Q1 26 EPS
$12.58
Q1 26 Revenue
$50.18B
BEAT +4.23%
Est. $48.15B
vs S&P Since Q1 26
+11.1%
BEATING MARKET
ELV +12.4% vs S&P +1.3%
Market Reaction
Did ELV Beat Earnings? Q1 2026 Results
Elevance Health delivered a strong first-quarter beat for Q1 2026, with adjusted diluted EPS of $12.58 clearing the $10.77 consensus estimate by 16.78%, while revenue of $50.18 billion grew 2.6% year over year and topped expectations by 4.23%. The qu… Read more Elevance Health delivered a strong first-quarter beat for Q1 2026, with adjusted diluted EPS of $12.58 clearing the $10.77 consensus estimate by 16.78%, while revenue of $50.18 billion grew 2.6% year over year and topped expectations by 4.23%. The quarter's outperformance was shaped in part by a surge in net investment income, up 29.7% to $765 million, including roughly $1.00 per share of non-recurring gains that management flagged as a tailwind. Those results came despite a $935 million accrual tied to a CMS notice concerning historical Medicare Advantage risk adjustment data, a liability that has kept analysts focused on the Medicare Advantage outlook for the company. Operating cash flow was a standout at $4.33 billion, up $3.31 billion year over year, and the company returned $1.50 billion to shareholders through buybacks and dividends. Looking ahead, Elevance raised its full-year adjusted diluted EPS guidance to at least $26.75, while reaffirming operating cash flow guidance of at least $5.50 billion.
Key Takeaways
- • Higher premium yields in Health Benefits segment
- • Growth in CarelonRx product revenue
- • Scaling of Carelon Services risk-based solutions
- • Disciplined expense management driving 20 basis point improvement in adjusted operating expense ratio
- • Favorable working capital dynamics driving $4.3 billion operating cash flow
- • Non-recurring investment income contributing approximately $1 per share
- • Improved profitability in specialty pharmacy and behavioral health businesses
ELV Forward Guidance & Outlook
Elevance Health raised its FY 2026 adjusted diluted EPS guidance to at least $26.75, supported by underlying business strength, actions to reduce medical costs, and increased visibility. GAAP diluted EPS guidance was set at least $19.85, which includes the company's estimate of financial impact from the CMS matter. The company reaffirmed FY 2026 operating cash flow of at least $5.5 billion, inclusive of potential cash payments for the CMS matter. Full-year non-GAAP adjustments are expected to total approximately $6.90 per share, including the $4.24 CMS accrual, $2.00 for amortization of intangibles, $1.15 for net losses on financial instruments, $0.90 for transaction and integration costs, $0.59 for business optimization charges, offset by approximately $2.08 in tax benefits.
ELV YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ELV Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter results exceeded expectations, reflecting underlying business strength and improving claims experience. We are raising our full-year adjusted EPS guidance, supported by greater visibility into the balance of the year. Our actions are driving more consistent performance and position Elevance Health for continued improvement over time.”
— Gail K. Boudreaux, Q1 2026 Earnings Press Release
ELV Earnings Trends
ELV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ELV EPS Trend
Earnings per share: estimate vs actual
ELV Revenue Trend
Quarterly revenue: estimate vs actual
ELV Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $12.58 | — | $50.18B | +4.23% |
| Q4 25 BEAT FY | $3.09 | $3.33 | +7.77% | $49.31B | +1.96% |
| FY Full Year | $29.97 | $30.29 | +1.06% | $197.58B | -0.08% |
| Q3 25 BEAT | $4.94 | $6.03 | +22.01% | $50.71B | +2.45% |
| Q2 25 MISS | $9.19 | $8.84 | -3.79% | $49.78B | +3.15% |
| Q1 25 BEAT | $11.48 | $11.97 | +4.30% | $48.89B | +5.72% |