Elevance Health Earnings Preview: What to Expect

Indianapolis, Indiana-based Elevance Health, Inc. (ELV) operates as a health benefits company providing health insurance and related services. Valued at $66.1 billion by market cap, the company provides health, dental, vision, and pharmacy benefits, as well as life insurance, and disability insurance benefits dedicated to address healthcare disparities. The healthcare giant is expected to announce its fiscal first-quarter earnings for 2026 before the market opens on Wednesday, Apr. 22. 

Ahead of the event, analysts expect ELV to report a profit of $10.61 per share on a diluted basis, down 11.4% from $11.97 per share in the year-ago quarter. The company beat or matched the consensus estimates in three of the last four quarters while missing the forecast on another occasion. 

For the full year, analysts expect ELV to report EPS of $25.93, down 14.4% from $30.29 in fiscal 2025. However, its EPS is expected to rise 12.8% year over year to $29.25 in fiscal 2027. 

ELV stock has notably underperformed the S&P 500 Index’s ($SPX) 22% gains over the past 52 weeks, with shares down 30% during this period. Similarly, it underperformed the State Street Health Care Select Sector SPDR ETF’s (XLV) 1.7% gains over the same time frame.

ELV's underperformance is driven by ongoing pressures in core Medicaid and Medicare businesses, with lower risk-based membership and margin misalignment. The company expects margin improvement in Medicare and is focusing on care coordination and analytics to address cost trends.

Analysts’ consensus opinion on ELV stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 21 analysts covering the stock, 12 advise a “Strong Buy” rating, and nine give a “Hold.” ELV’s average analyst price target is $376.05, indicating a potential upside of 25% from the current levels.