UnitedHealth Group Inc (UNH)

UnitedHealthcare Eliminates Nearly Two-Thirds of Prior Authorization Requirements for Pediatric CareMay 29, 2026 7:00 AM
Business Wire Initiative follows a series of concrete actions in 2026 to make healthcare easier for everyone to navigate UnitedHealthcare is removing two-thirds of authorization requirements for members under age 18 by year’s end. This move is the latest in a series of initiatives to simplify the healthcare system for providers and patients. The company is eliminating prior authorizations for many diagnostic services, routine surgical procedures and specialty care services across pediatric subspecialties such as cardiology, neurology, pulmonology and orthopedics. UnitedHealthcare is also introducing authorization waivers for certain procedures performed at leading comprehensive pediatric hospitals, reflecting these facilities’ consistent use of well-established care practices. These hospitals represent a broad network of nationally recognized pediatric centers spanning medical and surgical specialties. “Parents should be able to spend less time having to navigate the health system and more time focusing on their children as they get the care they need,” said Tim Noel, CEO of UnitedHealthcare. “These changes are part of our broader efforts to simplify healthcare and allow families — and their doctors and nurses — to pursue routine care with far fewer administrative steps, while higher-risk procedures continue to undergo reviews.” UnitedHealthcare is conducting a rigorous, data-driven review of all pediatric prior authorization requirements to determine which services can be safely removed while maintaining high standards of clinical quality and patient safety. The company will eliminate pre-approval for certain pediatric services, including some diagnostic imaging; reviews of where care is provided; sleep studies; routine outpatient testing; and select surgical and therapeutic procedures that are consistently approved. UnitedHealthcare will continue to require pre-approval for services with higher clinical complexity or variability, including experimental treatments, specialty drugs and when required by government regulation. The changes apply to UnitedHealthcare’s commercial and Medicaid plans. Recent efforts to simplify the healthcare system Today’s announcement builds on an ongoing effort to improve and simplify patient and care provider experiences and lower costs for consumers, including: Reducing over time the number of services that require prior authorization, including a May 5, 2026, commitment to cut prior authorization requirements by 30% in 2026; today’s announcement supports achieving that 30% reduction Expanding the first-of-its-kind national Gold Card program, which recognizes provider groups that consistently adhere to evidence-based care guidelines Investing in digital tools that support electronic submission, real-time status tracking and faster decisions On May 11, 2026, Optum Rx announced the industry’s first fully transparent, fee-based pharmacy care model. Every Optum Rx client will be offered a pricing structure with monthly, clearly defined fees per member that are independent of manufacturers’ list prices or prescription volume, eliminating spread pricing and similar practices. In addition to new pricing structures, Optum is also launching digital tools that let consumers compare prices and see medication costs before visiting the pharmacy. On April 24, 2026, UnitedHealthcare championed an industry effort to standardize electronic prior authorization submission requirements, laying the groundwork for greater automation and interoperability, and a more seamless experience for care providers and patients. More than 70% of UnitedHealthcare’s prior authorizations will be part of the new standardized submission process by year-end. On April 20, 2026, UnitedHealthcare announced that it is expanding support for rural healthcare communities by accelerating payments to more select hospitals nationwide and exempting many rural care providers from prior authorization requirements. These actions are designed to improve financial stability for rural hospitals, ease strain on care teams and help ensure patients in rural communities can access high-quality care when and where they need it. By fall of 2026, this program will expand to approximately 1,500 rural hospitals and their associated rural practitioners nationwide, including all Critical Access Hospitals. On March 31, 2026, UnitedHealthcare publicly reported prior authorization metrics and maintains the data on its website, along with additional context to help care providers, members and the public better understand how prior authorization is used. On March 16, 2026, UnitedHealthcare expanded coverage for doula care to support families throughout pregnancy, birth and the postpartum period. By Jan. 1, 2027, about 7.2 million members could have access to the offering through employer health plans. In January, the company pledged to voluntarily eliminate and rebate any profits from its individual ACA offerings in 2026. Together, these efforts reflect UnitedHealth Group’s continued focus on reducing administrative complexity, improving the care experience and helping people access care more easily and efficiently. About UnitedHealthcare UnitedHealthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the healthcare experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. The company offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with physicians, care professionals, hospitals and other care facilities. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified healthcare company. For more information, visit UnitedHealthcare at www.uhc.com or follow UnitedHealthcare on LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20260529391989/en/ Media Contact:
uhcnews@uhc.com Original: UnitedHealthcare Eliminates Nearly Two-Thirds of Prior Authorization Requirements for Pediatric Care

