Elevance Health, Inc. · NYSE:ELV
Elevance Health — Q2 2026 Earnings Presentation
15 slides from Elevance Health's earnings presentation, Jul 15, 2026
Slide 1: Elevance Health 2Q 2026 Supplemental Earnings Presentation
Elevance Health 2Q 2026 Supplemental Earnings Presentation July 15, 2026
Slide 2: Key Highlights
Key Highlights 1 2Q 2026 Results Results exceeded our outlook, supported by strong operating performance across our diversified portfolio • • Adjusted diluted EPS 1 of $7.45 reflects favorable benefit expense performance and net below Operating revenue of $49.8B increased 0.8% due to higher premium
Slide 3: Accelerating Targeted Investments to Strengthen Durable Operating Performance
Accelerating Targeted Investments to Strengthen Durable Operating Performance Medical Cost Member Provider Carelon Management Engagement Connectivity • Detect emerging cost • Guide members with • Expand CareBridge to • Support informed, trends earlier personalized, real - new markets timely clinical
Slide 4: Raised 2026 Adjusted Diluted EPS Guidance To At Least $27.00
Raised 2026 Adjusted Diluted EPS Guidance To At Least $27.00 Guidance raise reflects second quarter operating strength; non -recurring below -the -line favorability funds targeted one -time investments 2026 Adjusted Diluted EPS Guidance 1 2026 Seasonality Offsetting items: ~$0.80 ~$1.00 >$27.00 >$27
Slide 5: 2Q 2026 Results
2Q 2026 Results Key Highlights Elevance Health 2Q 2026 2Q 2025 Change • Second quarter adjusted diluted EPS exceeded our outlook, reflecting Operating Revenue 1 $49.8B $49.4B 0.8% favorable benefit expense performance and disciplined execution Benefit Expense Ratio 89.7% 88.9% 80 bps • Adjusted EPS
Slide 6: 2Q 2026 Results: Health Benefits
Health Benefits Key Highlights 2Q 2026 Results • Health Benefits performed better than our outlook, reflecting execution across our diversified portfolio Health Benefits 2Q 2026 2Q 2025 Change • Operating revenue grew 2.7% year over year, driven by higher premium yields, Operating Revenue 1 $42.7B $
Slide 7: 2Q 2026 Results: Health Services
Health Services Key Highlights 2Q 2026 Results • Carelon’s performance was consistent with expectations as we scale value - based solutions for members with Carelon 2Q 2026 2Q 2025 Change complex and chronic needs • CarelonRx operating revenue benefited Operating Revenue 1 $19.2B $18.1B 6.3% from hi
Slide 8: Flywheel Supports Our Long-Term Growth Algorithm
Flywheel Supports Our Long -Term Growth Algorithm Health Benefits Health Services Approximately 45M medical members Optimize Invest in As an integrated portfolio of whole balanced across commercial, Medicaid, the Core Growth health solutions serving approximately Medicare, and the Federal Employee 9
Slide 9: 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 CAGR 1 Revenue Growth High Single Digit CAGR 1 + Adjusted Operating Margin Expanding to 5.0% – 6.0% + Capital Deployment Approximately 4% C
Slide 10: Committed to Strong Growth Over the Long-Term
Committed to Strong Growth Over the Long -Term Health Benefits Carelon 2 Elevance Health High Single Dividends Digit CAGR 1 Mid to High Single Digit 20% CAGR 1 $198B $167B Mid Teens CAGR 1 M&A/ Organic Reinvestment Capital 50% $72B Revenue Allocation (in billions) 2025 Target 2025 Target 2025 Target
Slide 11: 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
Slide 12: 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 Oper ating Gain,” “Adjusted Operating Margin,” “Adjusted Shareholders’ Net Income,” and “Adjusted Operating Expense”. These non -G
Slide 13: GAAP Reconciliation — Shareholders’ Net Income and Shareholders’ Earnings Per Diluted Share
GAAP Reconciliation — Shareholders’ Net Income and Shareholders’ Earnings Per Diluted Share Three Months Ended Jun 30 Six Months Ended Jun 30 (In millions, except per share data) 2026 2025 Change 2026 2025 Change Shareholders' net income $1,463 $1,743 (16.1%) $3,227 $3,926 (17.8%) Add / (Subtract):
Slide 14: GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2026 Outlook
GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2026 Outlook Three Months Ended Jun 30 Six Months Ended Jun 30 (In millions) 2026 2025 Change 2026 2025 Change Reportable segments operating gain $1,763 $2,425 (27.3%) $3,849 $5,595 (31.2%) Add / (Subtract): Transaction and integrati
Slide 15: 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 Grou p fee -based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; a