# UnitedHealth Group (UNH) Q2 2026 earnings

Results filed 2026-07-16 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/unh/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/731766/000073176626000191/0000731766-26-000191-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenues | $112.0 billion | compared with $111.6 billion in the year ago quarter | GAAP |
| Earnings from operations | $8.0 billion | compared with $5.2 billion in the year ago quarter | GAAP |
| Net earnings attributable to UnitedHealth Group common shareholders | $5,484 | compared with $3,406 in the second quarter of 2025 | GAAP |
| Diluted earnings per share | $6.04 | compared with $3.74 in the second quarter of 2025 | GAAP |
| Adjusted earnings per share | $6.38 | compared with $4.08 in the second quarter of 2025 | non-GAAP |
| Cash flows from operations | $11.1 billion | 1.9x net income | GAAP |
| Medical care ratio | 86.7% | compared with 89.4% in the second quarter 2025 | GAAP |

## Segments and operating metrics

| Name | 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 |

## 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

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.