Optum Rx Introduces Industry’s First Transparent Pharmacy Care ModelMay 11, 2026 4:30 PM
Business Wire Market-leading approach to client and consumer transparency further aligns incentives across patients and plan sponsors, offering consumers new affordability tools Today, Optum Rx announced a new pharmacy care model that fundamentally changes how pharmacy benefits are priced and delivered — replacing traditional approaches tied to drug prices set by manufacturers or prescription volume with a transparent, fee-based structure offered to every Optum Rx PBM customer. The model is designed to fully align incentives with patients and plan sponsors, bringing greater clarity, predictability and affordability to pharmacy care — supported by digital capabilities that help patients better understand costs and make informed choices. Dr. Patrick Conway, CEO of Optum, said, “This new Optum Rx model builds on our longstanding commitment to lowering costs and strengthening transparency by offering our clients a simpler and more predictable pharmacy system.” Under the new approach, Optum Rx clients will be offered a pricing structure with monthly, clearly defined fees per member that are independent of manufacturers’ list prices or prescription volume, eliminating spread pricing and similar practices. Every client will have transparency into Optum Rx fees — including those associated with its group purchasing organization (GPO) — with clear disclosure of payments received from pharmaceutical manufacturers. By the end of 2027, group purchasing will fully transition to flat service fees. Jon Mahrt, CEO of Optum Rx and Chief Growth Officer of Optum, said, “By combining economic transparency for clients with digital tools that help patients shop for affordable options, we’re delivering a pharmacy system that is simple, easier to navigate and offers greater value.” In addition to new pricing structures, Optum is launching digital tools that help consumers compare pricing and know the cost of their medication before they go to the pharmacy — making it easier to make informed, cost-conscious decisions at the point of care: Shop MyScript notifies eligible Optum Rx patients immediately after a prescription is written, providing real-time visibility into pricing, pharmacy options and delivery choices before the prescription is filled. This enables patients to make informed selections earlier in the process and helps reduce prescription abandonment. Price Wise displays a full cost breakdown — including the drug price and a clearly defined service fee — offering an all-in price through a partner pharmacy. Consumers purchasing medications without using their benefits can see the total cost upfront, without unexpected charges at checkout. “Greater transparency and predictability in pharmacy benefits helps our industry manage costs more effectively,” said Nancy Price, Vice President Employee Benefits Strategic Sourcing at HealthTrust. “We appreciate Optum Rx for being responsive and collaborative in this effort to advance pharmacy care." Advancing a modern, affordable pharmacy system built to last Today’s announcement builds on a series of recent actions Optum Rx has taken to modernize pharmacy care and improve affordability across the system: In January 2025, Optum Rx committed to passing through 100% of manufacturer drug rebate discounts to clients by Jan. 1, 2028. Since the beginning of 2025, Optum Rx has eliminated 33% of drug reauthorizations — representing 11% of pharmacy prior authorizations — for a list of nearly 270 chronic condition medications. This list will continue to be reviewed and expanded over time. In March 2025, Optum Rx introduced pharmacy payment terms designed to reflect the actual costs pharmacies incur to deliver care. Through partnerships with Pharmacy Services Administration Organizations (PSAOs), 100% of community and independent pharmacies in the Optum Rx network transitioned to these cost-based arrangements. In September 2025, Optum Rx increased brand-name drug reimbursement for 2,300 community and independent pharmacies not affiliated with a PSAO, chain or other entity. About Optum Rx Optum Rx® is a pharmacy care services company reimagining pharmacy benefits to be simpler, more transparent and more affordable. Serving clients and nearly 61 million people, Optum Rx delivers pharmacy care designed to improve health outcomes and lower total cost of care through clear, fee-based pricing, clinical expertise, specialty and infusion services and innovative digital tools that help people make more informed decisions about their medications. With a nationwide network of more than 67,000 community pharmacies and state-of-the-art home delivery pharmacies, Optum Rx is helping reduce friction in pharmacy care and better connect people to the medications they need — at a cost they can understand and trust. Optum Rx is part of Optum®, an integrated health services company working to help make the health system work better for everyone. For more information, visit optum.com/optumrx. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511088754/en/ Media contact:
optumnews@optum.com Original: Optum Rx Introduces Industry’s First Transparent Pharmacy Care Model

