One of the largest health insurers in the United States, Elevance Health provides medical, dental, and vision coverage to families, employers, and people in government Medicare and Medicaid programs, through its Blue Cross and Blue Shield plans in 14 states and its Wellpoint, Carelon, and MMM brands. Its roots reach back to regional Blue Cross plans in the 1940s, and it was reshaped by the 2004 merger of Anthem and WellPoint. Renamed in 2022, its name blends "elevate" and "advance," while its Carelon services brand takes its "lon" from a word meaning "full and complete."
Elevance Health reaffirms FY2026 EPS guidance of at least $19.85 per diluted share.
Excluding those items, the company expects adjusted shareholders' earnings of at least $26.75 per diluted share for full year 2026.
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Elevance Health officers will reaffirm full year 2026 shareholders' earnings guidance of at least $19.85 per diluted share, including approximately $6.90 per diluted share of net unfavorable items.
The company also reaffirms its full year 2026 benefit expense ratio guidance of 90.2% plus or minus 50 basis points.
The guidance does not include any adjustment items beyond those reported in the first quarter 2026 earnings.
The disclosure was made under Item 7.01 Regulation FD Disclosure in connection with investor and analyst meetings this week.
Elevance Health reports Q1 2026 operating revenue of $49.5B, raises FY adjusted EPS guidance to at least $26.75
First quarter 2026 operating revenue was $49.5 billion, up 1.5% from $48.8 billion in Q1 2025.
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Diluted EPS was $8.00; adjusted diluted EPS was $12.58, including ~$1 per share of non-recurring investment income.
Full-year 2026 adjusted diluted EPS guidance raised to at least $26.75; GAAP diluted EPS guidance at least $19.85.
Operating cash flow was $4.3 billion in Q1 2026, up $3.3 billion year over year; FY 2026 operating cash flow guidance reaffirmed at least $5.5 billion.
Returned $1.5 billion to shareholders in Q1 2026, including $1.1 billion in share repurchases and $376 million in dividends.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Elevance Health reaffirms 2026 adjusted EPS guidance of at least $25.50, including impact of CMS sanctions.
Elevance Health officers will reaffirm full-year 2026 adjusted shareholders' earnings of at least $25.50 per diluted share during investor meetings over the next week.
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The company also reaffirms its 2026 benefit expense ratio guidance of 90.2% plus or minus 50 basis points.
The guidance includes the potential impact of CMS sanctions, which may suspend Medicare Advantage enrollment and certain communications effective March 31, 2026.
Elevance cannot reasonably estimate the impact of potential financial payments to resolve the CMS matter, so no GAAP reconciliation is provided.
The disclosure was made under Item 7.01 Regulation FD Disclosure as part of ongoing communications with investors and analysts.
CMS to suspend Elevance Health Medicare Advantage enrollment and communications starting March 31, 2026.
On February 27, 2026, CMS notified Elevance Health of its intent to impose intermediate sanctions suspending enrollment of Medicare beneficiaries into its MA-PD plans and certain communication activities.
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The sanctions are scheduled to take effect on March 31, 2026, unless CMS determines the identified issues have been satisfactorily addressed.
The suspension does not affect current MA-PD members' benefits or plans.
CMS alleges noncompliance with Medicare Advantage risk adjustment data submission requirements for dates of service prior to April 3, 2023; Elevance revised its practices in April 2023 following additional regulatory guidance.
Elevance Health is engaging with CMS to address the concerns raised in the notice.
Elevance Health announces Peter Haytaian to step down as Carelon President; CFO Mark Kaye to add oversight
Peter D. Haytaian will transition from Executive Vice President and President of Carelon effective May 4, 2026, to devote more time to family commitments.
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Haytaian will serve as Special Advisor through December 31, 2026, to support an orderly leadership transition.
Mark Kaye, Executive Vice President and CFO, will expand his responsibilities to include oversight of Carelon.
Felicia Norwood, Executive Vice President and Chief Health Benefits Officer, will lead the consolidated Health Benefits organization.
The company reaffirmed full year 2026 adjusted shareholders' earnings guidance of at least $25.50 per diluted share.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure
Elevance Health reports Q4 and full year 2025 results; sets 2026 outlook
Q4 2025 operating revenue was $49.3 billion, up 10% year over year; full year 2025 operating revenue was $197.6 billion, up 13%.
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Q4 2025 diluted EPS was $2.47; adjusted diluted EPS was $3.33. Full year 2025 diluted EPS was $25.21; adjusted diluted EPS was $30.29.
Projected FY 2026 GAAP diluted EPS to be at least $22.30; adjusted diluted EPS to be at least $25.50.
Returned $4.1 billion of capital to shareholders in 2025.
Health Benefits segment reported an adjusted operating loss of $0.2 billion in Q4 2025; Carelon segment adjusted operating gain was $0.6 billion in Q4 2025.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits