EarningsQ3 2026 Earnings Report
MX:UNH Q3 2026 EPS Results
Actual EPS$85.61
Consensus EPS$75.54
Beat/MissBeat by +$10.08
One Year Ago EPS$53.30
MX:UNH Q3 2026 Revenue Results
Actual Revenue$2.06T
Expected Revenue$2.03T
Beat/MissBeat by +$25.25B
YoY Revenue Growth-0.41%
Earnings Announcement Details
QuarterQ3 2026
Date10/13/2026
TimeBefore Open
Conference CallTuesday, October 13, 2026
MX:UNH Upcoming Earnings
UnitedHealth's next earnings date is estimated for January 20, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:UNH Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, with improved third-quarter earnings, a lower medical care ratio, raised 2026 adjusted EPS guidance, Medicare Advantage margin recovery, strong Optum operating metrics, AI and modernization progress, capital returns, and confidence in 2027 growth. The main challenges were persistently high medical costs, commercial trends above 11%, negative Medicaid core margins, No Surprises Act arbitration costs, and continued policy and funding pressures.Company Guidance
Strong Third-Quarter Financial Performance
Third-quarter 2026 revenue was $113 billion, and adjusted earnings per share was $4.69, up from $2.92 a year ago. The consolidated medical care ratio improved to 88.4% from 89.9% last year.
Raised 2026 Earnings Guidance and Long-Term Growth Outlook
Updated 2026 adjusted EPS guidance is at least $20.50. Management said the guidance reflects third-quarter performance balanced by expected investments in the final months of the year, and described the guidance as a solid run rate for growth. The company continues to target 13%-16% long-term growth and views the lower end of that range as a reasonable starting point for 2027.
AI and Enterprise Modernization Delivering Measurable Benefits
AI-enabled chart summarization has expanded to more than 40% of employed clinicians and reduced chart review time by 33%. AI-enabled information gathering and research shortened appeal cycle times by 26%. The company is also introducing AI-powered Medicare Advantage plan recommendations and continuing to build AI-enabled capabilities across care, administration, and clinician workflows.
Prior Authorization Reforms on Track
UnitedHealth Group expects to implement all previously announced prior authorization reforms by the end of 2026. The initiatives are expected to reduce total prior authorizations by 30%, including a two-thirds reduction for people under age 18.
United Health Foundation Commitment
The reimagined United Health Foundation has received $1 billion in commitments to date. Its investments and the operating expertise of UnitedHealthcare and Optum are being directed toward challenges including rural health, maternal and infant health, behavioral health, and workforce education. In Tennessee, the foundation is helping expand and operate health hubs serving underserved communities.
Medicare Advantage Market Reach and Product Focus
More than 94% of Medicare-eligible individuals nationwide will have access to a UnitedHealthcare Medicare plan, and approximately 90% will have access to a Medicare Advantage plan with a $0 premium option. For 2027, the company is prioritizing high-value HMO, chronic special needs, and dual special needs plans while maintaining dental, vision, hearing, and other health and wellness benefits.
Medicare Advantage Margin Recovery
Management expects 2026 Medicare margins to be near the top end of the 2%-4% range, attributing the improvement to medical trend initiatives, cost management, and durable product offerings.
Medicare Advantage Quality Progress
Initial Star Ratings for payment year 2028 reflected investment in quality, member experience, and operating execution. UnitedHealthcare expects approximately 75% of total members to be in four-plus Star plans as it moves through 2027 and into 2028, compared with an industry average of 70%. The company also said it improved nearly every HEDIS and pharmacy measure year over year for the latest Star season.
Value-Based Care Outcomes
The company said Medicare Advantage patients in value-based care arrangements are 40% likely than traditional Medicare patients to be hospitalized for acute and chronic conditions and 40% less likely to be readmitted within 30 days of discharge, as stated on the call.
Medicaid Improvement and Cost-Management Actions
Medicaid was described as stable through the back half of 2026, with improvement in the third quarter driven by complex-care cost management, network and services curation, member engagement, AI-powered coaching, modernization, and fraud, waste, and abuse identification. Management expects Medicaid performance in 2026 to be moderately better than its forecasted range and anticipates margin improvement next year.
Commercial and National Account Selling Momentum
UnitedHealthcare said it was coming off two strong years in national-account sales, with strong persistency and group retention entering 2027. The national-account selling season was described as very successful, while the pipeline for products such as Surest and mid-market offerings remained strong.
Optum Health Operating Improvements
Optum Health's third-quarter performance was described as strong, supported by a return to value-based care principles, clinical-program execution, and operational improvements. Online self-scheduling increased 27% year over year, home health visits increased 10%, and referrals to behavioral specialists co-located in primary care practices doubled, with an engagement rate of more than 90%.
Optum Health Growth Opportunities
Optum Health serves 20 million patients, including approximately 4 million in fully accountable relationships. Management identified additional growth opportunities in professional capitation, shared savings, home health, hospice, surgery centers, D-SNPs, C-SNPs, HMOs, and post-acute care risk management. The company said demand for its post-acute products was strong and that it was seeing improved access to timely care and home health utilization.
Optum Rx Transparency and Membership Growth
Optum Rx's affordability, experience, and transparency initiatives were said to be resonating with employers, governments, unions, and other customers. More than 50% of Optum Rx membership is now external, non-UnitedHealthcare membership. The PBM reported retention in the high 90s while maintaining pricing discipline and growing membership.
Specialty Pharmacy and Infusion Expansion
Specialty pharmacy volumes increased 2.6% in the quarter, while overall volumes were described as down 5%. Optum Rx cited strong provider-choice results, 15 therapeutic centers of excellence, and recognition as Specialty Pharmacy of the Year. Infusion services are being expanded as a lower-cost and more convenient care setting, and the company reported robust biosimilar uptake across clients.
Optum Insight AI Product Momentum
Optum Insight is investing in healthcare-specific AI solutions and described 2026 as a performance and investment year. Optum Integrity One, launched at the end of 2025, had two clients then and 15 clients implemented with another 24 implementing at the time of the call. The company also announced partnerships with Anthropic, Microsoft, and Google and expects a series of product launches over the next two quarters.
Capital Deployment and Balance Sheet Strength
Debt-to-capital was 41.7% at quarter-end, with the company on track to approach 40% by year-end. UnitedHealth Group repurchased $5 billion of stock through the third quarter, paid $6.2 billion in dividends year to date, and expects dividends to exceed $8 billion by year-end.
Claims Processing and Clinician Engagement Improvements
UnitedHealthcare said it is meaningfully speeding up claims processing and payments and has added dedicated resources and executive ownership to improve relationships with clinicians and health systems and resolve issues more quickly.
MX:UNH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed