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โข Adj. EPS: $4.69 (Est. $4.14) โ
โข Revenue: $112.7B (Est. $111.49B) โ , -0.4% YoY.
โข GAAP EPS: $4.56.
โข Operating Earnings: $6.6B, +53% YoY.
โข Medical Care Ratio: 88.4% (vs. 89.9% YoY).
โข Operating Cash Flow: $5.1B, 1.2x net income.
โข UnitedHealthcare Revenue: $86.3B, -0.9% YoY; Operating Earnings: $2.8B.
โข Optum Revenue: $66.9B, -3.3% YoY; Operating Earnings: $3.7B.
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๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข FY2026 Adj. EPS: At least $20.50 (Est. $19.87) โ
โข FY2026 GAAP EPS: At least $19.50.
โข FY2026 earnings outlook raised following Q3 performance.
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โข Q3 Adj. EPS beat consensus by ~13.3%, while revenue exceeded estimates by ~1.1%.
โข Medical care ratio improved 150 bps YoY to 88.4%, supported by cost management, pricing discipline and $610M in favorable prior-period reserve development.
โข Operating earnings surged ~53% YoY despite a slight revenue decline, with operating margins improving across UnitedHealthcare and Optum.
โข Optum Health operating earnings jumped to $735M from $41M a year ago, while revenue declined 10% YoY.
โข Medicare Advantage membership contracted by 935K since year-end 2025, while UnitedHealthcare Employer & Individual lost 165K members during Q3.
โข FY2026 Adj. EPS guidance of at least $20.50 stands ~3.2% above consensus.
โ
๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โOur third quarter results reflect the discipline and execution our teams are bringing to every part of our business, as we continue evolving UnitedHealth Group to deliver a simpler, more supportive experience for patients and the clinicians who care for them.โ