EarningsQ2 2026 Earnings Report
MX:ELV Q2 2026 EPS Results
Actual EPS$135.30
Consensus EPS$112.80
Beat/MissBeat by +$22.50
One Year Ago EPS$160.55
MX:ELV Q2 2026 Revenue Results
Actual Revenue$916.68B
Expected Revenue$887.67B
Beat/MissBeat by +$29.01B
YoY Revenue Growth+1.40%
Earnings Announcement Details
QuarterQ2 2026
Date07/15/2026
TimeBefore Open
Conference CallWednesday, July 15, 2026
MX:ELV Upcoming Earnings
Elevance Health's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ELV Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly constructive: management reported a quarter that beat expectations, raised 2026 EPS guidance, increased operating cash flow guidance, and highlighted scalable growth drivers (Medicare Advantage improvement, Carelon expansion, and technology-enabled cost management). Notable headwinds remain in Medicaid (projected -1.75% margin), concentrated utilization trends (behavioral health, specialty pharmacy, outpatient surgery, ED), planned market exits, and near-term investments that keep expense ratios elevated. Management emphasized prudence and one-time uses of the Q2 benefit while articulating confidence in returning to at least 12% adjusted EPS growth in 2027 based on diversified levers across the enterprise.Company Guidance
Earnings Beat and Raised Guidance
Reported Q2 adjusted diluted EPS of $7.45, exceeding outlook; raised full-year 2026 adjusted diluted EPS guidance to at least $27 (modeling baseline at $26) and reaffirmed objective to return to at least 12% adjusted EPS growth in 2027. Recorded a $0.80 per share net below-the-line benefit in Q2 to fund one-time, targeted investments.
Revenue, Membership and Cash Flow
Operating revenue of $49.8 billion, up 0.8% year-over-year. Total medical membership of 44.9 million. Operating cash flow of $1.9 billion in Q2 and raised full-year operating cash flow guidance to at least $6.0 billion. Expect to end 2026 with at least 1.0 million individual ACA members.
Medicare Advantage Performance Improvement
Medicare Advantage performance stronger than expected; disciplined plan design and favorable claims experience support a path to at least a 2% operating margin in 2026. 2027 bids developed conservatively with focus on sustainable margins.
Carelon and Clinical Programs Scaling
Carelon scaling as a durable growth driver: behavioral health programs delivered ~10% cost savings on average; CareBridge (home-based whole health model) can generate mid-teens medical savings. Early 2027 selling-season progress for CarelonRx and demand for integrated medical+pharmacy offerings.
Targeted Investments to Improve Cost Management and Member Experience
Announced deployment of one-time $0.80 per-share benefit plus ongoing capability investments (previously included ~$0.75 of EPS headwind in outlook) focused on AI-enabled analytics, earlier trend detection, payment integrity, provider connectivity (Health OS), and member navigation (Sydney Health, Concierge Care) to reduce friction and accelerate interventions.
Resolution of CMS Matter and Strengthened Liquidity
Completed initial remittance to CMS of $342 million related to prior matter, received confirmation that sanctions will not be imposed and the matter is closed; this improves operating certainty. Raised operating cash flow outlook to at least $6 billion, reflecting strong operating performance.
MX:ELV Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed