase financial recoveries from plans. For example, in May 2025, CMS announced plans to substantially increase the scale and pace of Risk Adjustment Data Validation (“RADV”) audits of Medicare Advantage plans. CMS has initiated these RADV audit changes, and the outcome could adversely affect our financial condition and results of operations.

For additional discussion regarding regulatory trends and uncertainties, and risk factors that could cause actual results to differ materially from those contained in forward-looking statements, see Part I, Item 1, “Business – Regulation,” Part I, Item 1A, “Risk Factors” and the “Regulatory Trends and Uncertainties” section of Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Annual Report on Form 10-K.

Other Significant Items

Business and Operational Matters

In the first quarter of 2026, based on a strategic review of our operations, assets and investments, management initiated the 2026 - 2027 Operating Model Transformation Program (the “Transformation Program”) to streamline decision-making, simplify organizational structures, and enhance the use of advanced technologies, including artificial intelligence, across the enterprise. The Transformation Program includes initiatives to reduce organizational layers, realign roles and responsibilities, and design workflows to support more efficient, technology-enabled operations. These actions also include the modernization of certain information technology platforms, targeted workforce reductions and role realignments. Actions to be taken under the Transformation Program were ongoing as of September 30, 2026.

-38-

Pursuant to CMS’ Medicare Advantage Star Ratings system, CMS annually awards between 1.0 and 5.0 Stars to Medicare Advantage plans based on performance in several categories. Plans must have a Star Rating of 4.0 or higher to qualify for bonus payments. Our 2026 Star Ratings, which are used for payment year 2027, reflect that approximately 55% of our Medicare Advantage members were enrolled in plans rated at least 4.0 Stars or higher at the time of the rating. CMS released our 2027 Star Ratings in October 2026, which will be used to determine our Medicare Advantage payments in 2028. Our 2027 Star Ratings reflect that approximately 49% of our current Medicare Advantage members are enrolled in plans that will be rated at least 4.0 Stars or higher. Membership changes during the Medicare Advantage enrollment periods may cause this number to fluctuate.

CMS Notice

In connection with the notice that the Company received in February 2026 from CMS regarding certain Medicare Advantage risk adjustment data submission requirements related to diagnosis codes for dates of service 2015 through April 2023, CMS provided a series of steps required to be completed by July 31, 2026 in order to avoid sanctions being imposed on the Company. On July 13, 2026, the Company received a letter from CMS stating that the Company has completed all required steps, sanctions will not be imposed and the enforcement process for this matter has been closed.

Litigation Matters

We have been a defendant in multiple lawsuits that were initially filed in 2012 against the BCBSA and Blue Cross and/or Blue Shield licensees (the “Blue plans”) across the country. These cases have been consolidated into a single, multi-district proceeding captioned In re Blue Cross Blue Shield Antitrust Litigation (“BCBSA Litigation”) that is pending before the U.S. District Court for the Northern District of Alabama (the “Court”). Generally, the lawsuits in the BCBSA Litigation challenge elements of the licensing agreements between the BCBSA and the independently owned and operated Blue plans along with other arrangements in violation of the Sherman Antitrust Act and related state laws. The cases were brought by two nationwide classes of plaintiffs, health plan subscribers and providers.

The BCBSA and Blue plans approved and entered into a settlement agreement and release with the subscriber plaintiffs (the “Subscriber Settlement Agreement”) and a separate settlement agreement and release with the provider plaintiffs (the “Provider Settlement Agreement”), which settlement agreements received final approval from the Court in September 2022 and August 2025, respectively.

A number of follow-on cases involving entities that opted out of the Subscriber Settlement Agreement have been filed. Additionally, follow-on cases involving the entities that opted out of the Provider Settlement Agreement have been filed and centralized in the BCBSA Litigation multi-district proceeding.

For additional information regarding the BCBSA Litigation, see Note 10, “Commitments and Contingencies – Litigation and Regulatory Proceedings – Blue Cross Blue Shield Antitrust Litigation,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Selected Operating Performance

From September 30, 2025 to September 30, 2026, total medical membership declined by 1.1%. This was driven by attrition in Medicaid membership, primarily as a result of eligibility redeterminations, and decreases in our Medicare Advantage, Commercial Risk-Based and FEP® businesses. These decreases were partially offset by an increase in our Commercial Fee-Based business.

Operating revenue for the three months ended September 30, 2026 was $50,440, an increase of $353, or 0.7%, from the three months ended September 30, 2025. Operating revenue for the nine months ended September 30, 2026 was $149,760, an increase of $1,487, or 1.0%, from the nine months ended September 30, 2025. The increases for the three and nine months ended September 30, 2026 were primarily the result of premium rate increases in our Health Benefits segment in recognition of medical cost trends and growth in CarelonRx product revenues, partially offset by lower Medicare Advantage, Medicaid, and Employer Group Risk-Based membership.

