UnitedHealth Group
What matters nowUpdated 5 h ago
- UnitedHealth reported Q3 2026 results on Oct 13: adjusted EPS of $4.69 against $2.92 a year earlier, on revenue of $112.7 billion versus $113.2 billion 1. The medical care ratio improved to 88.4% from 89.9%, helped by $610 million of favorable prior-period reserve development, and the 2026 adjusted EPS outlook was raised to at least $20.50, above the $19.50 to $20.00 range set in July 1.
- The pooled 24/7 venue price was $383.66 at 16:06 UTC on Oct 13, up 0.41% from the previous close of $382.10. Detected moves of -1.97% on Oct 8 and +2.84% on Oct 9 coincide with the CMS 2027 Medicare Advantage star-ratings release 2, while the largest recent detected moves were -5.82% on May 15 and +5.24% on June 4.
- On trailing twelve-month figures to June 30, 2026, revenue was $450.1 billion, up 6.5% year over year, while EPS of $15.55 was down 32.6% and the operating margin was 4.8%. With a $347.2 billion market cap, the stock trades at 24.7 times earnings, 15.1 times EV/EBITDA and a 6.8% free-cash-flow yield. Insiders sold 2,469 shares worth $944,910 in three sales over the last 180 days and bought none.
- Segment figures from Q3 2026: Medicare Advantage membership reached 7.6 million at Sep 30 with a 3.3% segment operating margin; Optum Health revenue fell 10% year over year with a 3.2% operating margin; Optum Insight earned a 23.4% operating margin; and Optum Rx adjusted scripts fell to 393 million from 414 million while its operating earnings rose.
- Next: CMS published the 2027 star ratings on Oct 8, with about 71% of Medicare Advantage enrollees in contracts rated four stars or higher, and star ratings drive quality bonus payments that feed UnitedHealthcare's 2028 Medicare outlook 2. UnitedHealthcare's 2027 Medicare lineup offers a $0-premium option to about 90% of people with access to a Medicare Advantage plan 3. The Q4 and full-year 2026 results are estimated for Jan 27, 2027 and are not yet confirmed.
SEC Form 8-K (UnitedHealth Q3 2026 earnings release) · Oct 13
CMS fact sheet, 2027 Medicare Advantage and Part D Star Ratings · Oct 8
UnitedHealth Group newsroom · Oct 1
UnitedHealth Group runs two halves: UnitedHealthcare, which sells health plans to employers, individuals, seniors and Medicaid programs, and Optum, which combines care delivery (Optum Health), health data and technology (Optum Insight) and pharmacy benefit management (Optum Rx). The stock trades on how well medical costs are priced against premiums, and on how the Optum businesses perform as the company works through a 2025 reset.
How it makes money
UnitedHealthcare earns premiums from employers, individuals, Medicare Advantage and Medicaid plans and pays for members' medical care, so profit depends on the medical care ratio. Optum earns fees and capitated payments for running care (Optum Health), selling software and services (Optum Insight) and managing drug benefits and pharmacy networks (Optum Rx). In 2025 UnitedHealthcare generated $344.9 billion of revenue and the Optum segments generated $270.6 billion after intersegment eliminations.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Medicare Advantage
Medicare Advantage membership was 7.6 million at Sep 30, 2026; segment operating margin was 3.3% in Q3 2026.
Next: FY2026 guidance: UnitedHealthcare earnings from operations above $12.0 billion · 2026-12-31
Employer and Individual plans
Commercial membership is the largest member base in UnitedHealthcare; the segment is flat-to-down on revenue in 2026.
Medicaid and community plans
Government-funded Medicaid plans within UnitedHealthcare's Community & State business; membership is one of the segment's three member pools.
Optum Health
Revenue fell 10% year over year in Q3 2026 as the company trims its provider network; operating margin recovered to 3.2%.
Next: FY2026 guidance: Optum Health earnings from operations above $2.275 billion · 2026-12-31
Latest newsAll news →
UnitedHealth Q3 2026 adjusted EPS $4.69 vs $2.92 a year ago; 2026 adjusted EPS floor raised to $20.50
UnitedHealth reported third-quarter 2026 revenue of $112.7 billion, slightly below $113.2 billion a year earlier, and adjusted EPS of $4.69 against $2.92.
CMS releases 2027 Medicare Advantage Star Ratings; 71% of enrollees in 4-star-plus contracts
CMS published the 2027 Medicare Advantage and Part D Star Ratings on October 8, 2026.
UnitedHealthcare unveils 2027 Medicare plan lineup focused on $0 premiums and lower costs
UnitedHealthcare said its 2027 Medicare plans will focus on affordability and simpler benefits.
UnitedHealth names Jodee Kozlak its first chief administrative officer, effective Sept. 28
UnitedHealth Group created a chief administrative officer role and named Jodee Kozlak to it, effective September 28, 2026.
UnitedHealth sets the date for its Q3 2026 earnings release
UnitedHealth announced on September 15, 2026 the date of its third-quarter 2026 earnings release.
Analyst says UnitedHealthcare looks most exposed in draft 2027 star-ratings cutpoints
CMS released draft 2027 star-rating cutpoints to plans in early September 2026.
Products & businesses
Medicare Advantage
Medicare Advantage membership was 7.6 million at Sep 30, 2026; segment operating margin was 3.3% in Q3 2026.
Next: FY2026 guidance: UnitedHealthcare earnings from operations above $12.0 billion · 2026-12-31
Employer and Individual plans
Commercial membership is the largest member base in UnitedHealthcare; the segment is flat-to-down on revenue in 2026.
Medicaid and community plans
Government-funded Medicaid plans within UnitedHealthcare's Community & State business; membership is one of the segment's three member pools.
Optum Health
Revenue fell 10% year over year in Q3 2026 as the company trims its provider network; operating margin recovered to 3.2%.
Next: FY2026 guidance: Optum Health earnings from operations above $2.275 billion · 2026-12-31
Optum Rx
Revenue is flat year over year and adjusted scripts fell to 393 million in Q3 2026 from 414 million, while operating earnings rose.
Next: FY2026 guidance: Optum Rx earnings from operations above $6.25 billion · 2026-12-31
Optum Insight
Smallest Optum segment, but the most profitable per dollar of revenue, with Q3 2026 operating margin of 23.4%.
Next: FY2026 guidance: Optum Insight earnings from operations above $4.925 billion · 2026-12-31
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| UnitedHealthcare Health benefits business with commercial employer and individual plans, Medicare Advantage and Medicare supplement plans, and Medicaid and community plans. Revenue is premiums and the medical margin on them; Q3 2026 earnings from operations were $2.8 billion on $86.3 billion of revenue. | $344.90B | 77.1% | |
| Optum Health Care delivery and value-based care: owned clinics, medical groups and risk-based contracts that serve UnitedHealthcare and other payers. The 2025 revenue is before intersegment eliminations. | $101.96B | 22.8% | |
| Optum Insight Health data, analytics, technology and services sold to providers, payers and life sciences companies. The 2025 revenue is before intersegment eliminations. | $19.42B | 4.3% | |
| Optum Rx Pharmacy benefit management: drug benefit administration for employers and health plans, pharmacy network management and mail-order pharmacy. The 2025 revenue is before intersegment eliminations. | $154.73B | 34.6% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $450.13B | $112.03B +0% | $111.72B +2% | $113.22Bd +12% | $113.16B +12% | $111.62B +13% | $109.58B +10% | $100.81Bd +7% | $100.82B +9% |
| Gross profit | $398.69B | $98.66Bd +0% | $98.90Bd +2% | $100.53Bd +14% | $100.59Bd +13% | $98.60Bd +13% | $97.19Bd +10% | $88.34Bd +5% | $88.99Bd +7% |
| Operating income | $21.68B | $7.99B +55% | $8.99B -1% | $380.0Md -95% | $4.32B -50% | $5.15B -35% | $9.12B +15% | $7.77Bd +1% | $8.71B +2% |
| Net income | $14.12B | $5.48B +61% | $6.28B -0% | $10.0Md -100% | $2.35B -61% | $3.41B -19% | $6.29B | $5.54Bd +2% | $6.05B +4% |
| EPS (diluted) | $15.55 | $6.04 +61% | $6.90 +1% | $0.02d -100% | $2.59 -60% | $3.74 -18% | $6.85 | $5.98d +2% | $6.51 +4% |
| Operating cash flow | $27.02B | $11.05Bd +54% | $8.91B +63% | $1.11Bd -53% | $5.95Bd -57% | $7.19Bd +7% | $5.46B +377% | $2.37Bd | $13.95Bd +102% |
| Capital expenditure | $3.40B | $799.0Md -10% | $763.0M -15% | $948.0Md +4% | $890.0Md -10% | $886.0Md +4% | $898.0M +21% | $912.0Md -5% | $991.0Md +18% |
| Share buybacks | $1.65B | $1.65Bd -35% | $0 -100% | $0d -100% | $0d -100% | $2.54Bd | $3.00B -2% | $4.97Bd +231% | $956.0Md -36% |
| Cash & equivalents | $28.59B | $28.59B | $28.00B | $24.36B | $27.21B | $28.60B | $30.72B | $25.31B | $32.40B |
| Total debt | $73.33B | $73.33Bd | $77.92Bd | $78.39Bd | $80.14Bd | $79.19Bd | $81.27Bd | $76.90Bd | $78.01Bd |
| Shares outstanding | 905.0M | 905.0M | 908.0M | 906.0M | 906.0M | 905.0M | 910.0M | 915.0M | 923.0M |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $447.57B +12% | $400.28B +8% | $371.62B +15% | $324.16B |
| Cost of revenue | $50.66B +8% | $46.69B +20% | $38.77B +15% | $33.70B |
| Gross profit | $396.91Bd +12% | $353.58Bd +6% | $332.85Bd +15% | $290.46Bd |
| Operating income | $18.96B -41% | $32.29B -0% | $32.36B +14% | $28.43B |
| EBIT | $18.96B -41% | $32.29B -0% | $32.36B +14% | $28.43B |
| Depreciation & amortization | $4.36B +6% | $4.10B +3% | $3.97B +17% | $3.40B |
| Interest expense | $4.00B +2% | $3.91B +20% | $3.25B +55% | $2.09B |
| Income tax | $1.89B -61% | $4.83B -19% | $5.97B +5% | $5.70B |
| Net income | $12.06B -16% | $14.40B -36% | $22.38B +11% | $20.12B |
| EPS (diluted) | $13.23 -15% | $15.51 -35% | $23.86 +13% | $21.18 |
| Dividends per share | $8.73 +7% | $8.18 +12% | $7.29 +14% | $6.40 |
| Diluted shares (weighted) | 911.0M | 929.0M | 938.0M | 950.0M |
| Operating cash flow | $19.70B -19% | $24.20B -17% | $29.07B +11% | $26.21B |
| Capital expenditure | $3.62B +4% | $3.50B +3% | $3.39B +21% | $2.80B |
| Share buybacks | $5.54B -38% | $9.00B +13% | $8.00B +14% | $7.00B |
| Dividends paid | $7.92B +5% | $7.53B +11% | $6.76B +13% | $5.99B |
| Cash & equivalents | $24.36B | $25.31B | $25.43B | $23.36B |
| Long-term debt (incl. current portion) | $72.32B | $72.36B | $58.26B | $54.51B |
| Total debt | $78.39Bd | $76.90Bd | $62.54Bd | $57.62Bd |
| Total assets | $309.58B | $298.28B | $273.72B | $245.71B |
| Total liabilities | $207.88B | $195.69B | $174.80B | $159.36B |
| Shareholders' equity | $100.09B | $98.27B | $94.42B | $81.45B |
| Shares outstanding | 906.0M | 915.0M | 924.0M | 934.0M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
UnitedHealth Q3 2026 adjusted EPS $4.69 vs $2.92 a year ago; 2026 adjusted EPS floor raised to $20.50
UnitedHealth reported third-quarter 2026 revenue of $112.7 billion, slightly below $113.2 billion a year earlier, and adjusted EPS of $4.69 against $2.92.