UnitedHealthcare Champions Industry Effort to Standardize Prior Authorization RequirementsApril 24, 2026 7:08 AM
Business Wire
Company expects more than 70% of prior authorization volume to be part of new standardized submission process by year-end


Latest in continuing series of company actions to simplify and ease administrative requirements


UnitedHealthcare today announced more than half of its prior authorization volume will be included in an industrywide effort to standardize submission requirements for electronic prior authorization, and that number will advance to more than 70% by the end of 2026. This step is the next phase of the company’s ongoing efforts to modernize and simplify prior authorization for care providers and help patients more easily and quickly access safe, high-quality, evidence-based care, all while preserving important clinical safeguards.


This new UnitedHealthcare initiative reflects growing industry alignment around a standardized approach to electronic prior authorization submissions, shaped in large part by UnitedHealthcare’s partnership and leadership with fellow health plans. The new standardized documentation process will apply across UnitedHealthcare’s commercial, Medicare Advantage and Medicaid offerings. The company will be working aggressively to add more services, as well as further reduce prior authorization requirements and volumes over the next several months.


“Today’s announcement is another step in our work to modernize health care, making prior authorization quicker, simpler and more efficient,” said Tim Noel, CEO, UnitedHealthcare. “These changes help care providers and patients save time and money and set the stage for a more seamless electronic experience, and our work will continue as we pursue a modern, touchless authorization process.”


Prior authorization is an important tool that helps ensure health care services and procedures are safe and based on sound clinical evidence. It can also help protect members from paying out-of-pocket for care they don’t need.


UnitedHealthcare aims to improve prior authorization predictability, reduce rework and decrease the number of requests for additional information by standardizing and defining the information health plans require to support prior authorizations. These advances will not impact clinical policies or coverage determinations.


This effort advances the prior authorization commitments announced by the health plan industry in June 2025 and reflects UnitedHealthcare’s longstanding leadership in modernizing and simplifying prior authorization, including:



Reducing the number of services that require prior authorization;



Expanding the first-of-its-kind national Gold Card program;



Advancing digital tools that enable electronic submission, real-time status tracking and faster decisions; and



Announcing targeted prior authorization improvements to better support rural care providers and patients.



Last month, UnitedHealthcare publicly reported prior authorization metrics and published additional context to help care providers, members and the public better understand how the process works. Together, these efforts demonstrate the company’s continued focus on modernizing administrative processes, improving experiences and helping people get the care they need.


About UnitedHealthcare


UnitedHealthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. The company offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with physicians, care professionals, hospitals and other care facilities. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified health care company. For more information, visit UnitedHealthcare at www.uhc.com or follow UnitedHealthcare on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423339948/en/
Media Contact

uhcnews@uhc.com


Original: UnitedHealthcare Champions Industry Effort to Standardize Prior Authorization Requirements

