Elevance Q2 2026: profit falls 16.1% but full-year guidance is raised
Elevance Health's second quarter looked better on the top line than on the bottom line. Revenue of $50.47 billion rose 1.4%, and adjusted EPS of $7.45 beat the $6.27 consensus figure, yet shareholders' net income fell 16.1% and operating margin slipped to 3.5% from 4.9%. Management raised full-year adjusted EPS guidance to at least $27.00. Our view is Neutral: the beat is real, but the core underwriting margin is still shrinking.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS fell 13.1% to $6.71 from $7.72, and adjusted EPS fell 15.7% to $7.45 from $8.84, though the $7.45 cleared the $6.27 consensus number shown here. Roughly $0.80 of the quarterly result came from a net below-the-line benefit, which is not repeatable operating earnings. The GAAP-to-adjusted gap this quarter was mostly $0.50 of intangible amortization and $0.26 of losses on financial instruments.
Total revenue was $50.47 billion, up 1.4% from $49.78 billion a year ago, while operating revenue of $49.83 billion grew only 0.8%. The increase came from higher premium yields in Health Benefits and growth in CarelonRx product revenue, not from more members. Total medical membership fell 1.5% year over year to about 44.9 million.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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