Analyst question
Analyst · earnings call
The Payer Record · ELV · Q2 2026
Elevance Health, Inc Q2 2026 — the filed record
Why the Results ChangedExact source language · this is not analyst valuation logic
Analyst question
Analyst · earnings call
“Hi, everybody, thanks for the comments. Maybe just to drill down a little bit on your Medicaid comments, if possible. Sounds like the rate updates are coming in more favorable. When you think about the trajectory over the course of the year, that -1.75% margin, is the back half more favorable than the front half?”
Sourced Takeaways5 takeaways · every bullet sourced
- Operating revenue was $49.8B; versus $49.4B a year earlier; +0.8% YoY.Filed8-K 2026-07-15 · P.1
- Benefit expense ratio was 89.7%; versus 88.9% a year earlier; +0.8pp YoY.Filed8-K 2026-07-15 · INCOME STMT
- Adjusted EPS was $7.45; versus $8.84 a year earlier; -15.7% YoY.Filed8-K 2026-07-15 · GAAP RECON P.13
- Diluted EPS (GAAP) was $6.71; versus $7.72 a year earlier; -13.1% YoY.Filed8-K 2026-07-15 · INCOME STMT
- Medicare Advantage membership was 1.90M; versus 2.26M a year earlier; -15.9% YoY.Filed8-K 2026-07-15 · MEMBERSHIP
The NumbersReported · published precision · every figure sourced
| Metric | Q2 2026 | Prior yr | YoY | FY Guide |
|---|---|---|---|---|
| Operating revenue | $49.8B | $49.4B | +0.8% | — |
| Benefit expense ratio premium basis | 89.7% | 88.9% | +0.8pp | — |
| Adjusted EPS beat ~$6.21 cons. | $7.45 | $8.84 | -15.7% | — |
| Diluted EPS (GAAP) | $6.71 | $7.72 | -13.1% | — |
| Medicare Advantage membership company-reported | 1.90M | 2.26M | -15.9% | — |
| Medicare operating revenue | $11.0B | $11.4B | -4.2% | — |
| Health Benefits operating margin | 2.1% | 3.8% | -1.7pp | — |
| MA risk-adjustment accrual (CMS notice) 6-mo · Corp & Other | $935M | — | new | — |
| FY26 adjusted EPS guidance | ≥$27.00 | raised | — | Raised |
CMS ROWS ARE GROUND TRUTH, INDEPENDENT OF COMPANY REPORTING · PRECISION PER BRAND SPEC
Guidance Language DeltaQ1 2026 outlook (Apr 22) → Q2 2026 outlook (Jul 15)
Q1 2026 outlook (Apr 22)
FY 2026 diluted EPS guidance to be at least $19.85, including the Company's estimate of the financial impact for the CMS matter. FY 2026 adjusted diluted EPS guidance raised to at least $26.75. Reaffirm FY 2026 operating cash flow of at least $5.5 billion.
Elevance 1Q26 earnings release, Apr 22 2026 · headline guidance bullets (elevancehealth.com newsroom)
Q2 2026 outlook (Jul 15)
FY 2026 diluted EPS guidance raised to at least $20.10; adjusted diluted EPS guidance raised to at least $27.00, reflecting strong second quarter operating results. FY 2026 operating cash flow guidance raised to at least $6.0 billion.
Elevance 2Q26 earnings release, Jul 15 2026 · headline guidance bullets (elevancehealth.com newsroom)
Thread Postings3 threads advanced
Margin
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Enforcement
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Structure
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The DocumentsEverything this record is built from
Full call, speaker-attributed, auto-segmented from the Motley Fool transcript with Tally's margin notes. Prepared remarks and the full Q&A.
82 turns
The reported numbers at published precision. Income statement, segment detail, and the GAAP reconciliation carrying the $935M accrual.
17 PP.
Medical membership by line. Medicare Advantage 1.897M — the source for the -15.9% MA figure.
1 P.
Segment-level MA margin detail (the answer to the 2% claim) and the reserve tables. Files within days of the call.
PENDING
Ground-truth MA enrollment by plan and county — the WS1 join to confirm the membership decline independently.
PENDING