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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we got back into network with Elevance in several key states last year, Nevada, Colorado, Georgia, and Virginia.”
Quest regained in-network status with payer Elevance in four states, driving share gains.
“we're back in network with Elevance in some key states, Nevada, Colorado, and Virginia, and we're certainly picking up share”
Quest is back in network with health plan Elevance in Nevada, Colorado and Virginia, driving requisition-volume share gains.
“Elevance got us, you know, we're in network in Nevada, Colorado, West Virginia, Georgia.”
Quest's new in-network access with Elevance Health across four states drove roughly a million new covered lives and contributed to the quarter's utilization and test-volume growth.
“So, when we look at the lives that we picked up through Elevance in Colorado, Nevada, Virginia, and we were not in network with some of the plans in Georgia, when we look at the lives that we pick up from Sentara and then we subtract the lives we lost in Alabama, we're better off by well more than a million lives.”
Management quantifies the payer-network gains from the Elevance partnership at over a million net lives added, a concrete indicator of the deal's scale for Elevance's network reach.
“We are well positioned to benefit from these dynamics as we expand access through our health plan partnerships with Elevance Health and Sentara Health Plans, both of which took effect on January 1st.”
Quest highlights a new health-plan network partnership with Elevance Health that expands Quest's in-network access, implying a growing lab-testing relationship for Elevance's plan members.
“we acquired Kroger Specialty Pharmacy. And in light of that, we had a commitment to transition those scripts by the end of this year, which we're making really good progress on.”
Elevance is integrating the Kroger Specialty Pharmacy business it acquired from Kroger, migrating scripts onto its BioPlus platform.
“We just signed a partnership with OpenAI, where we're going to actually train our folks to be able to use these skills appropriately.”
Elevance signed an enterprise partnership with OpenAI to train associates on AI tools, a read-through on OpenAI's expanding healthcare enterprise footprint.
“we started with acquiring BioPlus and then Kroger Specialty Pharmacy.”
Elevance's CarelonRx acquired Kroger Specialty Pharmacy as part of its SpecialtyRx expansion strategy, reflecting Kroger's continued divestiture of its specialty pharmacy business.
“I know you stepped back from the Blue Cross of Louisiana acquisition a little while ago, but I believe there's still a potential to revisit that deal.”
An analyst asks whether Elevance might revisit a previously paused acquisition attempt of Blue Cross Blue Shield of Louisiana, indicating an unresolved M&A opportunity for the regional Blues plan.
“In the fourth quarter, we closed on the acquisition of CareBridge, which will bolster our home and community based services for chronic and complex members and serve as a foundation for Carelon’s home health business.”
Elevance closed its acquisition of CareBridge in Q4 2024, establishing the foundation for Carelon's home health business and bolstering home and community-based services.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Lisa Gill | JPMorgan | 7 (14%) |
| A.J. Rice | UBS | 6 (0%) |
| Justin Lake | Wolfe Research | 6 (50%) |
| Lance Wilkes | Bernstein | 6 (0%) |
| Erin Wright | Morgan Stanley | 6 (0%) |
| Andy Mok | Barclays | 6 (17%) |
| George Hill | Deutsche Bank | 6 (0%) |
| Dave Windley | Jefferies | 5 (40%) |
| Ryan Langston | TD Cowen | 5 (0%) |
| Ben Hendrix | RBC Capital Markets | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 7 (14%) |
| TD Cowen | 2 | 6 (0%) |
| Bank of America | 2 | 6 (50%) |
| Deutsche Bank | 1 |
Elevance posted Q4 operating revenue of $49.3B, up 10%, with a full-year benefit expense ratio of 90% and adjusted EPS of $30.29. Management introduced FY2026 adjusted EPS guidance of at least $25.50, positioning 2026 as a trough year with Medicaid operating margin guided to approximately negative 1.75%. Medicare Advantage membership was expected to decline in the high-teens percent, while commercial fee-based business and Carelon external momentum provided offsets.
Margin | Regulation Policy | Cost Pressure | Guidance Reliability | Competitive Dynamics | Subscriber Growth | Demand | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 3 | 4 | 4 | 3 | 1 | 3 |
| 2025Q1 | 5 | 7 | 10 | 1 | 2 | 3 | 1 | |
| 2025Q2 | 7 | 7 | 7 | 3 | 1 | 1 | 2 | 2 |
| 2025Q3 | 4 | 7 | 4 | 3 | 3 | 4 | 1 | |
| 2025Q4 | 6 | 3 | 2 | 5 | 3 | 5 | 1 | 1 |
| 2026Q1 | 6 | 3 | 5 | 1 | 3 | 7 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 6 | 5 | 7 | 4 | 6 | 6 |
| Regulation Policy | 4 | 7 | 7 | 7 | 3 | 3 |
| Cost Pressure | 3 | 10 | 7 | 4 | 2 | 5 |
| Guidance Reliability | 4 | 1 | 3 | 3 | 5 | 1 |
| Competitive Dynamics | 4 | 2 | 1 | 3 | 3 | 3 |
| Subscriber Growth | 3 | 3 | 1 | 4 | 5 | |
| Demand | 1 | 1 | 2 | 1 | 7 | |
| Pricing | 3 | 2 | 1 | 1 | 2 |
| 6 (0%) |
| Bernstein | 1 | 6 (0%) |
| Morgan Stanley | 1 | 6 (0%) |
| Barclays | 1 | 6 (17%) |
| UBS | 1 | 6 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ELV Elevance Health | 7 | +2.6% | |
| CI Cigna | 8 | +4.6% | |
| CNC Centene Corporation | 9 | +7.1% | |
| CVS CVS Health | 9 | +6.2% | |
| HUM Humana | 7 | +23.5% | |
| UNH UnitedHealth Group Incorporated | 7 | +2.0% |