UnitedHealth Group Reports Third Quarter 2026 Results
--( 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." - Stephen Hemsley, CEO, UnitedHealth Group
“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
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.
Affordability, Rural Care and Benefits
The company is taking steps to increase support and access while decreasing costs for communities served.
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.
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.
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.
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%
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 Employer & Individual
UnitedHealthcare Medicare & Retirement
UnitedHealthcare Community & State
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 Insight
Optum Rx
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 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 healthcare 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 healthcare 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 September 30, 2026
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data; unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Revenues
Premiums
$87,078
$88,979
$261,595
$263,418
Products
14,293
13,296
41,378
39,896
Services
10,246
9,754
30,043
27,765
Investment and other income
1,077
1,132
3,431
3,273
Total revenues
112,694
113,161
336,447
334,352
Operating costs
Medical costs
76,982
79,958
225,829
231,954
Operating costs
14,369
15,223
44,027
42,595
Cost of products sold
13,707
12,566
39,905
37,975
Depreciation and amortization
1,073
1,099
3,142
3,244
Total operating costs
106,131
108,846
312,903
315,768
Earnings from operations
6,563
4,315
23,544
18,584
Interest expense
(963)
(1,003)
(2,880)
(3,028)
Loss on sale of subsidiary and subsidiaries held for sale
(76)
(83)
(209)
(139)
Earnings before income taxes
5,524
3,229
20,455
15,417
Provision for income taxes
(1,224)
(686)
(4,004)
(2,828)
Net earnings
4,300
2,543
16,451
12,589
Earnings attributable to noncontrolling interests
(190)
(195)
(577)
(543)
Net earnings attributable to UnitedHealth Group common shareholders
$4,110
$2,348
$15,874
$12,046
Diluted earnings per share attributable to UnitedHealth Group common shareholders (a)
$4.56
$2.59
$17.50
$13.21
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (b)
$4.69
$2.92
$18.30
$14.22
Diluted weighted-average common shares outstanding
902
908
906
912
(a)
The calculation of diluted earnings per share includes an immaterial reduction to the numerator related to forward share repurchase contracts for the nine months ended September 30, 2026.
(b)
See page 15 for a reconciliation of non-GAAP measures.
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions; unaudited)
September 30,
December 31,
2026
2025
Assets
Cash and short-term investments
$28,549
$28,121
Accounts receivable, net
20,543
23,018
Other current assets
36,503
39,443
Total current assets
85,595
90,582
Long-term investments
58,064
54,251
Other long-term assets
169,123
164,748
Total assets
$312,782
$309,581
Liabilities, redeemable noncontrolling interests and equity
Medical costs payable
$39,352
$39,337
Short-term borrowings and current maturities of long-term debt
5,617
6,069
Other current liabilities
70,866
69,491
Total current liabilities
115,835
114,897
Long-term debt, less current maturities
68,714
72,320
Other long-term liabilities
22,688
20,666
Redeemable noncontrolling interests
1,416
1,608
Equity
104,129
100,090
Total liabilities, redeemable noncontrolling interests and equity
$312,782
$309,581
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Nine Months Ended
September 30,
2026
2025
Operating Activities
Net earnings
$16,451
$12,589
Noncash items:
Depreciation and amortization
3,142
3,244
Deferred income taxes and other
115
(955)
Share-based compensation
843
795
Loss on sale of subsidiary and subsidiaries held for sale
209
139
Net changes in operating assets and liabilities
4,327
2,777
Cash flows from operating activities
25,087
18,589
Investing Activities
(Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases
(4,486)
1,657
Purchases of property, equipment and capitalized software
(2,421)
(2,674)
Cash paid for acquisitions and other transactions, net
(1,538)
(4,436)
