UnitedHealth Group Reports First Quarter 2026 Results
UNH
First Quarter 2026 Revenues of $111.7 Billion Grew 2% Year-over-Year Earnings of $6.90 Per Share and Adjusted Earnings of $7.23 Per Share Full Year 2026 Earnings Outlook Raised to Greater Than $17.35 Per Share; Adjusted Earnings of Greater Than $18.25 Per Share To view this information in a different format, including graphics, published on our website, click here: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2026/unh-reports-first-quarter-2026-results.pdf
Published on 04/21/2026 at 05:56 am EDT
UnitedHealth Group (NYSE: UNH) today reported first quarter 2026 results, with performance supported by actions taken over the last several quarters.
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“We are continuing to help simplify and modernize health care for the people and care providers we serve, bringing greater value, affordability, transparency and connectivity,” said Stephen Hemsley, chief executive officer of UnitedHealth Group.
The company expects full year 2026 adjusted net earnings of greater than $18.25 per share.
Consolidated revenues for the first quarter 2026 were $111.7 billion, with earnings from operations of $9.0 billion. Net margin was 5.6% compared to 5.7% in the year ago quarter. Cash flows from operations were $8.9 billion, or 1.4x net income, and the debt-to-capital ratio was 42.9% as of March 31, 2026.
UnitedHealth Group’s medical cost ratio was 83.9% for the first quarter 2026, down 90 basis points from the first quarter 2025. The operating cost ratio of 13.8% in the first quarter 2026 compared to 12.4% in the first quarter 2025, reflecting investments to drive improved consumer and care provider experiences and greater operating efficiencies, as well as investments in its people and the communities it serves.
The company continues to build on the initiatives begun in the second half of 2025, strengthening in essential areas including operations, management, technology, consumer and provider experiences, community engagement and corporate governance. Actions included:
During the quarter, the company entered into an agreement to acquire Alegeus Technologies, a health care technology platform providing benefits administration for consumer-directed healthcare accounts, reflecting the company’s commitment to advancing more flexible, consumer-centered solutions. The acquisition is subject to regulatory review and is expected to close in the back half of 2026 and be earnings neutral to 2026. UnitedHealth Group also completed the sale of the Optum UK business, with $400 million in net proceeds committed to the United Health Foundation, and entered into an arrangement to buy back at least $2 billion of its common stock, which it expects to complete by the end of the second quarter 2026.
First Quarter 2026 Key Performance Metrics
UnitedHealth Group First Quarter 2026 Results
Quarterly Financial Performance
Three Months Ended
March 31,
2026
March 31,
2025
December 31,
2025
Revenues
$111.7 billion
$109.6 billion
$113.2 billion
Earnings from Operations
$9.0 billion
$9.1 billion
$0.4 billion
Net Margin
5.6%
5.7%
-
UnitedHealthcare First Quarter 2026 Results
UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care.
Quarterly Financial Performance
Three Months Ended
March 31,
2026
March 31,
2025
December 31,
2025
Revenues
$86.3 billion
$84.6 billion
$87.1 billion
Earnings from Operations
$5.7 billion
$5.2 billion
$0.3 billion
Operating Margin
6.6%
6.2%
0.4%
UnitedHealthcare
UnitedHealthcare Employer & Individual
UnitedHealthcare Medicare & Retirement
UnitedHealthcare Community & State
Optum First Quarter 2026 Results
The Optum businesses serve participants throughout health care, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience.
Quarterly Financial Performance
Three Months Ended
March 31,
2026
March 31,
2025
December 31,
2025
Revenues
$63.7 billion
$63.9 billion
$70.3 billion
Earnings from Operations
$3.3 billion
$3.9 billion
$0.1 billion
Operating Margin
5.2%
6.1%
0.1%
Optum Health
Optum Insight
Optum Rx
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn.
Earnings Conference Call
As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through May 5, 2026. This earnings release and the Form 8-K dated April 21, 2026, can also be accessed from the Investor Relations page of the company’s website.
