Elevance Health, Inc.: 2Q26 Conference Call and Management Callback Takeaways

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Elevance Health, Inc.: 2Q26 Conference Call and Management Callback Takeaways

Equity Research

U.S. Healthcare Facilities & Managed Care

15 July 2026

Elevance Health, Inc.

2Q26 Conference Call and

Management Callback Takeaways

We recap key takeaways from the conference call and ELV OVERWEIGHT

NEUTRALincremental color from our callback from management. U.S.ManagedHealthcareCare Facilities &

Price Target USD 480.00

Stock Reaction: ELV's stock is down 10% (vs. S&P +0.2% as of 11 am ET) on a perceived tone Price (13-Jul-26) USD 425.17

shift around Medicaid cost trend in the continuing population and an EPS guidance raise that Potential Upside/Downside +12.9%

Source: Bloomberg, Barclays Research

fell short of expectations. Below we provide quick takes from the conference call

and incremental color from our callback with management. See our first look for more color on

this morning's results. U.S. Healthcare Facilities & Managed

Care

•• 2Q Outperformance: ELV saw $0.50 of core outperformance in the quarter, split evenly Andrew Mok, CFA

between MA and ACA. MA outperformance was driven by repricing actions and translates to +1 212 526 5496

70 bps of MA margin upside in the quarter (positive for UNH, HUM, CVS). ACA upside was andrew.mok@barclays.com

driven by a combination of seasonality favorability ($0.15, consistent with 1Q) and the 2025 BCI, US

final risk adjustment true-up ($0.10). We estimate the 15c core ACA outperformance Tiffany Yuan

translates to about 150 bps of ACA margin upside in the quarter (positive for OSCR, CNC). That +1 212 526 5568

said, ELV is not flowing any of the ACA upside through guidance, citing prudence around 2H tiffany.yuan@barclays.com

seasonality given the higher bronze membership mix. BCI, US

Thomas Walsh

FIGURE 1.