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ELV FY2026 Q1 IMPROVING

Elevance Health, Inc. 실적 발표

Apr 22, 2026 · 04:30 ET Amy DalyFelicia NorwoodGail Boudreau
Buzzberg 분석

Company raises 2026 EPS guidance to at least $26.75

Elevance Health reported strong Q1 2026 results with adjusted EPS of $12.58, beating expectations, and raised full-year guidance to at least $26.75. Management highlighted progress in cost management, AI investments, and Medicaid/Medicare performance, while providing a disciplined outlook for 2027 growth. Adjusted EPS of $12.58 exceeded expectations, driven by favorable claims experience and ACA seasonality; full-year guide raised to ≥$26.75.

Buzzberg 분석 Company raises 2026 EPS guidance to at least $26.75 Elevance Health reported strong Q1 2026 results with adjusted EPS of $12.58, beating expectations, and raised full-year guidance to at least $26.75. Management highlighted progress in cost management, AI investments, and Medicaid/Medicare performance, while providing a disciplined outlook for 2027 growth. Adjusted EPS of $12.58 exceeded expectations, driven by favorable claims experience and ACA seasonality; full-year guide raised to ≥$26.75. 전체 분석 보기분석 접기

Elevance Health reported strong Q1 2026 results with adjusted EPS of $12.58, beating expectations, and raised full-year guidance to at least $26.75. Management highlighted progress in cost management, AI investments, and Medicaid/Medicare performance, while providing a disciplined outlook for 2027 growth. Adjusted EPS of $12.58 exceeded expectations, driven by favorable claims experience and ACA seasonality; full-year guide raised to ≥$26.75.

  • Medicaid operating margin guided to ~ -1.75% for 2026; Medicare Advantage on track for at least 2% margin.
  • Carillon (CareBridge) saw risk-based programs reducing hospital readmissions by 20% and post-acute savings >10%.
  • AI investments scaling across clinical and administrative workflows; 22M members using virtual assistant.
Revenue $50.181B +1% QoQ
EPS $12.58 reported
Gross margin 18.14% reported
Op margin 5.3% reported

이번 분기에 달라진 점

01
Guidance

Company raises 2026 EPS guidance to at least $26.75

Guidance tone

02
Margins

Medicaid margin expected to be -1.75% for 2026, trough year

Reported gross margin was 18.14%, reinforcing the quarter's better-than-guided profitability.

03
Regulatory

CMS risk adjustment matter accrued $935 million

Medicaid operating margin guided to ~ -1.75% for 2026; Medicare Advantage on track for at least 2% margin.

04
Demand

ACA bronze plan shift drives favorable seasonality but defers costs to H2

Management expressed confidence in the business trajectory, raised full-year EPS guidance, and reiterated strong 2027 growth expectations, while acknowledging ongoing challenges in Medicaid and the CMS risk adjustment matter.

AI, 자본지출 및 수요 분석

AI

플랫폼 및 수익화

Management is embedding and scaling AI across clinical, operational, and administrative workflows, reporting tangible results in member engagement, cost management, and administrative expense reduction. They are investing more than a billion dollars in digital and AI-enabled capabilities, with over 60,000 associates already using AI tools.

수요

수주 및 전환

ACA bronze plan shift drives favorable seasonality but defers costs to H2. Management expressed confidence in the business trajectory, raised full-year EPS guidance, and reiterated strong 2027 growth expectations, while acknowledging ongoing challenges in Medicaid and the CMS risk adjustment matter.

톤 · Confident

Management expressed confidence in the business trajectory, raised full-year EPS guidance, and reiterated strong 2027 growth expectations, while acknowledging ongoing challenges in Medicaid and the CMS risk adjustment matter.

향후 가이던스

ImprovingGuidance tone · was IN LINE last Q
지표기간범위중간값상태
EPSFY2026$26.75$26.75RAISED
Free cash flowFY2026$5.5B$5.5BGUIDED
Op marginMEDICARE_ADVANTAGEFY20262%2%GUIDED
Op marginMEDICAIDFY2026-1.75%-1.75%GUIDED

가이던스 신뢰도

1 / 1달성 또는 상회
제시 시점지표목표 기간가이던스실제결과
FY2025 Q3EPSFY2025$30.00$30.29Met / beat