We update our model following 4Q25 results. Our 2026 estimates are unchanged, and we shift some MA margin recovery out from 2027 to 2028 to account for the weaker starting point on reimbursement in 2027. We maintain our $102 PT and OW rating. 2026. Our outlook for 2026 remains largely consistent following strong Q4 results and reaffirmed guidance. MA margin recovery remains key and is still on track as we see re- pricing and benefit changes play out. Mgmt noted 55% / 45% earnings cadence in 1H / 2H and 850bps spread in Q1 vs Q4 HCB MLR. For 2026: T/W include 1) 2) exit of HIX, 3) improvement in care delivery at OSH. H/W include: 1) slow growth in Caremark, expects LSD % AOI segment growth, 2) cautious Medicaid outlook. Healthcare Benefits.