Q2 26 EPS
$7.45
Q2 26 Revenue
$49.83B
Market Reaction
Did ELV Beat Earnings? Q2 2026 Results
Elevance Health delivered a stronger-than-expected second quarter, with adjusted diluted EPS of $7.45 and revenue of $49.83 billion, up just 0.1% year over year, as the managed care giant navigated persistent medical cost pressure while demonstrating… Read more Elevance Health delivered a stronger-than-expected second quarter, with adjusted diluted EPS of $7.45 and revenue of $49.83 billion, up just 0.1% year over year, as the managed care giant navigated persistent medical cost pressure while demonstrating enough underlying momentum to raise its full-year outlook. The benefit expense ratio climbed 80 basis points to 89.7%, driven by elevated costs in Government businesses, though improved Individual ACA performance offered a partial offset. The Health Benefits segment remained the central pressure point, with operating gain falling sharply to $896 million from $1.56 billion a year ago, compressing margins to 2.1%. On the brighter side, Carelon continued its growth trajectory, with combined operating revenue reaching $19.20 billion, up 6% year over year, as CarelonRx expanded specialty pharmacy profitability. Elevance raised full-year adjusted diluted EPS guidance to at least $27.00 and operating cash flow guidance to at least $6.00 billion, while CEO Gail Boudreaux reaffirmed confidence in returning to at least 12% adjusted EPS growth in 2027, signaling a longer recovery arc for investors to weigh against the near-term cost headwinds.
Key Takeaways
- • Higher premium yields in Health Benefits segment
- • Growth in CarelonRx product revenue
- • Scaling of Carelon Services risk-based solutions
- • Improved Individual ACA performance vs. prior year
- • Favorable benefit expense performance
- • Approximately $0.80 per share net below-the-line benefit
- • Improved profitability in specialty pharmacy
ELV Forward Guidance & Outlook
Elevance Health raised full-year 2026 guidance: GAAP diluted EPS now expected at least $20.10 and adjusted diluted EPS at least $27.00, reflecting strong Q2 operating results. Operating cash flow guidance was also raised to at least $6.0 billion. The company is accelerating targeted investments in medical cost management, member experience, provider connectivity, operating efficiency, and Carelon's value-based solutions. Management expressed confidence in returning to at least 12% adjusted EPS growth in 2027 off the 2026 earnings baseline.
ELV YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
ELV Revenue by Segment
With YoY comparisons, source: SEC Filings
“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, Q2 2026 Earnings Press Release
ELV Earnings Trends
ELV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ELV EPS Trend
Earnings per share: estimate vs actual
ELV Revenue Trend
Quarterly revenue: estimate vs actual
ELV Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $7.45 | — | $49.83B | — |
| Q1 26 BEAT | $10.81 | $12.58 | +16.36% | $50.18B | +4.59% |
| Q4 25 BEAT FY | $3.09 | $3.33 | +7.65% | $49.31B | -0.25% |
| FY Full Year | $29.97 | $30.29 | +1.06% | $197.58B | -0.08% |
| Q3 25 BEAT | $4.94 | $6.03 | +22.01% | $50.71B | +2.45% |
| Q2 25 MISS | $9.19 | $8.84 | -3.79% | $49.78B | +3.15% |
| Q1 25 BEAT | $11.48 | $11.97 | +4.30% | $48.89B | +5.72% |