UnitedHealth Group (UNH) · Health Care
UnitedHealth Group Q2 2026 earnings: summary, key numbers & outlook
Results filed 16 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
UnitedHealth Group reported second quarter 2026 revenues of $112.0 billion, earnings from operations of $8.0 billion, earnings of $6.04 per share and adjusted earnings of $6.38 per share.
UnitedHealth's revenue was nearly flat at $112.0 billion, compared with $111.6 billion a year earlier. Profit rose sharply, with earnings from operations of $8.0 billion against $5.2 billion a year ago. The medical care ratio, the share of premiums spent on medical bills, fell to 86.7% from 89.4%. Management credited pricing discipline, changes to benefit design and medical cost management. Diluted earnings were $6.04 per share and adjusted earnings were $6.38. Cash flow from operations was $11.1 billion.
Management raised its full year 2026 outlook to adjusted earnings of $19.50 to $20.00 per share, up from more than $17.75 in January. It also raised its cash flow, share buyback and operating earnings targets. The main tension is that the profit gains came with shrinking membership. UnitedHealthcare served 48.5 million people, down 525,000 from the prior quarter, and Medicare Advantage is down 965,000 since year-end 2025. The quarter also benefited from $860 million of favorable prior period medical cost development.
Key numbers
- Total revenues · GAAP
- $112.0 billion
- Earnings from operations · GAAP
- $8.0 billion
- Net earnings attributable to UnitedHealth Group common shareholders · GAAP
- $5.5B
- Diluted earnings per share · GAAP
- $6.04
- Adjusted earnings per share · non-GAAP
- $6.38
- Cash flows from operations · GAAP
- $11.1 billion
- Medical care ratio · GAAP
- 86.7%
compared with $111.6 billion in the year ago quarter
compared with $5.2 billion in the year ago quarter
compared with $3,406 in the second quarter of 2025
compared with $3.74 in the second quarter of 2025
compared with $4.08 in the second quarter of 2025
1.9x net income
compared with 89.4% in the second quarter 2025
| Segment or metric | Value | Change |
|---|---|---|
| UnitedHealthcare revenues | $86.0 billion | compared with $86.1 billion in the second quarter 2025 |
| UnitedHealthcare people served | 48.5 million | down 525,000 sequentially |
| Optum revenues | $65.7 billion | compared with $67.2 billion in the second quarter 2025 |
| Optum Health revenues | $23.5 billion | decreased 5% year-over-year |
| Optum Insight revenues | $5.4 billion | |
| Optum Rx revenues | $38.3 billion | compared with $38.5 billion in second quarter 2025 |
Where each number comes from
- Total revenues: “Consolidated revenues for the second quarter 2026 were $112.0 billion and earnings from operations were $8.0 billion, with a net margin of 4.9%.”
- Earnings from operations: “Consolidated revenues for the second quarter 2026 were $112.0 billion and earnings from operations were $8.0 billion, with a net margin of 4.9%.”
- Net earnings attributable to UnitedHealth Group common shareholders: “Net earnings attributable to UnitedHealth Group common shareholders ...... $5,484 $3,406 $11,764 $9,698”
- Diluted earnings per share: “Earnings of $6.04 Per Share and Adjusted Earnings of $6.38 Per Share”
- Adjusted earnings per share: “Earnings of $6.04 Per Share and Adjusted Earnings of $6.38 Per Share”
- Cash flows from operations: “Cash flows from operations were $11.1 billion, or 1.9x net income, and the debt-to-capital ratio was 41.2% as of June 30, 2026.”
- Medical care ratio: “The second quarter 2026 medical care ratio was 86.7% compared to 89.4% in the second quarter 2025.”
- UnitedHealthcare revenues: “UnitedHealthcare second quarter 2026 revenues of $86.0 billion compared to $86.1 billion in the second quarter 2025.”
- UnitedHealthcare people served: “UnitedHealthcare served 48.5 million people in the second quarter 2026, down 525,000 sequentially.”
- Optum revenues: “Optum supported more than 120 million consumers and generated revenues of $65.7 billion and earnings of $4.0 billion, representing 160 basis points of margin expansion year-over-year.”
- Optum Health revenues: “Optum Health’s second quarter 2026 revenues of $23.5 billion decreased 5% year-over-year due to ~700,000 fewer value- based-care patients served.”
- Optum Insight revenues: “Optum Insight reported second quarter 2026 revenues of $5.4 billion.”
- Optum Rx revenues: “Optum Rx’s second quarter 2026 revenues were $38.3 billion compared to $38.5 billion in second quarter 2025.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $112.0B | +0.4% | +0.3% |
| Operating income | $8.0B | +55.2% | −11.1% |
| Net income | $5.5B | +61.0% | −12.7% |
| Diluted EPS | $6.04 | +61.5% | −12.5% |
| Free cash flow | $10.3B | +62.7% | +25.8% |
| Operating margin | 7.1% | +2.5 pts | −0.9 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted earnings per share | full year 2026 (adjusted) | $19.50 to $20.00 |
| Diluted net earnings per share | full year 2026 (GAAP) | $18.45 to $18.95 |
| Medical care ratio | full year 2026 | 88.1% ± 25 bps |
| Tax rate | full year 2026 | ~18.5% |
| Cash flows from operations (in millions) | full year 2026 | ~$24,000 |
| Share repurchase (in millions) | full year 2026 | At Least $5,000 |
Key takeaways
Profit surged on flat revenue
Earnings from operations were $8.0 billion versus $5.2 billion a year ago, while revenues were $112.0 billion versus $111.6 billion.
Medical care ratio improved to 86.7%
It was 89.4% in the second quarter 2025. The ratio included $860 million of net favorable prior period development.
Full year adjusted EPS outlook raised
The adjusted range is now $19.50 to $20.00 per share, compared with more than $17.75 as of January 27, 2026.
UnitedHealthcare membership keeps shrinking
UnitedHealthcare served 48.5 million people, down 525,000 sequentially, and Medicare Advantage has contracted by 965,000 since year-end 2025.
Cash flow and buybacks stepped up
Cash flows from operations were $11.1 billion, and full year guidance rose to ~$24,000 million. Share repurchases are now expected to be at least $5,000 million.
Charts
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 |
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.
Data
| Q4 2024 | 7.7% |
| Q1 2025 | 8.3% |
| Q2 2025 | 4.6% |
| Q3 2025 | 3.8% |
| Q4 2025 | 0.3% |
| Q1 2026 | 8.0% |
| Q2 2026 | 7.1% |
| Q3 2026 | 5.8% |
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.
Questions
What were UnitedHealth's key results in Q2 2026?
Revenues were $112.0 billion and earnings from operations were $8.0 billion. Diluted earnings were $6.04 per share and adjusted earnings were $6.38 per share.
What is UnitedHealth's full year 2026 guidance?
Adjusted earnings are expected at $19.50 to $20.00 per share, and diluted earnings at $18.45 to $18.95. The medical care ratio is guided to 88.1% ± 25 bps.
How did the medical care ratio change?
It fell to 86.7% from 89.4% a year earlier, helped by benefit design, pricing discipline and medical cost management. It included $860 million of net favorable prior period development.
How is membership trending?
UnitedHealthcare served 48.5 million people, down 525,000 sequentially. Medicare Advantage has contracted by 965,000 since year-end 2025, and Optum Health serves about 700,000 fewer value-based-care patients.
How is UnitedHealth using its cash?
It repurchased $4.0 billion of stock through mid-July 2026 and expects at least $5.0 billion for the full year. The debt-to-capital ratio fell to 41.2%, against a target of about 40.0% by year-end.
Documents
SEC filing