Jun 2026 (Q2 FY26) — Jul 15, 2026
Elevance Health Q2 FY26 — Raised EPS Guidance and Strategic Investments
Read the full callElevance Health (ELV) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Elevance Health earnings: last reported Wed, 15 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 50,474 | +1.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 3.5 | −1.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,463 | −16.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 18 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Resolution of the CMS historical risk adjustment matter without sanctions | complete all CMS compliance steps by July 31, 2026 so that sanctions do not take effect | Mar 2026 | As of July 9, we completed all steps required by CMS and have subsequently received written confirmation from CMS that sanctions will not be imposed and the matter is closed | Achieved |
| Full-year adjusted diluted EPS | at least $25.50 | Dec 2025 | we are raising our 2026 adjusted diluted earnings per share guidance to at least $27 | Revised Up |
| Adjusted diluted EPS growth off the 2026 earnings baseline | at least 12% growth in 2027 | Dec 2025 | we now view at least $26 as the appropriate earnings baseline... we remain confident in returning to at least 12% adjusted EPS growth in 2027 | On Track |
5 of Elevance Health, Inc.'s 42 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 39 more targets are in the full ledger.
Claimed
- Adjusted diluted EPS of $7.45 exceeded outlook, driven by favorable benefit expense performance and disciplined execution.
- Full-year 2026 adjusted diluted EPS guidance raised to at least $27.
- Medicare Advantage performance improved significantly due to deliberate portfolio actions, favorable claims experience, and care management programs, on track for at least 2% operating margin.
- Individual ACA business performance developed consistent with plans, with encouraging member retention and favorable 2025 risk adjustment results.
- Carelon performance is in line with expectations, scaling value-based solutions and becoming a durable driver of enterprise growth.
Qualified
- Medicaid operating margin outlook remains prudent at approximately negative 1.75% for the full year, with elevated cost trends persisting.
- Elevance Health expects to exit additional Medicaid markets over the next 12 to 18 months where sustainable performance is not achievable, following the exit from DC Medicaid market.
Price
$430.23 +0.46% · +$1.97
Performance +23.4% 1Y
1Y: $348.77 on 17 Oct 2025 → $430.23. High $430.23 (19 Oct 2026), low $280.74 (9 Mar 2026).
- Previous close
- $428.26
- 52-week range
- $280.74 – $430.23
- One year
- +21.51%
Overview
- Symbol
- ELV
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 18 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Resolution of the CMS historical risk adjustment matter without sanctions | complete all CMS compliance steps by July 31, 2026 so that sanctions do not take effect | Mar 2026 | As of July 9, we completed all steps required by CMS and have subsequently received written confirmation from CMS that sanctions will not be imposed and the matter is closed | Achieved |
| Full-year adjusted diluted EPS | at least $25.50 | Dec 2025 | we are raising our 2026 adjusted diluted earnings per share guidance to at least $27 | Revised Up |
| Adjusted diluted EPS growth off the 2026 earnings baseline | at least 12% growth in 2027 | Dec 2025 | we now view at least $26 as the appropriate earnings baseline... we remain confident in returning to at least 12% adjusted EPS growth in 2027 | On Track |
Claimed
- Adjusted diluted EPS of $7.45 exceeded outlook, driven by favorable benefit expense performance and disciplined execution.
- Full-year 2026 adjusted diluted EPS guidance raised to at least $27.
- Medicare Advantage performance improved significantly due to deliberate portfolio actions, favorable claims experience, and care management programs, on track for at least 2% operating margin.
- Individual ACA business performance developed consistent with plans, with encouraging member retention and favorable 2025 risk adjustment results.
- Carelon performance is in line with expectations, scaling value-based solutions and becoming a durable driver of enterprise growth.
Qualified
- Medicaid operating margin outlook remains prudent at approximately negative 1.75% for the full year, with elevated cost trends persisting.
- Elevance Health expects to exit additional Medicaid markets over the next 12 to 18 months where sustainable performance is not achievable, following the exit from DC Medicaid market.
The full ledger
Open Elevance Health, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 42 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Elevance Health Q1 FY26 — operating beat and raised EPS guide despite $935M CMS risk-adjustment accrual
Read the full callDec 2025 (Q4 FY25) — Jan 28, 2026
Elevance Health Q4 FY25 — Strategic Repositioning for Durable Growth
Read the full callEvery analysed call
Elevance Health earnings calls (ELV)
Financials
What the filings say
Net profit, year on year: −16% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 45,106 | 45,442 | 48,891 | 49,776 | 50,711 | 49,747 | 50,181 | 50,474 |
| Operating profit | 1,408 | 673 | 3,170 | 2,425 | 1,295 | 309 | 2,086 | 1,763 |
| Operating margin | 3.1% | 1.5% | 6.5% | 4.9% | 2.5% | 0.6% | 4.2% | 3.5% |
| Interest | 300 | 340 | 344 | 341 | 351 | 366 | 357 | 364 |
| Profit before tax | 1,373 | 606 | 2,797 | 2,292 | 1,406 | 215 | 2,304 | 1,937 |
| Tax rate | 26.6% | 31.9% | 21.9% | 23.9% | 15.6% | −153.9% | 23.6% | 24.9% |
| Net profit | 1,016 | 418 | 2,183 | 1,743 | 1,189 | 547 | 1,764 | 1,463 |
| EPS ($ per share) | 4.38 | — | 9.64 | 7.74 | 5.32 | — | 8.03 | 6.74 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 19,988 | 22,573 | 23,802 | 27,142 | 29,647 | 31,749 | 33,549 | 35,393 |
| Total liabilities | 43,030 | 45,725 | 53,416 | 61,293 | 66,425 | 69,523 | 75,463 | 77,468 |
| Fixed assets | 2,735 | 3,133 | 3,483 | 3,919 | 4,316 | 4,359 | 4,652 | 4,679 |
| Total assets | 71,571 | 77,453 | 86,615 | 97,456 | 102,755 | 108,928 | 116,889 | 121,494 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,827 | 6,061 | 10,688 | 8,364 | 8,399 | 8,061 | 5,808 | 4,290 |
| Cash from investing | -1,259 | -2,792 | -7,324 | -9,638 | -4,560 | -5,572 | -5,167 | -1,344 |
| Cash from financing | -2,241 | -2,266 | -2,567 | 423 | -1,318 | -3,349 | 1,193 | -1,738 |
| Net cash flow | 325 | 1,003 | 804 | -861 | 2,507 | -861 | 1,828 | 1,203 |
| Capital expenditure | -1,208 | -1,077 | -1,021 | -1,087 | -1,152 | -1,296 | -1,256 | -1,116 |
| Free cash flow | 2,619 | 4,984 | 9,667 | 7,277 | 7,247 | 6,765 | 4,552 | 3,174 |
ELV revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable Segments | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +1.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
ELV operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Medical members | 45.8MWe ended the first quarter with 45.8 million medical members, up 99,000 from year-end, driven primarily by targeted expansion and better-than-expected retention rates in Medicare Advantage.Source: earnings call transcript | 45.6MWe ended the second quarter with 45.6 million medical members, down approximately 200,000 sequentially, driven by a reduction in Medicaid membership and lower effectuation rates in our ACA business, a dynamic we first highlighted on last quarter's earnings call.Source: earnings call transcript | 45.4MWe ended the quarter with 45.4 million medical members.Source: earnings call transcript | 45.2MWe ended the year with 45.2 million members, a decrease of approximately 500,000 year-over-year, principally reflecting a decline in Medicaid membership due to continued eligibility reverifications.Source: earnings call transcript | 45.4MWe ended March with 45.4 million members, an increase of nearly 200,000 from year-end, driven by growth in our commercial fee-based membership and higher enrollment in Individual ACA.Source: earnings call transcript | 44.9MWe ended the quarter with 44.9 million medical members.Source: earnings call transcript | -1.1% |
