Elevance Health, Inc. (ELV) Announced Q2 2026 Earnings on July 15, 2026, Reporting "Operating revenue totaled $49.8 billion" for the Quarter.

Elevance Health reported second quarter operating revenue that totaled $49.8 billion.

Second quarter adjusted diluted earnings per share were $7.45.

Operating cash flow totaled $1.9 billion in the quarter, and days in claims payable were 45.4 days as of June 30.

During the quarter, the company recorded a net below-the-line benefit of $0.80 per share, which management intends to use to fund one-time investments in the second half of the year.

President and CEO Gail Boudreaux highlighted that the company is accelerating investments in capabilities tied to earlier detection of medical cost trend, more precise clinical intervention, a simpler member experience, and better provider connectivity.

Management noted they are utilizing Sydney Health to improve how members access care and are expanding Carelon value-based solutions like CareBridge, which can generate medical savings in the mid-teens for members. In its Medicaid business, Elevance Health recently reached a mutual agreement to exit the District of Columbia Medicaid market and expects to exit additional Medicaid markets over the next 12 to 18 months where they do not see a path to sustainable performance.

Additionally, the company made an initial remittance to CMS of $342 million in the second quarter and subsequently received written confirmation that sanctions will not be imposed and the matter is closed.

Looking forward, Elevance Health raised its full year 2026 adjusted diluted earnings per share guidance to at least $27.

For 2027, the company remains confident in returning to at least 12% adjusted EPS growth based off a revised 2026 earnings baseline of at least $26.

Management also raised its full year operating cash flow outlook to at least $6 billion.

The company maintained its full year Medicaid operating margin outlook of approximately negative 1.75%, while noting they remain on track to achieve an operating margin of at least 2% in the Medicare Advantage business this year.