UnitedHealth Group (UNH) investor relations material

Executive summary

• Second quarter 2026 results exceeded expectations, with revenues reaching $112.0 billion and strong performance in Medicare Advantage and Optum Health, while commercial benefits remain pressured by elevated cost trends.

• Adjusted earnings per share were $6.38, with reported EPS at $6.04; net margin was 4.9%.

• The organization is focused on modernization, affordability, transparency, and leveraging AI to improve operational efficiency and healthcare experiences.

• Value-based care and digital transformation are central to the strategy, with ongoing investments in technology and care delivery enhancements.

Financial highlights

• Adjusted EPS for Q2 was $6.38, up from $4.08 year-over-year.

• Total revenues were $112 billion, largely flat year-over-year; operating earnings grew 55% to $8 billion.

• Medical care ratio improved to 86.7% from 89.4% in Q2 2025, aided by $860 million in net favorable prior period medical development.

• Operating cash flows reached $11.1 billion (1.9x net income); $4 billion deployed for share repurchases through mid-July.

• Debt-to-capital ratio was 41.2% at quarter-end, down from 44.1% a year ago.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance raised to $19.50–$20.00; reported EPS expected at $18.45–$18.95.

• Operating earnings outlook increased for UnitedHealthcare (at least $12 billion) and Optum Health (at least $2.2 billion).

• Full-year medical care ratio expected at 88.1% ± 25 bps; operating cost ratio at the higher end of the range due to investments.

• Commercial margin recovery now expected beyond 2027 due to persistent cost trends.

• Cash flows from operations projected at ~$24 billion for 2026.