Earnings Intelligence
The Quarter — Q2 2026
What the quarter is saying
Margin, not growth, is setting the quarter.
The strongest cross-company signal is margin, with sourced evidence from 7 companies. Market share also reaches pattern status across 4 companies.
Reporting is complete across all 13 tracked companies.
100%
Season complete
16.08M▲ +0.8%Tracked MA enrolment · CLOV, ELV, HUM, UNH
3–3Benefit ratio improved – deteriorated
3Full-year guides raised
3Claims the quarter left silent · Stars, Prior authorization, Compression
The two spines
Health plans · same order in both panelsBenefit ratio and membership, read across the plans rather than down a company. Both panels carry the same plans in the same order, so a row reads straight across. A plan that filed one measure and not the other keeps its place and says so.
Benefit ratio · as filed
UNH86.7%▼ -2.7pp
CVS87.4%▼ -2.5pp
ALHC86.3%▼ -40bp
ELV89.7%▲ +0.8pp
HUM91.2%▲ +1.3pp
MOH92.2%▲ +1.8pp
CInot filed
CLOVnot filed
CNCfiles an operating cost ratio
Membership · as filed
UNH7.57M▼ -9.4%
CVS26.0Mtotal medical membership▼ -2.6%
ALHCnot filed
ELV1.90M▼ -15.9%
HUM6.45M▲ +23.4%
MOHnot filed
CInot filed
CLOV157,309▲ +48%
CNCnot filed
The board
Every tracked company · blanks are filings, not gapsPlans and care-delivery companies do not report the same measures, so each group states its own columns. Where a company files a measure on its own basis, the row says which. An empty cell means the company did not file it.
Plans · the columns change with the group
| Company | Benefit ratio | Medicare Advantage membership | Revenue |
|---|---|---|---|
| ALHCAlignment HealthcareEPS $0.17 vs $0.13 · benchmark not corroborated | 86.3%▼ -40bpBenefit expense ratio | not filed | $1.3B▲ +31.6% |
| CIThe Cigna GroupEPS $7.78 · beat +2.4% | not filed | not filed | $71.7B▲ +7% |
| CLOVClover HealthEPS $0.05 · beat +25.0% | not filed | 157,309▲ +48%Medical membership | $743.2M▲ +55.6% |
| CNCCenteneEPS $2.51 vs $1.08 · benchmark not corroborated | files an operating cost ratio | not filed | $53.6B▲ +9.9% |
| CVSCVS Health / AetnaEPS $2.58 vs $1.85 · benchmark not corroborated | 87.4%▼ -2.5ppBenefit expense ratio | 26.0M▼ -2.6%Medical membership | $106.1B▲ +7.3% |
| ELVElevance Health, Inc.EPS $7.45 · beat +20.0% | 89.7%▲ +0.8ppBenefit expense ratio | 1.90M▼ -15.9% | $49.8B▲ +0.8%Operating revenue |
| HUMHumana Inc.EPS $7.61 · beat +22.3% | 91.2%▲ +1.3ppInsurance benefit ratio | 6.45M▲ +23.4%Individual MA members | $40.9B▲ +26.2% |
| MOHMolina HealthcareEPS $1.51 · beat +8.6% | 92.2%▲ +1.8ppBenefit expense ratio | not filed | $10.9B▼ -4.8% |
| UNHUnitedHealth Group IncorporatedEPS $6.38 vs $4.92 · benchmark not corroborated | 86.7%▼ -2.7ppMedical care ratio | 7.57M▼ -9.4%Medicare Advantage members | $112.0B▲ +0.4% |
Care delivery · the columns change with the group
| Company | Medical margin | Adjusted EBITDA | Revenue | Net income |
|---|---|---|---|---|
| AGLagilon healthEPS $1.04 vs $0.06 · benchmark not corroborated | $197.0M | $70.0M | $1.5B▲ +7% | not filed |
| ASTHAstrana HealthEPS $0.80 vs $0.34 · benchmark not corroborated | not filed | $68.9M▲ +43% | $972.5M▲ +49% | $19.7M▲ +109% |
| PRVAPrivia HealthEPS $0.19 · No verified consensus | not filed | $37.4M▲ +29.1% | $632.6M▲ +21.4% | $9.0M▲ +233.3% |
Distribution · the columns change with the group
| Company | Revenue | Adjusted EBITDA | Net income |
|---|---|---|---|
| EHTHeHealthEPS ($1.18) vs ($0.84) · benchmark not corroborated | $33.6M▼ -44.7% | ($21.8M) | ($23.6M) |
The Long View, this quarter
All seven claims · silence includedA claim advances only on sourced evidence from independent companies: three or more is a pattern, two is emerging. Figures covering a book wider than Medicare Advantage are published and do not count. Company pages remain records; conclusion begins here.
C1Margin
Margin discipline is structural and permanent, not a cycle to wait out.
- AGL reported Medical margin of $197M versus ($53M).
- ALHC reported Benefit expense ratio of 86.3% (-40bp).
- CVS reported Benefit expense ratio of 87.4% versus 89.9%.
- ELV reported Benefit expense ratio of 89.7% versus 88.9% (+0.8pp).
7companies · Pattern
C2Risk adjustment
Risk adjustment is a cost of participation, not a source of advantage.
- AGL: Investing.com said, “Medical margin surged to $197M from negative $53M YoY; adjusted EBITDA reached $70M versus negative $83M, driven by risk adjustment and cost improvements.”
One company is not a market. Recorded, not concluded from.
1company · Watch
C3Stars
Star ratings will be restructured, not merely disputed.
No company filed evidence bearing on this claim this quarter.
0companies · Silent
C4Prior authorization
Prior authorisation moves from payer discretion to regulated process.
No company filed evidence bearing on this claim this quarter.
0companies · Silent
C5Market share
Penetration keeps rising. Who captures the growth is unresolved.
- CLOV reported Medical membership of 157,309 (+48%).
- CVS reported Medical membership of 26.0M versus 26.7M (total medical membership, read across).
- ELV reported Medicare Advantage membership of 1.90M versus 2.26M (-15.9%).
- HUM reported Individual MA members of 6.45M versus 5.23M (+23.4%).
4companies · Pattern
C6Distribution
The independent distribution channel consolidates under financial stress.
- EHTH: Finance · via Yahoo Finance said, “Medicare Advantage enrollment and submissions declined 44% in Q2, reflecting the deliberate reduction in marketing spend and the transition to the Lifetime Advisory model.”
One company is not a market. Recorded, not concluded from.
1company · Watch
C7Compression
The cost of margin recovery is passed through. Where it lands is unresolved.
No company filed evidence bearing on this claim this quarter.
0companies · Silent
METHOD · Figures are as filed. A prior year is published only where the filing states one or a prior-year filing supplies it; a change worked out here rather than filed is shown in grey. EPS status requires a same-basis, dated public consensus, and a surprise beyond 25% publishes the figures without a verdict. Pattern = 3+ independent companies; emerging = 2. Evidence set c9d7281d57e6.