Shareholders’ net income for the three months ended September 30, 2026 was $1,365, an increase of $176, or 14.8%, from the three months ended September 30, 2025. Shareholders’ net income for the nine months ended September 30, 2026

-39-

was $4,592, a decrease of $523, or 10.2%, from the nine months ended September 30, 2025. The increase in shareholders’ net income for the three months ended September 30, 2026 was primarily due to increased investment income and lower amortization of other intangible assets. The increase was partially offset by an increase in income tax expense. The decrease in shareholders’ net income for the nine months ended September 30, 2026 was primarily due to the loss contingency accrual for our best estimate of the identified potential exposure for the resubmission of certain historical Medicare Advantage risk adjustment data within our Corporate & Other segment and a decrease in operating gain in our Health Benefits segment. The decrease was partially offset by an increase in investment income and a decrease in net losses on financial instruments.

Our fully-diluted shareholders’ earnings per share (“EPS”) was $6.27 for the three months ended September 30, 2026, which represented a 17.9% increase from EPS of $5.32 for the three months ended September 30, 2025. Our EPS was $21.01 for the nine months ended September 30, 2026, which represented a 7.3% decrease from EPS of $22.67 for the nine months ended September 30, 2025. The increase in EPS for the three months ended September 30, 2026 resulted primarily from increased shareholders’ net income and the impact of fewer diluted shares outstanding. The decrease in EPS for the nine months ended September 30, 2026 resulted primarily from decreased shareholders’ net income, partially offset by the impact of fewer diluted shares outstanding.

Operating cash flow for the nine months ended September 30, 2026 and 2025 was $7,512 and $4,206, respectively. The increase in net cash provided by operating activities was primarily due to favorable working capital impacts, partially offset by lower shareholders’ net income for the nine months ended September 30, 2026.

Membership and Other Metrics

The following table presents our medical membership by customer type as of September 30, 2026 and 2025. Also included below is other membership by product and other metrics. The membership data and other metrics presented are unaudited and in certain instances include estimates of the number of members represented by each contract at the end of the period. The CarelonRx Quarterly Adjusted Scripts metric represents adjusted script volume based on the number of days a prescription covers. On an adjusted basis, one 90-day script counts the same as three 30-day scripts. The Carelon Services Consumers Served metric represents the number of consumers receiving one or more healthcare-related services from Carelon Services who are members of our affiliated health plans as well as those who are members of non-affiliated health plans. For a more detailed description of our medical membership, see the “Membership” section of Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Annual Report on Form 10-K.

-40-


	September 30
	2026	2025		Change	% Change
Medical Membership (in thousands)
Individual	1,348		1,354		(6)	(0.4)	%
Employer Group Risk-Based	3,366		3,616		(250)	(6.9)	%
Commercial Risk-Based	4,714		4,970		(256)	(5.2)	%
BlueCard®	6,596		6,394		202	3.2	%
Employer Group Fee-Based	21,009		20,608		401	1.9	%
Commercial Fee-Based	27,605		27,002		603	2.2	%
Medicare Advantage	1,898		2,245		(347)	(15.5)	%
Medicare Supplement	898		877		21	2.4	%
Total Medicare	2,796		3,122		(326)	(10.4)	%
Medicaid	8,220		8,645		(425)	(4.9)	%
Federal Employee Program®	1,547		1,630		(83)	(5.1)	%
Total Medical Membership	44,882		45,369		(487)	(1.1)	%

Other Membership (in thousands)
Dental Members	7,445		7,364		81	1.1	%
Dental Administration Members	1,932		1,957		(25)	(1.3)	%
Vision Members	11,895		10,842		1,053	9.7	%
Medicare Part D Standalone Members	79		217		(138)	(63.6)	%

Other Metrics (in millions)
CarelonRx Quarterly Adjusted Scripts	82.6		85.0		(2.4)	(2.8)	%
Carelon Services Consumers Served	91.0		97.6		(6.6)	(6.8)	%

Medical Membership

The decrease in medical membership was primarily driven by attrition in Medicaid membership, primarily as a result of eligibility redeterminations, and decreases in our Medicare Advantage, Commercial Risk-Based and FEP® businesses. These decreases were partially offset by an increase in our Commercial Fee-Based business.

Other Membership

Our other membership has the potential to be impacted by changes in our medical membership, as our medical members often purchase our other products that are ancillary to our health business. Dental membership increased primarily due to favorable sales in our Employer Group business. Dental Administration membership decreased primarily due to unfavorable in-group change within other BCBSA plans. Vision membership increased primarily due to higher sales in our Medicaid, Employer Group and Individual health plans, partially offset by lower sales in our Medicare business.

