The earnings call highlighted revenue growth and some operational successes at OptumRx and in Medicare enrollment. However, these were overshadowed by significant challenges, including pricing missteps, substantial cost increases, and underperformance across several business lines, leading to financial pressure and necessitating strategic and operational shifts.

Company Guidance

During the UnitedHealth Group Second Quarter 2025 earnings call, the company provided a comprehensive update on its revised financial outlook, emphasizing a strategic shift towards improved operational practices and financial performance. Key metrics in the guidance highlighted a $6.5 billion increase in medical costs for 2025 compared to initial expectations, with $3.6 billion related to Medicare and $2.3 billion to commercial business. The company also announced significant pricing and benefit adjustments for 2026, targeting a 10% trend for Medicare Advantage, and projected an operating margin range adjustment for Medicare from 3-5% to 2-4% due to legislative changes. UnitedHealth plans to exit plans covering over 600,000 members and anticipates continued pressure in Medicaid with a projected negative margin of 1-1.7% in 2026. Additionally, Optum Health is expected to see a $6.6 billion earnings shortfall for 2025, attributed to several factors including the V28 risk model transition and an unfavorable enrollment mix. The company reiterated its commitment to value-based care, projecting long-term margins of 5% for this sector, and detailed plans for operational streamlining, AI integration, and strategic investment to drive improvement and growth into 2026 and beyond.

Revenue Growth

UnitedHealth Group reported revenues of nearly $112 billion, a 13% increase over the prior year, reflecting growth across UnitedHealthcare and Optum.

OptumRx Performance

OptumRx reported revenue growth of $18 billion or 13%, with earnings growth of just over $200 million or nearly 4%, driven by low-margin specialty drugs.

Medicare Growth

Year-to-date Medicare Advantage growth is 650,000 people, including those who are dually eligible for Medicaid and Medicare.

UnitedHealth (UNH) Earnings, Revenues Date & History

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UNH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 21, 2025	2025 (Q3)	2.81 / -	7.15	―	―	―
Jul 29, 2025	2025 (Q2)	4.45 / 4.08	6.8	-40.00% (-2.72)	―
Apr 17, 2025	2025 (Q1)	7.29 / 7.20	6.91	4.20% (+0.29)	―
Jan 16, 2025	2024 (Q4)	6.74 / 6.81	6.16	10.55% (+0.65)	―
Oct 15, 2024	2024 (Q3)	7.00 / 7.15	6.56	8.99% (+0.59)	―
Jul 16, 2024	2024 (Q2)	6.65 / 6.80	6.14	10.75% (+0.66)	―
Apr 16, 2024	2024 (Q1)	6.61 / 6.91	6.26	10.38% (+0.65)	―
Jan 12, 2024	2023 (Q4)	5.99 / 6.16	5.34	15.36% (+0.82)	―
Oct 13, 2023	2023 (Q3)	6.33 / 6.56	5.79	13.30% (+0.77)	―
Jul 14, 2023	2023 (Q2)	5.99 / 6.14	5.57	10.23% (+0.57)	―

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

UNH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$282.12	$261.07	-7.46%
Apr 17, 2025	$580.92	$450.91	-22.38%
Jan 16, 2025	$537.29	$504.83	-6.04%
Oct 15, 2024	$596.29	$547.92	-8.11%

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.