SECURITIES AND EXCHANGE COMMISSION

Transcript

1. #1prepared remarks

   EX-99.1 2 earningsrelease3q26unh.htm EX-99.1

2. #2Stephen Hemsley · chief executive officer of UnitedHealth Group

   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,

3. #3prepared remarks

   2 Continuing to Address America’s Healthcare Challenges with Sustainable Solutions UnitedHealth Group is committed to addressing the issues that make healthcare challenging for the people and clinicians we serve. Continued actions the company has taken to address these challenges include the below, with further commitments expected in 2027. United Health Foundation The United Health Foundation has been refreshed and significantly funded, expanding its priorities to include rural health, maternal and children’s health and behavioral health, among others. • Committed $1 billion to the United Health Foundation to support key initiatives, including improving rural healthcare, strengthening maternal and children’s health and addressing behavioral health challenges. Affordability, Rural Care and Benefits The company is taking steps to increase support and access while decreasing costs for communities served. • Committed to voluntarily eliminating and rebating profits from individual Affordable Care Act coverage offerings in 2026, returning this money directly to approximately 1 million ACA members as Congress works toward longer-term solutions to strengthen the stability and affordabili…

4. #4prepared remarks

   3 UnitedHealth Group Third Quarter 2026 Results Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $112.7 billion $113.2 billion $112.0 billion Earnings from Operations $6.6 billion $4.3 billion $8.0 billion Net Margin 3.6% 2.1% 4.9% • UnitedHealth Group’s third quarter 2026 revenues were $112.7 billion compared to $113.2 billion in the third quarter 2025. • Third quarter 2026 earnings from operations of $6.6 billion compared to $4.3 billion in the year ago quarter, driven by disciplined execution across both UnitedHealthcare and Optum. • The third quarter 2026 medical care ratio was 88.4% compared to 89.9% in the third quarter 2025. The year-over-year decrease was driven by medical cost management initiatives, benefit design changes and pricing discipline, as well as care delivery enhancements focused on affordability and integrated value-based care. Net medical reserve development was $610 million in the quarter related to 2026 dates of service. • Days claims payable were 47.0 compared to 47.0 in the second quarter 2026 and 46.2 in the third quarter 2025. Days sales outstanding of 16.9 compared to 17.7 in the second qu…

5. #5prepared remarks

   4 UnitedHealthcare Third Quarter 2026 Results UnitedHealthcare provides healthcare benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the healthcare experience and advancing access and affordability by reducing the total cost of care. Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $86.3 billion $87.1 billion $86.0 billion Earnings from Operations $2.8 billion $1.8 billion $3.9 billion Operating Margin 3.3% 2.1% 4.6% UnitedHealthcare • UnitedHealthcare is committed to improving the consumer and clinician experience by expanding access to care and digital support services, simplifying and reducing prior approvals and deepening support for the communities it serves. • UnitedHealthcare third quarter 2026 revenues of $86.3 billion compared to $87.1 billion in the third quarter 2025. UnitedHealthcare served 48.3 million people in the third quarter 2026. • UnitedHealthcare’s third quarter 2026 earnings from operations were …

6. #6prepared remarks

   5 UnitedHealthcare Community & State • UnitedHealthcare Community & State third quarter 2026 revenues were $23.7 billion compared to $23.8 billion in the third quarter 2025. • People served contracted by 85,000 in the third quarter 2026 due to ongoing Medicaid eligibility changes.

7. #7prepared remarks

   6 Optum Third Quarter 2026 Results The Optum businesses serve participants throughout healthcare, including payers, clinicians and health systems, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer and clinician experience. Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $66.9 billion $69.2 billion $65.7 billion Earnings from Operations $3.7 billion $2.5 billion $4.0 billion Operating Margin 5.6% 3.6% 6.2% Optum Health • Optum Health continues to progress in operational enhancements that expand patient access to integrated, quality care resources while modernizing the care experience to allow for greater patient satisfaction and a more engaged clinician experience. • Optum Health’s third quarter 2026 revenues of $22.9 billion decreased 10% year-over-year as a result of fewer value-based care patients served in markets where Optum lacked sufficient value-based care presence to sustain its clinic…

8. #8prepared remarks

   7 About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a healthcare and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the healthcare experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn. Earnings Conference Call As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through October 27, 2026. This earnings release and the Form 8-K dated October 13, 2026,…

9. #9prepared remarks

   UNITEDHEALTH GROUP Earnings Release Schedules and Supplementary Information Quarter Ended September 30, 2026 • Condensed Consolidated Statements of Operations • Condensed Consolidated Balance Sheets • Condensed Consolidated Statements of Cash Flows • Revenues by Business - Supplemental Financial Information • Earnings by Business - Supplemental Financial Information • People Served and Performance Metrics - Supplemental Financial Information • Reconciliation of Non-GAAP Financial Measures 8

10. #10prepared remarks

    UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Premiums........................................................................................................................... $87,078 $88,979 $261,595 $263,418 Products ............................................................................................................................. 14,293 13,296 41,378 39,896 Services ............................................................................................................................. 10,246 9,754 30,043 27,765 Investment and other income ......................................................................................... 1,077 1,132 3,431 3,273 Total revenues ............................................................................................................. 112,694 113,161 336,447 334,352 Operating costs Medical costs .................................................................................................................... 76,982 79,958 225,829 231,954 Operating costs........…