-41-

Consolidated Results of Operations

Our consolidated summarized results of operations and other financial information for the three and nine months ended September 30, 2026 and 2025 are as follows:


		Three Months Ended September 30		Nine Months Ended September 30		Change
		Three Months Ended September 30		Nine Months Ended September 30
		2026 vs. 2025		2026 vs. 2025

		2026		2025		2026		2025		$		%		$		%

Total operating revenue	$	50,440		$	50,087		$	149,760		$	148,273		$	353			0.7	%		$	1,487			1.0	%
Net investment income	1,037		625		2,506		1,701		412			65.9	%		805			47.3	%
Net losses on financial instruments	(48)		(1)		(182)		(596)		(47)			4,700.0	%		414			69.5	%

Total revenues	51,429		50,711		152,084		149,378		718		1.4	%		2,706			1.8	%
Benefit expense	37,779		38,140		110,418		110,158		(361)			(0.9)	%		260			0.2	%
Cost of products sold	5,640		5,380		16,595		15,656		260			4.8	%		939			6.0	%
Operating expense	5,752		5,272		17,629		15,569		480			9.1	%		2,060			13.2	%
Other expense1	464		513		1,407		1,500		(49)			(9.6)	%		(93)			(6.2)	%
Total expenses	49,635		49,305		146,049		142,883		330			0.7	%		3,166			2.2	%
Income before income tax expense	1,794		1,406		6,035		6,495		388			27.6	%		(460)			(7.1)	%
Income tax expense	451		219		1,478		1,380		232			105.9	%		98			7.1	%


Net income	1,343		1,187		4,557		5,115		156			13.1	%		(558)			(10.9)	%
Net loss attributable to noncontrolling interests	22		2		35		—		20			NM		35			NM
Shareholders’ net income	$	1,365		$	1,189		$	4,592		$	5,115		$	176			14.8	%		$	(523)			(10.2)	%

Average diluted shares outstanding	217.6		223.7		218.6		225.6		(6.1)			(2.7)	%		(7.0)			(3.1)	%



Diluted shareholders’ earnings per share	$	6.27			$	5.32		$	21.01			$	22.67		$	0.95			17.9	%		$	(1.66)			(7.3)	%
Effective tax rate	25.1	%		15.6	%		24.5	%		21.2	%				950 bp3				330 bp3
Benefit expense ratio2	90.6	%		91.3	%		89.0	%		88.9	%				(70) bp3				10 bp3
Operating expense ratio4	11.4	%		10.5	%		11.8	%		10.5	%				90 bp3				130 bp3
Income before income tax expense as a percentage of total revenues	3.5	%		2.8	%		4.0	%		4.3	%				70 bp3				(30) bp3
Shareholders’ net income as a percentage of total revenues	2.6	%		2.3	%		3.0	%		3.4	%				30 bp3				(40) bp3

Certain of the following definitions are also applicable to all other results of operations tables in this discussion:

NM Not meaningful.

1 Includes interest expense and amortization of other intangible assets.

2 Benefit expense ratio represents benefit expense as a percentage of premium revenue. Premiums for the three months ended September 30, 2026 and 2025 were $41,704 and $41,791, respectively. Premiums for the nine months ended September 30, 2026 and 2025 were $124,007 and $123,949, respectively.

3 bp = basis point; one hundred basis points = 1%.

4 Operating expense ratio represents operating expense as a percentage of total operating revenue.

Three Months Ended September 30, 2026 Compared to the Three Months Ended September 30, 2025

Total operating revenue increased primarily as a result of premium rate increases in our Health Benefits segment in recognition of medical cost trends and growth in CarelonRx product revenues, partially offset by lower Medicare Advantage, Medicaid, and Employer Group Risk-Based membership.

Net investment income increased primarily due to higher income from alternative investments.

Net losses on financial instruments increased due to higher realized losses on sales of financial instruments, partially offset by changes in other invested asset balances.

-42-

Benefit expense decreased primarily due to decreased Carelon Services benefit expense related to the partial termination and modification of a care delivery services contract with an unaffiliated customer. This decrease was partially offset by higher medical costs across most lines of business within our Health Benefits segment.

Our benefit expense ratio decreased primarily as a result of improved performance in our Medicare business.

Cost of products sold reflects the cost of pharmaceuticals dispensed by CarelonRx for our unaffiliated pharmacy customers. Cost of products sold increased as a result of a higher cost per prescription in 2026, reflecting pricing impacts and product mix, despite lower adjusted prescription volumes.

Operating expense increased primarily due to increases in targeted investments to accelerate technology adoption, an increase in premium tax expenses and assessments and an increase in expenses to address regulatory matters.

Our operating expense ratio increased primarily due to increases in targeted investments to accelerate technology adoption, an increase in premium tax expenses and assessments and an increase in expenses to address regulatory matters.

Other expense decreased primarily due to a decrease in amortization of other intangible assets due to assets being amortized under an accelerated depreciation method, which results in higher expense recognition in earlier periods and progressively lower amortization in later periods, partially offset by an increase in interest expense.

Our effective tax rate increased primarily due to investment tax credits purchased and recognized in the prior-year quarter, with less tax credits purchased in the current-year quarter.

Our shareholders’ net income as a percentage of total revenues increased in the three months ended September 30, 2026 as compared to the three months ended September 30, 2025 as a result of all factors discussed above.

Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

Net investment income increased primarily due to higher income from alternative investments.

Net losses on financial instruments decreased due to changes in other invested asset balances and lower realized losses on sales of financial instruments.

Benefit expense increased primarily due to higher medical costs across most lines of business within our Health Benefits segment. These increases were partially offset by decreases in Carelon Services benefit expense related to the partial termination and modification of a care delivery services contract with an unaffiliated customer.

Our benefit expense ratio increased primarily due to elevated medical cost trend in our Medicaid business, partially offset by improved performance in our Individual ACA and Medicare programs and decreases in Carelon Services benefit expense related to the partial termination and modification of a care delivery services contract with an unaffiliated customer.

Operating expense increased primarily due to the loss contingency accrual for our best estimate of the identified potential exposure for the resubmission of certain historical Medicare Advantage risk adjustment data, increases in targeted investments to support and strengthen our workforce and accelerate technology adoption and increases related to the Transformation Program.

Our operating expense ratio increased primarily due to the loss contingency accrual for our best estimate of the identified potential exposure for the resubmission of certain historical Medicare Advantage risk adjustment data, increases in targeted investments to support and strengthen our workforce and accelerate technology adoption and increases related to the Transformation Program.

-43-

Our effective tax rate increased primarily due to the net increase in reserves for uncertain tax positions.

Our shareholders’ net income as a percentage of total revenues decreased in the nine months ended September 30, 2026 as compared to nine months ended September 30, 2025 as a result of all factors discussed above.

Reportable Segments Results of Operations

Our results of operations discussed throughout this MD&A are determined in accordance with U.S. generally accepted accounting principles (“GAAP”). We also calculate operating gain and operating margin to further aid investors in understanding and analyzing our core operating results and comparing them among periods. We define operating revenue as premium income, product revenue and service fees. Operating gain is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net losses on financial instruments, loss/gain on sale of business, interest expense, amortization of other intangible assets or income taxes, as these items are managed in our corporate shared service environment and are not the responsibility of operating segment management. Operating margin is calculated as operating gain divided by operating revenue. We use these measures as a basis for evaluating segment performance, allocating resources, forecasting future operating periods and setting incentive compensation targets. This information is not intended to be considered in isolation or as a substitute for income before income tax expense, shareholders’ net income or EPS prepared in accordance with GAAP, and may not be comparable to similarly titled measures reported by other companies. For a reconciliation of reportable segments’ operating revenue to the amounts of total revenue included in the consolidated statements of income and a reconciliation of income before income tax expense to reportable segments’ operating gain, see Note 13, “Segment Information,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

-44-

The following table presents a summary of the reportable segment financial information for the three and nine months ended September 30, 2026 and 2025:



		Three Months Ended September 30		Nine Months Ended September 30		Three Months Ended September 30		Nine Months Ended September 30
		2026 vs. 2025 Change		2026 vs. 2025 Change
	2026		2025		2026		2025		$		%		$		%
Operating Revenue
Health Benefits	$	43,357		$	42,246		$	128,567		$	125,259		$	1,111		2.6	%		$	3,308	2.6	%
CarelonRx	11,599		10,997		33,449		31,756		602			5.5	%		1,693		5.3	%
Carelon Services	7,708		7,324		23,048		21,301		384			5.2	%		1,747		8.2	%
Corporate & Other	6		149		16		546		(143)			(96.0)	%		(530)		(97.1)	%
Eliminations	(12,230)		(10,629)		(35,320)		(30,589)		(1,601)			15.1	%		(4,731)		15.5	%
Total operating revenue	$	50,440		$	50,087		$	149,760		$	148,273		$	353		0.7	%		$	1,487	1.0	%

Operating Gain (Loss)
Health Benefits	$	436		$	601		$	3,489		$	4,378		$	(165)		(27.5)	%		$	(889)	(20.3)	%
CarelonRx	616		556		1,780		1,694		60			10.8	%		86		5.1	%
Carelon Services	292		219		1,128		1,110		73			33.3	%		18		1.6	%
Corporate & Other	(75)		(81)		(1,279)		(292)		6			(7.4)	%		(987)		338.0	%
Total operating gain	$	1,269		$	1,295		$	5,118		$	6,890		$	(26)		(2.0)	%		$	(1,772)	(25.7)	%

Operating Margin
Health Benefits	1.0	%		1.4	%		2.7	%		3.5	%				(40) bp			(80) bp
CarelonRx	5.3	%		5.1	%		5.3	%		5.3	%				20 bp			0 bp
Carelon Services	3.8	%		3.0	%		4.9	%		5.2	%				80 bp			(30) bp
Total operating margin	2.5	%		2.6	%		3.4	%		4.6	%				(10) bp			(120) bp

bp = basis point; one hundred basis points = 1%.

The following table summarizes the operating revenues for our Commercial, Medicare, Medicaid and FEP® lines of business within our Health Benefits segment for the three and nine months ended September 30, 2026 and 2025:


		Three Months Ended September 30		Nine Months Ended September 30		Three Months Ended September 30		Nine Months Ended September 30
		2026 vs. 2025 Change		2026 vs. 2025 Change
	2026		2025		2026		2025		$		%		$		%
Health Benefits Operating Revenue
Commercial 1	$	13,343		$	12,849		$	40,142		$	37,654		$	494		3.8	%		$	2,488	6.6	%
Medicare	11,229		11,138		33,182		33,990		91			0.8	%		(808)		(2.4)	%
Medicaid	14,979		14,166		43,703		42,120		813			5.7	%		1,583		3.8	%
FEP®	3,806		4,093		11,540		11,495		(287)			(7.0)	%		45		0.4	%
Total Health Benefits operating revenue	$	43,357		$	42,246		$	128,567		$	125,259		$	1,111		2.6	%		$	3,308	2.6	%

1 Operating revenue within our Commercial line of business related to our Individual ACA plans was $2,514 and $2,358 for the three months ended September 30, 2026 and 2025, respectively. Operating revenue within our Commercial line of business related to our Individual ACA plans was $7,774 and $7,047 for the nine months ended September 30, 2026 and 2025, respectively.

-45-

Three Months Ended September 30, 2026 Compared to the Three Months Ended September 30, 2025

Health Benefits

Operating revenue increased primarily as a result of higher premium yields driven by premium increases in all of our lines of business, partially offset by deliberate repositioning in our Medicare Advantage business and Medicaid membership attrition.

Operating gain decreased primarily as a result of higher overall medical costs and increases in operating expenses, primarily due to targeted investments to accelerate technology adoption, partially offset by higher operating revenue.

CarelonRx

Operating revenue increased primarily due to higher average revenue per prescription, partially offset by a negative change in product mix and lower prescription volumes.

Operating gain increased primarily due to improved specialty pharmacy profitability.

Carelon Services

Operating revenue increased primarily due to the continued expansion of risk-based capabilities in our specialty care solutions and behavioral health services. These increases were partially offset by decreases related to the partial termination and modification of a care delivery services contract with an unaffiliated customer.

The increase in operating gain was primarily driven by improved performance and expansion in our specialty care and home-based care services. These increases were partially offset by less favorable results on certain contracts within our behavioral health services.

Corporate & Other

Operating revenue decreased primarily due to lower affiliate revenues.

Operating loss decreased primarily due to a decrease in unallocated corporate expenses.

Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

Health Benefits

Operating gain decreased primarily due to higher overall medical costs and increases in operating expenses primarily due to targeted investments to support and strengthen our workforce and accelerate technology adoption, partially offset by higher operating revenue.

CarelonRx

Operating revenue increased primarily due to higher average revenue per prescription, partially offset by a change in product mix and lower prescription volumes.

The increase in operating gain was primarily driven by improved specialty pharmacy profitability and lower operating expenses, partially offset by normal timing variations in recognition of performance-related adjustments.

Carelon Services

-46-

The increase in operating gain was primarily driven by the continued expansion and improved performance within our specialty care and home-based care services. The increase was partially offset by less favorable results on certain contracts and lower health plan membership within our post-acute solutions services.

Corporate & Other

Operating revenue decreased primarily due to lower affiliate revenues.

Operating loss increased primarily due to increased unallocated corporate expenses, primarily associated with the loss contingency accrual for our best estimate of the identified potential exposure for the resubmission of certain historical Medicare Advantage risk adjustment data and the Transformation Program.

Critical Accounting Policies and Estimates

We prepare our consolidated financial statements in conformity with GAAP. Application of GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes and within this MD&A. We consider our most important accounting policies that require significant estimates and management judgment to be those policies with respect to liabilities for medical claims payable, goodwill and other intangible assets and investments. Our accounting policies related to these items are discussed in our 2025 Annual Report on Form 10-K in Note 2, “Basis of Presentation and Significant Accounting Policies,” to our audited consolidated financial statements as of and for the year ended December 31, 2025, as well as in the “Critical Accounting Policies and Estimates” section of Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” As of September 30, 2026, our critical accounting policies and estimates have not changed from those described in our 2025 Annual Report on Form 10-K.

We continually evaluate the accounting policies and estimates used to prepare the consolidated financial statements. In general, our estimates are based on historical experience, evaluation of current trends, information from third-party professionals and various other assumptions that we believe to be reasonable under the known facts and circumstances. Estimates can require a significant amount of judgment, and a different set of assumptions could result in material changes to our reported results.

Medical Claims Payable

The most subjective accounting estimate in our consolidated financial statements is our liability for medical claims payable. Our accounting policies related to medical claims payable are discussed in the references cited above. As of September 30, 2026, our critical accounting policies and estimates related to medical claims payable have not changed from those described in our 2025 Annual Report on Form 10-K. For a reconciliation of the beginning and ending balance for medical claims payable for the nine months ended September 30, 2026 and 2025, see Note 8, “Medical Claims Payable,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

The following table provides a summary of the two key assumptions having the most significant impact on our incurred but not paid liability estimates for the nine months ended September 30, 2026 and 2025, which are the trend and completion factors. These two key assumptions can be influenced by utilization levels, unit costs, mix of business, benefit plan designs, provider reimbursement levels, processing system conversions and changes, claim inventory levels, claim processing patterns, claim submission patterns and operational changes resulting from business combinations.


