EX-99.1 2 earningsrelease2q26_7152.htm EX-99.1 Page 1 of 17 UnitedHealth Group Reports Second Quarter 2026 Results • Second Quarter 2026 Revenues of $112.0 Bil…

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1. #1prepared remarks

   EX-99.1 2 earningsrelease2q26_7152.htm EX-99.1

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

   Our results and outlook reflect the continuing progress in our work to simplify how we operate, improve both affordability and the health care experience for patients and care providers and apply modern technology to create real improvement for people,

3. #3prepared remarks

   Page 2 of 17 • Optum supported more than 120 million consumers and generated revenues of $65.7 billion and earnings of $4.0 billion, representing 160 basis points of margin expansion year-over-year. UnitedHealth Group Updated 2026 Full Year Guidance ($ in millions, except per share data) Reported Operating Earnings Adjusted Operating Earnings UnitedHealthcare > $12,000 > $12,000 Optum Health > $2,275 > $2,215 Optum Insight > $4,925 > $4,750 Optum Rx > $6,250 > $6,250 Optum (a) > $13,450 > $13,215 UnitedHealth Group > $25,450 > $25,215 Medical Care Ratio 88.1% ± 25 bps Tax Rate ~18.5% Cash Flows from Operations ~$24,000 Share Repurchase At Least $5,000 Net Earnings to UNH Shareholders > $16,750 Diluted Adjusted (b) Net Earnings per Share $18.45 - $18.95 $19.50 - $20.00 (a) Refer to page 7 of this release for a bridge of Optum Reported to Adjusted Operating Earnings. (b) Refer to page 16 of this release for a reconciliation of the non-GAAP measure.

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   Page 3 of 17 Addressing America’s Healthcare Challenges with Sustainable Solutions UnitedHealth Group remains committed to addressing the issues that make health care costly and complicated for the people and providers we serve. Recent actions taken to address these issues include: Governance, Oversight and Transparency Making the health system work better for everyone starts with trust, transparency and accountability. The company is strengthening that foundation by deepening oversight and renewing its leadership culture. • Refreshed leadership roles and re-energizing the company’s culture and commitment to mission. • Created a new Public Responsibility Committee for the Board of Directors, named a new Lead Independent Director and committee chairs and added a new independent director. • Published comprehensive reviews of its business practices, which included risk assessment operations, care services management and prescription drug manufacturer discounts, and implemented all recommended improvements from the reviews. • Released an independent review of the HouseCalls program that showed the sampled diagnoses were overwhelmingly supported by medical records, with an error rate n…

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   Page 4 of 17 UnitedHealth Group Second Quarter 2026 Results Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $112.0 billion $111.6 billion $111.7 billion Earnings from Operations $8.0 billion $5.2 billion $9.0 billion Net Margin 4.9% 3.1% 5.6% • UnitedHealth Group’s second quarter 2026 revenues were $112.0 billion compared to $111.6 billion in the year ago quarter. • Second quarter 2026 earnings from operations of $8.0 billion compared to $5.2 billion in the year ago quarter, driven by strong performance across both UnitedHealthcare and Optum. • The second quarter 2026 medical care ratio was 86.7% compared to 89.4% in the second quarter 2025. The year-over-year decrease was driven by benefit design and pricing discipline, member mix and medical cost management initiatives. Net medical reserve development was $860 million in the quarter. • Days claims payable were 47.0 compared to 48.6 in the first quarter 2026 and 44.5 in the second quarter 2025. The sequential variation was driven by normal seasonality. Days sales outstanding of 17.7 compared to 21.6 in the first quarter 2026 and 19.9 in the year ago quarter, with the sequenti…

