UnitedHealth : Earnings Release (unh reports first quarter 2026 results)

Published: 2026-04-21 06:07:23 ET UNH

Published on 04/21/2026 at 06:07 am EDT

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

UnitedHealth Group (NYSE: UNH) today reported first quarter 2026 results, with performance supported by actions taken over the last several quarters.

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:

Refocusing the organization on U.S. health care, exiting non-U.S. businesses.

Refreshing nearly half of the top 100 leadership roles.

Accelerating simplification and modernization, including substantial artificial intelligence and cybersecurity investments.

Advancing meaningful changes in areas such as data and process interoperability, prior authorization, transparency, pharmacy practices and more.

Creating a Public Responsibility Committee of the Board, naming a Lead Independent Director and new committee chairs, adding a new independent director and accelerating the board recruiting process.

Redoubling community engagement and support through the United Health Foundation.

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.

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."

Stephen Hemsley

Chief Executive Officer, UnitedHealth Group

First quarter 2026 adjusted net earnings were $7.23 per share.

The medical care ratio of 83.9% included a 20 basis point positive impact from the previously disclosed Optum Health loss contracts reserve.

The operating cost ratio of 13.8% reflected incremental investments in people, processes and technology, including artificial intelligence, to improve performance and support future innovations, modernization, growth and earnings.

UnitedHealthcare served 49.1 million consumers and expanded operating margins by 40 basis points to 6.6% compared to 6.2% in the first quarter 2025.

Optum supported more than 122 million consumers across its businesses, driving revenues of $63.7 billion and earnings of

$3.3 billion, reflecting a margin of 5.2%.

Optum Health operating earnings were

$1.1 billion. Adjusted operating earnings were $1.3 billion, excluding the impacts related to the third-party loss contracts and restructuring actions disclosed in the fourth quarter 2025.

-1%

+2%

$113.2B

$111.7B

$109.6B

$9.1B

$9.0B

$0.4B

Mar 31, 2025 Dec 31, 2025 Mar 31, 2026

Three Months Ended

Mar 31, 2025 Dec 31, 2025 Mar 31, 2026

Three Months Ended

UnitedHealth Group's first quarter 2026 revenues were $111.7 billion compared to $109.6 billion in the year ago quarter.

First quarter 2026 earnings from operations of $9.0 billion reflected improved operations and continued investments.

The first quarter 2026 medical care ratio was 83.9% compared to 84.8% in the first quarter 2025. The year-over-year decrease was driven by strong medical cost management and favorable reserve development, partially offset by consistently elevated utilization and unit cost trends.

Days claims payable were 48.6 compared to 44.1 in the fourth quarter 2025 and 45.5 in the first quarter 2025. The sequential variation was driven by seasonality and claims payment timing. Days sales outstanding of 21.6 compared to 18.8 in the fourth quarter 2025 and 22.3 in the year ago quarter, reflecting normal seasonality.

The first quarter 2026 operating cost ratio of 13.8% compared to 12.4% in 2025, reflecting investments in people, processes and technology to drive improved consumer and care provider experiences and greater operating efficiencies.

Cash flows from operations were $8.9 billion, or 1.4 times net income, reflecting strong earnings and changes in working capital accounts.

Debt-to-capital ratio was 42.9% as of March 31, 2026, compared to 43.9% in the fourth quarter 2025 and 44.6% in the first quarter 2025. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% and expects to reach that level in the back half of 2026.

The company expects to repurchase at least $2.0 billion of its common stock by the end of the second quarter 2026.

+9%

+2%

$87.1B

$86.3B

$84.6B

$5.2B

$5.7B

$0.3B

Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 Mar 31, 2025 Dec 31, 2025 Mar 31, 2026

Three Months Ended Three Months Ended

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.

UnitedHealthcare first quarter 2026 revenues of $86.3 billion compared to $84.6 billion in the first quarter 2025. UnitedHealthcare served 49.1 million people in the first quarter 2026 compared to 49.8 million people at year end 2025.

UnitedHealthcare's first quarter 2026 earnings from operations were $5.7 billion compared to $5.2 billion in the first quarter 2025. Operating margin of 6.6% compared to 6.2% in the first quarter 2025, primarily due to repricing across all lines of business in response to cost trends that remain elevated but in line with expectations.

UnitedHealthcare Employer & Individual first quarter 2026 revenues were $20.1 billion compared to $19.8 billion in the first quarter 2025.

The number of people served increased by 415,000 in the first quarter 2026, with growth in employer self-funded offerings partially offset by attrition in both group fully-insured and individual products.