	Favorable Developments by Changes in Key Assumptions
	Nine Months Ended September 30
	2026		2025
Assumed trend factors	$	643			$	1,035
Assumed completion factors	652			231
Total	$	1,295			$	1,266

-47-

The favorable development recognized in the nine months ended September 30, 2026 resulted from faster than expected development of completion factors from the latter part of 2025 as well as from trend factors in late 2025 developing more favorably than originally expected. The favorable development recognized in the nine months ended September 30, 2025 resulted from trend factors in late 2024 developing more favorably than originally expected as well as a smaller contribution from faster than expected development of completion factors from the latter part of 2024.

The ratio of current year medical claims paid as a percent of current year net medical claims incurred was 85.1% and 86.3% for the nine months ended September 30, 2026 and 2025, respectively. This ratio serves as an indicator of claims processing speed whereby speed for claims payments was slightly slower during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.

We calculate the percentage of prior year redundancies in the current period as a percent of prior year net medical claims payable less prior year redundancies in the current period in order to demonstrate the development of prior year reserves. For the nine months ended September 30, 2026, this metric was 8.4%, which was mainly driven by both favorable trend factor development at the end of 2025 as well as favorable completion factor development from 2025. For the nine months ended September 30, 2025, this metric was 8.9%, which was mainly driven by favorable trend factor development at the end of 2024, with favorable completion factor development from 2024 also contributing.

We calculate the percentage of prior year redundancies in the current period as a percent of prior year net incurred medical claims to indicate the percentage of redundancy included in the preceding year calculation of current year net incurred medical claims. We believe this calculation supports the reasonableness of our prior year estimate of incurred medical claims and the consistency in our methodology. For the nine months ended September 30, 2026, this metric was 0.9%, which was calculated using the redundancy of $1,295. For the nine months ended September 30, 2025, the comparable metric was 1.0%, which was calculated using the redundancy of $1,266. We believe these metrics demonstrate an appropriate and consistent level of reserve conservatism.

Liquidity and Capital Resources

Sources and Uses of Capital

Our cash receipts result primarily from premiums, product revenue, service fees, investment income, proceeds from the sale or maturity of our investment securities, proceeds from borrowings and proceeds from the issuance of common stock under our employee stock plans. Cash disbursements result mainly from claims payments, operating expenses, taxes, purchases of investment securities, interest expense, payments on borrowings, acquisitions, capital expenditures, repurchases of our debt securities and common stock and the payment of cash dividends. Cash outflows fluctuate with the amount and timing of settlement of these transactions. Any future decline in our profitability would likely have an unfavorable impact on our liquidity.

For a more detailed overview of our liquidity and capital resources management, see the “Introduction” section included in the “Liquidity and Capital Resources” section of Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Annual Report on Form 10-K.

For additional information regarding our sources and uses of capital during the three and nine months ended September 30, 2026, see Note 4, “Investments,” Note 5, “Derivative Financial Instruments,” Note 9, “Debt,” and Note 11, “Capital Stock – Use of Capital – Dividends and Stock Repurchase Program,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

-48-

Liquidity

A summary of our major sources and uses of cash and cash equivalents for the nine months ended September 30, 2026 and 2025 is as follows:


	Nine Months Ended September 30
	2026		2025		Change
Sources of Cash:
Net cash provided by operating activities	$	7,512			$	4,206		$	3,306

Purchases of subsidiaries, net of cash acquired	2			55			(53)
Issuances of short- and long-term debt, net of repayments	—			659			(659)


Proceeds from issuance of common stock under employee stock plans	88			21			67
Changes in bank overdrafts	100			77			23

Total sources of cash	7,702			5,018			2,684
Uses of Cash:
Purchases of investments, net of proceeds from sales, maturities, calls and redemptions	(2,303)			(412)			(1,891)

Repurchase and retirement of common stock	(1,688)			(2,134)			446
Purchases of property and equipment	(789)			(823)			34
Repayments of short- and long-term debt, net of issuances	(900)			—			(900)
Cash dividends	(1,122)			(1,152)			30


Other uses of cash, net	(29)			(73)			44
Total uses of cash	(6,831)			(4,594)			(2,237)
Effect of foreign exchange rates on cash and cash equivalents	(14)			1			(15)
Net increase in cash and cash equivalents	$	857			$	425		$	432

The increase in net cash provided by operating activities was primarily due to favorable net working capital impacts, partially offset by lower shareholders' net income.

Other significant changes in cash year-over-year included (a) decreased repurchases and retirements of common stock and increased proceeds from issuance of common stock under employee stock plans, and (b) increased purchases of investments, net of proceeds from sales, maturities, calls and redemptions, and increased repayments of short- and long-term debt, net of issuances.

We maintained a strong financial condition and liquidity position, with consolidated cash, cash equivalents and investments in fixed maturity and equity securities of $39,057 at September 30, 2026. Since December 31, 2025, total cash, cash equivalents and investments in fixed maturity and equity securities increased by $1,821, primarily due to increased cash generated from operations and an increase in investment balances in equity securities. This increase was partially offset by cash used for the repurchase and retirement of common stock, cash dividends, repayments of short- and long-term debt, net of issuances, and purchases of property and equipment.

