UnitedHealth Group (UNH) Q3 FY2026 earnings: revenue $112.7 billion, down 0.4% on the year

UnitedHealth Group Inc. (UNH) announced its results for Q3 FY2026, the quarter ended 30 September 2026, on 13 October 2026. Revenue was $112.7 billion, down 0.4% on the same quarter a year earlier. Net income was $4.1 billion, up 75.0% on the year, and diluted earnings per share $4.56. The figures are from the company's earnings press release; the 10-Q with the full statements is not filed yet, and this page fills in when it is.

Revenue$112.7 billiondown 0.4%

Net income$4.1 billionup 75.0%

Diluted EPS$4.56$2.59 a year earlier

QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 4 raised.

Operating earnings rose to $6.6 billion: Earnings from operations were $6.6 billion, against $4.3 billion a year earlier and $8.0 billion in the second quarter 2026. Revenue was $112.7 billion, against $113.2 billion.
Diluted and adjusted EPS reported: Diluted EPS was $4.56 and adjusted EPS was $4.69, against $2.59 and $2.92 a year earlier. Nine-month diluted EPS was $17.50.
UnitedHealthcare earnings reached $2.8 billion: UnitedHealthcare revenue was $86.3 billion, with earnings from operations of $2.8 billion and operating margin of 3.3%, against 2.1% a year earlier.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	112,694	112,032	113,161	-0.4%
Net income	4,110	5,484	2,348	+75.0%
Diluted EPS	$4.56	$6.04	$2.59	+76.1%

$ million except per share.

Q3 FY2026 is from the company's press release of 13 October 2026; the other columns are from its 10-Q and 10-K filings. A release figure is shown when the release's own figure for an earlier quarter matches the filed one, so the line and its units are read right.

Quarterly results, the last 20 quarters filed

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	72,337	73,743	80,149	80,332	80,894	82,787	91,931	92,903	92,361	94,427	99,796	98,855	100,820	100,807	109,575	111,616	113,161	113,215	111,721	112,032
Cost of revenue	7,802	8,000	8,487	8,596	8,306	8,314	9,405	9,748	9,423	10,194	11,056	11,340	11,834	12,464	12,390	13,019	12,566	12,680	12,823	13,375
Gross profit	64,535	65,743	71,662	71,736	72,588	74,473	82,526	83,155	82,938	84,233	88,740	87,515	88,986	88,343	97,185	98,597	100,595	100,535	98,898	98,657
Gross margin	89%	89%	89%	89%	90%	90%	90%	90%	90%	89%	89%	89%	88%	88%	89%	88%	89%	89%	89%	88%
SG&A	10,725	11,272	11,401	11,709	11,663	13,009	13,625	13,809	13,855	13,339	14,077	13,162	13,280	12,494	13,594	13,778	15,223	16,997	15,390	14,268
Operating income	5,712	5,541	6,950	7,132	7,462	6,891	8,086	8,057	8,526	7,689	7,931	7,875	8,708	7,773	9,119	5,150	4,315	380	8,990	7,991
Operating margin	8%	8%	9%	9%	9%	8%	9%	9%	9%	8%	8%	8%	9%	8%	8%	5%	4%	0%	8%	7%
Interest expense	422	431	433	467	516	676	754	828	834	830	844	985	1,074	1,003	998	1,027	1,003	974	955	962
Pre-tax income	5,290	5,110	6,517	6,665	6,946	6,215	7,332	7,229	7,692	6,859	1.0	5,665	7,614	6,791	8,106	4,082	3,229	-720	7,963	6,968
Tax rate	21%	18%	21%	22%	22%	21%	21%	22%	22%	17%	122200%	22%	18%	15%	20%	12%	21%	n/a	19%	19%
Net income	4,086	4,071	5,027	5,070	5,262	4,761	5,611	5,474	5,841	5,455	-1,409	4,216	6,055	5,543	6,292	3,406	2,348	10.0	6,280	5,484
Net margin	6%	6%	6%	6%	7%	6%	6%	6%	6%	6%	-1%	4%	6%	5%	6%	3%	2%	0%	6%	5%
Diluted EPS	$4.28	$4.26	$5.27	$5.34	$5.55	$5.03	$5.95	$5.82	$6.24	$5.83	-$1.53	$4.54	$6.51	$5.98	$6.85	$3.74	$2.59	$0.01	$6.90	$6.04
Operating cash flow	7,580	3,218	5,319	6,871	18,549	-4,533	16,327	11,032	6,902	-5,193	1,144	6,746	13,945	2,369	5,456	7,188	5,945	1,108	8,912	11,052
Capital expenditure	629	695	555	657	724	866	760	829	838	959	743	853	991	912	898	886	890	948	763	799
Free cash flow	6,951	2,523	4,764	6,214	17,825	-5,399	15,567	10,203	6,064	-6,152	401	5,893	12,954	1,457	4,558	6,302	5,055	160	8,149	10,253
Buybacks	1,050	1,050	2,500	2,500	1,000	1,000	2,000	3,000	1,500	1,500	3,072	0.0	956	4,972	3,000	2,545	0.0	0.0	0.0	1,646
Dividends paid	1,367	1,365	1,363	1,545	1,542	1,541	1,537	1,747	1,739	1,738	1,729	1,935	1,937	1,932	1,912	2,000	2,002	2,002	2,005	2,087
Shares outstanding	942m	941m	939m	935m	935m	934m	932m	927m	925m	924m	920m	921m	923m	915m	910m	905m	906m	906m	908m	905m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Earnings press release for the quarter ended 30 September 2026, filed with the SEC on 13 October 2026 with a Form 8-K: the release.