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    UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) September 30, 2026 December 31, 2025 Assets Cash and short-term investments ..................................................................................................................................................... $28,549 $28,121 Accounts receivable, net .................................................................................................................................................................... 20,543 23,018 Other current assets ............................................................................................................................................................................ 36,503 39,443 Total current assets ................................................................................................................................................................... 85,595 90,582 Long-term investments ....................................................................................................................................................................... 58,064 54,251 Other long-term assets .....................................…

12. #12prepared remarks

    UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) Nine Months Ended September 30, 2026 2025 Operating Activities Net earnings ......................................................................................................................................................................................... $16,451 $12,589 Noncash items: Depreciation and amortization ....................................................................................................................................................... 3,142 3,244 Deferred income taxes and other .................................................................................................................................................. 115 (955) Share-based compensation ........................................................................................................................................................... 843 795 Loss on sale of subsidiary and subsidiaries held for sale .......................................................................................................... 209 139 Net changes in operating assets and liabilities .....................…

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    UNITEDHEALTH GROUP REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions; unaudited) Optum UnitedHealth Group Consolidated (a)UnitedHealthcare Optum Health (c) Optum Insight (c) Optum Rx Total Optum (a) Three Months Ended September 30, 2026 Total revenues ....................................................................... $86,330 $22,910 $5,474 $39,927 $66,883 $112,694 Restructuring and other (2) ................................................. — 35 (14) — 21 21 Adjusted revenues (b) ..................................................... $86,330 $22,945 $5,460 $39,927 $66,904 $112,715 Three Months Ended September 30, 2025 Total revenues ....................................................................... $87,070 $25,422 $5,320 $39,679 $69,177 $113,161 Nine Months Ended September 30, 2026 Total revenues ....................................................................... $258,612 $70,491 $16,001 $113,955 $196,295 $336,447 Restructuring and other (2) ................................................. — 37 (91) (54) (54) Adjusted revenues (b) ..................................................... $258,612 $70,528 $15,910 $113,955 $196,241 $336,393 Nine Months…

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    UNITEDHEALTH GROUP EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions, except percentages; unaudited) Optum UnitedHealth Group ConsolidatedUnitedHealthcare Optum Health (b) Optum Insight (b) Optum Rx Total Optum Three Months Ended September 30, 2026 Earnings from operations .......................................................... $2,831 $735 $1,279 $1,718 $3,732 $6,563 Net portfolio divestitures and South American impacts (1) .. (141) (85) 2 — (83) (224) Restructuring and other (2) ....................................................... — (62) (12) — (74) (74) Adjusted earnings from operations (a) ............................. $2,690 $588 $1,269 $1,718 $3,575 $6,265 Operating margin ........................................................................ 3.3 % 3.2 % 23.4 % 4.3 % 5.6 % 5.8 % Adjusted operating margin (a) .................................................. 3.1 % 2.6 % 23.2 % 4.3 % 5.3 % 5.6 % Three Months Ended September 30, 2025 Earnings from operations .......................................................... $1,805 $41 $920 $1,549 $2,510 $4,315 Operating margin ........................................................................ 2.1 % 0.…

15. #15prepared remarks

    UNITEDHEALTH GROUP PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION (unaudited) UnitedHealthcare Customer Profile (in thousands) People Served September 30, 2026 June 30, 2026 December 31, 2025 September 30, 2025 Commercial: Risk-based ................................................................................. 7,575 7,655 8,165 8,440 Fee-based .................................................................................. 22,180 22,265 21,485 21,490 Total Commercial ................................................................... 29,755 29,920 29,650 29,930 Medicare Advantage .................................................................... 7,605 7,565 8,445 8,435 Medicaid ........................................................................................ 6,695 6,780 7,380 7,460 Medicare Supplement (Standardized) ...................................... 4,245 4,260 4,285 4,300 Total Community and Senior .............................................. 18,545 18,605 20,110 20,195 Total UnitedHealthcare - Medical ....................................... 48,300 48,525 49,760 50,125 Supplemental Data Medicare Part D stand-alone ................…

16. #16prepared remarks

    UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Use of Non-GAAP Financial Measures Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows: Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure. As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share. Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations and adjusted operating margin exclude net p…

17. #17prepared remarks

    UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share Three Months Ended September 30, Nine Months Ended September 30, Projected Year Ended December 31, 2026 2025 2026 2025 2026 Net earnings attributable to UnitedHealth Group common shareholders ............................... $4,110 $2,348 $15,874 $12,046 > $17,650 Intangible amortization .................................................................................................................... 373 401 1,053 1,227 ~1,405 Net portfolio divestitures and South American impacts (1) ....................................................... (148) — (206) — ~(205) Restructuring and other (2) ............................................................................................................ (74) — 79 — — Tax effect of adjustments ................................................................................................................ (33) (99) (202) (300) ~(265) Adjusted net earnings attributable to UnitedHealth Group common shareholders ....... $4,228 $2,650 $16,598 $12,973 > $18,585 Diluted earnings per share ..............…