Many of our subsidiaries are subject to various government regulations that restrict the timing and amount of dividends and other distributions that may be paid to their respective parent companies. Certain accounting practices prescribed by insurance regulatory authorities, or statutory accounting practices, differ from GAAP. Changes that occur in statutory accounting practices, if any, could impact our subsidiaries’ future dividend capacity. In addition, we have agreed to certain undertakings to regulatory authorities, including the requirement to maintain certain capital levels in certain of our subsidiaries.

At September 30, 2026, we held $2,416 of cash, cash equivalents and investments at the parent company, which are available for general corporate use, including investment in our businesses, acquisitions, potential future common stock repurchases and dividends to shareholders, repurchases of debt securities and debt and interest payments.

-49-

Periodically, we access capital markets and issue debt (“Notes”) for long-term borrowing purposes, for example, to refinance debt, to finance acquisitions or for share repurchases. Certain of these Notes may have a call feature that allows us to redeem the Notes at any time at our option and/or a put feature that allows a Note holder to redeem the Notes upon the occurrence of both a change in control event and a downgrade of the Notes below an investment grade rating. For more information on our debt, including redemptions and issuances, see Note 9, “Debt,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

We calculate our consolidated debt-to-capital ratio, a non-GAAP measure, from the amounts presented on our consolidated balance sheets included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Our debt-to-capital ratio is calculated as total debt divided by total debt plus total equity. Total debt is the sum of short-term borrowings, current portion of long-term debt and long-term debt, less current portion. We believe our debt-to-capital ratio assists investors and rating agencies in measuring our overall leverage and additional borrowing capacity. In addition, our bank covenants include a maximum debt-to-capital ratio that we cannot and did not exceed. Our debt-to-capital ratio may not be comparable to similarly titled measures reported by other companies. Our consolidated debt-to-capital ratio was 40.7% and 42.1% as of September 30, 2026 and December 31, 2025, respectively.

Our senior debt is rated “A-” by S&P Global Ratings, “BBB+” by Fitch Ratings, Inc., “Baa2” by Moody’s Investor Service, Inc. and “bbb+” by AM Best Company, Inc. We intend to maintain our senior debt investment grade ratings. If our credit ratings are downgraded, our business, liquidity, financial condition and results of operations could be adversely impacted by limitations on future borrowings and a potential increase in our borrowing costs.

Capital Resources

We have a shelf registration statement on file with the U.S. Securities and Exchange Commission to register an unlimited amount of any combination of debt or equity securities in one or more offerings. Specific information regarding terms and securities being offered will be provided at the time of an offering. Proceeds from future offerings are expected to be used for general corporate purposes, including, but not limited to, the repayment of debt, investments in or extensions of credit to our subsidiaries, the financing of possible acquisitions or business expansions.

We have a senior revolving credit facility (the “5-Year Facility”) with a group of lenders for general corporate purposes. The 5-Year Facility provides credit of up to $5,000 and matures in September 2030. Our ability to borrow under the 5-Year Facility is subject to compliance with certain covenants, including covenants requiring us to maintain a defined debt-to-capital ratio of not more than 60%, subject to increase in certain circumstances set forth in the credit agreement for the 5-Year Facility. As of September 30, 2026, our debt-to-capital ratio, as defined and calculated under the 5-Year Facility, was 40.7%. We do not believe the restrictions contained in our 5-Year Facility covenants materially affect our financial or operating flexibility. As of September 30, 2026, we were in compliance with all of our debt covenants under the 5-Year Facility.

We have an authorized commercial paper program of up to $5,000, the proceeds of which may be used for general corporate purposes. Should commercial paper issuance become unavailable, we have the ability to use a combination of cash on hand and/or our 5-Year Facility to redeem any outstanding commercial paper upon maturity. We had $0 of outstanding commercial paper as of both September 30, 2026 and December 31, 2025.

We are a member, through certain subsidiaries, of the Federal Home Loan Bank of Indianapolis, the Federal Home Loan Bank of Cincinnati, the Federal Home Loan Bank of Atlanta and the Federal Home Loan Bank of New York (collectively, the “FHLBs”). As a member, we have the ability to obtain short-term cash advances, subject to certain minimum collateral requirements. We had $0 and $150 of outstanding short-term borrowings from the FHLBs as of September 30, 2026 and December 31, 2025, respectively.

For additional information regarding our sources and uses of capital at September 30, 2026, see Note 4, “Investments,” Note 5, “Derivative Financial Instruments,” Note 9, “Debt,” and Note 11, “Capital Stock – Use of Capital – Dividends and

-50-

Stock Repurchase Program,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

In addition to regulations regarding the timing and amount of dividends, our regulated subsidiaries’ states of domicile have statutory risk-based capital (“RBC”) requirements for health and other insurance companies and health maintenance organizations largely based on the National Association of Insurance Commissioners (“NAIC”) Risk-Based Capital for Health Organizations Model Act (the “RBC Model Act”). These RBC requirements are intended to measure capital adequacy, taking into account the risk characteristics of an insurer’s investments and products. The NAIC sets forth the formula for calculating the RBC requirements, which are designed to take into account asset, insurance, interest rate and other relevant risks with respect to an individual insurance company’s business. In general, under the RBC Model Act, an insurance company must submit a report of its RBC level to the state insurance department or insurance commissioner, as appropriate, at the end of each calendar year. Our regulated subsidiaries’ respective RBC levels as of December 31, 2025, which was the most recent date for which reporting was required, were in excess of all applicable mandatory RBC requirements. In addition to exceeding these RBC requirements, we are in compliance with the liquidity and capital requirements for a licensee of the BCBSA and with the tangible net worth requirements applicable to certain of our California subsidiaries. For additional information, see Note 21, “Statutory Information,” in our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.

Future Sources and Uses of Liquidity

We believe that cash on hand, future operating cash receipts, investments and funds available under our commercial paper program, our 5-Year Facility and borrowings available from the FHLBs will be adequate to fund our expected cash disbursements over the next twelve months.

There have been no material changes to our long-term liquidity requirements as disclosed in Part II, Item 7 of our 2025 Annual Report on Form 10-K. For additional updates regarding our estimated long-term liquidity requirements, see Note 5, “Derivative Financial Instruments,” Note 9, “Debt,” and the “Other Contingencies” and “Contractual Obligations and Commitments” sections of Note 10, “Commitments and Contingencies,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. We believe that funds from future operating cash flows, cash and investments and funds available under our 5-Year Facility and/or from public or private financing sources will be sufficient for future operations and commitments, and for capital acquisitions and other strategic transactions.

-51-

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan,” “potential,” “predict,” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems, or failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity or sentiment related to the health benefits industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.

-52-

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For a discussion of our market risks, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” included in our 2025 Annual Report on Form 10-K. There have been no material changes to any of these risks since December 31, 2025.

ITEM 4. CONTROLS AND PROCEDURES

We carried out an evaluation as of September 30, 2026, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e) of the Exchange Act. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective in timely alerting them to material information relating to us (including our consolidated subsidiaries) required to be disclosed in our reports under the Exchange Act. In addition, based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

There have been no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For information regarding legal proceedings at September 30, 2026, see the “Litigation and Regulatory Proceedings” and “Other Contingencies” sections of Note 10, “Commitments and Contingencies” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which information is incorporated herein by reference.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” of our 2025 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. The risks described in our 2025 Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

There have been no material changes to the risk factors as disclosed in Part I, Item 1A of our 2025 Annual Report on Form 10-K.

-53-

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table presents information related to our repurchases of common stock for the periods indicated:


Period	Total Number of Shares Purchased1	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs2		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs
(in millions, except share and per share data)
July 1, 2026 to July 31, 2026	133,846		$	379.82			133,110		$	5,286
August 1, 2026 to August 31, 2026	172,962		393.57			172,760		5,218
September 1, 2026 to September 30, 2026	522,755		405.33			521,353		5,007
	829,563				827,223

1 Total number of shares purchased includes 2,340 shares delivered to or withheld by us in connection with employee payroll tax withholding upon the exercise or vesting of stock awards. Stock grants to employees and directors and stock issued for stock option plans and stock purchase plans in the consolidated changes in equity are shown net of these shares purchased.

2 Represents the number of shares repurchased through the common stock repurchase program authorized by our Board of Directors, which the Board of Directors evaluates periodically. During the three months ended September 30, 2026, we repurchased 827,223 shares at an aggregate cost of $330 under the program, including the cost of options to purchase shares. The Board of Directors has authorized our common stock repurchase program since 2003. The most recent authorized increase to the program was $8,000 on October 15, 2024 by our Audit Committee, pursuant to authorization granted by the Board of Directors. No duration has been placed on our common stock repurchase program, and we reserve the right to discontinue the program at any time.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the three months ended September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408 of Regulation S-K.

-54-

ITEM 6. EXHIBITS

Exhibit

Number

Exhibit

3.1

Amended and Restated Articles of Incorporation of the Company, as amended and restated effective June 27, 2022, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 28, 2022.

3.2

Bylaws of the Company, as amended effective October 4, 2023, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 5, 2023.

4.5

Upon the request of the U.S. Securities and Exchange Commission, the Company will furnish copies of any other instruments defining the rights of holders of long-term debt of the Company or its subsidiaries.

31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

XBRL Instance Document - the instant document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.

-55-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



	ELEVANCE HEALTH, INC. Registrant



October 21, 2026	By:	/S/ MARK B. KAYE
		Mark B. Kaye Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)


October 21, 2026	By:	/S/ RONALD W. PENCZEK
		Ronald W. Penczek Chief Accounting Officer and Controller (Principal Accounting Officer)

-56-

","original","zhKind","translation","complete",false,"ELV","公司与财报","宏观与美联储","行业与主题","aihot","/items/uz9l1dxdiv9eznu18m1vpzrll","https://www.sec.gov/Archives/edgar/data/1156039/000115603926000071/0001156039-26-000071-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792800000&sig=a1281a539589308a","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792800000&sig=57a86ea6a382db0f 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792800000&sig=f9807010575fb678 96w","changelogVersion","2026-10-01T08:00"]