UnitedHealthcare Medicare & Retirement first quarter 2026 revenues of $42.1 billion grew 1% year-over-year as a result of trend-driven repricing actions partially offset by attrition in the number of seniors served.

Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, declined by 965,000 in the first quarter 2026.

UnitedHealthcare Community & State first quarter 2026 revenues of $24.1 billion grew 4% year-over-year, driven primarily by Medicaid rate updates.

People served contracted by 220,000 in the first quarter 2026 primarily due to the early impact of state eligibility changes. 3

-0.2%

$70.3B

$63.9B

$63.7B

$3.9B

-15%

$3.3B

$0.1B

Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 Mar 31, 2025 Dec 31, 2025 Mar 31, 2026

Three Months Ended Three Months Ended

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.

Optum Health's first quarter 2026 revenues of $24.1 billion decreased 3% year-over-year, reflecting fewer value-based care members.

First quarter 2026 earnings from operations were $1.1 billion, representing a 4.7% margin. Adjusted earnings from operations were $1.3 billion, reflecting a margin of 5.4%, excluding the positive impacts of the third-party loss

contracts reserve and restructuring actions taken in the fourth quarter 2025. The year-over-year change was driven by continued investments and medical costs that remain elevated, partially offset by operational improvements across the business.

Optum Insight's first quarter 2026 revenues of $5.1 billion compared to $5.0 billion in the year ago quarter.

First quarter 2026 earnings from operations were $1.0 billion compared to $1.2 billion in the first quarter 2025. The year-over-year decrease was driven by continued investments in people, technology and new products.

Optum Rx's first quarter 2026 revenues of $35.7 billion increased 2% year-over-year, driven by growth in specialty pharmacy partially offset by UHC membership attrition.

Earnings from operations for the first quarter 2026 were $1.2 billion compared to $1.3 billion in the first quarter 2025. The decrease year-over-year was primarily due to lower volume from membership attrition at UHC and investments in people. Adjusted scripts were 383 million compared to 408 million last year.

Below outlines the First Quarter 2026 Reported and Adjusted Earnings from Operations.

Optum Health

Optum Insight

Optum Rx

Total Optum

$1,141

$963

$1,192

$3,296

$308

$(189)

$(8)

$111

$(137)

$1,312

$774

$1,184

$3,270

5.4%

15.3%

3.3%

5.1%

($ in millions)

First Quarter 2026 Reported Earnings from Operations

Net Portfolio Divestitures, Restructuring and Other

Reduction in Provision for Third Party Loss Contracts

First Quarter 2026 Adjusted Earnings from Operations (a)

First Quarter 2026 Adjusted Earnings Margin

(a) See page 16 for description of non-GAAP measures.

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 https://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 (https://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.

Investors: Media:

[email protected] [email protected]

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.

Condensed Consolidated Statements of Operations

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Revenues by Business - Supplemental Financial Information

Earnings by Business - Supplemental Financial Information

Segment Realignment - Prior Period Financial Information and Performance Metrics

People Served and Performance Metrics - Supplemental Financial Information

Reconciliation of Non-GAAP Financial Measures

(in millions, except per share data; unaudited)

Revenues

Three Months Ended March 31,

2026 2025

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

(a) See page 16 for a reconciliation of non-GAAP measures.

(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

Operating Activities

(in millions; unaudited)

Three Months Ended March 31,

2026 2025

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

(in millions; unaudited)

Optum UnitedHealth

UnitedHealthcare

Optum Health (c)

Optum Insight (c)

Optum Rx

Total Optum (a)

Group Consolidated (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) .................................................

(77)

(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

(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 16 for description of non-GAAP measures.

Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 14 for further discussion. Note: See end notes for further information regarding non-GAAP adjustments.

(in millions, except percentages; unaudited)

Optum UnitedHealth

UnitedHealthcare

Optum Health (b)

Optum Insight (b)

Optum Rx

Total Optum

Group Consolidated

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)

Restructuring and other (2).......................................................

(135)

339

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 16 for description of non-GAAP measures.

Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 14 for further discussion. Note: See end notes for further information regarding non-GAAP adjustments.

(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,

June 30,

September 30,

December 31,

2025

Optum Health Consumers Served (in millions)................................................................................

(unaudited)

(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

March 31, 2026

December 31, 2025

March 31, 2025

Optum Health Consumers Served (in millions) (a)...........................................................

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 14 for further discussion.

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.

(in millions, except per share data; unaudited)

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.

Disclaimer

UnitedHealth Group Inc. published this content on April 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 10:06 UTC.