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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 $11.1 billion, or 1.9x net income, and the debt-to-capital ratio was 41.2% as of June 30, 2026.
UnitedHealth Group’s medical cost ratio was 86.7% for the second quarter 2026, reflecting cost and pricing discipline, as well as mix changes across all benefit offerings. The operating cost ratio of 12.7% in the second quarter 2026 compared to 12.3% in the second quarter 2025, reflecting targeted investments in technology, operations and the community.
Over the last year, the company has advanced a broad set of reforms and commitments to improve affordability, transparency and simplicity for care providers and consumers. These actions reflect the company’s deep commitment to helping people live healthier lives and helping make the health system work better for everyone. These actions are outlined in more detail on page 3 of this release.
Second Quarter 2026 Key Performance Metrics
UnitedHealth Group Updated 2026 Full Year Guidance | |||||||
($ in millions, except per share data) |
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Reported Operating
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|
Adjusted Operating
|
|
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.
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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.
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Affordability, Rural Care and Benefits | The company is taking steps to increase support and access and decrease costs for all communities served.
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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.
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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.
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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% |
|
|
|
|
|
|
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 Employer & Individual
UnitedHealthcare Medicare & Retirement
UnitedHealthcare Community & State
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 |
| $3.3 billion |
Operating Margin | 6.2% |
| 4.6% |
| 5.2% |
|
|
|
|
|
|
Optum Health
Optum Insight
Optum Rx
UnitedHealth Group 2026 Outlook
($ and weighted-average shares in millions; except per share data) |
|
As of
|
|
As of
|
|
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 Statements
The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; our ability to successfully execute initiatives designed to simplify and improve the consumer healthcare experience; our ability to effectively execute our value-based care strategies; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.
This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.
UNITEDHEALTH GROUP |
Earnings Release Schedules and Supplementary Information |
Quarter Ended June 30, 2026 |
|
Investors:
investor_relations@uhg.com
Media:
uhgmedia@uhg.com
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