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UnitedHealth (UNH) investor relations material
UnitedHealth Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Third quarter 2025 revenues reached $113.2 billion, up 12% year-over-year, driven by Medicare Advantage and Optum Rx growth, but earnings from operations fell 50% to $4.3 billion due to elevated medical cost trends and Medicare funding reductions.
UnitedHealthcare served 795,000 more people, mainly in Medicare Advantage, while Optum Health saw a decrease in people served and revenues due to contract conversions and funding pressures.
Adjusted EPS for Q3 was $2.92, slightly ahead of expectations, while GAAP EPS was $2.59.
Cash flows from operations were $5.9 billion for the quarter, or 2.3x net income, reflecting strong liquidity.
The company is reducing its international footprint and consolidating operations to focus on U.S. healthcare needs.
Financial highlights
Q3 2025 total revenues: $113.2B (up 12% YoY); nine months YTD: $334.4B (up 12%).
Medical care ratio rose to 89.9% from 85.2% year-over-year, reflecting high medical cost trends and funding reductions.
Operating cost ratio was 13.5%, driven by increased investments in technology and workforce.
Operating margin dropped to 3.8% from 8.6% year-over-year; net margin was 2.1%, down from 6.0% a year ago.
Cash flows from operations for nine months ended September 30, 2025 were $18.6B.
Outlook and guidance
Full year 2025 GAAP EPS guidance raised to at least $14.90; adjusted EPS to at least $16.25.
Solid earnings growth is expected in 2026, with double-digit growth targeted for 2027 and beyond.
Margin improvements are anticipated in Medicare Advantage, commercial, and Optum Health segments in 2026, with further gains in 2027.
Medicaid recovery is expected to be slower, with margins remaining pressured through 2026.
Company remains focused on cost management, pricing adjustments, and advocating for actuarially sound rates.
Impact of Medicare/IRA on Q3 operating margins?
Optum Health: Drivers of 1% operating margin?
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What is the target VBC market share for Optum Health?
What drives debt-to-capital ratio to 40% by 2H26?
What is the MA competitive landscape for 2026?
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Next UnitedHealth earnings date
Q4 202512 Jan, 2026
Next UnitedHealth earnings date
Q4 202512 Jan, 2026
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Frequently asked questions
Diverse Healthcare Services
UnitedHealth Group is an American healthcare company that operates through two primary divisions: UnitedHealthcare and Optum. UnitedHealthcare offers healthcare coverage and benefits services, while Optum provides information and technology-enabled health services. The company delivers a broad spectrum of healthcare products and services to its customers, encompassing health coverage, Medicare plans, short-term health insurance, Medicaid plans, health management, and global health solutions. It is headquartered in Minnetonka, Minnesota, and its shares are listed on the NYSE.
UnitedHealthcare
The UnitedHealthcare segment of UnitedHealth Group is primarily focused on health insurance services. It offers a wide range of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries. The company provides access to healthcare services through its extensive network of healthcare providers, offering various insurance products that include but are not limited to, health maintenance organization, preferred provider organization, and point-of-service plans. The company is one of the largest providers of health insurance in the country and also offers coverage to customers outside of the US. Some similar companies traded on the public markets include Cigna and Humana.
The Optum Business Segment
The Optum segment of the company operates as a health services and innovation company, complementing the health insurance offerings of UnitedHealthcare by providing a broad spectrum of services and solutions. Optum is organized into three main divisions: OptumHealth, OptumInsight, and OptumRx, each focusing on different aspects of healthcare and technology.
OptumHealth: This division offers health management services, care delivery, and wellness programs. It provides personalized and scalable health and wellness solutions, including physical health, mental health, complex care management, and financial services to individuals and employers. It also operates an extensive network of care providers, offering primary care, urgent care, and specialty services.
OptumInsight: OptumInsight provides data, analytics, research, consulting, technology, and managed services solutions to hospitals, physicians, health plans, governments, and life sciences companies. The focus is on improving operational efficiency, reducing costs, and enhancing the quality of care.
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