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Elevance Health - Elevance Health Reports Second Quarter 2026 Results; Raises Full-Year Guidance
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Elevance Health Reports Second Quarter 2026 Results; Raises Full-Year Guidance
July 15, 2026
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2Q 2026 operating revenue of $49.8 billion, up 0.8% from 2Q 2025
2Q 2026 diluted EPS
1
of $6.71 and adjusted diluted EPS
2
of $7.45; results were supported by favorable benefit expense performance and an approximately $0.80 per share net below-the-line benefit
FY 2026 diluted EPS
guidance raised to at least $20.10; adjusted diluted EPS
guidance raised to at least $27.00, reflecting strong second quarter operating results
Accelerating targeted investments in capabilities that lower healthcare costs, simplify the member and provider experience, and strengthen Carelon's integrated solutions
FY 2026 operating cash flow guidance raised to at least $6.0 billion
INDIANAPOLIS--(BUSINESS WIRE)--
Elevance Health, Inc. (NYSE: ELV) reported second quarter 2026 results ahead of expectations.
"Our second quarter results exceeded our outlook, supported by disciplined execution and improved operating performance across our diversified portfolio. We are raising our 2026 adjusted EPS guidance to at least $27.00 and accelerating targeted investments in the capabilities that matter most: medical cost management, member experience, provider connectivity, operating efficiency, and Carelon’s value-based solutions. These actions will strengthen how we operate, improve consistency over time, and reinforce our confidence in returning to at least 12% adjusted EPS growth in 2027 off our 2026 earnings baseline.”
Gail K. Boudreaux
President and Chief Executive Officer
1.
Earnings per diluted share ("EPS").
2.
Refer to GAAP reconciliation tables for reconciliation of GAAP to adjusted measures.
Elevance Health
Consolidated Enterprise Highlights
(Unaudited)
(In billions)
Three Months Ended
June 30, 2026
June 30, 2025
Operating Revenue
$49.8
$49.4
Operating Gain
1,2
$1.8
$2.4
Adjusted Operating Gain
1,3
$2.5
Operating Margin
3.5 %
4.9 %
Adjusted Operating Margin
3.6 %
5.0 %
See “Basis of Presentation.”
Operating Gain for the three months ended June 30, 2026, and June 30, 2025, include items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
3.
Adjusted Operating Gain for the three months ended June 30, 2026, and June 30, 2025, exclude items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
Operating revenue was $49.8 billion in the second quarter of 2026, an increase of $0.4 billion compared to the prior year quarter. This was driven by higher premium yields in our Health Benefits segment and growth in CarelonRx product revenue, partially offset by anticipated declines in our Medicare Advantage, Medicaid, and Employer Group risk membership.
The benefit expense ratio of 89.7 percent increased 80 basis points year over year, driven by expected elevated medical cost trend in our Government businesses, partially offset by improved performance in Individual ACA compared to the prior year.
Days in Claims Payable stood at 45.4 days as of June 30, 2026, a decrease of 1.2 days from March 31, 2026 and an increase of 2.9 days year over year.
The operating expense ratio was 11.1 percent. The adjusted operating expense ratio was 11.0 percent, an increase of 100 basis points, driven primarily by targeted investments in our workforce and in capabilities that support our long-term operating model. We continue to manage expenses thoughtfully while investing in the priorities that strengthen enterprise performance over time.
Cash Flow & Balance Sheet
Operating cash flow of $1.9 billion in the quarter reflects timing of a state Medicaid pass-through payment and underlying business strength. As of June 30, 2026, cash and investments at the parent company totaled approximately $2.1 billion.
During the second quarter of 2026, the Company repurchased 0.7 million shares of its common stock for $234 million, at a weighted average price of $344.62, and paid a quarterly dividend of $1.72 per share, representing a distribution of cash totaling $373 million. As of June 30, 2026, the Company had approximately $5.3 billion of Board approved share repurchase authorization remaining.
Health Benefits
is comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard
®
, Medicare, Medicaid, and Federal Employee Program businesses.
Reportable Segment Highlights
$42.7
$41.6
$0.9
$1.6
2.1 %
3.8 %
Health Benefits segment operating revenue was $42.7 billion in the second quarter of 2026, an increase of $1.1 billion, or 3 percent compared to the prior year quarter, driven primarily by higher premium yields, partially offset by expected declines in our Medicare Advantage, Medicaid, and Employer Group risk membership.
Operating gain was $0.9 billion, a decrease year over year, reflecting higher benefit expense and targeted investments to support our workforce and strengthen enterprise performance, partially offset by operating revenue growth.
