UnitedHealth Group Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 13 October 2026: press release. Guidance figures: 4 raised. The quarter’s numbers.

Key takeaways

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. Source
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. Source
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. Source
Medical care ratio improved to 88.4%: The medical care ratio was 88.4%, against 89.9% a year earlier. The company cited cost management, benefit design, pricing and care delivery enhancements. Source
Favorable reserve development of $610 million: Net favorable prior period reserve development of $610 million relates to 2026 dates of service, against $860 million of net favorable development in the second quarter. Source
Full-year adjusted EPS raised to $20.50: Full-year 2026 adjusted diluted EPS is now at least $20.50, against $19.50 to $20.00 previously. Reported diluted EPS is at least $19.50, against $18.45 to $18.95. Source

“Our third quarter results reflect the discipline and execution our teams are bringing to every part of our business,”
Stephen Hemsley, chief executive officer of UnitedHealth Group

Guidance

Area	Period	Figure	Against last quarter
Adjusted diluted EPS Source	full year 2026	at least $20.50	Raised from $19.50 - $20.00
Diluted EPS Source	full year 2026	at least $19.50	Raised from $18.45 - $18.95
Net earnings attributable to UnitedHealth Group common shareholders Source	full year 2026 (projected, $ millions)	> $17,650	Raised from > $16,750
Adjusted net earnings attributable to UnitedHealth Group common shareholders Source	full year 2026 (projected, $ millions)	> $18,585	Raised from > $17,725

What changed from last quarter

Guidance raised: Full-year 2026 adjusted diluted EPS guidance raised to at least $20.50 from $19.50 to $20.00. Source
Guidance raised: Full-year 2026 diluted EPS guidance raised to at least $19.50 from $18.45 to $18.95. Source
Guidance raised: Projected full-year 2026 net earnings attributable to common shareholders raised to greater than $17,650 million from greater than $16,750 million. Source
New: Child and family behavioral health coaching access expanded to about 13 million members, a program not listed in the previous quarter's release. Source

Results and growth drivers

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. Source
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. Source
Net margin rose to 3.6%: Net margin was 3.6%, against 2.1% in the third quarter 2025 and 4.9% in the second quarter 2026. Source

Segments and regions

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. Source
Medicare and Retirement revenue declined: Medicare & Retirement revenue was $42.4 billion, against $43.4 billion, attributed to changes in membership and product mix. Source
Optum Health revenue fell 10%: Optum Health revenue fell 10% to $22.9 billion. Earnings were $735 million, a 3.2% margin, against $41 million and 0.2% a year earlier. Source
Optum Rx earnings rose to $1.7 billion: Optum Rx revenue was $39.9 billion. Earnings were $1.7 billion against $1.5 billion, with the company citing biosimilar adoption and operational improvements. Source
Optum Insight revenue up 3%: Optum Insight revenue was $5.5 billion. Earnings were $1.3 billion against $920 million, which the company attributed to enhanced product offerings and operational efficiencies. Source

“The company now expects full year 2026 adjusted net earnings of at least $20.50 per share, incorporating experience through the third quarter 2026.”
UnitedHealth Group Inc., press release

Membership and customers

Medical membership at 48.3 million: UnitedHealthcare served 48.3 million people at September 30, 2026, against 48.5 million in June 2026 and 50.1 million a year earlier. Source
Adjusted scripts fell to 393 million: Adjusted scripts were 393 million, against 414 million a year earlier, due to membership declines within UnitedHealthcare and other customers. Source
Medicare Advantage Stars at least 69%: The company reported that at least 69% of members are in 4+ Star plans for 2027, in line with expectations, with improvement in 11 of 12 HEDIS measures. Source