| Medical care ratio | 86.4%Our consolidated benefit expense ratio was 86.4%, an increase of 80 basis points year-over-year.Source: earnings call transcript | 88.9%The consolidated benefit expense ratio was 88.9%, an increase of 260 basis points year-over-year, driven by our ACA and Medicaid businesses, partially offset by a favorable out-of-period settlement with a value-based care provider.Source: earnings call transcript | 91.3%The consolidated benefit expense ratio was 91.3%, aligned with our expectations.Source: earnings call transcript | 93.5%Our consolidated benefit expense ratio was 93.5% for the quarter and 90% for the full year, in line with our guidance.Source: earnings call transcript | 86.8%Our consolidated benefit expense ratio was 86.8%.Source: earnings call transcript | — | -6.7 pt |
| Days in claims payable | — | — | — | 41.3Days in claims payable was 41.3 days, a decrease of 0.1 days sequentially.Source: earnings call transcript | 46.6Days in claims payable were 46.6 days, an increase of 5.3 days sequentially.Source: earnings call transcript | 45.4Days in claims payable were 45.4 days as of June 30, an increase of 2.9 days year-over-year.Source: earnings call transcript | -2.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
61 filings between Feb 2, 2026 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
$2.24M
4 purchases by 3 insiders
Sales
$1.74M
5 sales by 4 insiders
Compensation
not trading decisions- 28
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 22
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| BOUDREAUX GAIL | $1.00M | — | Jul 17, 2026 |
| Kendrick Charles Morgan JR | — | $910.6K | Mar 6, 2026 |
| COLLIS STEVEN H | $869.5K | — | Mar 5, 2026 |
| Penczek Ronald W | — | $766.0K | Jun 12, 2026 |
| PERU RAMIRO G | $366.1K | — | Jul 17, 2026 |
| Dixon Robert L JR | — | $60.7K | Jun 11, 2026 |
| SCHULMAN AMY W | — | $7.5K | Mar 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Kaye Mark EVP & CFO | Tax withheld | 4,161 | $1.61M |
| Oct 2, 2026 | Kaye Mark EVP & CFO | Award | 2,627 | $0 |
| Sep 3, 2026 | Wessling Erin M EVP & Chief Legal Officer | Tax withheld | 255 | $105.8K |
| Sep 2, 2026 | Wessling Erin M EVP & Chief Legal Officer | Tax withheld | 94 | $38.1K |
| Sep 2, 2026 | Craig Ryan R EVP & Chief HR Officer | Tax withheld | 144 | $58.4K |
| Jul 17, 2026 | BOUDREAUX GAIL President and CEO | Purchase | 680 | $249.2K |
| Jul 17, 2026 | PERU RAMIRO G Director | Purchase | 1,000 | $366.1K |
| Jul 17, 2026 | BOUDREAUX GAIL President and CEO | Purchase | 2,045 | $753.1K |
| Jun 12, 2026 | Penczek Ronald W CAO & Controller | Sale | 369 | $148.8K |
| Jun 11, 2026 | Dixon Robert L JR Director | Sale | 151 | $60.7K |
| May 19, 2026 | Penczek Ronald W CAO & Controller | Option exercise | 877 | $273.2K |
