Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits. The company operates in the pharmacy services business; and markets and offers pharmacy services, including pharmacy benefit management, as well as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services. In addition, it provides healthcare-related services and capabilities, including utilization management, behavioral health, integrated care delivery, palliative care, payment integrity services, subrogation services, and health and wellness programs, as well as services related to data management, information technology, and business operations. Further, the company is involved in the National Government Services business. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brand names. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance Health, Inc. was incorporated in 2001 and is headquartered in Indianapolis, Indiana.

Elevance Health, Inc. демонстрирует смешанную картину с точки зрения фундаментальных показателей. P/E находится на уровне 15.62, что ниже медианы отрасли, указывая на потенциальную недооцененность, однако динамика показывает снижение этого мультипликатора, что может свидетельствовать о проблемах с ростом прибыли. Проблемы также наблюдаются в показателях маржи — net profit margin и operating margin значительно ниже медианы отрасли, что указывает на трудности с эффективностью. Долговая нагрузка компании выше медианы, что создает дополнительные риски для инвесторов. В то же время, такие показатели, как EPS и EPS forecast значительно превышают медианные значения, что говорит о сильной прибыли на акцию. Однако отсутствие дивидендов также может негативно сказаться на привлекательности акций для инвесторов, ориентированных на доходность. В целом, несмотря на устойчивый рост выручки и прибыли, высокие мультипликаторы и низкие маржи создают негативный фон для оценки акций Elevance Health, что требует осторожного подхода к инвестициям в эту компанию.

Elevance Health, Inc.