Medical membership of approximately 44.9 million as of June 30, 2026 decreased by 469 thousand sequentially, driven by a known commercial fee-based customer transition and anticipated attrition in our Individual ACA and Medicaid membership.
Carelon
is comprised of CarelonRx and Carelon Services.
$19.2
$18.1
5.2 %
Operating revenue for Carelon was $19.2 billion in the second quarter of 2026, an increase of $1.1 billion, or 6 percent compared to the prior year quarter. Growth was driven by the scaling of Carelon Services risk-based solutions and CarelonRx product revenue.
Operating gain for Carelon totaled $0.9 billion, an increase of 1 percent year over year, reflecting improved profitability in our specialty pharmacy.
Quarterly Dividend
On July 14, 2026, the Audit Committee of the Company's Board of Directors declared a third quarter 2026 dividend to shareholders of $1.72 per share. The third quarter dividend is payable on September 25, 2026, to shareholders of record at the close of business on September 10, 2026.
About Elevance Health
Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health’s companies serve approximately 104 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit
www.elevancehealth.com
or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.
Conference Call and Webcast
Management will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time (“EDT”) to discuss the company’s second quarter results and outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:
888-947-9963 (Domestic)
800-391-9853 (Domestic Replay)
312-470-0178 (International)
203-369-3269 (International Replay)
The access code for today's conference call is
3972058. There is no access code for the replay. The replay will be available from 11:30 a.m. EDT today, until the end of the day on August 14, 2026. The call will also be available through a live webcast at
under the “Investors” link. A webcast replay will be available following the call.
Basis of Presentation
Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to the GAAP reconciliation tables.
Operating margin is defined as operating gain divided by operating revenue.
Earnings Release Financial Schedules and Supplementary Information
Quarter & Year-to-Date Ended June 30, 2026
Membership and Other Metrics
Quarterly & Year-to-Date Consolidated Statements of Income
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Cash Flows
Supplemental Financial Information - Reportable Segments & Health Benefits Revenue Details
Supplemental Financial Information - Reconciliation of Medical Claims Payable
Reconciliation of Non-GAAP Financial Measures
Change from
Medical Membership (in thousands)
June 30,
2026
2025
March 31,
Individual
1,317
1,348
1,424
(2.3
)%
(7.5
Employer Group Risk-Based
3,417
3,615
3,439
(5.5
(0.6
Commercial Risk-Based
4,734
4,963
4,863
(4.6
(2.7
BlueCard
6,582
6,570
6,579
0.2
%
—
Employer Group Fee-Based
20,931
20,584
21,170
1.7
(1.1
Commercial Fee-Based
27,513
27,154
27,749
1.3
(0.9
Medicare Advantage
1,897
2,255
1,899
(15.9
(0.1
Medicare Supplement
893
874
888
2.2
0.6
Total Medicare
2,790
3,129
2,787
(10.8
0.1
8,358
8,733
8,456
(4.3
(1.2
Federal Employee Program
1,554
1,642
1,563
(5.4
Total Medical Membership
44,949
45,621
45,418
(1.5
(1.0
Other Metrics (in millions)
CarelonRx Quarterly Adjusted Scripts
80.9
83.3
80.3
(2.9
0.7
Carelon Services Consumers Served
92.4
97.3
92.9
(5.0
(0.5
Consolidated Statements of Income
(In millions, except per share data)
Six Months Ended
June 30
Change
Revenues
Premiums
$
41,279
41,271
82,303
82,158
Product revenue
6,264
6,042
3.7
12,489
11,851
5.4
Service fees
2,283
2,108
8.3
4,528
4,177
8.4
Total operating revenue
49,826
49,421
0.8
99,320
98,186
1.2
Net investment income
704
486
44.9
1,469
1,076
36.5
Net losses on financial instruments
(56
)
(131
NM
(134
(595
Total revenues
50,474
49,776
1.4
100,655
98,667
2.0
Expenses
Benefit expense
37,024
36,706
0.9
72,639
72,018
Cost of products sold
5,492
5,293
3.8
10,955
10,276
6.6
Operating expense
5,547
4,997
11.0
11,877
10,297
15.3
Interest expense
364
341
6.7
721
685
5.3
Amortization of other intangible assets
110
147
(25.2
222
302
(26.5
Total expenses
48,537
47,484
96,414
93,578
3.0
Income before income tax expense
1,937
2,292
(15.5
4,241
5,089
(16.7
Income tax expense
483
548
(11.9
1,027
1,161
(11.5
Net income
1,454
1,744
(16.6
3,214
3,928
(18.2
Net loss (gain) attributable to noncontrolling interests
9
(1
13
(2
Shareholders' net income
1,463
1,743
