ELV earnings analysis
What we found in ELV's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Elevance Health reported a modest revenue increase with a Q2 2026 total operating revenue of $49.83 billion, up 0.8% year-over-year, but a noticeable 16.1% decline in diluted EPS to $6.71. The company faced challenges with membership attrition, particularly in Medicaid and Medicare segments, leading to a decrease in net income despite revenue growth, prompting a cautious outlook from management.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 0.8% YoY
- Operating revenue for Q2 2026 was $49.83 billion, up from $49.42 billion in Q2 2025.
- EPS Decline of 16.1%
- Diluted EPS fell to $6.71 in Q2 2026, down from $7.72 in Q2 2025, driven by reduced net income.
- Membership Attrition Noted
- Total medical membership decreased by 1.5%, with notable declines in Medicare and Medicaid segments.
- Operating Cash Flow Improvement
- Operating cash flow increased to $6.25 billion for the six months ending June 30, 2026, up from $3.07 billion in the prior year.
- CarelonRx Revenue Boost
- CarelonRx segment revenues grew by 5.7% to $11.25 billion in Q2 2026.
- Rising Net Investment Income
- Net investment income for Q2 2026 increased by 44.9% to $704 million compared to $486 million in Q2 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Benefit Expense Ratio
- The benefit expense ratio increased to 89.7% in Q2 2026 from 88.9% in Q2 2025.
- Declining Medical Membership
- Total medical membership declined to 44.95 million, down 1.5% from 45.62 million a year prior.
- Operating Margin Compression
- Total operating margin decreased to 3.5% in Q2 2026 from 4.9% in Q2 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $6.71
- Operating margin
- 3.5%
- Segment
- Health Benefits: $42.72B, CarelonRx: $11.25B, Carelon Services: $7.98B, Corporate & Other: $0.63B
What they said about what is next.
EPS guidance for FY 2026 raised to at least $20.10, adjusted guidance to at least $27.00.
The filing reads worse than the one before it.
What came before.
- 10-Q · April 22, 2026
- Elevance reported quarter-over-quarter revenue and operating-revenue growth while GAAP profitability declined. Total revenues rose to $50,181 million and operating cash flow strengthened to $4,332 million, but…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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