Medical and operating costs

Medical care ratio improved to 88.4%: The medical care ratio was 88.4%, against 89.9% a year earlier. The company cited cost management, benefit design, pricing and care delivery enhancements. Source
Favorable reserve development of $610 million: Net favorable prior period reserve development of $610 million relates to 2026 dates of service, against $860 million of net favorable development in the second quarter. Source
Operating cost ratio fell to 12.8%: Operating cost ratio was 12.8%, against 13.5% a year earlier. The company cited realized efficiencies partly offset by investments in technology, processes and people. Source
Days claims payable steady at 47.0: Days claims payable were 47.0, unchanged from the second quarter and up from 46.2 a year earlier. Days sales outstanding were 16.9, against 17.7 in the second quarter. Source

“UnitedHealth Group’s medical cost ratio was 88.4% for the third quarter 2026, reflecting both medical cost management and pricing discipline, as well as benefit design changes and care delivery enhancements focused on affordability and integrated value-based care.”
UnitedHealth Group Inc., press release

Full-year 2026 guidance raised

Full-year adjusted EPS raised to $20.50: Full-year 2026 adjusted diluted EPS is now at least $20.50, against $19.50 to $20.00 previously. Reported diluted EPS is at least $19.50, against $18.45 to $18.95. Source
Projected net earnings guidance raised: Projected full-year 2026 net earnings attributable to common shareholders are greater than $17,650 million, against greater than $16,750 million previously. Source
Adjusted net earnings projection above $18,585 million: Projected full-year 2026 adjusted net earnings are greater than $18,585 million, against greater than $17,725 million previously. Source

Capital, cash and shareholder returns

Operating cash flow of $5.1 billion: Cash flows from operations were $5.1 billion in the quarter, or 1.2 times net income. Nine-month cash flows from operations were $25.1 billion. Source
Share repurchases of $5.0 billion year-to-date: Year-to-date share repurchases were $5.0 billion and dividends paid were $6.2 billion. Source
Debt-to-capital ratio at 41.7%: Debt-to-capital was 41.7% at September 30, 2026, against 41.2% at June 30. The company continues to target a long-term ratio of about 40.0% by year-end. Source

Affordability and prior approval changes

$1 billion committed to foundation: The company committed $1 billion to the United Health Foundation for rural healthcare, maternal and children's health, and behavioral health. Source
ACA individual profits to be rebated: The company committed to eliminating and rebating profits from individual ACA coverage in 2026, returning the money to about 1 million members. Source
Pediatric prior approvals to be cut: The company plans to eliminate nearly two-thirds of prior approval requirements for pediatric care, including waivers at leading pediatric hospitals, by the end of 2026. Source
Gold Card eligibility expanded: Gold Card eligibility is being expanded to exempt high-performing clinicians from routine approvals, and home health requirements are being removed, eliminating nearly 10% of UnitedHealthcare prior approval volume. Source

Governance and leadership

New Public Responsibility Committee created: The Board created a new Public Responsibility Committee, named a new Lead Independent Director and new committee chairs, and added a new independent director. Source
HouseCalls review supports diagnoses: An independent review of the HouseCalls program found sampled diagnoses overwhelmingly supported by medical records, with an error rate nearly three times lower than recent CMS audits. Source
Leadership roles refreshed: The company refreshed leadership roles and stated it is re-energizing its culture and commitment to mission. Source

Coming up, as management said on 13 October 2026

Doula care coverage by January 2027: More than 7 million members under employer-sponsored plans are to be eligible for doula care coverage by January 2027. Source
Drug rebate pass-through by 2028: The company committed to 100% pass-through of manufacturer drug rebate discounts to clients by January 1, 2028. Source
Further commitments expected in 2027: The company said further commitments are expected in 2027. Source

Figures management reported

Figure	Reported
Prior-year reserve development Source	$610 million net favorable, related to 2026 dates of service

Risks management discussed

Demand: Employer attrition reduced the number of people served in UnitedHealthcare Employer & Individual during the quarter. Source
Demand: Seniors served through Medicare Advantage, including complex-population programs, have declined since year-end 2025. Source
External: Ongoing Medicaid eligibility changes reduced people served in UnitedHealthcare Community & State. Source
Financial: The company recorded incremental losses on South American businesses held for sale, excluded from adjusted results. Source