CMS releases 2027 Medicare Advantage Star Ratings; 71% of enrollees in 4-star-plus contracts
CMS published the 2027 Medicare Advantage and Part D Star Ratings on October 8, 2026.
UnitedHealthcare unveils 2027 Medicare plan lineup focused on $0 premiums and lower costs
UnitedHealthcare said its 2027 Medicare plans will focus on affordability and simpler benefits.
UnitedHealth names Jodee Kozlak its first chief administrative officer, effective Sept. 28
UnitedHealth Group created a chief administrative officer role and named Jodee Kozlak to it, effective September 28, 2026.
UnitedHealth sets the date for its Q3 2026 earnings release
UnitedHealth announced on September 15, 2026 the date of its third-quarter 2026 earnings release.
Analyst says UnitedHealthcare looks most exposed in draft 2027 star-ratings cutpoints
CMS released draft 2027 star-rating cutpoints to plans in early September 2026.
Optum sells minority stake in Florida WellMed clinics to TPG
UnitedHealth's Optum sold a minority interest in part of its Florida WellMed clinic operations to the private equity firm TPG, according to a Bloomberg interview with CFO Wayne DeVeydt published September 9, 2026.
UnitedHealth leaders to take investor questions at Wells Fargo healthcare conference
UnitedHealth disclosed in a September 8, 2026 filing that senior leaders would take questions in an interview format at the Wells Fargo 21st Annual Healthcare Conference on Wednesday, September 9, starting at 8:00 a.m.
Luigi Mangione pleads guilty to federal stalking charges in killing of UnitedHealthcare CEO
Luigi Mangione pleaded guilty on August 14, 2026, in Manhattan federal court to federal stalking charges in the killing of UnitedHealthcare CEO Brian Thompson, reversing his earlier not-guilty plea.
UnitedHealth Q2 2026 adjusted EPS $6.38 vs $4.08; full-year adjusted EPS guidance raised to $19.50-$20.00
UnitedHealth reported second-quarter 2026 revenue of $112.0 billion and adjusted EPS of $6.38, up from $4.08 a year earlier.
UnitedHealth publishes independent review findings: 23 recommendations, all implemented
UnitedHealth released an update to its Independent Review Program covering risk assessment, care services management, prescription drug manufacturer discount practices and HouseCalls diagnosis coding.
Optum Financial closes acquisition of Alegeus Technologies
Optum Financial closed its acquisition of Alegeus Technologies on July 2, 2026.
FTC pulls its OptumRx insulin pricing case to review a final settlement
The Federal Trade Commission withdrew its in-house case against OptumRx from adjudication so it could review a final settlement, Law360 reported on June 15, 2026.
UnitedHealth board raises quarterly dividend to $2.32 per share
UnitedHealth's board authorized a quarterly cash dividend of $2.32 per share, up from $2.21 in March.
Optum Rx launches fee-based pharmacy care model that drops list-price and volume pricing
Optum Rx introduced a fee-based pharmacy care model on May 11, 2026, offered to every Optum Rx PBM client.
UnitedHealth raises 2026 adjusted EPS outlook to above $18.25
After the first-quarter beat, UnitedHealth lifted its 2026 adjusted EPS outlook to more than $18.25, up from more than $17.75.
UnitedHealth shares jump as much as 9.8% at New York open
UnitedHealth shares jumped as much as 9.8% to $355.08 when the New York market opened on the day of its first-quarter report.
UnitedHealth enters arrangement to repurchase at least $2 billion of stock
UnitedHealth entered into an arrangement to buy back at least $2 billion of its common stock, expected to be completed by the end of the second quarter of 2026.
UnitedHealthcare drops most medical prior authorizations for rural care
UnitedHealthcare said rural providers will be exempt from most medical prior authorization requirements that apply today, with the change scheduled for fall 2026.
CMS finalizes 2.48% Medicare Advantage payment increase for 2027
CMS finalized a net average increase of 2.48% in payments to Medicare Advantage plans for 2027, worth more than $13 billion.
