Q1 26 EPS
$7.23
BEAT +9.55%
Est. $6.60
Q1 26 Revenue
$111.72B
BEAT +1.88%
Est. $109.66B
vs S&P Since Q1 26
+15.4%
BEATING MARKET
UNH +25.2% vs S&P +9.8%
Market Reaction
Did UNH Beat Earnings? Q1 2026 Results
UnitedHealth Group delivered a strong first quarter for 2026, with adjusted earnings per share of $7.23 beating the $6.61 consensus estimate by 9.38% as the managed care giant posted revenue of $111.72 billion, topping expectations by 1.88% and advan… Read more UnitedHealth Group delivered a strong first quarter for 2026, with adjusted earnings per share of $7.23 beating the $6.61 consensus estimate by 9.38% as the managed care giant posted revenue of $111.72 billion, topping expectations by 1.88% and advancing 2.0% year over year. The standout driver was a meaningful improvement in the medical cost ratio, which tightened 90 basis points to 83.9% on disciplined cost management and favorable reserve development, helping UnitedHealthcare expand its operating margin to 6.6% and generate $5.69 billion in segment operating earnings. Optum provided some offset, with operating earnings slipping to $3.30 billion from $3.89 billion a year ago as fewer value-based care members weighed on Optum Health revenues, a dynamic that echoes broader pressure on value-based care models seen across the managed care sector. Cash flows from operations reached $8.91 billion, equal to 1.4 times net income, supporting a commitment to repurchase at least $2.00 billion in shares through the end of the second quarter. Management raised its full-year 2026 adjusted earnings outlook to greater than $18.25 per share, signaling confidence in sustained repricing gains and operational momentum through the remainder of the year.
Key Takeaways
- • Medical cost ratio improved 90 basis points to 83.9%, driven by strong medical cost management and favorable reserve development
- • Repricing across all lines of business in response to elevated but in-line cost trends drove UnitedHealthcare operating margin expansion of 40 basis points to 6.6%
- • Optum Rx growth driven by specialty pharmacy partially offset by UHC membership attrition
- • Community & State revenue grew 4% driven primarily by Medicaid rate updates
- • Operating cash flows of $8.9 billion, or 1.4x net income, reflecting strong earnings and working capital changes
UNH YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
UNH Revenue by Segment
With YoY comparisons, source: SEC Filings
“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, Q1 2026 Earnings Press Release
UNH Earnings Trends
UNH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UNH EPS Trend
Earnings per share: estimate vs actual
UNH Revenue Trend
Quarterly revenue: estimate vs actual
UNH Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $6.38 | — | $112.03B | — |
| Q1 26 BEAT | $6.60 | $7.23 | +9.55% | $111.72B | +1.88% |
| Q4 25 BEAT FY | $2.11 | $2.11 | +0.00% | $113.22B | -0.37% |
| FY Full Year | $16.32 | $16.35 | +0.18% | $447.57B | -0.09% |
| Q3 25 BEAT | $2.81 | $2.92 | +3.91% | $113.16B | +0.09% |
| Q2 25 MISS | $4.45 | $4.08 | -8.31% | $111.62B | +0.03% |
| Q1 25 MISS | $7.29 | $7.20 | -1.23% | $109.58B | -1.82% |