Humana Inc. HUM reported first-quarter 2026 adjusted earnings of $10.31 per share, which beat the Zacks Consensus Estimate by 3.5%. However, the bottom line fell 11% year over year.
Revenues improved 23.5% year over year to $39.6 billion. The top line surpassed the consensus mark by 0.5%.
The quarterly results benefited on the back of premium gains and a robust performance from the CenterWell segment, which saw a revenue jump supported by its primary care business. A rise in overall medical membership also contributed to the upside. However, the upside was partly offset by escalating operating expenses and a deteriorating benefit ratio.
Humana Inc. Price, Consensus and EPS Surprise
HUM’s Q1 Operational Update
Humana’s premiums totaled $37.7 billion, which advanced 23.6% year over year, and surpassed the Zacks Consensus Estimate of $37.3 billion and our estimate of $36.6 billion. Services revenues rose 25.7% year over year to $1.7 billion, beating the consensus mark of $1.6 billion. Investment income of $262 million fell 0.8% year over year in the quarter under review. However, the metric beat the consensus mark of $230 million and our estimate of $235.7 million.
The benefit ratio came in at 89.4%, which deteriorated 240 basis points (bps) year over year. Total operating expenses increased 25.9% year over year to $37.9 billion, higher than our estimate of $36.6 billion. The year-over-year increase was due to higher benefits and operating costs. The adjusted operating cost ratio of 10% improved 50 bps year over year.
HUM’s net income declined 4.7% year over year to $1.2 billion but beat our estimate of $1.1 billion.
Q1 Segmental Update of HUM
Insurance
The segment’s revenues rose 23% year over year to $38.1 billion in the first quarter on the back of improved per-member premiums derived from HUM’s Medicare and stand-alone PDP businesses, supported by improved Medicare Advantage benchmark funding from the Centers for Medicare and Medicaid Services and a higher Part D direct subsidy tied to the IRA.
Adjusted operating income dropped 8.8% year over year to $1.4 billion. The benefit ratio deteriorated 200 bps year over year to 89.4%. The operating cost ratio of 7.3% improved 90 bps year over year.
Total medical membership of the segment was 17.7 million as of March 31, 2026, which rose 19.4% year over year. The metric beat the Zacks Consensus Estimate of 16.7 million and our estimate of 15.7 million.
CenterWell
The unit recorded revenues of $6.1 billion in the quarter under review, which improved 19.7% year over year and surpassed the Zacks Consensus Estimate of $5.8 billion. The metric benefited from higher revenues stemming from the company’s primary care business.
Adjusted operating income dropped 25.1% year over year to $338 million. The operating cost ratio of 94.5% deteriorated 340 bps year over year due to the ongoing implementation of the v28 risk model update within the company’s primary care business and higher volumes in CenterWell Specialty Pharmacy.
Humana’s Financial Update (As of March 31, 2026)
Humana exited the first quarter with cash and cash equivalents of $5 billion, which rose 17.9% from the 2025-end level. Total assets of $55.3 billion increased 13% from the figure at 2025-end.
Long-term debt amounted to $12.3 billion, down 0.8% from the figure as of Dec. 31, 2025. Debt to capitalization deteriorated 190 bps year over year to 43% at the first-quarter end.
Total stockholders’ equity of $18.6 billion advanced 5.2% from the 2025-end figure.
HUM generated net cash from operations of $1.3 billion in the first quarter of 2026, which increased nearly fourfold year over year.
HUM’s Capital Deployment Update
Humana bought back shares worth $107 million in the first quarter of 2026. It also paid dividends of $107 million during the same quarter.
2026 View by HUM
Revenues are still projected to be a minimum of $160 billion, which implies a 23.4% increase from the 2025 reported figure. The Insurance segment’s revenues are expected to continue to be forecasted at a minimum of $155 billion. Revenues of the CenterWell segment are still expected to be at a minimum of $25 billion.
Adjusted EPS is still projected to be at least $9.00, which indicates a 47.5% decline from the 2025 figure. GAAP EPS is now projected to be at least $8.36, down from the previously expected guidance of at least $8.89.
Management still anticipates Individual Medicare Advantage membership to witness growth of around 25% in 2026. Group Medicare Advantage membership is still expected to record an increase of roughly 150,000.
Membership from the Individual Medicare stand-alone PDP is still expected to increase around 1,000,000 this year. State-based contracts are still anticipated to witness membership growth within 25,000-100,000.
The GAAP benefit ratio for the Insurance segment is still likely to be 92.75%, with a variability margin of plus or minus 25 basis points. The GAAP consolidated adjusted operating cost ratio is still expected to be at 10%, with a variability margin of plus or minus 25 basis points.
GAAP cash flow from operations is still estimated within $2.5-$2.9 billion. Meanwhile, capital expenditures are still projected to be roughly $650 million. The adjusted effective tax rate is expected to be around 25.5%, while the weighted average share count is anticipated at around 121 million.
HUM’s Zacks Rank
HUM currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Peers Perform?
Several companies in the Medical space, including Molina Healthcare Inc. MOH, UnitedHealth Group Incorporated UNH and Elevance Health, Inc. ELV, have already reported their financial results for the March quarter of 2026. Here’s how they had performed:
Molina Healthcare reported first-quarter 2026 adjusted earnings per share of $2.35, which beat the Zacks Consensus Estimate of $1.57. The bottom line declined 61.3% from the year-ago period's level. Revenues amounted to $10.8 billion, which decreased 3.1% year over year. The top line of Molina Healthcare marginally missed the consensus mark by 0.2%. The first-quarter performance was supported by lower medical care costs, partially offset by declining premiums, membership and investment income.
UnitedHealth reported first-quarter 2026 EPS of $7.23, which beat the Zacks Consensus Estimate of $6.46. The bottom line rose 0.4% year over year. Revenues rose 2% year over year to $111.7 billion. The top line beat the consensus mark by 2.1%. The strong quarterly earnings were aided by growth in commercial fee-based membership and the strength witnessed in Optum Rx. However, weakness in UnitedHealth’s Optum Health and declining risk-based membership partially offset the positives.
Elevance Health reported first-quarter 2026 adjusted earnings per share of $12.58, which surpassed the Zacks Consensus Estimate by 17.8%. The bottom line rose 5.1% year over year. Operating revenues advanced 1.5% year over year to $49.5 billion. The top line beat the consensus mark by 3.7%. The strong quarterly results benefited on the back of strong growth in premiums. Segment-wise, the Carelon division posted a robust revenue surge, aided by scaling risk-based services, while Health Benefits saw increased premium yields. However, Elevance Health’s upside was partly offset by a decline in overall medical membership and an elevated expense level.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Humana Beats Q1 Earnings Estimates on Increasing Premiums