Earlier plans management reported on

Not stated: The company referred to its plan to eliminate 30% of current prior approval volume by the end of 2026. The release gives no progress update. Source
Not stated: Share repurchases reached $5.0 billion year-to-date, against the prior plan of at least $5.0 billion for the full year. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

1 UnitedHealth Group Reports Third Quarter 2026 Results

Third Quarter 2026 Revenues of $112.7 Billion; Earnings from Operations of $6.6 Billion
Earnings of $4.56 Per Share and Adjusted Earnings of $4.69 Per Share
Cash Flows from Operations Were $5.1 Billion, or 1.2x Net Income
Updated Full Year 2026 Earnings Outlook to At Least $19.50 Per Share; Adjusted Earnings of At Least $20.50 Per Share To view this information in a different format, including graphics, published on our website, click here: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2026/unh-reports-third-quarter-2026-results.pdf (October 13, 2026) UnitedHealth Group (NYSE: UNH) today reported third quarter 2026 results and raised guidance for full year 2026. “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,” said Stephen Hemsley, chief executive officer of UnitedHealth Group. The company now expects full year 2026 adjusted net earnings of at least $20.50 per share, incorporating experience through the third quarter 2026. Consolidated revenues for the third quarter 2026 were $112.7 billion and earnings from operations were $6.6 billion, with a net margin of 3.6%. Cashflows from operations were $5.1 billion, or 1.2x net income, and the debt-to-capital ratio was 41.7% as of September 30, 2026. UnitedHealth Group’s medical cost ratio was 88.4% for the third quarter 2026, reflecting both medical cost management and pricing discipline, as well as benefit design changes and care delivery enhancements focused on affordability and integrated value-based care. The operating cost ratio of 12.8% in the third quarter 2026 compared to 13.5% in the third quarter 2025, and reflects ongoing investments to modernize operations and streamline administrative processes. Third Quarter 2026 Key Performance Metrics
Third quarter 2026 adjusted net earnings were $4.69 per share.
The medical care ratio was 88.4%, reflecting improved medical cost management, benefit and pricing alignment and care delivery enhancements. MCR was impacted by $610 million of net favorable prior period reserve development related to 2026 dates of service.
The operating cost ratio of 12.8% reflected ongoing investments in operations, consumer and clinician experiences, operational agentification, integrated value-based care and community support.
UnitedHealthcare served 48.3 million consumers, generating revenues of $86.3 billion and earnings of $2.8 billion.
Optum cared for over 120 million patients and consumers and drove revenues of $66.9 billion and earnings of $3.7 billion.

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 affordability of these plans.
Supporting 1,500 rural hospitals and their associated clinicians by accelerating payments, cutting reimbursement timelines in half and exempting these clinicians from most prior approval requirements.
Announced nationwide coverage expansion for doula care with employer-sponsored plans, with more than 7 million members eligible for coverage by January 2027.
Expanded access to child and family behavioral health coaching, with ~13 million members now eligible to access the coaching program. Approval Reform The company is removing prior approval requirements, standardizing approval processes across the industry, reducing paperwork requirements and increasing transparency into the approval process, making it quicker and simpler for clinicians to treat patients.
Eliminating 30% of current prior approval volume by the end of 2026.
Eliminating nearly two-thirds of prior approval requirements for pediatric care, including waivers for certain procedures performed at leading pediatric hospitals by the end of 2026.
Leading an industrywide effort to standardize prior approval requirements for electronic submissions, with more than 70% of UnitedHealthcare prior approvals expected to be included by the end of 2026.
Publicly reporting prior approval metrics to help clinicians and members better understand the process and our performance.
Expanding eligibility for UnitedHealthcare’s Gold Card status - exempting high-performing clinicians from routine approval requirements entirely - and removing requirements for home health services, eliminating nearly 10% of total UnitedHealthcare prior approval volume. Drug Affordability To combat high prescription drug costs, the company is lowering out-of-pocket costs for patients and bringing greater transparency to pharmacy benefits, setting a new standard for the industry.
Launched the industry’s first fully transparent, fee-based pharmacy care model to bring greater clarity, predictability and affordability by decoupling PBM pricing from drug list prices and prescription volume, aligning incentives with patients and plan sponsors and introducing digital tools that allow consumers to view and compare medication costs upfront.
Committed to 100% pass-through of manufacturer drug rebate discounts to clients by January 1, 2028.
Eliminated 33% of drug reauthorizations - representing 11% of pharmacy prior approvals - for a list of nearly 270 chronic condition medications.
Increased payments to independent and community physicians for brand name drugs, benefiting approximately 2,300 independent and community pharmacies. 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 new 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 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 nearly three times lower than the rate reported by recent Federal CMS audits.