(16.1
3,227
3,926
(17.8
Shareholders' earnings per diluted share
6.71
7.72
(13.1
14.73
17.33
(15.0
Diluted shares
217.9
225.8
(3.5
219.1
226.5
(3.3
Benefit expense as a percentage of premiums
89.7
88.9
80 bp
88.3
87.7
60 bp
Operating expense as a percentage of total operating revenue
11.1
10.1
100 bp
12.0
10.5
150 bp
Income before income tax expense as a percentage of total revenue
4.6
(80) bp
4.2
5.2
(100) bp
"NM" = calculation not meaningful
(In millions)
December 31,
Assets
Current assets:
Cash and cash equivalents
10,232
9,491
Fixed maturity and equity securities
27,282
26,624
Premium and other receivables
23,392
21,542
Other current assets
6,278
5,344
Total current assets
67,184
63,001
Long-term investments
12,389
11,960
Property and equipment, net
4,645
4,679
Goodwill and other intangible assets
39,322
39,544
Other noncurrent assets
2,898
2,310
Total assets
126,438
121,494
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable
18,463
17,084
Short-term borrowings
150
Current portion of long-term debt
375
1,099
Other current liabilities
25,416
22,702
Total current liabilities
44,254
41,035
Long-term debt, less current portion
30,669
30,797
Other noncurrent liabilities
6,493
5,636
Total liabilities
81,416
77,468
Total shareholders’ equity
44,883
43,882
Noncontrolling interests
139
144
Total equity
45,022
44,026
Total liabilities and equity
Six Months Ended June 30
Operating activities
Depreciation and amortization
720
753
Share-based compensation
130
162
Changes in operating assets and liabilities
2,700
(2,003
Other non-cash items
(519
231
Net cash provided by operating activities
6,245
3,071
Investing activities
Sales and maturities of investments, net of purchases (purchases of investments, net of sales and maturities)
(813
329
Purchases of subsidiaries, net of cash acquired
5
54
Purchases of property and equipment
(522
(463
Other, net
(153
(504
Net cash used in investing activities
(1,483
(584
Financing activities
Net change in short-term and long-term borrowings
(900
(1,255
Repurchase and retirement of common stock
(1,358
(1,258
Cash dividends
(749
(771
(1,002
1,067
Net cash used in financing activities
(4,009
(2,217
Effect of foreign exchange rates on cash and cash equivalents
(12
Change in cash and cash equivalents
741
272
Cash and cash equivalents at beginning of period
8,288
Cash and cash equivalents at end of period
8,560
REPORTABLE SEGMENTS
Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard
, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; and Corporate & Other (comprised of businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).
Reportable Segment Details
Three Months Ended June 30
42,720
41,582
2.7
85,210
83,013
2.6
CarelonRx
11,250
10,643
5.7
21,850
20,759
Carelon Services
7,975
7,441
7.2
15,340
13,977
9.8
Corporate & Other
6
232
(97.4
10
397
(97.5
Eliminations
(12,125
(10,477
(23,090
(19,960
Total Operating Revenue
Operating Gain (Loss)
896
1,560
(42.6
3,053
3,777
(19.2
582
536
8.6
1,164
1,138
2.3
366
400
(8.5
836
891
(6.2
2,3
(81
(71
(1,204
(211
Total Operating Gain
1,4
1,763
2,425
(27.3
3,849
5,595
(31.2
2.1
(170) bp
3.6
4.5
(90) bp
5.0
20 bp
5.5
(20) bp
6.4
Total Operating Margin
3.5
4.9
(140) bp
3.9
(180) bp
Health Benefits Revenue Details
Health Benefits Operating Revenue
Commercial
13,561
12,453
8.9
26,799
24,805
8.0
2,720
2,328
16.8
5,260
4,689
12.2
10,962
11,446
(4.2
21,953
22,852
(3.9
14,444
13,911
28,724
27,954
2.8
3,753
3,772
7,734
7,402
Total Health Benefits Operating Revenue
Operating Gain for the three and six months ended June 30, 2026 included $44 and $91 million, respectively, of transaction and integration related costs, and $11 and $18 million, respectively, of litigation and settlement expenses. Operating Gain for the six months ended June 30, 2026 also included $935 million for the Company's current best estimate of the identified potential exposure for certain historical Medicare Advantage risk adjustment data related to the CMS notice to the Company dated February 27, 2026, and $129 million of business optimization program charges. All adjustments for the three and six month periods reside in the Corporate & Other reportable segment.
Operating Gain for the three and six months ended June 30, 2025, included $53 and $133 million, respectively, of transaction and integration related costs and $10 and $15 million, respectively, of litigation and settlement expenses, which reside in the Corporate & Other reportable segment.
4.