The S&P 500 Index ($SPX) (SPY) on Monday closed up +0.12%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.01%. June E-mini S&P futures (ESM26) rose +0.14%, and June E-mini Nasdaq futures (NQM26) fell -0.02%.
Stock indexes settled mostly higher on Monday, with the S&P 500 and Nasdaq 100 posting new all-time highs. Optimism that demand for AI-infrastructure will remain strong and continue to power technology earnings boosted stocks on Monday. The megacap technology stocks of Alphabet, Apple, Amazon.com, Microsoft, and Meta Platforms all report quarterly earnings this week.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The broader market saw some downward pressure from Monday’s +2% rally in WTI crude oil prices, which raised inflation expectations. Crude oil prices jumped after President Trump on Saturday canceled planned negotiations with Iran in Pakistan, saying Iran "offered a lot, but not enough" to continue negotiations. Iranian President Pezeshkian said Iran won't enter "imposed negotiations under threats or blockade." Secretary of State Rubio said Iran still wants to retain control of the Strait of Hormuz, and that was "unacceptable" to the US.
However, AI-infrastructure stocks found support on Monday after TF International Securities said that Qualcomm is working with OpenAI and Taiwan’s MediaTek to develop smartphone processors. Also, Micron Technology and SanDisk both received buy ratings from Melius Research. In addition, strength in health insurers was a positive factor for the market.
Stock indexes found support from the Axios report that Iran has given the US a new proposal to reopen the Strait of Hormuz and end the war, which includes postponing nuclear negotiations. The plan calls for extending the ceasefire so the parties can work toward a permanent end to the war, and nuclear talks would come later, only after a US blockade of the strait is lifted. The White House said Monday afternoon that President Trump is discussing the proposal with national security and foreign policy officials.
The US and Iran are locked in a battle for control of the Strait of Hormuz, with both sides blocking the waterway to gain leverage during an extended ceasefire. The US increased pressure on Iran with its naval blockade as it seeks to get Iran to agree to talks, while Israel and Lebanon are set to extend a ceasefire for three weeks.
WTI crude oil prices (CLM26) rose by more than +2% on Monday after President Trump canceled a planned weekend trip by US envoys to Pakistan and Iran said it won’t negotiate while the US naval blockade of Iran remains in force. The Strait of Hormuz remains essentially closed, threatening to deepen the global energy crisis. The ongoing blockade could exacerbate global oil and fuel shortages, as about a fifth of the world’s oil and liquefied natural gas transits through the strait. Goldman Sachs estimates that crude output in the Persian Gulf has been curtailed by about 14.5 million bpd, or more than 50%, so far in April, and that the current disruption has drawn down nearly 500 million bbl from global crude stockpiles, which could hit a billion bbl by June.
Kevin Warsh now appears to be on a glide path toward Senate approval as the new Fed Chair after Senator Thom Tillis said on Sunday that he dropped his opposition to the nomination. Mr. Tillis dropped his opposition after the US Justice Department dropped its criminal investigation into the Fed’s overspending on the renovation of its building, in line with Mr. Tillis’ demand. Mr. Tillis views the investigation into Fed Chair Powell as an attempt to force the Fed to cut interest rates. The Senate Banking Committee is due to vote on Mr. Warsh’s appointment this Wednesday and then send the nomination to the full Senate for a vote.
The markets are discounting a 0% chance for a +25 bp FOMC rate hike at the Tue-Wed policy meeting. The markets are expecting the FOMC to leave policy unchanged this week as it awaits further developments in oil prices and inflation.
Earnings season ramps up this week with several Magnificent Seven technology stocks reporting. Earnings results thus far have been supportive of stocks. As of Monday, 80% of the 139 S&P 500 companies that reported Q1 earnings have beaten estimates. Q1 S&P 500 earnings are projected to climb +12% y/y, according to Bloomberg Intelligence. Stripping out the technology sector, Q1 earnings are projected to increase around +3%, the weakest in two years.
Overseas stock markets settled mixed on Monday. The Euro Stoxx 50 closed down -0.39%. China's Shanghai Composite closed up +0.16%. Japan's Nikkei Stock 225 rallied to a new record high and closed up +1.38%.
Interest Rates
June 10-year T-notes (ZNM6) on Monday closed down -6 ticks. The 10-year T-note yield rose +3.6 bp to 4.337%. June T-notes retreated on Monday due to the +2% increase in the price of WTI crude oil, which boosts inflation expectations. The 10-year breakeven inflation rate rose to a 14-month high of 2.457% on Monday. Supply pressures also weighed on T-note prices, as the Treasury auctioned $69 billion of 2-year T-notes and $70 billion of 5-year T-notes.