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 quarter 2026 and 18.6 in the year ago quarter.
The third quarter 2026 operating cost ratio was 12.8% compared to 13.5% in the third quarter 2025, reflecting realized operating efficiencies partially offset by accelerating investments in technology, processes and people to improve care delivery and consumer and clinician experiences.
Cashflows from operations were $5.1 billion, or 1.2 times net income.
Debt-to-capital ratio was 41.7% as of September 30, 2026, compared to 41.2% in the second quarter 2026. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end.
The company repurchased $5.0 billion of its common stock and paid $6.2 billion in dividends year-to-date.

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 $2.8 billion and operating margin was 3.3% compared to $1.8 billion and 2.1% in the third quarter 2025. The year-over-year increase was driven by benefit changes and pricing discipline, combined with medical and operating cost management. UnitedHealthcare Employer & Individual
UnitedHealthcare Employer & Individual third quarter 2026 revenues were $20.2 billion compared to $19.9 billion in the third quarter 2025.
The number of people served contracted by 165,000 in the third quarter 2026 due to employer attrition. UnitedHealthcare Medicare & Retirement
UnitedHealthcare Medicare & Retirement third quarter 2026 revenues were $42.4 billion compared to $43.4 billion in the third quarter 2025 due to changes in membership and product mix.
The 2027 Medicare Advantage Stars results of at least 69% of members in 4+ Star plans were in line with expectations and reflect continued investments in quality and focus on execution. Performance demonstrates excellence across key quality measures, including improvement in 11 out of 12 HEDIS measures and 4 out of 4 Pharmacy measures.
Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, have contracted by 935,000 since year-end 2025.

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.

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 clinicians.
Third quarter 2026 earnings from operations were $735 million and operating margin was 3.2%, compared to $41 million and 0.2% in the third quarter 2025. The year-over-year increase was driven by strengthened operational discipline and medical cost management initiatives across its value-based care markets. Optum Insight
Optum Insight continues to develop and bring AI-enabled solutions to market that enhance services and reduce administrative burden across the health system, including capabilities that streamline clinical documentation and improve payment accuracy and speed, returning more time to clinicians for care.
Optum Insight reported third quarter 2026 revenues of $5.5 billion, an increase of 3% year-over-year.
Third quarter 2026 earnings from operations were $1.3 billion compared to $920 million in the third quarter 2025. The year-over-year improvement was driven by enhanced product offerings and operational efficiencies. Optum Rx
Optum Rx continues to advance transparent pharmacy pricing while broadening the clinically integrated pharmacy services that patients depend on.
Optum Rx’s third quarter 2026 revenues were $39.9 billion compared to $39.7 billion in the third quarter 2025.
Earnings from operations for the third quarter 2026 were $1.7 billion compared to $1.5 billion in the third quarter 2025, reflecting continued adoption of biosimilars and operational improvements. Adjusted scripts were 393 million compared to 414 million in the year ago quarter due to membership declines within UnitedHealthcare and other customers.

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, can also be accessed from the Investor Relations page of the company’s website.

Non-GAAP Financial Information This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Forward-Looking Statements The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws.

Forward-looking statements notice

The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing healthcare laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cashflows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; our ability to successfully execute initiatives designed to simplify and improve the consumer healthcare experience; our ability to effectively execute our value-based care strategies; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with healthcare payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.

