UnitedHealth Group (UNH) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $112.694B, down 0.4% YoY; operating earnings rose 52% to $6.563B, diluted EPS was $4.56 and adjusted EPS was $4.69.

• UnitedHealthcare served 1.8 million fewer people YoY as benefit, pricing and eligibility actions reduced membership across Medicare Advantage, commercial risk-based and Medicaid offerings.

• Leadership cited improving execution and progress toward sustainable growth in 2027 and beyond, within the 13%-16% long-term target range.

• Modernization, integrated value-based care, AI adoption and simpler processes are priorities for improving care access, experience and affordability.

Financial highlights

• Q3 net earnings attributable to common shareholders were $4.110B versus $2.348B; nine-month net earnings were $16.451B versus $12.589B.

• Nine-month revenue was $336.447B, up 1%; operating earnings rose 27% to $23.544B.

• Q3 medical costs were $76.982B, down 4% YoY; operating costs fell 6% to $14.369B, while cost of products sold rose 9% to $13.707B.

• Nine-month operating cash flow was $25.087B versus $18.589B; cash and cash equivalents were $25.845B at September 30, 2026.

Outlook and guidance

• FY 2026 outlook is at least $19.50 diluted EPS and $20.50 adjusted EPS; adjusted EPS excludes the expected net decrease in loss contract reserves.

• Management views adjusted EPS of at least $20.50 as a solid run rate and the lower end of the 13%-16% long-term growth target as a more reasonable 2027 starting point than analyst consensus.

• Medicare Advantage margins are expected near the top of the 2%-4% range in 2026; Medicaid core margins are expected moderately better than -1%.

• Optum Health expects to move toward its 6%-8% target margin range by 2028; 2027 earnings growth is expected, with more detail planned before year-end.

• Medicaid margins are expected to improve in 2027, with a return to targeted margins in 2028 and sustained performance through 2030; 2027 tailwinds include value-based care, buybacks, AI and modernization, offset by investments and medical trends.