Demand for Monday’s Treasury auctions was mixed. The 2-year T-note auction saw decent demand, with a bid-to-cover ratio of 2.65, above the 10-auction average of 2.60, while demand for the 5-year T-note auction was tepid, with a bid-to-cover ratio of 2.33, below the 10-auction average of 2.35.
European government bond yields moved higher on Monday. The 10-year German bund yield rose +3.9 bp to 3.033%. The 10-year UK gilt yield rose +6.0 bp to 4.972%.
The German May GfK consumer confidence index fell -5.2 to a 3.25-year low of -33.3, weaker than expectations of -30.0.
Swaps are discounting a 6% chance of a +25 bp ECB rate hike at its next policy meeting on Thursday.
US Stock Movers
Health insurance stocks rallied on Monday to provide support to the overall market. Centene (CNC) closed up more than +4%, and Elevance Health (ELV) and Humana (HUM) closed up more than +3%. Also, UnitedHealth Group (UNH) and the Cigna Group (CI) closed up more than +2%, and Cardinal Health (CAH) and Molina Healthcare (MOH) closed up more than +1%.
Airline stocks and cruise line operators fell on Monday after WTI crude oil rose more than +2%, which raises fuel costs and weighs on corporate profits. American Airlines Group (AAL) closed down more than -3%, and Alaska Air Group (ALK), Royal Caribbean Cruises Ltd (RCL), and Southwest Airlines (LUV) closed down more than -2%. Also, United Airlines Holdings (UAL), Carnival (CCL), and Norwegian Cruise Line Holdings Ltd (NCLH) closed down more than -1%, and Delta Air Lines (DAL) closed down -0.37%.
Chipmakers moved lower on Monday, weighing on the broader market. ARM Holdings Plc (ARM) closed down more than -8% to lead losers in the Nasdaq 100. Also, Advanced Micro Devices (AMD), Marvell Technology (MRVL), and Lam Research (LRCX) closed down more than -3%. In addition, Applied Materials (AMAT), Microchip Technology (MCHP), NXP Semiconductors NV (NXPI), KLA Corp (KLAC), and Texas Instruments (TXN) closed down more than -2%, and Analog Devices (ADI) and ASML Holding NV (ASML) closed down more than -1%.
Sandisk (SNDK) closed up more than +8% to lead gainers in the S&P 500 and Nasdaq 100, and Micron Technology (MU) closed up more than +5% after Melius Research LLC initiated coverage on the stocks with buy recommendations.
Stanley Black & Decker (SWK) closed up more than +4% after its board authorized a $500 million stock buyback program.
Verizon Communications (VZ) closed up more than +1% to lead gainers in the Dow Jones Industrials after boosting its full-year adjusted EPS forecast to $4.95-$4.99 from a previous forecast of $4.90-$4.95, stronger than the consensus of $4.90.
Fortinet (FTNT) closed up more than +1% after Arete double-upgraded the stock to buy from sell with a price target of $104.
Crowdstrike Holdings (CRWD) closed up more than +1% after Mizuho Securities upgraded the stock to outperform from neutral with a price target of $520.
VeraDermics (MANE) closed up more than +46% after reporting that its oral extended-release minoxidil formulation VDPHL01 met all primary and key secondary endpoints with high statistical significance in a Phase 2/3 clinical trial for male pattern baldness.
Organon & Co. (OGN) closed up more than +16% after Sun Pharmaceutical Industries Ltd. had lined up a short-term loan to finance its $12 billion acquisition of the company.
Oruka Therapeutics (ORKA) closed up more than +10% after giving positive results from a mid-stage trial of its therapy to treat plaque psoriasis.
Domino’s Pizza (DPZ) closed down more than -8% to lead losers in the S&P 500 after reporting Q1 revenue of $1.15 billion, below the consensus of $1.16 billion.
GE Vernova (GEV) closed down more than -2% after BNP Paribas downgraded the stock to neutral from buy.
Adobe (ADBE) closed down more than -2% after Mizuho Securities downgraded the stock to neutral from outperform.
Earnings Reports(4/28/2026)
Allegion plc (ALLE), American Tower Corp (AMT), Arch Capital Group Ltd (ACGL), Avery Dennison Corp (AVY), Booking Holdings Inc (BKNG), BXP Inc (BXP), Centene Corp (CNC), CMS Energy Corp (CMS), Coca-Cola Co/The (KO), Corning Inc (GLW), CoStar Group Inc (CSGP), Ecolab Inc (ECL), Edison International (EIX), Equity Residential (EQR), Essex Property Trust Inc (ESS), Expand Energy Corp (EXE), Extra Space Storage Inc (EXR), F5 Inc (FFIV), Fair Isaac Corp (FICO), FirstEnergy Corp (FE), Franklin Resources Inc (BEN), General Motors Co (GM), Hilton Worldwide Holdings Inc (HLT), Incyte Corp (INCY), Ingersoll Rand Inc (IR), Invesco Ltd (IVZ), Kimberly-Clark Corp (KMB), Mondelez International Inc (MDLZ), NXP Semiconductors NV (NXPI), Omnicom Group Inc (OMC), ONEOK Inc (OKE), PACCAR Inc (PCAR), Pentair PLC (PNR), PPG Industries Inc (PPG), Robinhood Markets Inc (HOOD), S&P Global Inc (SPGI), Seagate Technology Holdings PL (STX), Sherwin-Williams Co/The (SHW), Starbucks Corp (SBUX), Sysco Corp (SYY), Teradyne Inc (TER), T-Mobile US Inc (TMUS), United Parcel Service Inc (UPS), Veralto Corp (VLTO), Visa Inc (V), Waste Management Inc (WM), Welltower Inc (WELL), Xylem Inc/NY (XYL), Zimmer Biomet Holdings Inc (ZBH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tech Earnings Optimism Powers Stocks Higher

In the fourth quarter of 2025, Auna S.A. AUNA saw its adjusted EBITDA decline 14% in FX neutral, with the margin contracting 4.5 percentage points to 19.5%. Performance of all segments was mixed, with adjusted EBITDA in Peru operations increasing 14% in local currency, on higher demand and tickets for hospital network services, as well as higher tickets for memberships.
Colombia’s Adjusted EBITDA declined 25%, reflecting a higher share of risk-sharing contracts and the impact of extraordinary revenues and rebates recognized in the prior-year quarter, which created an unfavorable comparison. For Mexico, it was a sharp 36% decline, mainly due to lower revenues and a higher cost of treatments and service mix through the 2025 ISSSTELEON healthcare plan. Adjusted EBITDA also decreased due to organizational overhaul during 2025, including payroll expenses related to talent and administrative expenses related to SAP licenses and the systems implementation at Doctors Hospital.
Against the backdrop of expected market conditions, along with a stronger position in Mexico and a strengthened capital structure, Auna expects adjusted EBITDA to increase 12% FX-neutral.
After a stabilizing year, Mexico operations are moving toward sustained top-line and EBITDA growth. Under a strengthened Mexican leadership team, Auna’s hospital network has gained inclusion in preferred provider tiers serving the broader parts of the privately insured market. Various packaged service offerings are being rolled out to better penetrate key market segments, particularly the Out-of-Pocket segment. The company was also awarded an extension of an improved ISSSTELEON healthcare plan. Oncology growth initiatives are likely to gain further traction as Oncocenter continues to be integrated into the healthcare network.
Auna’s free cash flow rose 35% over 2024. The company also completed the $825 million refinancing that has reduced interest expenses, extended its maturity profile, lowered short-term debt exposure and increased the proportion of direct local currency funding.
Updates From AUNA’s Industry Peers: BTSG & ELV
BrightSpring Health Services, Inc. BTSG recently completed the sale of ResCare Community Living to Sevita, a provider of home and community-based specialty health care. The definitive agreement for the sale was first announced in January 2025. The transition represents a new phase for both companies, allowing each to focus on its strategic direction while maintaining continuity of care, operational stability and long-term opportunities for individuals with intellectual and developmental disabilities.
Elevance Health ELV reported first-quarter 2026 results on April 22. Consolidated operating revenues came in at $49.5 billion, up 1.5% year over year, driven by higher premium yields in the Health Benefits segment and growth in CarelonRx product revenues. A higher medical cost trend in its Medicaid business led to a 40-basis-point increase in its benefit expense ratio to 86.8%.
AUNA Stock: Price Performance, Valuation & Estimates
Year to date, Auna shares have risen 4.4% against the industry’s 11.3%% decline but matched the S&P 500 composite.
Image Source: Zacks Investment Research
Auna is trading at a forward, two-year, price-to-sales (P/S) of 0.28X, lower than its median and industry average.
Image Source: Zacks Investment Research
Projections for Auna’s 2026 and 2027 earnings have remained constant in the past 60 days.
Image Source: Zacks Investment Research
AUNA carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Auna S.A. (AUNA) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

What's Shaping Auna S.A.'s Positive EBITDA Target in 2026?

Molina Healthcare Inc. MOH reported first-quarter 2026 adjusted earnings per share (EPS) of $2.35, which beat the Zacks Consensus Estimate of $1.57. The bottom line declined 61.3% from the year-ago period's level.
Revenues amounted to $10.8 billion, which decreased 3.1% year over year. The top line marginally missed the consensus mark by 0.2%.
The first-quarter performance was supported by lower medical care costs, partially offset by declining premiums, membership and investment income.
Molina Healthcare, Inc Price, Consensus and EPS Surprise
MOH’s Q1 Operational Update
Premium revenues of $10.2 billion decreased 4.3% year over year in the quarter under review and missed the Zacks Consensus Estimate by 0.2%. The decline was due to reduced memberships, reflecting product and pricing decisions.
As of March 31, 2026, total membership decreased 12.5% year over year to around 5 million and missed the Zacks Consensus Estimate by 1.2%. The health insurer witnessed a year-over-year decrease in customers across all segments, especially in Marketplace and Other.
Investment income fell 9.3% year over year to $98 million. It missed the Zacks Consensus Estimate of $100.8 million.
Total operating expenses were $10.71 billion, flat year over year and slightly below our model estimate of $10.72 billion, driven by lower medical care costs. The adjusted general and administrative expense ratio increased to 6.9% in the first quarter from 6.3% a year ago. Interest expenses of $54 million rose from $43 million in the prior year.
The consolidated medical care ratio (medical costs as a percentage of premium revenues), or MCR, was 91.1% in the reported quarter. It rose from 89.2% a year ago but was below the Zacks Consensus Estimate of 91.5%.
Molina Healthcare’s adjusted net income decreased 64% year over year to $120 million.
MOH’s Financial Update (as of March 31, 2026)
Molina Healthcare exited the first quarter with cash and cash equivalents of $5.3 billion, which increased from the 2025-end level of $4.2 billion. Total assets of $16.4 billion rose from $15.6 billion at 2025-end.
Long-term debt was $3.8 billion, unchanged from the 2025-end levels.
Total stockholders’ equity of $4.08 billion rose from $4.07 billion at the end of 2025.
Net cash provided by operating activities amounted to $1.1 billion in the first quarter of 2026 compared with $190 million in the prior year.
MOH’s 2026 Guidance
The company's full-year 2026 premium revenue guidance has remained unchanged at about $42 billion, down roughly 2% from 2025.
Management expects 2026 GAAP earnings of at least $1.90 per diluted share. It has reaffirmed adjusted earnings guidance of at least $5.00 per diluted share.
Adjusted net income is projected to be $256 million, while GAAP net income is expected to reach $97 million in 2026.
MOH’s Zacks Rank
Molina currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Are Other HMOs Placed in Q1?
Major peers UnitedHealth Group Incorporated UNH and Elevance Health, Inc. ELV have already reported first-quarter results, while The Cigna Group CI is scheduled to report next week.
UnitedHealth reported first-quarter 2026 adjusted EPS of $7.23, which beat the Zacks Consensus Estimate of $6.46. The bottom line rose 0.4% year over year. Revenues rose 2% year over year to $111.7 billion. The top line beat the consensus mark by 2.1%. The results were driven by growth in commercial fee-based membership and the strength in Optum Rx. Weaknesses in Optum Health and declining risk-based membership partially offset the positives. UNH’s first-quarter premium of $87.6 billion increased from $86.5 billion a year ago and beat the consensus mark of $86.1 billion.
Elevance Health reported first-quarter 2026 adjusted EPS of $12.58, which surpassed the Zacks Consensus Estimate by 17.8%. The bottom line rose 5.1% year over year. Operating revenues advanced 1.5% year over year to $49.5 billion. The top line beat the consensus mark by 3.7%. The strong quarterly results benefited from the growth in premiums. The upside was partly offset by a decline in overall medical membership and an elevated expense level. Elevance Health’s medical membership was around 45.4 million as of March 31, 2026, which dipped 0.9% year over year. ELV’s net investment income rose 29.7% year over year to $765 million.
The Zacks Consensus Estimate for Cigna Group’s first-quarter 2026 earnings of $7.54 per share has witnessed one upward revision over the past 60 days, with one movement in the opposite direction. Cigna Group beat earnings estimates in each of the trailing four quarters, with the average surprise being 2.7%. The consensus estimate for first-quarter 2026 revenues is pegged at $66.74 billion, suggesting 2% year-over-year growth.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