Non-GAAP Financial Information
This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.
Forward-Looking Statements
The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.
This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.
UNITEDHEALTH GROUP
Earnings Release Schedules and Supplementary Information
Quarter Ended March 31, 2026
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data; unaudited)
Three Months Ended
March 31,
2026
2025
Revenues
Premiums
$87,561
$86,534
Products
13,250
13,036
Services
9,779
8,972
Investment and other income
1,131
1,033
Total revenues
111,721
109,575
Operating costs
Medical costs
73,489
73,411
Operating costs
15,390
13,594
Cost of products sold
12,823
12,390
Depreciation and amortization
1,029
1,061
Total operating costs
102,731
100,456
Earnings from operations
8,990
9,119
Interest expense
(955)
(998)
Loss on sale of subsidiary and subsidiaries held for sale
(72)
(15)
Earnings before income taxes
7,963
8,106
Provision for income taxes
(1,482)
(1,632)
Net earnings
6,481
6,474
Earnings attributable to noncontrolling interests
(201)
(182)
Net earnings attributable to UnitedHealth Group common shareholders
$6,280
$6,292
Diluted earnings per share attributable to UnitedHealth Group common shareholders
$6.90
$6.85
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)
$7.23
$7.20
Diluted weighted-average common shares outstanding
910
918
See page 15 for a reconciliation of non-GAAP measures.
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions; unaudited)
March 31, 2026
December 31, 2025
Assets
Cash and short-term investments
$31,229
$28,121
Accounts receivable, net
26,587
23,018
Other current assets
33,311
39,443
Total current assets
91,127
90,582
Long-term investments
56,788
54,251
Other long-term assets
164,729
164,748
Total assets
$312,644
$309,581
Liabilities, redeemable noncontrolling interests and equity
Medical costs payable
$39,659
$39,337
Short-term borrowings and current maturities of long-term debt
6,477
6,069
Other current liabilities
67,988
69,491
Total current liabilities
114,124
114,897
Long-term debt, less current maturities
71,440
72,320
Other long-term liabilities
21,761
20,666
Redeemable noncontrolling interests
1,424
1,608
Equity
103,895
100,090
Total liabilities, redeemable noncontrolling interests and equity
$312,644
$309,581
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Three Months Ended
March 31,
2026
2025
Operating Activities
Net earnings
$6,481
$6,474
Noncash items:
Depreciation and amortization
1,029
1,061
Deferred income taxes and other
236
161
Share-based compensation
348
375
Loss on sale of subsidiary and subsidiaries held for sale
72
15
Net changes in operating assets and liabilities
746
(2,630)
Cash flows from operating activities
8,912
5,456
Investing Activities
(Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases
(2,352)
1,217
Purchases of property, equipment and capitalized software
(763)
(898)
Cash paid for acquisitions and other transactions, net
—
(702)
Repayment of care provider loans - cyberattack
82
891
Other, net
586
(582)
Cash flows used for investing activities
(2,447)
(74)
Financing Activities
Common share repurchases
—
(3,000)
Dividends paid
(2,005)
(1,912)
Net change in short-term borrowings and long-term debt
(400)
3,911
Other, net
(587)
1,100
Cash flows (used for) from financing activities
(2,992)
99
Effect of exchange rate changes on cash and cash equivalents
(7)
15
Increase in cash and cash equivalents, including cash within businesses held for sale
3,466
5,496
Less: change in cash within businesses held for sale
170
(91)
Net increase in cash and cash equivalents
3,636
5,405
Cash and cash equivalents, beginning of period
24,365
25,312
Cash and cash equivalents, end of period
$28,001
$30,717
UNITEDHEALTH GROUP
REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION
(in millions; unaudited)
Optum
UnitedHealth Group Consolidated (a)
UnitedHealthcare
Optum Health (c)
Optum Insight (c)
Optum Rx
Total Optum (a)
Three Months Ended March 31, 2026
Total revenues
$86,265
$24,109
$5,125
$35,736
$63,749
$111,721
Restructuring and other (2)
—
3
(77)
—
(74)
(74)
Adjusted revenues (b)
$86,265
$24,112
$5,048
$35,736
$63,675
$111,647
Three Months Ended March 31, 2025
Total revenues
$84,617
$24,837
$5,027
$35,132
$63,885
$109,575
UnitedHealthcare Revenues
(in millions; unaudited)
Three Months Ended March 31,
2026
2025
UnitedHealthcare Employer & Individual - Domestic
$19,206
$19,066
UnitedHealthcare Employer & Individual - Global
912
782
UnitedHealthcare Employer & Individual - Total
20,118
19,848
UnitedHealthcare Medicare & Retirement
42,082
41,705
UnitedHealthcare Community & State
24,065
23,064
Total UnitedHealthcare revenues
$86,265
$84,617
Optum and consolidated revenues for the three months ended March 31, 2026 and 2025 include Optum eliminations of $1,221 and $1,111; and corporate eliminations of $38,293 and $38,927, respectively.
