Skittish investors pushed Elevance shares down, as they focused on worries about its Medicaid business.

CEO Gail Boudreaux said the insurer's Medicaid results were roughly what it expected, but the company is leaving the District of Columbia's Medicaid market and plans to exit others over the next year to 18 months. Under questioning from analysts, company officials wouldn't say how extensive those departures will be.

Elevance shares were down 10% Wednesday, while competitors including Centene and Molina also slipped. The industry is under pressure from shrinking enrollment in Affordable Care Act plans and Medicaid.

Elevance is seeing higher spending in areas including autism therapy, emergency-room use, outpatient surgery and specialty drugs.

Elevance's second-quarter earnings beat Wall Street expectations, but its guidance for the full year was raised only modestly. The company reiterated that it expected 2026 to be the "trough year" for its Medicaid business's financial performance.