MOH Q1 EPS Tops Estimates on Lower Medical Costs, Membership Declines

Data is currently not available
Edit My Quotes
Add up to 25 symbols
To add symbols:
Type a symbol or company name. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return.
Copy and paste multiple symbols separated by spaces.
These symbols will be available throughout the site during your session.
Save data
Data is currently not available
Edit My European Quotes
Add up to 25 instruments
To add instruments:
Type a instrument or company name. When the instrument you want to add appears, add it to My European Quotes by selecting it and pressing Enter/Return.
Copy and paste multiple instruments separated by spaces.
These instruments will be available throughout the site during your session.
Save data
Data is currently not available
Your symbols have been updated
You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com.
Continue
Data is currently not available
Edit Watchlist
Add up to 20 symbols
To add symbols:
Type a symbol or company name. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return.
Copy and paste multiple symbols separated by spaces.
These symbols will be available throughout the site during your session.
Save data

Elevance Health (ELV) Q1 2025 Earnings Transcript

Elevance Health, Inc. ELV reported first-quarter 2026 adjusted earnings per share (EPS) of $12.58, which surpassed the Zacks Consensus Estimate by 17.8%. The bottom line rose 5.1% year over year.
Operating revenues advanced 1.5% year over year to $49.5 billion. The top line beat the consensus mark by 3.7%.
The strong quarterly results benefited on the back of strong growth in premiums. Segment-wise, the Carelon division posted a robust revenue surge, aided by scaling risk-based services, while Health Benefits saw increased premium yields. However, the upside was partly offset by a decline in overall medical membership and an elevated expense level.
Elevance Health, Inc. Price, Consensus and EPS Surprise
ELV’s Q1 Operational Update
Medical membership of Elevance Health was around 45.4 million as of March 31, 2026, which dipped 0.9% year over year. The decrease was due to a decline in Medicaid, Medicare Advantage and Commercial Risk-Based membership. The reported figure beat the Zacks Consensus Estimate of 44.1 million and our estimate of 44.2 million.
Premiums totaled $41 billion in the quarter under review, which improved 0.3% year over year and surpassed our estimate of $39.6 billion. Product revenues grew 7.2% year over year to $6.2 billion. The metric beat the Zacks Consensus Estimate and our estimate of $6.1 billion.
Net investment income rose 29.7% year over year to $765 million. The metric surpassed the consensus mark of $480.6 million and our estimate of $456.6 million. The Adjusted operating margin of 6.5% deteriorated 20 basis points (bps) year over year.
Total expenses escalated 3.9% year over year to $47.9 billion in the first quarter, higher than our estimate of $45.5 billion. The year-over-year increase was due to higher benefit expenses, operating expenses and interest expenses.
The operating expense ratio came in at 12.8%, which deteriorated 190 bps year over year. The benefit expense ratio deteriorated 40 bps year over year to 86.8%.
Q1 Segmental Results of ELV
Health Benefits
The unit recorded operating revenues of $42.5 billion in the first quarter, which rose 2.6% year over year and beat the Zacks Consensus Estimate of $40.9 billion as well as our estimate of $40.8 billion. The segment benefited from increased premium yields.
The unit recorded an operating gain of $2.2 billion, which fell 2.7% year over year. However, it beat the consensus mark of $1.9 billion. The operating margin deteriorated 30 basis points year over year to 5.1%.
The segment’s operating revenues rose 7.9% year over year to $18 billion in the quarter under review, beating the Zacks Consensus Estimate of $17.5 billion and our estimate of $17.1 billion. The year-over-year increase was driven by higher CarelonRx product revenues and the scaling of risk-based capabilities in Carelon Services.
The unit’s operating gain of $1.1 billion fell 3.8% year over year. The operating margin deteriorated 70 bps year over year to 5.9%.
Corporate & Other
Operating revenues came in at $4 million in the first quarter. The unit incurred an operating loss of $1.1 billion, wider than the prior-year quarter’s loss of $140 million.
