✅ EPS: $6.03 adj. vs. $4.94 est.
✅ Revenue: $50.1B vs. $49.5B est. (+12% Y/Y)
• Operating margin: 2.6% (↓ from 3.1% Y/Y)
• Reaffirmed FY25 EPS guidance of ~$30 and benefit expense ratio ~90%
• Returned $3.3B to shareholders YTD
📊 Takeaway: Elevance Health delivered a clear earnings beat with strong revenue growth and disciplined execution. Margins remain under pressure, but reaffirmed guidance and solid cash returns highlight operational strength heading into 2026.