See page 15 for description of non-GAAP measures.
Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion.
UNITEDHEALTH GROUP
EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION
(in millions, except percentages; unaudited)
Optum
UnitedHealth Group Consolidated
UnitedHealthcare
Optum Health (b)
Optum Insight (b)
Optum Rx
Total Optum
Three Months Ended March 31, 2026
Earnings from operations
$5,694
$1,141
$963
$1,192
$3,296
$8,990
Net portfolio divestitures and South American impacts (1)
—
306
(528)
(8)
(230)
(230)
Restructuring and other (2)
—
(135)
339
—
204
204
Adjusted earnings from operations (a)
$5,694
$1,312
$774
$1,184
$3,270
$8,964
Operating margin
6.6 %
4.7 %
18.8 %
3.3 %
5.2 %
8.0 %
Adjusted operating margin (a)
6.6 %
5.4 %
15.3 %
3.3 %
5.1 %
8.0 %
Three Months Ended March 31, 2025
Earnings from operations
$5,226
$1,411
$1,164
$1,318
$3,893
$9,119
Operating margin
6.2 %
5.7 %
23.2 %
3.8 %
6.1 %
8.3 %
See page 15 for description of non-GAAP measures.
Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion.
UNITEDHEALTH GROUP
SEGMENT REALIGNMENT - PRIOR PERIOD FINANCIAL INFORMATION AND PERFORMANCE METRICS
(in millions, except percentages)
(unaudited)
Optum Financial Segment Realignment
On January 1, 2026, we realigned certain of our businesses to respond to changes in the markets we serve and the opportunities that are emerging as the health system evolves. Optum Financial, including Optum Bank, which was historically included in Optum Health, is now included in Optum Insight. Our reportable segments remain unchanged and prior period segment financial information has been recast to conform to the 2026 presentation. There was no impact to the results of UnitedHealthcare, Optum Rx or Optum as result of the realignment of Optum Financial. The below tables provide a summary of the recasted segment information and Optum Health consumers served for the comparative prior periods.