ELV’s Financial Details (As of March 31, 2026)
Elevance Health exited the first quarter with cash and cash equivalents of $9.7 billion, which advanced 1.7% from the 2025-end level. Total assets of $125.8 billion increased 3.6% from the figure at 2025-end.
Long-term debt, less the current portion, amounted to $30.8 billion and fell 0.1% from the figure as of Dec. 31, 2025. Short-term borrowings at the first-quarter end were $724 million, while the current portion of the long-term debt amounted to $350 million.
Total equity of $44 billion inched up from the 2025-end level.
Elevance Health generated net cash flow from operations of $4.3 billion in the first quarter of 2026, which rose from the prior-year comparable period’s figure of $1 billion.
ELV: Capital Deployment Update
Elevance Health bought back shares worth $1.1 billion in the first quarter. It had a leftover capacity of around $5.6 billion under its share buyback authorization as of March 31, 2026.
Elevance Health paid a quarterly dividend of $1.72 per share, adding up to a cash distribution worth $376 million.
ELV’s Revised 2026 Outlook
The company now expects adjusted EPS to be at least $26.75, up from the previous guidance of at least $25.50.
The operating margin for the Health Benefits segment was earlier estimated to witness a decrease of 50-25 bps from the 2025 reported figure. Also, the operating margin for CarelonRx was expected to see a 25-0 bps decline, while the same for Carelon Services was estimated to witness an increase of 0-25 bps.
Management earlier projected operating revenues to witness a low-single-digit decline in 2026 from the 2025 level. Premium revenues were estimated to witness a mid-single-digit decline from the 2025 level. Medical enrollment was forecasted to be between 43.2 million and 43.9 million in 2026.
Net investment income was expected to be $1.9 billion. Interest expenses were forecasted to be $1.5 billion in 2026, while operating cash flow is still projected to be at least $5.5 billion. Diluted shares are estimated at 219-220 million.
ELV’s Zacks Rank & Key Picks
ELV currently carries a Zacks Rank #4 (Sell).
Some top-ranked stocks in the broader medical space are Globus Medical, Inc. GMED, InnovAge Holding Corp. INNV and BrightSpring Health Services, Inc. BTSG, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Globus Medical’s current-year earnings of $4.46 per share has witnessed one upward revision in the past 30 days, against no movement in the opposite direction. Globus Medical beat earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 18.8%. The consensus estimate for current-year revenues is pegged at $3.2 billion, suggesting 8.7% year-over-year growth.
The Zacks Consensus Estimate for InnovAge Holding’s current-year earnings of 25 cents per share has witnessed one upward revision in the past 60 days, against no movement in the opposite direction. InnovAge Holding beat earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 87.5%. The consensus estimate for current-year revenues is pegged at $944.5 million, suggesting 10.6% year-over-year growth.
The Zacks Consensus Estimate for BrightSpring Health Services’ current-year earnings of $1.61 per share has witnessed seven upward revisions in the past 60 days, against no movement in the opposite direction. BrightSpring Health Services beat earnings estimates in three of the trailing four quarters and missed once, with an average surprise of 40.4%. The consensus estimate for current-year revenues is pegged at $14.8 billion, suggesting 14.8% year-over-year growth.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ELV Beats Q1 Earnings Estimates on Rising Net Investment Income

Elevance Health (ELV) Q1 2026 Earnings Transcript

Elevance (ELV) Q3 2024 Earnings Transcript

Elevance Health (ELV) Q2 2025 Earnings Transcript

(RTTNews) - Elevance Health Inc. (ELV) will host a conference call at 8:30 AM ET on April 22, 2026, to discuss Q1 26 earnings results.
To access the live webcast, log on to https://ir.elevancehealth.com/events-and-presentations/event-details/2026/Elevance-Health-2026-Q1-Earnings-Call/default.aspx
To listen to the call, dial 888-947-9963 (Domestic) or 312-470-0178 (International), Access Code - 3972058.
For a replay call, dial 800-391-9853 (Domestic) or 203-369-3269 (International).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Elevance Health, Inc.

Options Strategies