UnitedHealth leaders to take investor questions at Barclays healthcare conference
UnitedHealth disclosed in a March 9, 2026 filing that senior leaders would take questions in an interview format at the Barclays 28th Annual Global Healthcare Conference on March 10, starting at 11:30 a.m.
IRS proposes transfer-pricing adjustments to UnitedHealth for 2017 to 2020
UnitedHealth disclosed that on March 6, 2026 the IRS proposed adjustments to its transfer pricing for tax years 2017 through 2020.
UnitedHealth names Dennis Stankiewicz chief accounting officer; Tom Roos moves to Optum Insight
UnitedHealth named Dennis Stankiewicz its Chief Accounting Officer, effective March 2, 2026, while he keeps his role as corporate controller.
UnitedHealth board authorizes $2.21 quarterly dividend
UnitedHealth's board approved a quarterly cash dividend of $2.21 per share, payable March 17, 2026 to holders of record at the close of March 9.
Stephen Hemsley's stock option gets a two-year share-holding requirement
UnitedHealth's Compensation and Human Resources Committee amended the stock option granted to CEO Stephen Hemsley on May 14, 2025, the company disclosed in a filing dated February 25, 2026.
UnitedHealth reports 2025 results and guides 2026 adjusted EPS above $17.75
UnitedHealth finished 2025 with revenue of $447.6 billion, up 12%, and adjusted EPS of $16.35.
UnitedHealth shares fall about 19% intraday after weak 2026 revenue outlook
UnitedHealth stock dropped sharply on the day it issued its 2026 outlook, down about 19% in midday trading.
UnitedHealthcare starts accelerated Medicare Advantage payments to rural hospitals
UnitedHealthcare launched a six-month pilot that speeds Medicare Advantage claim payments to independent rural hospitals in Oklahoma, Idaho, Minnesota and Missouri.
UnitedHealth tells investors it will reaffirm its adjusted 2025 EPS expectations
In an 8-K filed January 12, 2026, UnitedHealth said senior management would reaffirm its adjusted 2025 earnings-per-share expectations at investor meetings that day.
UnitedHealth reports fiscal Q3 2025 results: revenue $113.16B, up 12% from a year earlier
UnitedHealth filed a Form 8-K with the SEC on Oct 28, 2025, 6:02 AM ET, reporting an event dated Oct 28, 2025.
SEC filings
| Oct 13, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Noseworthy John H (Director) — award 240 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: MONTGOMERY RICE VALERIE MD (Director) — award 257 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: MCNABB FREDERICK WILLIAM III (Director) — award 291 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Gottlieb Scott (Director) — award 257 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Gil Kristen (Director) — award 240 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: GARCIA PAUL R (Director) — award 258 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: FLYNN TIMOTHY PATRICK (Director) — award 262 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Baker Charles D. (Director) — award 257 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: MCNABB FREDERICK WILLIAM III (Director) — award 57 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Stankiewicz Dennis Andrew (Chief Accounting Officer) — award 51 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Baker Charles D. (Director) — award 15 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: FLYNN TIMOTHY PATRICK (Director) — award 68 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Noseworthy John H (Director) — award 46 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Gottlieb Scott (Director) — award 5 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Zaetta Christopher R (EVP & Chief Legal Officer) — award 67 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: HEMSLEY STEPHEN J (CEO, UHG, Director) — award 50 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: MONTGOMERY RICE VALERIE MD (Director) — award 47 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: GARCIA PAUL R (Director) — award 16 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Gil Kristen (Director) — award 10 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Conway Patrick Hugh (Chief Executive Officer, Optum) — award 91 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: DeVeydt Wayne S (Chief Financial Officer) — award 106 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Noel Timothy John (Chief Executive Officer, UHC) — award 84 sh | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: McSweeney Erin (EVP & Chief People Officer) — award 53 sh | sec.gov ↗ |
| Sep 8, 26 | 8-K | 8-K: Regulation FD Disclosure (Item 7.01) | sec.gov ↗ |