Elevance Health, Inc. Announced Q1 2026 Earnings on April 22, 2026, Reporting "Operating revenue totaled $49.5 billion" for the Quarter.

Elevance Health reported first quarter adjusted diluted earnings per share of $12.58.

Chief Financial Officer Mark Kaye reported that "Operating revenue totaled $49.5 billion" for the quarter.

The company's consolidated benefit expense ratio was 86.8% for the quarter, and the adjusted operating expense ratio was 10.5% for the quarter.

During the quarter, Elevance Health recorded an accrual of $935 million related to historical risk adjustment data submitted to CMS, along with a $129 million charge related to business optimization.

Operating cash flow for the quarter was $4.3 billion.

President and CEO Gail Boudreaux stated that the company strategy remains clear: "lower the cost of health care and simplify how people navigate the system". To support this strategy, the company is investing more than $1 billion in digital and AI-enabled capabilities, embedding these tools across clinical, operational, and administrative workflows.

Boudreaux also provided an update on Carelon, reporting that the combination of CareBridge and Care at Home capabilities into a single risk-based solution has "reduced hospital readmission by 20% and generated more than 10% savings on post-acute care". Additionally, Boudreaux noted the company's AI-enabled virtual assistant is being used by 22 million commercial members.

Looking ahead, Elevance Health is raising its full year 2026 adjusted diluted earnings per share guidance to at least $26.75.

For the year 2027, management expects to return to at least 12% adjusted EPS growth based off a revised 2026 earnings baseline of $25.75.

The company anticipates full year 2026 operating cash flow of at least $5.5 billion and expects to execute at least $2.3 billion in share repurchases over the year.

Management also reaffirmed a full year operating margin outlook of approximately negative 1.75% for the Medicaid business, while remaining on track to achieve an operating margin of at least 2% in the Medicare business for the year.