OpenNashEarnings

Health Care · NYSE: UNH

UnitedHealth Group earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 26 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Third Quarter 2026 Revenues of $112.7 Billion; Earnings from Operations of $6.6 Billion; Earnings of $4.56 Per Share and Adjusted Earnings of $4.69 Per Share

UnitedHealth Group reported third quarter 2026 revenues of $112.7 billion, slightly below $113.2 billion a year earlier, but earnings from operations rose to $6.6 billion from $4.3 billion. The medical care ratio improved to 88.4% from 89.9%, helped by pricing discipline, benefit changes and cost management. Adjusted earnings were $4.69 per share versus $2.92 a year ago, and cash flows from operations were $5.1 billion.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$112.7B−0.4% y/yQ3 2026
Q4 2024: $100.8B (worked out from the annual figure)Q4 ’24$100.8BQ1 2025: $109.6BQ1 ’25$109.6BQ2 2025: $111.6BQ2 ’25$111.6BQ3 2025: $113.2BQ3 ’25$113.2BQ4 2025: $113.2B (worked out from the annual figure)Q4 ’25$113.2BQ1 2026: $111.7BQ1 ’26$111.7BQ2 2026: $112.0BQ2 ’26$112.0BQ3 2026: $112.7BQ3 ’26$112.7B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$100.8B *
Q1 2025$109.6B
Q2 2025$111.6B
Q3 2025$113.2B
Q4 2025$113.2B *
Q1 2026$111.7B
Q2 2026$112.0B
Q3 2026$112.7B
Diluted EPS (GAAP)$4.56+76.1% y/yQ3 2026
Q1 2025: $6.85Q1 ’25$6.85Q2 2025: $3.74Q2 ’25$3.74Q3 2025: $2.59Q3 ’25$2.59Q1 2026: $6.90Q1 ’26$6.90Q2 2026: $6.04Q2 ’26$6.04Q3 2026: $4.56Q3 ’26$4.56
Data
Q1 2025$6.85
Q2 2025$3.74
Q3 2025$2.59
Q1 2026$6.90
Q2 2026$6.04
Q3 2026$4.56

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin5.8%+2.0 pts y/yQ3 2026
Q4 2024: 7.7%Q4 ’247.7%Q1 2025: 8.3%Q1 ’258.3%Q2 2025: 4.6%Q2 ’254.6%Q3 2025: 3.8%Q3 ’253.8%Q4 2025: 0.3%Q4 ’250.3%Q1 2026: 8.0%Q1 ’268.0%Q2 2026: 7.1%Q2 ’267.1%Q3 2026: 5.8%Q3 ’265.8%
Data
Q4 20247.7%
Q1 20258.3%
Q2 20254.6%
Q3 20253.8%
Q4 20250.3%
Q1 20268.0%
Q2 20267.1%
Q3 20265.8%
Free cash flow$4.3B−15.6% y/yQ3 2026
Q4 2024: $1.5BQ4 ’24$1.5BQ1 2025: $4.6BQ1 ’25$4.6BQ2 2025: $6.3BQ2 ’25$6.3BQ3 2025: $5.1BQ3 ’25$5.1BQ4 2025: $160.0MQ4 ’25$160.0MQ1 2026: $8.1BQ1 ’26$8.1BQ2 2026: $10.3BQ2 ’26$10.3BQ3 2026: $4.3BQ3 ’26$4.3B
Data
Q4 2024$1.5B
Q1 2025$4.6B
Q2 2025$6.3B
Q3 2025$5.1B
Q4 2025$160.0M
Q1 2026$8.1B
Q2 2026$10.3B
Q3 2026$4.3B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$100.8Bd$109.6B$111.6B$113.2B$113.2Bd$111.7B$112.0B$112.7B
Operating income$7.8Bd$9.1B$5.2B$4.3B$380.0Md$9.0B$8.0B$6.6B
Operating margin7.7%8.3%4.6%3.8%0.3%8.0%7.1%5.8%
Net income$5.5Bd$6.3B$3.4B$2.3B$10.0Md$6.3B$5.5B$4.1B
Diluted EPS—$6.85$3.74$2.59—$6.90$6.04$4.56
Operating cash flow$2.4Bd$5.5B$7.2Bd$5.9Bd$1.1Bd$8.9B$11.1Bd$5.1Bd
Capital expenditure$912.0Md$898.0M$886.0Md$890.0Md$948.0Md$763.0M$799.0Md$859.0Md
Free cash flow$1.5B$4.6B$6.3B$5.1B$160.0M$8.1B$10.3B$4.3B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings