Elevance Health Inc. (ELV) Q2 2026 (USD): adj. EPS 7.45 (exp. 6.21), revenue 49.8bln (exp. 48.8bln); sees FY adj. EPS of at least 27/shr (exp. 26.87/shr)

• op. margin 3.5%, adj. op. margin 3.6%
• Q2 dividend of 1.72/shr

COMMENTARY:

• CEO says results exceeded outlook, supported by disciplined execution and improved operating performance
• Is accelerating investments in medical cost management, member experience, provider connectivity, operating efficiency and Carelon’s value-based solutions.
• Benefit expense ratio 89.7%, increased 80bps Y/Y, driven by expected elevated medical cost trend in our Government businesses, partially offset by improved performance in Individual ACA compared to the prior year.