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   Page 5 of 17 UnitedHealthcare Second Quarter 2026 Results UnitedHealthcare provides health care 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 health care experience and reducing the total cost of care. Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $86.0 billion $86.1 billion $86.3 billion Earnings from Operations $3.9 billion $2.1 billion $5.7 billion Operating Margin 4.6% 2.4% 6.6% UnitedHealthcare • UnitedHealthcare continues to improve the consumer experience, including by expanding care access and digital services, simplifying prior approvals and offering greater support to rural hospitals and care providers. • UnitedHealthcare second quarter 2026 revenues of $86.0 billion compared to $86.1 billion in the second quarter 2025. UnitedHealthcare served 48.5 million people in the second quarter 2026, down 525,000 sequentially. • UnitedHealthcare’s second quarter 2026 earnings from operations were $3.9 billion and op…

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   Page 6 of 17 Optum Second Quarter 2026 Results The Optum businesses serve participants throughout health care, including payers, care providers, 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 experience. Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $65.7 billion $67.2 billion $63.7 billion Earnings from Operations $4.0 billion $3.1 billion $3.3 billion Operating Margin 6.2% 4.6% 5.2% Optum Health • Optum Health continues to show steady momentum, with ongoing improvements in access to care and clinical and operational discipline driving better patient outcomes, increased provider satisfaction and cost management savings as the business recenters on its integrated value-based care delivery model. • Optum Health’s second quarter 2026 revenues of $23.5 billion decreased 5% year-over-year due to ~700,000 fewer value- based-care patients served. • Second quarter 2026 earnings from operations were $1.2 …

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   Page 7 of 17 UnitedHealth Group 2026 Outlook ($ and weighted-average shares in millions; except per share data) As of January 27, 2026 As of July 16, 2026 Operating Earnings UnitedHealthcare > $10,800 > $12,000 Optum Health > $2,200 > $2,275 Optum Insight > $4,750 > $4,925 Optum Rx > $6,250 > $6,250 Optum > $13,200 > $13,450 UnitedHealth Group > $24,000 > $25,450 Net Earnings to UNH Shareholders > $15,600 > $16,750 Diluted Net Earnings per Share to UNH Shareholders > $17.10 $18.45 - $18.95 Adjusted Earnings per Share (1) > $17.75 $19.50 - $20.00 Medical Care Ratio 88.8% ± 50 bps 88.1% ± 25 bps Tax Rate ~19.25% ~18.5% Cash Flows from Operations > $18,000 ~$24,000 Share Repurchase ~$2,500 At Least $5,000 (1) Refer to page 16 of this release for a reconciliation of non-GAAP measures. Below outlines the 2026 Reported to Adjusted Earnings Bridge for Optum as of July 16, 2026. Optum 2026 Reported to Adjusted Earnings Bridge ($ in millions) Optum Health Optum Insight Optum Rx Total Optum 2026 Reported Operating Earnings Guidance > $2,275 (1) > $4,925 > $6,250 > $13,450 Net Portfolio Divestitures, Restructuring and Other $345 $(175) - $170 Net Change in Third Party Loss Cont…

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   Page 8 of 17 About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care 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 health care 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 July 30, 2026. This earnings release and the Form 8-K dated July 16…

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    UNITEDHEALTH GROUP Earnings Release Schedules and Supplementary Information Quarter Ended June 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 Page 9 of 17

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    UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data; unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues Premiums........................................................................................................................... $86,956 $87,905 $174,517 $174,439 Products ............................................................................................................................. 13,835 13,564 27,085 26,600 Services ............................................................................................................................. 10,018 9,039 19,797 18,011 Investment and other income ......................................................................................... 1,223 1,108 2,354 2,141 Total revenues ............................................................................................................. 112,032 111,616 223,753 221,191 Operating costs Medical costs .................................................................................................................... 75,358 78,585 148,847 151,996 Operating costs...................…

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    UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) June 30, 2026 December 31, 2025 Assets Cash and short-term investments ..................................................................................................................................................... $31,468 $28,121 Accounts receivable, net .................................................................................................................................................................... 21,573 23,018 Other current assets ............................................................................................................................................................................ 33,819 39,443 Total current assets ................................................................................................................................................................... 86,860 90,582 Long-term investments ....................................................................................................................................................................... 57,716 54,251 Other long-term assets ..........................................…

