Elevance Health reported second-quarter 2026 operating revenue of $49.8 billion and shareholders' diluted EPS of $6.71, with adjusted diluted EPS of $7.45. The company raised full-year 2026 guidance to at least $20.10 diluted EPS and at least $27.00 adjusted diluted EPS, citing favorable benefit expense performance and an approximately $0.80 per share net below-the-line benefit in the quarter. Management said it will accelerate targeted investments in capabilities to lower healthcare costs, simplify member/provider experience and strengthen Carelon's integrated solutions.

Financial Highlights

  • Total operating revenue: $49.8 billion for Q2 2026, up 0.8% year over year.
  • Operating gain (total): $1.8 billion for Q2 2026; operating margin 3.5% (Q2 2026).
  • Net income (shareholders' net income): $1,463 million for Q2 2026; diluted EPS $6.71.
  • Adjusted shareholders' earnings per diluted share: $7.45 for Q2 2026; adjusted shareholders' net income $1,624 million.
  • Raised full-year 2026 outlook: diluted EPS at least $20.10 and adjusted diluted EPS at least $27.00; operating cash flow guidance raised to at least $6.0 billion.

Business Highlights

  • Health Benefits segment operating revenue: $42.7 billion in Q2 2026, up 2.7% year over year; operating gain decreased to $896 million as benefit expense and targeted investments increased.
  • Carelon (CarelonRx and Carelon Services) operating revenue scaled to $19.2 billion combined for Q2 2026, driven by Carelon Services risk-based solutions and CarelonRx product growth.
  • Medical membership totaled approximately 44.9 million as of June 30, 2026, down 469,000 sequentially due to a commercial fee-based customer transition and anticipated ACA and Medicaid attrition.
  • Benefit expense ratio was 89.7% in the quarter (up 80 basis points year over year) reflecting elevated medical cost trends in Government businesses offset in part by improved Individual ACA performance.
  • Operational metrics: days in claims payable were 45.4 days (up 2.9 days year over year); CarelonRx quarterly adjusted scripts ~80.9 million and Carelon Services consumers served ~92.4 million.

Original SEC Filing:

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