The beat and guidance raise are positive catalysts, but underlying weakness in membership and margins suggests caution. Monitor medical cost trends and membership retention in upcoming quarters; the raised cash flow guidance supports capital returns.
Price Chart
Executive Summary
Elevance Health reported Q2 2026 adjusted EPS of $7.45, a 20% beat vs consensus of $6.21, and raised full-year adjusted EPS guidance to at least $27.00. Operating revenue grew just 0.8% YoY to $49.8B, while GAAP EPS fell 13.1% and adjusted EPS fell 15.7% YoY, with benefit expense ratio rising 80bp to 89.7% and operating margin compressing to 3.5%. The beat and guidance raise are positive, but declining membership and margin pressure temper the outlook.
Key Financial Metrics
Key Facts
- Q2 2026 adjusted EPS $7.45 vs consensus $6.21 (beat by 20.0%)
- Q2 2026 operating revenue $49.8B vs consensus $48.63B (beat by 2.4%)
- FY2026 adjusted EPS guidance raised to at least $27.00 (from at least $26.75)
- FY2026 GAAP EPS guidance raised to at least $20.10 (from at least $19.85)
- FY2026 operating cash flow guidance raised to at least $6.0B (from at least $5.5B)
- Benefit expense ratio 89.7%, up 80bp YoY
- Health Benefits segment operating gain down 42.6% YoY
- Medical membership down 1.5% YoY and 1.0% sequentially
- Repurchased 0.7M shares for $234M in Q2
Financial Impact
Adjusted EPS beat consensus by $1.24 (20%); revenue beat by $1.2B (2.4%). Guidance raise adds ~$0.25 to adjusted EPS floor.
Risk Factors
- Elevated medical cost trend in Government businesses (Medicare, Medicaid)
- Membership declines in Medicare Advantage, Medicaid, and Employer Group risk
- CMS regulatory risk and potential financial exposure from historical risk adjustment data
- Operating margin compression from targeted investments and higher benefit expense
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001156039-26-000058 |
| Document: elv-20260715.htm | 0001156039-26-000058 |
| Document: 0001156039-26-000058-index-headers.html | 0001156039-26-000058 |
| Document: 0001156039-26-000058-index.html | 0001156039-26-000058 |
| Document: 0001156039-26-000058.txt | 0001156039-26-000058 |
| 8-K Data (Synthetic) | 0001156039-26-000058 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $416.54 $414.26 | ▼ −0.55% | ▼ −0.05% | $381.34 (−8.45%) |
Aug 27, 2026 5w ago | Institutional Cluster | $399.11 $414.78 | ▲ +3.93% | ▲ +3.66% | $381.34 (−4.45%) |
Aug 20, 2026 6w ago | Court Ruling | $396.28 $399.11 | ▲ +0.71% | ▼ −0.40% | $381.34 (−3.77%) |
Aug 17, 2026 6w ago | Court Ruling | $390.24 $402.63 | ▲ +3.17% | ▲ +4.37% | $381.34 (−2.28%) |
Jul 17, 2026 10w ago | Insider Cluster | $373.11 $379.31 | ▲ +1.66% | ▲ +2.35% | $381.34 (+2.21%) |
Jul 15, 2026 11w ago | 8-K | $390.33 $389.09 | ▼ −0.32% | ▲ +0.66% | $381.34 (−2.30%) |
Jun 15, 2026 15w ago | Insider Cluster | $397.80 $395.10 | ▼ −0.68% | ▲ +1.55% | $381.34 (−4.14%) |
Jun 10, 2026 16w ago | 8-K | $404.56 $397.80 | ▼ −1.67% | ▼ −5.10% | $381.34 (−5.74%) |
Apr 22, 2026 23w ago | 8-K | $328.20 $368.75 | ▼ −12.36% | ▼ −12.30% | $381.34 (−16.19%) |
Mar 27, 2026 26w ago | DEFA14A | $284.79 $311.83 | ▲ +9.49% | ▲ +5.19% | $381.34 (+33.90%) |
US Market Status
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