ELV 2Q Read-Throughs to HCIT; TOI and ASTH are Well Positioned as the Need for Value-Based Care Increases

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ELV 2Q Read-Throughs to HCIT; TOI and ASTH are Well Positioned as the Need for Value-Based Care Increases

July 15, 2026 ELV 2Q Read-Throughs to HCIT; TOI and

ASTH are Well Positioned as the Need for

Value-Based Care Increases David(212) 738-6161Larsen,dlarsen@btig.comCFAHEALTHCARE Jenny Shen

(212) 738-6136 jshen@btig.comIT WHAT YOU SHOULD KNOW: This morning Elevance Health (ELV, Not Rated) reported

2Q:26 Results. The Medical Cost Ratio (MCR) of 89.7% was slightly favorable relative to

consensus of 90.1%, revenue of $49.8B +0.8% y/y was also favorable relative to FactSetAND consensus of $48.8B, and adjusted EPS of $7.45 was well ahead of consensus of $6.21.

Adjusted EPS benefited from an $0.80 below-the-line item. Given these solid results,

2026 adjusted EPS guidance was increased from at least $26.75 to at least $27.00. ELV

highlighted that results exceeded their outlook, and the company still expects ~12%

adjusted EPS growth in 2027E.DIGITAL ■ ELV continues to manage trend. While results appear to be good in 2Q, the

Enterprise adjusted operating margin of 3.6% in 2Q:26, declined from 5.0% in

2Q:25. The benefit expense ratio of 89.7% increased +80 bps y/y driven by higher

trend in ELV's government business, partly offset by improved performance in theHEALTH Individual ACA program. Within the Health Benefits segment revenue of $42.7B

increased +3% y/y driven by higher premium yields partly offset by declines in

MA, Medicaid, and Employer Group risk membership. Carelon performed well with

2Q:26 revenue of $19.2B +6% y/y, and an operating margin of 4.9% relatively flat

compared to the 2Q:25 operating margin of 5.2%.

■ Read-Throughs to HCIT. Individual membership declined (7.5%) from 3/31/26INDUSTRY which in our view suggests that Health Insurance Exchange (HIX) enrollment