| May 19, 2026 | Penczek Ronald W CAO & Controller | Option exercise | 654 | $177.4K |
| May 19, 2026 | Penczek Ronald W CAO & Controller | Sale | 1,531 | $617.2K |
| May 13, 2026 | Schneider Ryan M. Director | Award | 563 | $0 |
| May 13, 2026 | Dixon Robert L JR Director | Award | 563 | $0 |
| May 13, 2026 | DeVore Susan D. Director | Award | 563 | $0 |
| May 13, 2026 | STRABLE-SOETHOUT DEANNA D Director | Award | 563 | $0 |
| May 13, 2026 | Neri Antonio F Director | Award | 563 | $0 |
| May 13, 2026 | Jallal Bahija Director | Award | 563 | $0 |
| May 13, 2026 | HAY LEWIS III Director | Award | 563 | $0 |
| May 13, 2026 | COLLIS STEVEN H Director | Award | 563 | $0 |
| May 13, 2026 | PERU RAMIRO G Director | Award | 563 | $0 |
| May 13, 2026 | SCHULMAN AMY W Director | Award | 563 | $0 |
| Mar 12, 2026 | SCHULMAN AMY W Director | Sale | 26 | $7.5K |
| Mar 6, 2026 | Kendrick Charles Morgan JR EVP & President, Commercial | Sale | 3,196 | $910.6K |
| Mar 5, 2026 | COLLIS STEVEN H Director | Purchase | 3,000 | $869.5K |
| Mar 3, 2026 | Norwood Felicia F EVP &Chief Health Benefits Ofr | Tax withheld | 496 | $140.9K |
| Mar 3, 2026 | LAVU RATNAKAR EVP & Chief Digital Info Ofr | Tax withheld | 222 | $63.1K |
| Mar 3, 2026 | Penczek Ronald W CAO & Controller | Tax withheld | 37 | $10.5K |
| Mar 3, 2026 | Wessling Erin M EVP & Chief Legal Officer | Tax withheld | 417 | $118.4K |
| Mar 3, 2026 | Craig Ryan R EVP & Chief HR Officer | Tax withheld | 309 | $87.8K |
| Mar 3, 2026 | BOUDREAUX GAIL President and CEO | Tax withheld | 1,736 | $493.1K |
| Mar 3, 2026 | Kendrick Charles Morgan JR EVP & President, Commercial | Tax withheld | 467 | $132.6K |
| Mar 3, 2026 | Kaye Mark EVP & CFO | Tax withheld | 353 | $100.3K |
| Mar 3, 2026 | Haytaian Peter D EVP & Pres Carelon & CarelonRx | Tax withheld | 446 | $126.7K |
| Mar 2, 2026 | Norwood Felicia F EVP &Chief Health Benefits Ofr | Award | 5,951 | $0 |
| Mar 2, 2026 | BOUDREAUX GAIL President and CEO | Tax withheld | 6,713 | $1.97M |
| Mar 2, 2026 | BOUDREAUX GAIL President and CEO | Award | 16,153 | $0 |
| Mar 2, 2026 | BOUDREAUX GAIL President and CEO | Award | 10,527 | $0 |
| Mar 2, 2026 | Haytaian Peter D EVP & Pres Carelon & CarelonRx | Tax withheld | 1,201 | $353.2K |
| Mar 2, 2026 | Haytaian Peter D EVP & Pres Carelon & CarelonRx | Award | 2,865 | $0 |
| Mar 2, 2026 | Penczek Ronald W CAO & Controller | Tax withheld | 131 | $38.5K |
| Mar 2, 2026 | Penczek Ronald W CAO & Controller | Award | 426 | $0 |
| Mar 2, 2026 | Penczek Ronald W CAO & Controller | Award | 1,701 | $0 |
| Mar 2, 2026 | Penczek Ronald W CAO & Controller | Award | 266 | $0 |
| Mar 2, 2026 | LAVU RATNAKAR EVP & Chief Digital Info Ofr | Tax withheld | 315 | $92.6K |
| Mar 2, 2026 | LAVU RATNAKAR EVP & Chief Digital Info Ofr | Award | 5,101 | $0 |
| Mar 2, 2026 | LAVU RATNAKAR EVP & Chief Digital Info Ofr | Award | 6,802 | $0 |
| Mar 2, 2026 | Norwood Felicia F EVP &Chief Health Benefits Ofr | Tax withheld | 1,421 | $417.9K |
| Mar 2, 2026 | Norwood Felicia F EVP &Chief Health Benefits Ofr | Award | 2,865 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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