Operating Gain for the three and six months ended June 30, 2026, and June 30, 2025, include items excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
5.
The Individual business, including ACA products, is reported as part of Commercial Operating Revenue.
6.
"NM" = calculation not meaningful.
Reconciliation of Medical Claims Payable
Years Ended December 31
2024
2023
Gross medical claims payable, beginning of period
16,829
15,580
15,865
15,348
Ceded medical claims payable, beginning of period
(48)
(13)
(7)
(6)
Net medical claims payable, beginning of period
16,781
15,567
15,858
15,342
Business combinations and purchase adjustments
182
344
143
Net incurred medical claims:
Current year
71,743
71,090
145,566
125,370
121,798
Prior years redundancies
(1,195)
(1,065)
(1,290)
(1,731)
(1,571)
Total net incurred medical claims
70,548
70,025
144,276
123,639
120,227
Net payments attributable to:
Current year medical claims
56,610
57,117
130,265
110,930
107,146
Prior years medical claims
12,619
11,802
13,141
13,143
12,565
Total net payments
69,229
68,919
143,406
124,073
119,711
Net medical claims payable, end of period
18,100
16,855
Ceded medical claims payable, end of period
44
16
48
7
Gross medical claims payable, end of period
18,144
16,871
Current year medical claims paid as a percentage of current year net incurred medical claims
78.9 %
80.3 %
89.5 %
88.5 %
88.0 %
Prior year redundancies in the current year as a percentage of prior year net medical claims payable less prior year redundancies in the current year
7.7 %
7.3 %
9.0 %
12.3 %
11.4 %
Prior year redundancies in the current year as a percentage of prior year net incurred medical claims
0.8 %
0.9 %
1.0 %
1.4 %
Negative amounts reported for net incurred medical claims related to prior years result from claims being settled for amounts less than originally estimated.
Excludes insurance lines other than short duration.
GAAP Reconciliation
This document references non-GAAP measures, including “Adjusted Diluted EPS,” “Adjusted Operating Expense Ratio,” “Adjusted Operating Gain,” “Adjusted Operating Margin,” “Adjusted Shareholders’ Net Income,” and “Adjusted Operating Expense”. These non-GAAP measures are intended to aid investors when comparing Elevance Health’s financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are available below. In addition to these non-GAAP measures, references are made to the measures “Operating Revenue,” “Operating Gain/Loss,” and “Operating Margin”. Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Each of these measures is provided to further aid investors in understanding and analyzing Elevance Health’s operating and financial results. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein. A reconciliation of reportable segments operating gain to income before income tax expense is provided below. Prior amounts may be grouped differently to conform to the current presentation. Net adjustment items per share may not sum due to rounding.
Add / (Subtract):
56
131
134
595
Transaction and integration related costs
53
91
133
Litigation and settlement expenses
11
18
15
Accrual related to CMS notice
935
Business optimization program charges
129
Tax impact of non-GAAP adjustments
(60
(87
(360
(255
Net adjustment items
161
254
1,169
790
Adjusted shareholders' net income
1,624
1,997
(18.7
4,396
4,716
(6.8
0.50
0.65
1.01
1.33
0.26
0.58
0.61
2.63
0.20
0.23
0.42
0.59
0.05
0.04
0.08
0.07
4.27
(0.28
(0.39
(1.64
(1.13
0.74
1.12
5.33
3.49
Adjusted shareholders' earnings per diluted share
7.45
8.84
(15.7
20.06
20.82
(3.7
(704
(486
(1,469
(1,076
Reportable segments operating gain
Adjustment item resides in the Corporate & Other reportable segment.
Adjustment item represents the Company's current best estimate of the identified potential exposure for certain historical Medicare Advantage risk adjustment data related to the CMS notice to the Company dated February 27, 2026.
55
63
1,173
148
Reportable segments adjusted operating gain
1,818
2,488
(26.9
5,022
5,743
(12.6
Operating revenue
Operating margin
Adjusted operating margin
5.1
5.8
(70) bp
(44
(53
(91
(133
(11
(10
(18
(15
(935
(129
(55
(63
(1,173
(148
Adjusted operating expense
4,934
11.3
10,704
10,149
Operating expense ratio
Adjusted operating expense ratio
10.0
10.8
10.3
50 bp
Full Year
2026 Outlook
At least $20.10
3
2.00
1.15
0.90
0.10
Approximately ($2.11)
6.90
At least $27.00
Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount.
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.
Elevance Health Contacts:
I
nvestor Relations
Nathan Rich
Investor.Relations@elevancehealth.com
M
edia
Leslie Porras
Leslie.Porras@elevancehealth.com
Source: Elevance Health, Inc.
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