UnitedHealth Group Reports Second Quarter 2026 Results

Second Quarter 2026 Revenues of $112.0 Billion; Earnings from Operations of $8.0 Billion Earnings of $6.04 Per Share and Adjusted Earnings of $6.38 Per Share Updated Full Year 2026 Earnings Outlook Range to $18.45 to $18.95 Per Share; Adjusted Earnings Range of $19.50 to $20.00 Per Share To view this information in a different format, including graphics, published on our website, click here: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2026/unh-reports-second-quarter-2026-results.pdf--(BUSINESS WIRE)--UnitedHealth Group (NYSE: UNH) today reported second quarter 2026 results and raised guidance for full year 2026. “Our results and outlook reflect the continuing progress in our work to simplify how we operate, improve both affordability and the health care experience for patients and care providers and apply modern technology to create real improvement for people,” said Stephen Hemsley, chief executive officer of UnitedHealth Group. The company now expects full year 2026 adjusted net earnings between $19.50 to $20.00 per share resulting from performance year-to-date and an improved outlook for the remainder of the year. A table outlining the company’s updated outlook is below, with additional detail on page 7 of this release. Consolidated revenues for the second quarter 2026 were $112.0 billion and earnings from operations were $8.0 billion, with a net margin of 4.9%. Cash flows from operations were $11.1 billion, or 1.9x net income, and the debt-to-capital ratio was 41.2% as of June 30, 2026. UnitedHealth Group’s medical cost ratio was 86.7% for the second quarter 2026, reflecting cost and pricing discipline, as well as mix changes across all benefit offerings. The operating cost ratio of 12.7% in the second quarter 2026 compared to 12.3% in the second quarter 2025, reflecting targeted investments in technology, operations and the community. Over the last year, the company has advanced a broad set of reforms and commitments to improve affordability, transparency and simplicity for care providers and consumers. These actions reflect the company’s deep commitment to helping people live healthier lives and helping make the health system work better for everyone. These actions are outlined in more detail on page 3 of this release. Second Quarter 2026 Key Performance Metrics Second quarter 2026 adjusted net earnings were $6.38 per share. The medical care ratio was 86.7% and reflected product design changes, improved medical management and better aligned pricing. MCR was affected by $860 million of net favorable prior period development, with the majority related to 2026 dates of service. The operating cost ratio of 12.7% included targeted investments in infrastructure, artificial intelligence, care delivery enhancements, consumer experience and community support. UnitedHealthcare served 48.5 million consumers and reported revenues of $86.0 billion and earnings of $3.9 billion, with operating margins of 4.6%. Optum supported more than 120 million consumers and generated revenues of $65.7 billion and earnings of $4.0 billion, representing 160 basis points of margin expansion year-over-year. UnitedHealth Group Updated 2026 Full Year Guidance ($ in millions, except per share data) Reported Operating Earnings Adjusted Operating Earnings UnitedHealthcare > $12,000 > $12,000 Optum Health > $2,275 > $2,215 Optum Insight > $4,925 > $4,750 Optum Rx > $6,250 > $6,250 Optum (a) > $13,450 > $13,215 UnitedHealth Group > $25,450 > $25,215 Medical Care Ratio 88.1% ± 25 bps Tax Rate ~18.5% Cash Flows from Operations ~$24,000 Share Repurchase At Least $5,000 Net Earnings to UNH Shareholders > $16,750 Diluted Adjusted (b) Net Earnings per Share $18.45 - $18.95 $19.50 - $20.00 (a) Refer to page 7 of this release for a bridge of Optum Reported to Adjusted Operating Earnings. (b) Refer to page 16 of this release for a reconciliation of the non-GAAP measure. Addressing America’s Healthcare Challenges with Sustainable Solutions UnitedHealth Group remains committed to addressing the issues that make health care costly and complicated for the people and providers we serve. Recent actions taken to address these issues include: Governance, Oversight and Transparency Making the health system work better for everyone starts with trust, transparency and accountability. The company is strengthening that foundation by deepening oversight and renewing its leadership culture. Refreshed leadership roles and re-energizing the company’s culture and commitment to mission. Created a new Public Responsibility Committee for the Board of Directors, named a new Lead Independent Director and committee chairs and added a new independent director. Published comprehensive reviews of its business practices, which included risk assessment operations, care services management and prescription drug manufacturer discounts, and implemented all recommended improvements from the reviews. Released an independent review of the HouseCalls program that showed the sampled diagnoses were overwhelmingly supported by medical records, with an error rate nearly three times lower than the rate reported by CMS’s most recent audits. United Health Foundation The United Health Foundation has been refreshed, expanding its priorities to include rural health, maternal and children's health and behavioral health, among others. Committed $1 billion to the United Health Foundation to support key initiatives, including improving rural health care, strengthening maternal and children's health and addressing behavioral health challenges. Affordability, Rural Care and Benefits The company