2Q 2026 operating revenue of $49.8 billion, up 0.8% from 2Q 2025
2Q 2026 diluted EPS1 of $6.71 and adjusted diluted EPS2 of $7.45; results were supported by favorable benefit expense performance and an approximately $0.80 per share net below-the-line benefit
FY 2026 diluted EPS1 guidance raised to at least $20.10; adjusted diluted EPS2 guidance raised to at least $27.00, reflecting strong second quarter operating results
Accelerating targeted investments in capabilities that lower healthcare costs, simplify the member and provider experience, and strengthen Carelon's integrated solutions
FY 2026 operating cash flow guidance raised to at least $6.0 billion
INDIANAPOLIS, July 15, 2026--(BUSINESS WIRE)--Elevance Health, Inc. (NYSE: ELV) reported second quarter 2026 results ahead of expectations.
"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
President and Chief Executive Officer
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Earnings per diluted share ("EPS"). |
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Refer to GAAP reconciliation tables for reconciliation of GAAP to adjusted measures. |
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Elevance Health | |||||
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Consolidated Enterprise Highlights | |||||
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(In billions) |
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Three Months Ended |
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June 30, 2026 |
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June 30, 2025 |
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Operating Revenue1 |
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$49.8 |
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$49.4 |
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Operating Gain1,2 |
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$1.8 |
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$2.4 |
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Adjusted Operating Gain1,3 |
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$1.8 |
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$2.5 |
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Operating Margin1 |
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3.5 % |
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4.9 % |
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Adjusted Operating Margin1,3 |
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3.6 % |
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5.0 % |
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See "Basis of Presentation." |
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Operating Gain for the three months ended June 30, 2026, and June 30, 2025, include items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation." |
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Adjusted Operating Gain for the three months ended June 30, 2026, and June 30, 2025, exclude items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation." |
Operating revenue was $49.8 billion in the second quarter of 2026, an increase of $0.4 billion compared to the prior year quarter. This was driven by higher premium yields in our Health Benefits segment and growth in CarelonRx product revenue, partially offset by anticipated declines in our Medicare Advantage, Medicaid, and Employer Group risk membership.