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CVS 2Q26: Aetna Still Beat After Normalization, but Caremark Limits 2027 Upside
The 2026 adjusted EPS baseline is now $7.46; the preliminary $8.44 FY27 floor remained near pre-print consensus as CVS disclosed expected Caremark…
Aug 28
•
Tyler Graver
4
COR F3Q26: The FY26 Case Improved; FY27 Still Remains in Question
Specialty and core distribution drove a profit-led beat, but F4Q26 cash conversion and the November FY27 guide remain the next tests.
Aug 27
•
Tyler Graver
2
MCK F1Q27: The Distribution Beat Was Solid, but Leaves F2Q27–F4Q27 Unchanged
F1Q27 strengthened confidence in McKesson’s core execution, but the largely unchanged outer-quarter earnings path keeps expectations tempered. The…
Aug 25
•
Tyler Graver
3
IQV 2Q26: Demand Recovery Looks Credible; Profitable Conversion Is Now the Test
Stronger R&DS growth and bookings make the recovery harder to dismiss. The updated guidance bridge still points to 2027, rather than incremental…
Aug 22
•
Tyler Graver
CI 2Q26: FY26 PBS Reset is Clearer, but Additive FY27 Growth Still Needs Proof
Specialty and Cigna Healthcare protected the 2026 floor. The September Investor Day must show that those offsets can support the 10%-14% EPS algorithm…
Aug 20
•
Tyler Graver
CNC 2Q26: 2026 Is Largely Settled, but Medicaid Still Has to Prove the Recovery
Normalized EPS still beat consensus by 84%, but Marketplace, Medicare and expense execution drove the reset while Medicaid’s roughly 93.5% HBR outlook…
Aug 17
•
Tyler Graver
HUM 2Q26: 2026 Results Look Achievable, but 2027 Questions Loom Large
Humana's reserve-supported beat strengthens the 2026 floor, but 2027 plan exits will test whether roughly 25% individual MA growth can translate into…
Aug 13
•
Tyler Graver
3
July 2026
UHS 2Q26: Same Pressures, Different Earnings Outcomes
HCA and UHS cut EBITDA guidance ~2%; THC offset the pressure through hospital execution and supplemental payments.
Jul 29
•
Tyler Graver
1
1
HCA 2Q26: HIX Pressures Drive a Broader 2H26 Reset
HCA correctly forecast the 15% exchange-volume decline; the near one-for-one shift to uninsured was the surprise. Revised guidance implies 2H26 adjusted…
Jul 26
•
Tyler Graver
1
2
2Q26 Earnings Read-Throughs: What Six Reports Tell Us So Far
MOH, CYH, THC, MEDP, TMO and DGX sharpen the debates around coverage-driven mix pressure and improving biopharma demand.
Jul 24
•
Tyler Graver
1
UNH 2Q26: The Rebuild Passed Its First Real Test
Even after removing all $860 million of favorable medical development, adjusted EPS was approximately $5.61. Medicare and Optum Health raised the base…
Jul 22
•
Tyler Graver
2
1
ELV 2Q26: The Beat Was Real, but Medicaid Still Has to Prove the Turn
Normalized EPS beat consensus by 7%, but an unchanged –1.75% Medicaid margin outlook and a modest guide raise outweighed MA and ACA upside, sending…
Jul 20
•
Tyler Graver
1
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