Three Months Ended
Year Ended
March 31,
2025
June 30,
2025
September 30, 2025
December 31, 2025
December 31, 2025
December 31, 2024
Revenues:
Optum Health
$24,837
$24,725
$25,422
$25,067
$100,051
$103,516
Optum Insight
5,027
5,232
5,320
5,455
21,034
20,356
Optum Rx
35,132
38,459
39,679
41,456
154,726
133,231
Optum Eliminations
(1,111)
(1,191)
(1,244)
(1,645)
(5,191)
(4,146)
Optum
$63,885
$67,225
$69,177
$70,333
$270,620
$252,957
Earnings from Operations:
Optum Health
$1,411
$429
$41
$(2,996)
$(1,115)
$6,902
Optum Insight
1,164
1,205
920
172
3,461
3,965
Optum Rx
1,318
1,441
1,549
2,885
7,193
5,836
Optum
$3,893
$3,075
$2,510
$61
$9,539
$16,703
Operating Margin:
Optum Health
5.7 %
1.7 %
0.2 %
(12.0) %
(1.1) %
6.7 %
Optum Insight
23.2
23.0
17.3
3.2
16.5
19.5
Optum Rx
3.8
3.7
3.9
7.0
4.6
4.4
Optum
6.1
4.6
3.6
0.1
3.5
6.6
March 31,
2025
June 30,
2025
September 30, 2025
December 31, 2025
Optum Health Consumers Served (in millions)
95
95
93
92
UNITEDHEALTH GROUP
PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION
(unaudited)
UnitedHealthcare Customer Profile
(in thousands)
People Served
March 31, 2026
December 31, 2025
March 31, 2025
Commercial:
Risk-based
7,725
8,165
8,410
Fee-based
22,340
21,485
21,590
Total Commercial
30,065
29,650
30,000
Medicare Advantage
7,555
8,445
8,245
Medicaid
7,160
7,380
7,570
Medicare Supplement (Standardized)
4,270
4,285
4,310
Total Community and Senior
18,985
20,110
20,125
Total UnitedHealthcare - Medical
49,050
49,760
50,125
Supplemental Data
Medicare Part D stand-alone
2,740
2,770
2,835
South American businesses held for sale
1,160
1,160
1,160
Optum Performance Metrics
March 31, 2026
December 31, 2025
March 31, 2025
Optum Health Consumers Served (in millions) (a)
93
92
95
Optum Rx Quarterly Adjusted Scripts (in millions)
383
424
408
Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion.
UNITEDHEALTH GROUP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Use of Non-GAAP Financial Measures
Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows:
Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure. As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share.
Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations and adjusted operating margin exclude net portfolio divestitures and South American impacts. Net portfolio divestitures and South American impacts relate to the actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses aimed at advancing and scaling our operations, including our value-based care business at Optum Health. In the first quarter of 2026, these actions resulted in a net gain on the sales of businesses previously classified as held for sale as of December 31, 2025 and net incremental losses on other businesses held for sale, including our remaining South American operations. Portfolio divestitures are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period.
Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues exclude restructuring and other items. In the first quarter of 2026, restructuring and other items included a contribution to the United Health Foundation ($400 million) funded by the cash gain on the disposition of an Optum Insight business. This was partially offset by the reduction of loss contract reserves established in the fourth quarter of 2025 ($137 million) and net valuation gains on equity securities ($59 million). These items are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period.
Adjusted earnings per share for the projected year ended December 31, 2026 excludes the expected reduction of loss contracts reserves of $402 million in addition to the $137 million recognized in the first quarter of 2026.
UNITEDHEALTH GROUP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share data; unaudited)
Adjusted Net Earnings Per Share
Three Months Ended March 31,
Projected Year Ended December 31,
2026
2025
2026
Net earnings attributable to UnitedHealth Group common shareholders
$6,280
$6,292
> $15,800
Intangible amortization
334
417
~1,325
Net portfolio divestitures and South American impacts (1)
(158)
—
~(60)
Restructuring and other (2)
204
—
~(200)
Tax effect of adjustments
(82)
(102)
~(255)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
$6,578
$6,607
> $16,610
Diluted earnings per share
$6.90
$6.85
> $17.35
Intangible amortization per share
0.37
0.46
~1.45
Net portfolio divestitures and South American impacts per share
(0.17)
—
~(0.05)
Restructuring and other per share
0.22
—
~(0.20)
Tax effect of adjustments per share
(0.09)
(0.11)
~(0.30)
Adjusted diluted earnings per share
$7.23
$7.20
> $18.25
End Notes
Net portfolio divestitures and South American impacts for the three months ended March 31, 2026 includes net gains on dispositions and businesses held for sale and $72 million of incremental losses related to South American businesses held for sale. For the three months ended March 31, 2025, net gains on dispositions and South American impacts were not significant.
Restructuring and other for the three months ended March 31, 2026 includes net valuation gains on equity securities. For the three months ended March 31, 2025 net valuation gains were not significant.
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