ELV - Q1'26 First Take

研报英文原文证据摘录

ELV - Q1'26 First Take

Healthcare Facilities & Managed Care

FLASH

FLASH: ELEVANCE HEALTH INC (ELV) July 15, 2026

ELV - Q1'26 First Take Rating:

Outperform ●2Q26 Results Beat on Better MLR – ELV reported 2Q adj EPS of $7.45 which Price:

included $0.80 of net below-the-line benefit from better investment income. $426.79

Excluding this item, adj. EPS came in at $6.65, above WR / Cons est. of $6.19/ Price Target:

$435 $6.21 (and compared to co commentary that Q2 would be ~23% of FY EPS, or ~

% Upside:

$6.15). MLR for the quarter came in at 89.7% vs WR/Cons. of 90.3% / 90.1% led 1.9%

by outperformance in Medicare Advantage and Individual ACA although much

of this is seasonality per ELV. Following the quarter beat of ~$0.50, ELV raised Source: FactSet, Wolfe Research

Priced as of 07/14/26

FY adjusted EPS guidance by $0.25 at the midpoint to at least $27.00 (from

$26.75) and importantly raised “jump-off” by $0.25 as well to $26.00 from

previous $25.75 with the other $0.25 of earnings beat discussed as seasonality,

likely on HIX, similar to Q1’26 – we note co. now has $0.40 of HIX seasonality /

conservatism in 2H EPS guide. ELV noted it would invest the $0.80 of inv.

inc. upside this year into med cost mgmt. and other initiatives. 2H EPS implied Justin Lake, CFA

at $6.97 vs. $8.02 previously down $1.05 - likely driven by most of $0.80 jlake@wolferesearch.com (646) 582-9280

incremental investment coming in 2H'26 and $0.25 of cost seasonality pushed View Justin’s Research

from Q2 to 2H. Given heightened expectations across much of the MCO group View ELV Model

into Q2 earnings today’s $0.50 beat and $0.25 raise is unlikely to drive further View Comp Table

excitement for ELV investors and likely increases pressure a bit on UNH to Dillon Nissan

deliver meaningful upside tomorrow.