Repayment of care provider loans - cyberattack
282
1,543
Other, net
(655)
(2,164)
Cash flows used for investing activities
(8,818)
(6,074)
Financing Activities
Common share repurchases
(5,031)
(5,545)
Dividends paid
(6,170)
(5,914)
Net change in short-term borrowings and long-term debt
(3,075)
2,438
Other, net
(757)
(1,592)
Cash flows used for financing activities
(15,033)
(10,613)
Effect of exchange rate changes on cash and cash equivalents
(11)
25
Increase in cash and cash equivalents, including cash within businesses held for sale
1,225
1,927
Net change in cash within businesses held for sale
255
(29)
Net increase in cash and cash equivalents
1,480
1,898
Cash and cash equivalents, beginning of period
24,365
25,312
Cash and cash equivalents, end of period
$25,845
$27,210
UNITEDHEALTH GROUP
REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION
(in millions; unaudited)
Optum UnitedHealth
UnitedHealth
UnitedHealthcare
Optum
Health (c)
Optum
Insight (c)
Optum
Rx
Total
Optum (a)
Group
Consolidated (a)
Three Months Ended September 30, 2026
Total revenues
$86,330
$22,910
$5,474
$39,927
$66,883
$112,694
Restructuring and other (2)
—
35
(14)
—
21
21
Adjusted revenues (b)
$86,330
$22,945
$5,460
$39,927
$66,904
$112,715
Three Months Ended September 30, 2025
Total revenues
$87,070
$25,422
$5,320
$39,679
$69,177
$113,161
Nine Months Ended September 30, 2026
Total revenues
$258,612
$70,491
$16,001
$113,955
$196,295
$336,447
Restructuring and other (2)
—
37
(91)
(54)
(54)
Adjusted revenues (b)
$258,612
$70,528
$15,910
$113,955
$196,241
$336,393
Nine Months Ended September 30, 2025
Total revenues
$257,790
$74,984
$15,579
$113,270
$200,287
$334,352
UnitedHealthcare Revenues
(in millions; unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
UnitedHealthcare Employer & Individual - Domestic
$19,223
$19,049
$57,477
$57,065
UnitedHealthcare Employer & Individual - Global
985
826
2,841
2,427
UnitedHealthcare Employer & Individual - Total
20,208
19,875
60,318
59,492
UnitedHealthcare Medicare & Retirement
42,420
43,356
126,892
127,684
UnitedHealthcare Community & State
23,702
23,839
71,402
70,614
Total UnitedHealthcare revenues
$86,330
$87,070
$258,612
$257,790
(a)
Optum and consolidated revenues for the three months ended September 30, 2026 and 2025 include Optum eliminations of $1,428 and $1,244; and corporate eliminations of $40,519 and $43,086, respectively. Optum and consolidated revenues for the nine months ended September 30, 2026 and 2025 include Optum eliminations of $4,152 and $3,546; and corporate eliminations of $118,460 and $123,725, respectively.
(b)
See page 15 for description of non-GAAP measures.
(c)
Prior period amounts have been recast to reflect the realignment of Optum Financial.
Note:
See end notes for further information regarding non-GAAP adjustments.
UNITEDHEALTH GROUP
EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION
(in millions, except percentages; unaudited)
Optum
UnitedHealthcare
Optum
Health (b)
Optum
Insight (b)
Optum
Rx
Total
Optum
UnitedHealth
Group
Consolidated
Three Months Ended September 30, 2026
Earnings from operations
$2,831
$735
$1,279
$1,718
$3,732
$6,563
Net portfolio divestitures and South American impacts (1)
(141)
(85)
2
—
(83)
(224)
Restructuring and other (2).
—
(62)
(12)
—
(74)
(74)
Adjusted earnings from operations (a)
$2,690
$588
$1,269
$1,718
$3,575
$6,265
Operating margin
3.3 %
3.2 %
23.4 %
4.3 %
5.6 %
5.8 %
Adjusted operating margin (a)
3.1 %
2.6 %
23.2 %
4.3 %
5.3 %
5.6 %
Three Months Ended September 30, 2025
Earnings from operations
$1,805
$41
$920
$1,549
$2,510
$4,315
Operating margin
2.1 %
0.2 %
17.3 %
3.9 %
3.6 %
3.8 %
Nine Months Ended September 30, 2026
Earnings from operations
$12,467
$3,066
$3,611
$4,400
$11,077
$23,544
Net portfolio divestitures and South American impacts (1)
(141)
256
(522)
(8)
(274)
(415)
Restructuring and other (2)
—
(248)
327
—
79
79
Adjusted earnings from operations (a)
$12,326
$3,074
$3,416
$4,392
$10,882
$23,208
Operating margin
4.8 %
4.3 %
22.6 %
3.9 %
5.6 %
7.0 %
Adjusted operating margin (a)
4.8 %
4.4 %
21.5 %
3.9 %
5.5 %
6.9 %
Nine Months Ended September 30, 2025
Earnings from operations
$9,106
$1,881
$3,289
$4,308
$9,478
$18,584
Operating margin
3.5 %
2.5 %
21.1 %
3.8 %
4.7 %
5.6 %
(a)
See page 15 for description of non-GAAP measures.
