Elevance Health, Inc. · NYSE:ELV
Elevance Health — Q1 2026 Earnings Presentation
16 slides from Elevance Health's earnings presentation, Apr 22, 2026
Slide 1: Elevance Health 1Q 2026 Supplemental Earnings Presentation
Elevance Health 1Q 2026 Supplemental Earnings Presentation April 22, 2026
Slide 2: Key Highlights
Key Highlights 1 1Q 2026 Results First quarter adjusted EPS exceeded expectations, driven by business strength and favorable claims experience • Adjusted diluted EPS1 of $12.58 reflects underlying business strength and improving claims experience, along with ACA seasonality and approximately $1 per
Slide 3: Raised 2026 Adjusted Diluted EPS Guidance To At Least $26.75
Raised 2026 Adjusted Diluted EPS Guidance To At Least $26.75 Supported by underlying business strength, improving claims experience, and increased visibility 2026 Adjusted Diluted EPS Guidance1 2026 Seasonality ~$1 >$26.75 >$26.75 2H, ~$0.25 >$25.75 ~30% ~$0.15 >$25.50 ~($0.15) 2Q, ~23% 1H, ~70% 1Q,
Slide 4: Actions Driving Improvement in Healthcare Cost Trends
Actions Driving Improvement in Healthcare Cost Trends Targeted actions across key cost drivers are improving trends and supporting stronger performance Hospital Costs: Reducing utilization and high-cost admissions • Value-based oncology model reduces chemotherapy-related admissions by 50% in 1 our C
Slide 5: 1Q 2026 Results
1Q 2026 Results Key Highlights Elevance Health 1Q 2026 1Q 2025 Change • First quarter adjusted diluted EPS exceeded our outlook, driven by Operating Revenue1 $49.5B $48.8B 1.5% underlying business strength and improving claims experience Benefit Expense Ratio 86.8% 86.4% 40 bps • Adjusted EPS of $12
Slide 6: 1Q 2026 Results: Health Benefits
Health Benefits Key Highlights 1Q 2026 Results • Performance reflects improving claims experience relative to expectations, supported by disciplined pricing and Health Benefits 1Q 2026 1Q 2025 Change targeted cost management actions • Operating revenue grew 2.6% year over Operating Revenue1 $42.5B $
Slide 7: 1Q 2026 Results: Health Services
Health Services Key Highlights 1Q 2026 Results • Performance reflects continued investment and scaling of risk-based capabilities, with improving contribution Carelon 1Q 2026 1Q 2025 Change from specialty pharmacy and behavioral health, supporting long-term growth Operating Revenue1 $18.0B $16.7B 7.
Slide 8: Elevance Health is a Lifetime, Trusted Health Partner
Elevance Health is a Lifetime, Trusted Health Partner WHAT A lifetime, trusted health partner committed to making healthcare better… better costs, better experience, better outcomes – for your whole health. HOW Lowering the cost of healthcare Making healthcare simple We anticipate health trends earl
Slide 9: Flywheel Supports Our Long-Term Growth Algorithm
Flywheel Supports Our Long-Term Growth Algorithm Health Benefits Health Services Over 45M medical members balanced Optimize Invest in As an integrated portfolio of whole across commercial, Medicaid, Medicare, the Core Growth health solutions serving approximately and the Federal Employee Program, 93
Slide 10: Long-Term Growth Algorithm
Long-Term Growth Algorithm Targeting at least 12% average annual growth in Adjusted Diluted EPS Adjusted Operating Gain – High Single Digit to Low Double Digit CAGR1 Revenue Growth High Single Digit CAGR1 + Adjusted Operating Margin Expanding to 5.0% – 6.0% + Capital Deployment Approximately 4% Cont
Slide 11: Committed to Strong Growth Over the Long-Term
Committed to Strong Growth Over the Long-Term Health Benefits Carelon2 Elevance Health High Single Dividends Digit CAGR1 Mid to High Single Digit 20% CAGR1 $198B $167B Mid Teens CAGR1 M&A/ Organic Reinvestment Capital 50% $72B Revenue Allocation (in billions) 2025 Target 2025 Target 2025 Target Shar
Slide 12: Forward-Looking Statements
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 su
Slide 13: Non-GAAP Measures and Basis of Presentation
Non-GAAP Measures and Basis of Presentation 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
Slide 14: GAAP Reconciliation — Shareholders' Net Income and Earnings Per Diluted Share
GAAP Reconciliation — Shareholders’ Net Income and Shareholders’ Earnings Per Diluted Share Three Months Ended Mar 31 Twelve Months Ended Dec 31 (In millions, except per share data) 2026 2025 Change 2025 2024 Change Shareholders' net income $1,764 $2,183 (19.2%) $5,662 $5,980 (5.3%) Add / (Subtract)
Slide 15: GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2026 Outlook
GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2026 Outlook Three Months Ended Mar 31 Twelve Months Ended Dec 31 (In millions) 2026 2025 Change 2025 2024 Change Reportable segments operating gain $2,086 $3,170 (34.2%) $7,199 $7,862 (8.4%) Add / (Subtract): Accrual related to CMS
Slide 16: Reportable Segment & Health Benefits Revenue Details
Reportable Segment & Health Benefits Revenue Details 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