Wall Street Futures Point Higher as Ceasefire Extension Lifts Sentiment: Dow Jones, S&P, Nasdaq, Wall StreetApril 22, 2026 9:21 AM
IH Market News
U.S. stock futures are indicating a stronger open on Wednesday, with markets poised to recover after declines in the previous two sessions.The early positive tone follows news that President Donald Trump has extended the U.S. ceasefire with Iran, prompting renewed buying interest.Describing Iran’s leadership as “seriously fractured,” Trump said in a Truth Social post that the U.S. would refrain from further military action until Iranian leaders “come up with a unified proposal.”At the same time, he confirmed that U.S. forces would maintain a blockade on maritime traffic to and from Iranian ports.Iran dismissed Trump’s ceasefire extension as “meaningless” and said the Strait of Hormuz will remain closed until the U.S. blockade is lifted.Mahdi Mohammadi, a senior adviser to Iran’s parliamentary speaker Mohammad Bagher Ghalibaf, described the move as a tactic “to buy time for a surprise strike,” adding that the “losing side cannot dictate terms.”Soon after Trump’s announcement, Iran’s Revolutionary Guard Navy said it had seized two container ships in the Strait of Hormuz over alleged “maritime violations.”The ongoing exchange between Washington and Tehran has added uncertainty, though investors continue to hold out hope for a diplomatic resolution.Market participants are also encouraged by a solid start to the corporate earnings season.“Investors appear to be focusing more on the direction of risk — whether things are improving or deteriorating — rather than the absolute level of geopolitical tension,” said Daniela Hathorn, Senior Market Analyst at Capital.com.“Earnings season is playing a key role in reinforcing this narrative,” she added. “Expectations for continued double-digit earnings growth remain intact, helping to justify elevated equity valuations even as macro risks persist.”After a modest pullback on Monday, U.S. equities extended their losses on Tuesday. The major indices initially traded higher but reversed course and closed firmly in negative territory.By the close, the Dow Jones Industrial Average had dropped 293.18 points, or 0.6%, to 49,149.38. The Nasdaq Composite declined 144.43 points, or 0.6%, to 24,529.96, while the S&P 500 fell 45.13 points, or 0.6%, to 7,064.01.The sell-off was largely driven by a sharp rise in oil prices during the session.U.S. crude futures extended Monday’s rebound, climbing more than 2.5% on the day.The increase in oil prices helped offset last Friday’s steep decline, which had been driven by concerns ahead of the ceasefire deadline between the U.S. and Iran.In an interview with CNBC, Trump said he expects to “end up with a great deal” with Tehran, while also indicating that military action could resume if the ceasefire lapses.Separately, the New York Times reported, citing a U.S. official, that Vice President JD Vance’s planned trip to Pakistan had been cancelled after Iran failed to respond to U.S. proposals.Earlier in the session, markets were supported by upbeat corporate earnings.Shares of UnitedHealth (NYSE:UNH) surged 7% after the health insurer posted better-than-expected quarterly results and raised its full-year guidance.Homebuilder D.R. Horton (NYSE:DHI) jumped 5.8% following stronger-than-forecast earnings for the first quarter.In contrast, 3M (NYSE:MMM) fell 1.9% despite beating earnings expectations, as its full-year outlook disappointed investors.Markets also found support from fresh economic data. A Commerce Department report showed U.S. retail sales rose more than expected in March.Retail sales increased 1.7% for the month, following a revised 0.7% gain in February. Economists had anticipated a 1.4% rise.Excluding autos, retail sales jumped 1.9%, above expectations of a 1.3% increase, after rising 0.7% in February.Sector-wise, gold-related stocks declined sharply in line with falling bullion prices, with the NYSE Arca Gold Bugs Index dropping 6.4%.Airline stocks also came under pressure, as shown by a 4.3% decline in the NYSE Arca Airline Index.Pharmaceutical, commercial real estate, and utility sectors also weakened, while energy stocks advanced alongside rising oil prices.UnitedHealth Group stock priceD.R. Horton stock price3M stock price

Original: Wall Street Futures Point Higher as Ceasefire Extension Lifts Sentiment: Dow Jones, S&P, Nasdaq, Wall Street

