UnitedHealth Group (UNH) Q3 2026 Earnings
Adjusted EPS of $4.69 excludes $0.41/share intangible amortization, $(0.16)/share net gain from portfolio divestitures and South American impacts (including $76 million of incremental losses related to South American businesses held for sale), $(0.08)/share restructuring and other items (including $95 million net decrease in loss contract reserves and $(21) million net valuation losses on equity securities), and $(0.04)/share tax effect of adjustments.
How Did UNH Stock React to Q3 2026 Earnings?
Did UNH Beat Earnings? Q3 2026 Results
Yes. UnitedHealth Group reported Q3 2026 earnings of $4.69 a share on Oct 13, 2026, beating the $4.15 consensus estimate by 13.0%. Revenue was $112.7B against a $111.5B estimate.
UnitedHealth Group delivered a notably strong third quarter, posting adjusted EPS of $4.69 against a consensus estimate of $4.15, a beat of 13.03%, as disciplined cost management overcame modest revenue softness. Revenue of $112.69 billion edged past the $111.49 billion estimate, though it slipped 0.4% from the year-ago period, reflecting continued membership attrition in Medicare Advantage and Medicaid that trimmed UnitedHealthcare's roster to 48.3 million members from 50.1 million a year earlier. The clearest engine behind the earnings strength was a meaningful improvement in the medical care ratio, which fell to 88.4% from 89.9%, aided by pricing discipline, benefit design changes, and $610 million of net favorable prior period reserve development tied to 2026 dates of service. Optum Health operating earnings also rebounded sharply to $735 million from just $41 million as the company exited value-based care markets where scale was insufficient. Looking ahead, management raised its full-year 2026 adjusted diluted EPS outlook to at least $20.50, signaling confidence in the operational trajectory despite ongoing headwinds from CMS Star Rating pressures that analysts expect to weigh on Medicare Advantage quality bonus payments in coming periods.
- Medical care ratio improved to 88.4% from 89.9% YoY driven by medical cost management, benefit design changes, pricing discipline and care delivery enhancements
- $610 million net favorable prior period reserve development related to 2026 dates of service
- Operating cost ratio improved to 12.8% from 13.5% YoY reflecting realized operating efficiencies
- Optum Health earnings surged from $41 million to $735 million driven by strengthened operational discipline and medical cost management
- Optum Insight earnings grew to $1.3 billion from $920 million driven by enhanced product offerings and operational efficiencies
- Optum Rx earnings grew to $1.7 billion from $1.5 billion reflecting continued adoption of biosimilars
“Our 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.”
UnitedHealth Group CEO, on the earnings call
What Is UnitedHealth Group's Outlook?
UnitedHealth Group raised its full year 2026 outlook, now expecting GAAP diluted earnings of at least $19.50 per share and adjusted diluted earnings of at least $20.50 per share, incorporating experience through the third quarter 2026. Full year adjusted net earnings attributable to common shareholders are projected to exceed $18,585 million. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end 2026, compared to 41.7% as of September 30, 2026.
UNH YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $112.7B | $113.2B | −0.4% |
| Operating Income | $6.6B | $4.3B | +52.1% |
| Net Income | $4.1B | $2.3B | +75.0% |
UNH Revenue by Segment
When Does UnitedHealth Group Report Next?
Figures from SEC filings and company reports. Not investment advice.