Outlook

Please refer to the Forward-Looking Statements, which should be reviewed in conjunction with the Company's 2026 outlook.

The Company is increasing its 2026 premium and service revenues guidance range by $1.0 billion to a range of $171.0 billion to $175.0 billion driven by Medicaid. The Company is also increasing its investment and other income expectation by $50 million to $1.45 billion.

The Company is updating its 2026 GAAP diluted EPS guidance floor to greater than $2.37 and its 2026 adjusted diluted EPS guidance floor to greater than $3.40.

The Company's annual guidance for 2026 is as follows and will be discussed further on our conference call:



 

 

 		Full Year 2026

 
GAAP diluted EPS

 		> $2.37

 
Adjusted diluted EPS (1)

 		> $3.40

 


 

 

 

 

 

 

 
(1)  A full reconciliation of adjusted diluted EPS is shown in the Non-GAAP Financial Presentation section of this release.


 

 

 

 

 

 

 


 

 

 		Full Year 2026

 


 

 

 		Low

 		High 

 
Total revenues (in billions)

 		$  187.5

 		$  191.5

 
Premium and service revenues (in billions)

 		$  171.0

 		$  175.0

 
HBR

 		90.9 %

 		91.7 %

 
SG&A expense ratio

 		7.0 %

 		7.6 %

 
Adjusted SG&A expense ratio (2)

 		7.0 %

 		7.6 %

 
Effective tax rate

 		27.0 %

 		28.0 %

 
Adjusted effective tax rate (3)

 		26.0 %

 		27.0 %

 
Diluted shares outstanding (in millions)

 		495.6

 		498.6

 


 

 

 

 

 

 

 
(2)Adjusted SG&A expense ratio excludes severance costs of approximately $20 million to $24 million and acquisition

and divestiture related expenses of approximately $575 thousand.
(3)Adjusted effective tax rate excludes income tax effects of adjustments of approximately $165 million to $169 million.