is taking steps to increase support and access and decrease costs for all communities served. Committed to voluntarily eliminating and rebating profits from individual Affordable Care Act coverage offerings in 2026, returning this money directly to approximately 1 million ACA members as Congress works toward longer-term solutions to strengthen the stability and affordability of these plans. Announced support for 1,500 rural hospitals and their associated providers by accelerating payments, cutting reimbursement timelines in half and exempting these providers from most medical prior approval requirements. Announced nationwide coverage expansion for doula care with employer-sponsored plans, with more than 7 million members eligible for coverage by January 2027. Prior Approval Reform The company is removing prior approval requirements, standardizing processes across the industry, cutting back on paperwork and increasing transparency into the prior approval process, making it quicker and simpler for doctors to treat patients. Eliminating 30% of current prior approval volume by the end of 2026. Eliminating nearly two-thirds of prior approval requirements for pediatric care, including waivers for certain procedures performed at leading pediatric hospitals by the end of 2026. Leading an industry-wide effort to standardize prior approval requirements for electronic submissions, with more than 70% of UnitedHealthcare prior approvals expected to be included by the end of 2026. Publicly reporting prior approval metrics to help care providers and the public better understand the process. Expanding eligibility for UnitedHealthcare's Gold Card program – exempting high-performing providers from routine approval requirements entirely – and removing requirements for home health services, representing nearly 10% of total UnitedHealthcare prior approval volume. Pharmacy Reform and Drug Affordability To combat high prescription drug costs, the company is lowering out-of-pocket costs for patients and bringing greater transparency to pharmacy benefits, setting a new standard for the industry. Launched the industry’s first fully transparent, fee-based pharmacy care model to bring greater clarity, predictability and affordability by decoupling PBM pricing from drug list prices and prescription volume, aligning incentives with patients and plan sponsors and introducing digital tools that allow consumers to view and compare medication costs upfront. Committed to 100% pass-through of manufacturer drug rebate discounts to clients by January 1, 2028. Eliminated 33% of drug reauthorizations – representing 11% of pharmacy prior approvals – for a list of nearly 270 chronic condition medications. Increased minimum payments to independent and community physicians for brand name drugs, benefiting approximately 2,300 independent and community pharmacies. UnitedHealth Group Second Quarter 2026 Results Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $112.0 billion $111.6 billion $111.7 billion Earnings from Operations $8.0 billion $5.2 billion $9.0 billion Net Margin 4.9% 3.1% 5.6% UnitedHealth Group’s second quarter 2026 revenues were $112.0 billion compared to $111.6 billion in the year ago quarter. Second quarter 2026 earnings from operations of $8.0 billion compared to $5.2 billion in the year ago quarter, driven by strong performance across both UnitedHealthcare and Optum. The second quarter 2026 medical care ratio was 86.7% compared to 89.4% in the second quarter 2025. The year-over-year decrease was driven by benefit design and pricing discipline, member mix and medical cost management initiatives. Net medical reserve development was $860 million in the quarter. Days claims payable were 47.0 compared to 48.6 in the first quarter 2026 and 44.5 in the second quarter 2025. The sequential variation was driven by normal seasonality. Days sales outstanding of 17.7 compared to 21.6 in the first quarter 2026 and 19.9 in the year ago quarter, with the sequential and year-over-year decrease due to payment timing. The second quarter 2026 operating cost ratio of 12.7% compared to 12.3% in second quarter 2025, reflecting incremental investments in technology, processes and people to improve care delivery and customer experiences and advance community health. Cash flows from operations were $11.1 billion, or 1.9 times net income, reflecting the timing of a substantial government payment, along with strong earnings performance and disciplined working capital management. Debt-to-capital ratio was 41.2% as of June 30, 2026, compared to 42.9% in the first quarter 2026 and 44.1% in the second quarter 2025. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end. The company repurchased $4.0 billion of its common stock through mid-July 2026 and is on track to repurchase at least $5.0 billion for the full year 2026. UnitedHealthcare Second Quarter 2026 Results UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care. Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $86.0 billion $86.1 billion $86.3 billion Earnings from Operations $3.9 billion $2.1 billion $5.7 billion Operating Margin 4.6% 2.4% 6.6% UnitedHealthcare UnitedHealthcare continues to improve the consumer experience, including by expanding care access and digital services, simplifying prior approvals and offering greater support to rural hospitals and care providers. UnitedHealthcare second quarter 2026 revenues of $86.0 billion compared to $86.1 billion in the second quarter 2025. UnitedHealthcare served 48.5 million people in the second quarter 2026, down 525,000 sequentially. UnitedHealthcare’s second quarter 2026 earnings from operations were $3.9 billion and operating margin was 4.6% compared to $2.1 billion and 2.4% in second quarter 2025. The year-over-year increase was driven by medical and operating cost management, pricing discipline and benefit design changes. UnitedHealthcare Employer & Individual UnitedHealthcare Employer & Individual second quarter 2026 revenues were $20.0 billion compared to $19.8 billion in the second quarter 2025. The number of people served contracted by 145,000 in the second quarter 2026 due to attrition in employer self-funded and fully-insured products. UnitedHealthcare Medicare & Retirement UnitedHealthcare Medicare & Retirement second quarter 2026 revenues were $42.4 billion compared to $42.6 billion in the second quarter 2025 due to fewer seniors served. Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, have contracted by 965,000 since year-end 2025. UnitedHealthcare Community & State UnitedHealthcare Community & State second quarter 2026 revenues were $23.6 billion compared to $23.7 billion in the second quarter 2025. People served contracted by 380,000 in the second quarter 2026 primarily due to the planned exit from the Louisiana health plan, as well as ongoing Medicaid eligibility requirements. Optum Second Quarter 2026 Results The Optum businesses serve participants throughout health care, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience. Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $65.7 billion $67.2 billion $63.7 billion Earnings from Operations $4.0 billion $3.1 billion $3.3 billion Operating Margin 6.2% 4.6% 5.2% Optum Health Optum Health continues to show steady momentum, with ongoing improvements in access to care and clinical and operational discipline driving better patient outcomes, increased provider satisfaction and cost management savings as the business recenters on its integrated value-based care delivery model. Optum Health’s second quarter 2026 revenues of $23.5 billion decreased 5% year-over-year due to ~700,000 fewer value-based care patients served. Second quarter 2026 earnings from operations were $1.2 billion, representing a 5.1% operating margin. The year-over-year increase was driven by strong operational improvements and medical cost management. Optum Insight Optum Insight continues to bring AI-enabled products and services to the market, including autonomous coding and digital prior authorization tools, and completed its acquisition of Alegeus on July 2, 2026, expanding the company's consumer-directed healthcare account capabilities. Optum Insight reported second quarter 2026 revenues of $5.4 billion. Second quarter 2026 earnings from operations were $1.4 billion compared to $1.2 billion in the second quarter 2025. The year-over-year increase was driven by operational improvements and timing of contracts. Optum Rx Optum Rx is leading an industry-wide shift toward greater transparency and affordability through a modern pharmacy care model that eliminates spread pricing, replaces volume-based incentives with clearly defined per-member fees and provides full disclosure of manufacturer payments. Optum Rx’s second quarter 2026 revenues were $38.3 billion compared to $38.5 billion in second quarter 2025. Earnings from operations for the second quarter 2026 were $1.5 billion compared to $1.4 billion in the second quarter 2025, reflecting specialty generics adoption and continued operational improvements. Adjusted scripts were 387 million compared to 414 million last year due to membership declines within UnitedHealthcare and other customers. UnitedHealth Group 2026 Outlook ($ and weighted-average shares in millions; except per share data) As of January 27, 2026 As of July 16, 2026 Operating Earnings UnitedHealthcare > $10,800 > $12,000 Optum Health > $2,200 > $2,275 Optum Insight > $4,750 > $4,925 Optum Rx > $6,250 > $6,250 Optum > $13,200 > $13,450 UnitedHealth Group > $24,000 > $25,450 Net Earnings to UNH Shareholders > $15,600 > $16,750 Diluted Net Earnings per Share to UNH Shareholders > $17.10 $18.45 - $18.95 Adjusted Earnings per Share (1) > $17.75 $19.50 - $20.00 Medical Care Ratio 88.8% ± 50 bps 88.1% ± 25 bps Tax Rate ~19.25% ~18.5% Cash Flows from Operations > $18,000 ~$24,000 Share Repurchase ~$2,500 At Least $5,000 (1) Refer to page 16 of this release for a reconciliation of non-GAAP measures. Below outlines the 2026 Reported to Adjusted Earnings Bridge for Optum as of July 16, 2026. Optum 2026 Reported to Adjusted Earnings Bridge ($ in millions) Optum Health Optum Insight Optum Rx Total Optum 2026 Reported Operating Earnings Guidance > $2,275 (1) > $4,925 > $6,250 > $13,450 Net Portfolio Divestitures, Restructuring and Other $345 $(175) - $170 Net Change in Third Party Loss Contracts $(405) - - $(405) 2026 Adjusted Operating Earnings > $2,215 > $4,750 > $6,250 > $13,215 Adjusted Operating Earnings as of January 27, 2026 > $1,577 > $4,750 > $6,250 > $12,577 (1) Optum Health includes $405 million of 2026 operating earnings related to the net change in loss contracts reserve, which will be excluded from adjusted operating earnings and adjusted earnings per share. About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn. Earnings Conference Call As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through July 30, 2026. This earnings release and the Form 8-K dated July 16, 2026, can also be accessed from the Investor Relations page of the company’s website. Non-GAAP Financial Information This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Forward-Looking StatementsRead the full story here

UnitedHealth Group Reports Second Quarter 2026 Results

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