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    UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) Six Months Ended June 30, 2026 2025 Operating Activities Net earnings ......................................................................................................................................................................................... $12,151 $10,046 Noncash items: Depreciation and amortization ....................................................................................................................................................... 2,069 2,145 Deferred income taxes and other .................................................................................................................................................. 176 40 Share-based compensation ........................................................................................................................................................... 624 572 Loss on sale of subsidiary and subsidiaries held for sale .......................................................................................................... 133 56 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 June 30, 2026 Total revenues ....................................................................... $86,017 $23,472 $5,402 $38,292 $65,663 $112,032 Restructuring and other (2) ................................................. — (1) — — (1) (1) Adjusted revenues (b) ..................................................... $86,017 $23,471 $5,402 $38,292 $65,662 $112,031 Three Months Ended June 30, 2025 Total revenues ....................................................................... $86,103 $24,725 $5,232 $38,459 $67,225 $111,616 Six Months Ended June 30, 2026 Total revenues ....................................................................... $172,282 $47,581 $10,527 $74,028 $129,412 $223,753 Restructuring and other (2) ................................................. — 2 (77) — (75) (75) Adjusted revenues (b) ..................................................... $172,282 $47,583 $10,450 $74,028 $129,337 $223,678 Six Months Ended June 30, 20…

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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 June 30, 2026 Earnings from operations .......................................................... $3,942 $1,190 $1,369 $1,490 $4,049 $7,991 Net portfolio divestitures and South American impacts (1) .. — 35 4 — 39 39 Restructuring and other (2) ....................................................... — (51) — — (51) (51) Adjusted earnings from operations (a) ............................. $3,942 $1,174 $1,373 $1,490 $4,037 $7,979 Operating margin ........................................................................ 4.6 % 5.1 % 25.3 % 3.9 % 6.2 % 7.1 % Adjusted operating margin (a) .................................................. 4.6 % 5.0 % 25.4 % 3.9 % 6.1 % 7.1 % Three Months Ended June 30, 2025 Earnings from operations .......................................................... $2,075 $429 $1,205 $1,441 $3,075 $5,150 Operating margin ........................................................................ 2.4 % 1.7 % 23.0 % 3.7 % …

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    UNITEDHEALTH GROUP PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION (unaudited) UnitedHealthcare Customer Profile (in thousands) People Served June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 Commercial: Risk-based ................................................................................. 7,655 7,725 8,165 8,440 Fee-based .................................................................................. 22,265 22,340 21,485 21,530 Total Commercial ................................................................... 29,920 30,065 29,650 29,970 Medicare Advantage .................................................................... 7,565 7,555 8,445 8,350 Medicaid ........................................................................................ 6,780 7,160 7,380 7,490 Medicare Supplement (Standardized) ...................................... 4,260 4,270 4,285 4,305 Total Community and Senior .............................................. 18,605 18,985 20,110 20,145 Total UnitedHealthcare - Medical ....................................... 48,525 49,050 49,760 50,115 Supplemental Data Medicare Part D stand-alone .........................…

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    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…

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    UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, Projected Year Ended December 31, 2026 2025 2026 2025 2026 Net earnings attributable to UnitedHealth Group common shareholders ........................ $5,484 $3,406 $11,764 $9,698 > $16,750 Intangible amortization ............................................................................................................. 346 409 680 826 ~1,345 Net portfolio divestitures and South American impacts (1) ................................................ 100 — (58) — ~(35) Restructuring and other (2) ..................................................................................................... (51) — 153 — ~(50) Tax effect of adjustments ......................................................................................................... (87) (99) (169) (201) ~(285) Adjusted net earnings attributable to UnitedHealth Group common shareholders . $5,792 $3,716 $12,370 $10,323 > $17,725 Diluted earnings per share ......................................................................…