UnitedHealth (UNH) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 22, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

5.42

Last Year’s EPS

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 18 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 27, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

Mixed. The company reported solid 2025 revenue growth (+12%) and adjusted EPS slightly ahead of expectations, provided positive 2026 adjusted EPS guidance (> $17.75, ≥8.6% growth), and outlined multiple operational improvements (Optum wins, AI-driven cost reductions, technology investment, OptumHealth restructuring progress). However, material near-term headwinds remain: large anticipated membership contractions across Medicare, Medicaid and exchange markets; significant restructuring and reserve charges tied to Optum actions; persistent elevated medical cost trends (Medicare trend ~10% in 2026); and funding shortfalls from Medicare and Medicaid that may force further benefit and footprint adjustments. Management projects margin recovery but expects some delay until 2027, making the tone cautiously constructive but balanced between clear positives and notable risks.

Company Guidance

UnitedHealth guided to 2026 adjusted EPS of greater than $17.75 (at least +8.6% vs FY‑2025 adjusted EPS of $16.35) and GAAP net earnings of at least $17.10 per share, with revenues around $440 billion (FY‑2025 revenues were nearly $448B, +12% YoY) and at least $18B of cash from operations in 2026 (~1.1x net income vs $19.7B or ~1.5x in 2025); they expect roughly two‑thirds of 2026 earnings in H1, a medical care ratio of ~88.8% ±50 bps (FY‑2025 MCR 89.1%), an operating cost ratio of ~12.8% ±50 bps (FY‑2025 13.3%), and progress toward a long‑term debt‑to‑capital target of ~40% by year‑end with capital returns resuming in H2. Segment and operating guidance includes ~13% adjusted operating earnings growth at UnitedHealthcare with ~40 bps operating margin expansion and total UHC membership contraction of 2.3–2.8 million (Medicare Advantage down ~1.3–1.4M; Medicaid down ~565–715k) and ~50 bps Medicare margin improvement; Optum segments are expected to deliver low‑ to high‑single‑digit adjusted growth overall, with OptumRx margin expansion ~20 bps (implementation of >800 new customers, >95% of customers electing full rebate pass‑through in 2026), OptumInsight >4% growth and ~90 bps margin expansion (including alignment of Optum Financial), and OptumHealth ~9% operating earnings growth with ~30 bps margin expansion (long‑run target 6–8%), supported by actions such as narrowing affiliated networks ~20%, streamlining risk membership ~15%, nearly 100% of employee provider groups on one of three EMRs (vs 18 previously), AI‑enabled operating cost reductions of nearly $1B in 2026, planned tech/AI investment of ~$1.5B in 2026, and >80% of member calls leveraging AI; FY‑2025 results excluded a $1.6B net‑of‑tax charge ($1.78/sh) tied to Optum actions, including ~ $800M cyber‑related true‑up, a ~$440M portfolio optimization net gain, and ~$2.5B of restructuring/related charges (including ~ $625M lost contract reserve).

Adjusted EPS and 2026 Guidance

Reported adjusted EPS of $16.35 for full year 2025 (slightly ahead of expectations). 2026 initial outlook: adjusted EPS greater than $17.75, implying at least 8.6% growth year-over-year.

Strong 2025 Revenue and Cash Generation

Full year 2025 revenues nearly $448 billion, up ~12% versus 2024. Operating cash flow $19.7 billion (~1.5x net income); 2026 cash flow guidance at least $18 billion (~1.1x net income).

Optum Segment Improvement Plans and Wins

Optum segments forecast low- to high-single-digit adjusted earnings growth in 2026 with margin expansion (OptumInsight ~+90 bps, OptumHealth ~+30 bps, OptumRx ~+20 bps). OptumRx won >800 new customers and reported >95% of customers electing full rebate pass-through in 2026; removed reauthorization requirements for ~180 drugs.

UnitedHealthcare Operating Earnings Recovery

UnitedHealthcare expected to deliver ~13% adjusted operating earnings growth in 2026 with operating earnings margins expanding ~40 basis points. Actions include deliberate repricing/product repositioning to restore margin.

AI and Productivity Initiatives

Anticipated operating cost reductions of nearly $1 billion in 2026 driven largely by AI and machine learning; over 80% of member calls leverage AI tools. Planned technology investment of nearly $1.5 billion in 2026 (with similar spending expected in 2027).

OptumHealth Operational Progress

OptumHealth narrowed affiliated network by ~20%, streamlined risk membership by ~15%, and consolidated EMR usage from 18 systems to three (nearly 100% of employee provider groups), improving consistency and enabling faster AI deployment. Examples of mature markets show total cost of care reductions up to ~30% and NPS near 90.

Balance Sheet and Capital Targets

Expect to continue improving leverage through 2026, target long-term debt-to-capital ~40% before year-end, and to return to historical capital deployment practices in the second half of 2026.

UnitedHealth (DE:UNH) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:UNH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 22, 2026	2026 (Q1)	5.42 / -	6.002	―	―	―
Jan 27, 2026	2025 (Q4)	1.75 / 1.76	5.677	-69.02% (-3.92)	―
Oct 28, 2025	2025 (Q3)	2.33 / 2.43	5.96	-59.16% (-3.53)	―
Jul 29, 2025	2025 (Q2)	3.71 / 3.40	5.668	-40.00% (-2.27)	―
Apr 17, 2025	2025 (Q1)	6.08 / 6.00	5.76	4.20% (+0.24)	―
Jan 16, 2025	2024 (Q4)	5.62 / 5.68	5.135	10.55% (+0.54)	―
Oct 15, 2024	2024 (Q3)	5.84 / 5.96	5.468	8.99% (+0.49)	―
Jul 16, 2024	2024 (Q2)	5.54 / 5.67	5.118	10.75% (+0.55)	―
Apr 16, 2024	2024 (Q1)	5.51 / 5.76	5.218	10.38% (+0.54)	―
Jan 12, 2024	2023 (Q4)	4.99 / 5.13	4.451	15.36% (+0.68)	―

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

DE:UNH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 28, 2025	€310.16	€316.87	+2.16%
Jul 29, 2025	€240.63	€229.03	-4.82%
Apr 17, 2025	€511.33	€391.49	-23.44%
Jan 16, 2025	€514.42	€491.97	-4.36%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.