(b)
Prior period amounts have been recast to reflect the realignment of Optum Financial.
Note:
See end notes for further information regarding non-GAAP adjustments.
UNITEDHEALTH GROUP
PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION
(unaudited)
UnitedHealthcare Customer Profile
(in thousands)
People Served
September 30, 2026
June 30, 2026
December 31, 2025
September 30, 2025
Commercial:
Risk-based
7,575
7,655
8,165
8,440
Fee-based
22,180
22,265
21,485
21,490
Total Commercial
29,755
29,920
29,650
29,930
Medicare Advantage
7,605
7,565
8,445
8,435
Medicaid
6,695
6,780
7,380
7,460
Medicare Supplement (Standardized)
4,245
4,260
4,285
4,300
Total Community and Senior
18,545
18,605
20,110
20,195
Total UnitedHealthcare - Medical
48,300
48,525
49,760
50,125
Supplemental Data
Medicare Part D stand-alone
2,690
2,710
2,770
2,795
South American businesses held for sale
1,140
1,145
1,160
1,160
Optum Performance Metrics
September 30, 2026
June 30, 2026
December 31, 2025
September 30, 2025
Optum Health Consumers Served (in millions) (a)
92
93
92
93
Optum Rx Quarterly Adjusted Scripts (in millions)
393
387
424
414
(a)
Prior period amounts have been recast to reflect the realignment of Optum Financial.
UNITEDHEALTH GROUP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Use of Non-GAAP Financial Measures
Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows:
Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure. As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share.
Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations and adjusted operating margin exclude net portfolio divestitures and South American impacts. Net portfolio divestitures and South American impacts relate to the actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses aimed at advancing and scaling our operations, including our value-based care business at Optum Health. For the three months ended September 30, 2026, these actions included net gains on businesses held for sale and a gain on an asset sale, partially offset by incremental losses on our remaining South American operations. For the nine months ended September 30, 2026, these actions included a net gain on the sales of businesses previously classified as held for sale as of December 31, 2025 and a gain on an asset sale; partially offset by incremental losses on businesses held for sale, including our remaining South American operations. Portfolio divestitures are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period.
Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues exclude restructuring and other items. For the nine months ended September 30, 2026, restructuring and other items included a contribution to the United Health Foundation of $400 million funded by the cash gain on the disposition of an Optum Insight business. For the three and nine months ended September 30, 2026, restructuring and other items included the net decrease in loss contract reserves of $95 million and $282 million and net valuation (losses) gains on equity securities of $(21) million and $39 million, respectively. These items are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period.
Adjusted earnings per share for the projected year ended December 31, 2026 excludes the net expected decrease in loss contract reserves.
UNITEDHEALTH GROUP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share data; unaudited)
Adjusted Net Earnings Per Share
Three Months Ended
September 30,
Nine Months Ended
September 30,
Projected
Year Ended
December 31,
2026
2025
2026
2025
2026
Net earnings attributable to UnitedHealth Group common shareholder
$4,110
$2,348
$15,874
$12,046
> $17,650
Intangible amortization
373
401
1,053
1,227
~1,405
Net portfolio divestitures and South American impacts (1)
(148)
—
(206)
—
~(205)
Restructuring and other (2)
(74)
—
79
—
—
Tax effect of adjustments
(33)
(99)
(202)
(300)
~(265)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
$4,228
$2,650
$16,598
$12,973
> $18,585
Diluted earnings per share
$4.56
$2.59
$17.50
$13.21
At least $19.50
Intangible amortization per share
0.41
0.44
1.16
1.34
~1.55
Net portfolio divestitures and South American impacts per share
(0.16)
—
(0.23)
—
~(0.25)
Restructuring and other per share
(0.08)
—
0.09
—
—
Tax effect of adjustments per share
(0.04)
(0.11)
(0.22)
(0.33)
~(0.30)
Adjusted diluted earnings per share
$4.69
$2.92
$18.30
$14.22
At least $20.50
End Notes
(1)
Net portfolio divestitures and South American impacts for the three and nine months ended September 30, 2026 includes net impacts of dispositions and businesses held for sale and $76 million and $209 million of incremental losses related to South American businesses held for sale, respectively. For the three and nine months ended September 30, 2025, net impacts of dispositions and South American impacts were not significant.
(2)
Restructuring and other for the three and nine months ended September 30, 2026 includes net valuation gains and losses on equity securities. For the three and nine months ended September 30, 2025 net valuation gains and losses were not significant.