Elevance Health Q2: Membership Slides 1.5%, CMS Risk Adjustment Matter Closed
ELV sits 42% above its 52-week low of $273.71.
Summary
Elevance Health posted Q2 2026 net income of $1.46 billion, down 16.1% YoY, as higher medical costs and a risk adjustment accrual weighed on results. Membership declined to 44.9 million, but CMS closed its enforcement matter without sanctions, and full-year adjusted EPS guidance was raised.
Key Events · Earnings and Guidance · ELV
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Q2 Earnings Decline
Shareholders' net income fell 16.1% to $1.46 billion, with diluted EPS of $6.71 versus $7.72 a year ago, driven by higher benefit and operating expenses.
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Membership Attrition
Total medical membership dropped 1.5% YoY to 44.9 million, with Medicaid down 4.3% and Medicare Advantage down 15.9%, partially offset by growth in Employer Group Fee-Based.
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CMS Risk Adjustment Matter Resolved
CMS closed its enforcement process on July 13, 2026 without sanctions; the company paid $342 million of the $935 million accrual, leaving a $593 million liability.
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Full-Year Guidance Raised
Adjusted EPS guidance was raised to at least $27.00, up from a prior view that was already lifted, reflecting confidence in the back half of the year.
Analysis · ELV · Finance
Elevance Health's Q2 2026 results reveal a 16.1% drop in shareholders' net income to $1.46 billion, pressured by higher medical costs and a $935 million accrual for Medicare Advantage risk adjustment data resubmission. Total medical membership contracted 1.5% year-over-year to 44.9 million, with notable attrition in Medicaid and Medicare Advantage. On a positive note, CMS closed its enforcement process on July 13 without sanctions, and the company raised its full-year adjusted EPS guidance to at least $27.00. The quarter reflects ongoing cost pressures and membership headwinds, partially offset by strong investment income and share repurchases.
How filings like this one have moved
In the 30 days to Sep 15, 2026, 35.6% of the 1100 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, ELV was trading at $387.70 on NYSE in the Finance sector, with a market capitalization of approximately $84.2B. The 52-week trading range was $273.71 to $436.24. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.