Elevance Health posted a $1.76 billion profit in the first quarter of 2026, down 19.4% year over year.
The company raised full-year guidance to diluted and adjusted diluted earnings per share to be at least $19.85 and $26.75, respectively, according to an April 22 news release from the company.
Operating revenue for the three months ended March 31 was $49.5 billion, about a 1.5% year-over-year boost. The company’s overall operating margin was 4.2%.
The health benefits business — made up of Anthem and Wellpoint — had a total operating revenue of $42.5 billion, up 2.6% year over year. This growth was mostly spurred by higher premium yields, despite declines in Medicare Advantage, Medicaid and employer group risk membership. The operating margin was 5.1%.
Health services arm Carelon had $18 billion in operating revenue, nearly an 8% year-over-year jump. The operating margin was 5.9%.
While Elevance’s benefit expense ratio was 86.8%, a 40 basis-point increase from the same period one year ago, that is down from the previous quarter and 2025 full-year results. Days in claims payable were 46.6 days as of March 31, an increase of 5.3 days from Dec. 31, 2025, and 3.8 days year over year.
Total medical membership dipped 0.9% year over year to 45.4 million members, despite a 0.4% increase from last quarter. The company has about 8.5 million Medicaid and 2.8 million Medicare members.
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