Elevance Health Reports Q1 2026 Revenue Rise

By Chris Stiles • Wednesday, April 22 10:40 • Permanent Link

Elevance Health reported first-quarter 2026 operating revenue of $49.5 billion, up $0.7 billion, or 1.5%, from $48.8 billion a year earlier.

Operating gain fell to $2.1 billion from $3.2 billion, while adjusted operating gain slipped to $3.2 billion from $3.3 billion. Operating margin widened sharply to 14.2% from 6.5%, and adjusted operating margin edged up to 6.5% from 6.7%.

Diluted earnings per share were $8.00 in the quarter, compared with the prior-year period’s result implied by the company’s reported guidance context, while adjusted diluted EPS was $12.58, boosted by about $1 per share of non-recurring investment income.

The health benefits segment generated $42.5 billion of operating revenue, up $1.1 billion, or 2.6%, from $41.4 billion. Segment operating gain was flat at $2.2 billion, but the operating margin improved to 5.1% from 5.4%? Actually, based on the release, it was 5.1% versus 5.4% last year, reflecting higher medical costs, mainly in Medicaid, offsetting revenue growth.

Carelon posted $18.0 billion of operating revenue, up $1.3 billion, or 7.9%, from $16.7 billion. Operating gain held at $1.1 billion, though it declined 3.8% year over year, as growth in Carelon services and CarelonRx was partly offset by lower health plan membership and investment in risk-based capabilities.

Medical membership reached about 45.4 million at March 31, 2026, up 186,000 from year-end 2025.

The benefit expense ratio rose to 86.8%, up 40 basis points from a year earlier. Days in claims payable increased to 46.6 days, up 5.3 days from December 31, 2025 and 3.8 days from a year earlier.

Operating cash flow was $4.3 billion, up $3.3 billion from the prior year quarter. The company returned $1.5 billion of capital to shareholders, including repurchasing 3.7 million shares for $1.1 billion and paying $376 million in dividends.

For full-year 2026, Elevance raised adjusted diluted EPS guidance to at least $26.75 from its prior outlook, and set diluted EPS guidance at at least $19.85, while reaffirming operating cash flow of at least $5.5 billion. Today the company's shares have moved -0.62% to a price of $294.25. If you want to know more, read the company's complete 8-K report here.

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