UnitedHealth Group Reports Third Quarter 2026 Results

Third Quarter 2026 Revenues of $112.7 Billion; Earnings from Operations of $6.6 Billion Earnings of $4.56 Per Share and Adjusted Earnings of $4.69 Per Share Cash Flows from Operations Were $5.1 Billion, or 1.2x Net Income Updated Full Year 2026 Earnings Outlook to At Least $19.50 Per Share; Adjusted Earnings of At Least $20.50 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-third-quarter-2026-results.pdf--(BUSINESS WIRE)--UnitedHealth Group (NYSE: UNH) today reported third quarter 2026 results and raised guidance for full year 2026. “Our third quarter results reflect the discipline and execution our teams are bringing to every part of our business, as we continue evolving UnitedHealth Group to deliver a simpler, more supportive experience for patients and the clinicians who care for them,” said Stephen Hemsley, chief executive officer of UnitedHealth Group. The company now expects full year 2026 adjusted net earnings of at least $20.50 per share, incorporating experience through the third quarter 2026. Consolidated revenues for the third quarter 2026 were $112.7 billion and earnings from operations were $6.6 billion, with a net margin of 3.6%. Cash flows from operations were $5.1 billion, or 1.2x net income, and the debt-to-capital ratio was 41.7% as of September 30, 2026. UnitedHealth Group’s medical cost ratio was 88.4% for the third quarter 2026, reflecting both medical cost management and pricing discipline, as well as benefit design changes and care delivery enhancements focused on affordability and integrated value-based care. The operating cost ratio of 12.8% in the third quarter 2026 compared to 13.5% in the third quarter 2025, and reflects ongoing investments to modernize operations and streamline administrative processes. Third Quarter 2026 Key Performance Metrics Third quarter 2026 adjusted net earnings were $4.69 per share. The medical care ratio was 88.4%, reflecting improved medical cost management, benefit and pricing alignment and care delivery enhancements. MCR was impacted by $610 million of net favorable prior period reserve development related to 2026 dates of service. The operating cost ratio of 12.8% reflected ongoing investments in operations, consumer and clinician experiences, operational agentification, integrated value-based care and community support. UnitedHealthcare served 48.3 million consumers, generating revenues of $86.3 billion and earnings of $2.8 billion. Optum cared for over 120 million patients and consumers and drove revenues of $66.9 billion and earnings of $3.7 billion. Continuing to Address America’s Healthcare Challenges with Sustainable Solutions UnitedHealth Group is committed to addressing the issues that make healthcare challenging for the people and clinicians we serve. Continued actions the company has taken to address these challenges include the below, with further commitments expected in 2027. United Health Foundation The United Health Foundation has been refreshed and significantly funded, 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 healthcare, 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 while decreasing costs for 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. Supporting 1,500 rural hospitals and their associated clinicians by accelerating payments, cutting reimbursement timelines in half and exempting these clinicians from most 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. Expanded access to child and family behavioral health coaching, with ~13 million members now eligible to access the coaching program. Approval Reform The company is removing prior approval requirements, standardizing approval processes across the industry, reducing paperwork requirements and increasing transparency into the approval process, making it quicker and simpler for clinicians 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 industrywide 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 clinicians and members better understand the process and our performance. Expanding eligibility for UnitedHealthcare’s Gold Card status – exempting high-performing clinicians from routine approval requirements entirely – and removing requirements for home health services, eliminating nearly 10% of total UnitedHealthcare prior approval volume. 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 payments to independent and community physicians for brand name drugs, benefiting approximately 2,300 independent and community pharmacies. 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 new 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 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 recent Federal CMS audits. UnitedHealth Group Third Quarter 2026 Results Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $112.7 billion $113.2 billion $112.0 billion Earnings from Operations $6.6 billion $4.3 billion $8.0 billion Net Margin 3.6% 2.1% 4.9% UnitedHealth Group’s third quarter 2026 revenues were $112.7 billion compared to $113.2 billion in the third quarter 2025. Third quarter 2026 earnings from operations of $6.6 billion compared to $4.3 billion in the year ago quarter, driven by disciplined execution across both UnitedHealthcare and Optum. The third quarter 2026 medical care ratio was 88.4% compared to 89.9% in the third quarter 2025. The year-over-year decrease was driven by medical cost management initiatives, benefit design changes and pricing discipline, as well as care delivery enhancements focused on affordability and integrated value-based care. Net medical reserve development was $610 million in the quarter related to 2026 dates of service. Days claims payable were 47.0 compared to 47.0 in the second quarter 2026 and 46.2 in the third quarter 2025. Days sales outstanding of 16.9 compared to 17.7 in the second quarter 2026 and 18.6 in the year ago quarter. The third quarter 2026 operating cost ratio was 12.8% compared to 13.5% in the third quarter 2025, reflecting realized operating efficiencies partially offset by accelerating investments in technology, processes and people to improve care delivery and consumer and clinician experiences. Cash flows from operations were $5.1 billion, or 1.2 times net income. Debt-to-capital ratio was 41.7% as of September 30, 2026, compared to 41.2% in the second quarter 2026. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end. The company repurchased $5.0 billion of its common stock and paid $6.2 billion in dividends year-to-date. UnitedHealthcare Third Quarter 2026 Results UnitedHealthcare provides healthcare 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 healthcare experience and advancing access and affordability by reducing the total cost of care. Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $86.3 billion $87.1 billion $86.0 billion Earnings from Operations $2.8 billion $1.8 billion $3.9 billion Operating Margin 3.3% 2.1% 4.6% UnitedHealthcare UnitedHealthcare is committed to improving the consumer and clinician experience by expanding access to care and digital support services, simplifying and reducing prior approvals and deepening support for the communities it serves. UnitedHealthcare third quarter 2026 revenues of $86.3 billion compared to $87.1 billion in the third quarter 2025. UnitedHealthcare served 48.3 million people in the third quarter 2026. UnitedHealthcare’s third quarter 2026 earnings from operations were $2.8 billion and operating margin was 3.3% compared to $1.8 billion and 2.1% in the third quarter 2025. The year-over-year increase was driven by benefit changes and pricing discipline, combined with medical and operating cost management. UnitedHealthcare Employer & Individual UnitedHealthcare Employer & Individual third quarter 2026 revenues were $20.2 billion compared to $19.9 billion in the third quarter 2025. The number of people served contracted by 165,000 in the third quarter 2026 due to employer attrition. UnitedHealthcare Medicare & Retirement UnitedHealthcare Medicare & Retirement third quarter 2026 revenues were $42.4 billion compared to $43.4 billion in the third quarter 2025 due to changes in membership and product mix. The 2027 Medicare Advantage Stars results of at least 69% of members in 4+ Star plans were in line with expectations and reflect continued investments in quality and focus on execution. Performance demonstrates excellence across key quality measures, including improvement in 11 out of 12 HEDIS measures and 4 out of 4 Pharmacy measures. Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, have contracted by 935,000 since year-end 2025. UnitedHealthcare Community & State UnitedHealthcare Community & State third quarter 2026 revenues were $23.7 billion compared to $23.8 billion in the third quarter 2025. People served contracted by 85,000 in the third quarter 2026 due to ongoing Medicaid eligibility changes. Optum Third Quarter 2026 Results The Optum businesses serve participants throughout healthcare, including payers, clinicians and health systems, 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 and clinician experience. Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $66.9 billion $69.2 billion $65.7 billion Earnings from Operations $3.7 billion $2.5 billion $4.0 billion Operating Margin 5.6% 3.6% 6.2% Optum Health Optum Health continues to progress in operational enhancements that expand patient access to integrated, quality care resources while modernizing the care experience to allow for greater patient satisfaction and a more engaged clinician experience. Optum Health’s third quarter 2026 revenues of $22.9 billion decreased 10% year-over-year as a result of fewer value-based care patients served in markets where Optum lacked sufficient value-based care presence to sustain its clinicians. Third quarter 2026 earnings from operations were $735 million and operating margin was 3.2%, compared to $41 million and 0.2% in the third quarter 2025. The year-over-year increase was driven by strengthened operational discipline and medical cost management initiatives across its value-based care markets. Optum Insight Optum Insight continues to develop and bring AI-enabled solutions to market that enhance services and reduce administrative burden across the health system, including capabilities that streamline clinical documentation and improve payment accuracy and speed, returning more time to clinicians for care. Optum Insight reported third quarter 2026 revenues of $5.5 billion, an increase of 3% year-over-year. Third quarter 2026 earnings from operations were $1.3 billion compared to $920 million in the third quarter 2025. The year-over-year improvement was driven by enhanced product offerings and operational efficiencies. Optum Rx Optum Rx continues to advance transparent pharmacy pricing while broadening the clinically integrated pharmacy services that patients depend on. Optum Rx’s third quarter 2026 revenues were $39.9 billion compared to $39.7 billion in the third quarter 2025. Earnings from operations for the third quarter 2026 were $1.7 billion compared to $1.5 billion in the third quarter 2025, reflecting continued adoption of biosimilars and operational improvements. Adjusted scripts were 393 million compared to 414 million in the year ago quarter due to membership declines within UnitedHealthcare and other customers. About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a healthcare 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 healthcare 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 October 27, 2026. This earnings release and the Form 8-K dated October 13, 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 Third Quarter 2026 Results

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