U.S. Stocks Set to Rebound as Strong Retail Sales and Earnings Boost Sentiment: Dow Jones, S&P and Nasdaq FuturesApril 21, 2026 9:06 AM
IH Market News
Dow Jones, S&P 500 and Nasdaq index futures are currently pointing to a higher open on Tuesday, with stocks likely to move back to the upside following the modest pullback seen in the previous session.A positive reaction to some of the latest earnings news may contribute to early strength on Wall Street even as traders keep an eye on the latest developments in the Middle East.Shares of UnitedHealth (NYSE:UNH) are surging by 7.2 percent in pre-market trading after the health insurance giant reported better than expected first quarter results and raised its full-year earnings guidance.Homebuilder D.R. Horton (NYSE:DHI) is also seeing significant pre-market strength after reporting first quarter earnings that exceeded analyst estimates.On the other hand, shares of 3M (NYSE:MMM) may come under pressure after the conglomerate reported better than expected first quarter earnings but provided disappointing full-year guidance.Early buying interest may also be generated in reaction to a Commerce Department report showing retail sales in the U.S. surged by more than expected in the month of March.The report said retail sales shot up by 1.7 percent in March after climbing by an upwardly revised 0.7 percent in February.Economists had expected retail sales to jump by 1.4 percent compared to the 0.6 percent increase originally reported for the previous month.Excluding sales by motor vehicle and parts dealers, retail sales surged by 1.9 percent in March after growing by 0.7 percent in February. Ex-auto sales were expected to leap by 1.3 percent.However, traders may be reluctant to make significant moves as they await further news about potential peace talks between U.S. and Iran as the end of their ceasefire looms.“Oil prices remained below $100 a barrel which suggests cautious optimism that the Middle East conflict won’t intensify,” said Russ Mould, investment director at AJ Bell.He added, “However, the longer oil remains in the 90s range (currently $95), the higher the chance of an inflationary shock and a wobble to global economic activity.”Following the substantial rally seen last week, stocks saw a modest pullback during trading on Monday. The major averages all moved to the downside, although selling pressure was relatively subdued.The major averages finished the day well off their lows of the session but still in the red. The Nasdaq fell 64.09 points or 0.3 percent to 24,404.39, the S&P 500 dipped 16.92 points or 0.2 percent to 7,109.14 and the Dow edged down 4.87 points or less than a tenth of a percent to 49,442.56.The modest weakness on Wall Street came amid concerns about the re-escalation of tensions between the U.S. and Iran following the latest developments in the Middle East.Over the weekend, Iran once again closed the Strait of Hormuz and purportedly fired on tankers in the vital waterway, blaming the U.S. blockade of Iranian ports for the moves.President Donald Trump called Iran’s actions a “total violation” of the ceasefire agreement between the U.S. and Iran, which is currently set to expire this week.In a post on Truth Social, Trump also said he is sending representatives to Islamabad, Pakistan, for talks with Iran, although Tehran has denied there are plans for a second round of negotiations.Trump once again threatened to knock out every single power plant and bridge in Iran if the country refuses to make a deal.The latest threats combined with news that U.S. forces have seized an Iranian-flagged cargo ship in the Gulf of Oman, contributed to a significant rebound by the price of crude oil.Some traders may also have been looking to cash in on last week’s strong gains, although selling pressure remained relatively subdued amid persistent optimism about an eventual U.S.-Iran deal.Reflecting the lackluster performance by the broader markets, most of the major sectors ended the day showing only modest moves.Airline stocks saw considerable weakness, however, with the NYSE Arca Airline Index falling by 1.8 percent after soaring by 6.4 percent last Friday.A pullback by the price of gold also weighed on gold stocks, dragging the NYSE Arca Gold Bugs Index down by 1.3 percent.Pharmaceutical and health care stocks also saw notable weakness on the day, while steel and banking stocks moved to the upside.

Original: U.S. Stocks Set to Rebound as Strong Retail Sales and Earnings Boost Sentiment: Dow Jones, S&P and Nasdaq Futures

UnitedHealth Group Reports First Quarter 2026 ResultsApril 21, 2026 5:55 AM
Business Wire

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


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

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260420382912/en/
“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:



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.


First Quarter 2026 Key Performance Metrics



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.



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%






 






-








 






 






 






 






 






 








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.



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 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



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



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



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.



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 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



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



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.



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


 





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









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








(a)


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








(a)


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.







(b)


See page 15 for description of non-GAAP measures.







(c)


Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion.







Note: See end notes for further information regarding non-GAAP adjustments.




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 %








(a)


See page 15 for description of non-GAAP measures.







(b)


Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion.







Note: See end notes for further information regarding non-GAAP adjustments.




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








(a)


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







(1)


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.










 







(2)


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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Original: UnitedHealth Group Reports First Quarter 2026 Results