Earnings Intelligence
Call Reads — Q2 2026
Every number on a Call Read carries its source; every management quote links to the annotated transcript. We read what moved, whether the numbers back it, and what you can do about it before AEP.
UNH
Q2 2026 · call 2026-07-16 · 8:00A ET
Published
UnitedHealth beat hard and raised — but the margin came off a shrinking Medicare book and $860M of favorable reserve development, not from winning members back.
Medical care ratio: 86.7% -2.7ppAdjusted EPS: $6.38 +56.4%Medicare Advantage members: 7.57M -9.4%FY26 adjusted EPS guide: $19.50–$20.00
ELV
Q2 2026 · call 2026-07-15 · 8:30A ET
Published
Elevance beat and raised, and the stock fell — because the beat came from a shrinking, repriced Medicare book and a $935M risk-adjustment charge, not from growth.
Benefit expense ratio: 89.7% +0.8ppAdjusted EPS: $7.45 -15.7%Medicare Advantage membership: 1.90M -15.9%FY26 adjusted EPS guidance: ≥$27.00
PUBLISHED = numbers verified against the 8-K and transcript ingested · DRAFT = awaiting a licensed transcript before public release