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UnitedHealth (UNH) investor relations material
UnitedHealth Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Q2 2025 revenues grew 13% year-over-year to $111.6B, driven by UnitedHealthcare and Optum, but earnings from operations and margins declined due to elevated medical costs and pricing missteps.
Leadership emphasized transparency, operational discipline, and cultural change, with management changes and a renewed focus on business practices.
UnitedHealthcare added 1.0 million members, mainly in Medicare Advantage and commercial offerings.
Discrete items totaling $1.2B, including ACA exchange impacts and settlements, weighed on results.
Cash flows from operations for the first half of 2025 were $12.6B.
Financial highlights
Q2 2025 revenues: $111.6B, up 13% from $98.9B in Q2 2024.
Net earnings attributable to shareholders for Q2 2025 were $3.4B, down 19% year-over-year.
Adjusted EPS for Q2 2025 was $4.08, down from $6.80 in Q2 2024.
Operating margin for Q2 2025 was 4.6%, down from 8.0% in Q2 2024.
Medical care ratio for Q2 2025 was 89.4%, up 4.3 points year-over-year.
Outlook and guidance
Full year 2025 revenue is projected at $445.5–$448.0B, with adjusted EPS guidance of at least $16.00.
Medical care ratio for 2025 expected at 89.25% +/- 25 bps.
2026 is expected to show moderate earnings growth, with a stronger rebound anticipated in 2027.
Medicare Advantage pricing for 2026 assumes a 10% trend, with significant benefit cuts and plan exits to support margin recovery.
Medicaid membership losses and negative margins are anticipated in 2026 due to legislative changes and funding lags.
Why did UHG suspend its 2025 outlook?
Explain Optum Health's revenue decline.
Detail drivers of higher medical trends.
How will UHC address rising medical costs?
What's OptumHealth's plan for margin recovery?
What's the timeline for performance reports?
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Next UnitedHealth earnings date
Q3 202528 Oct, 2025
Next UnitedHealth earnings date
Q3 202528 Oct, 2025
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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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