This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify.

Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward- looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward- looking statements, except as required by law.

Investors: Media: investor_relations@uhg.com uhgmedia@uhg.com

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

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................................................................................................................. 14,369 15,223 44,027 42,595 Cost of products sold ....................................................................................................... 13,707 12,566 39,905 37,975 Depreciation and amortization ....................................................................................... 1,073 1,099 3,142 3,244 Total operating costs .................................................................................................. 106,131 108,846 312,903 315,768 Earnings from operations ............................................................................................ 6,563 4,315 23,544 18,584 Interest expense ............................................................................................................... (963) (1,003) (2,880) (3,028) Loss on sale of subsidiary and subsidiaries held for sale .......................................... (76) (83) (209) (139) Earnings before income taxes .................................................................................... 5,524 3,229 20,455 15,417 Provision for income taxes .............................................................................................. (1,224) (686) (4,004) (2,828) Net earnings ................................................................................................................... 4,300 2,543 16,451 12,589 Earnings attributable to noncontrolling interests ......................................................... (190) (195) (577) (543) Net earnings attributable to UnitedHealth Group common shareholders ...... $4,110 $2,348 $15,874 $12,046 Diluted earnings per share attributable to UnitedHealth Group common shareholders (a) ...................................................................................................... $4.56 $2.59 $17.50 $13.21 Adjusted earnings per share attributable to UnitedHealth Group common shareholders (b) ...................................................................................................... $4.69 $2.92 $18.30 $14.22 Diluted weighted-average common shares outstanding ............................................ 902 908 906 912 (a) The calculation of diluted earnings per share includes an immaterial reduction to the numerator related to forward share repurchase contracts for the nine months ended September 30, 2026. (b) See page 15 for a reconciliation of non-GAAP measures.

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 ....................................................................................................................................................................... 169,123 164,748 Total assets .................................................................................................................................................................................... $312,782 $309,581 Liabilities, redeemable noncontrolling interests and equity Medical costs payable ......................................................................................................................................................................... $39,352 $39,337 Short-term borrowings and current maturities of long-term debt ................................................................................................. 5,617 6,069 Other current liabilities ........................................................................................................................................................................ 70,866 69,491 Total current liabilities ............................................................................................................................................................... 115,835 114,897 Long-term debt, less current maturities ............................................................................................................................................ 68,714 72,320 Other long-term liabilities .................................................................................................................................................................... 22,688 20,666 Redeemable noncontrolling interests ............................................................................................................................................... 1,416 1,608 Equity ..................................................................................................................................................................................................... 104,129 100,090 Total liabilities, redeemable noncontrolling interests and equity ........................................................................................... $312,782 $309,581

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 ............................................................................................................................... 4,327 2,777 Cashflows from operating activities .......................................................................................................................................... 25,087 18,589 Investing Activities (Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases ............... (4,486) 1,657 Purchases of property, equipment and capitalized software ........................................................................................................ (2,421) (2,674) Cash paid for acquisitions and other transactions, net .................................................................................................................. (1,538) (4,436) Repayment of care provider loans - cyberattack ............................................................................................................................ 282 1,543 Other, net .............................................................................................................................................................................................. (655) (2,164) Cashflows used for investing activities .................................................................................................................................... (8,818) (6,074) Financing Activities Common share repurchases .............................................................................................................................................................. (5,031) (5,545) Dividends paid ...................................................................................................................................................................................... (6,170) (5,914) Net change in short-term borrowings and long-term debt ............................................................................................................. (3,075) 2,438 Other, net .............................................................................................................................................................................................. (757) (1,592) Cashflows used for financing activities .................................................................................................................................... (15,033) (10,613) Effect of exchange rate changes on cash and cash equivalents ................................................................................................. (11) 25 Increase in cash and cash equivalents, including cash within businesses held for sale ......................................................... 1,225 1,927 Net change in cash within businesses held for sale ...................................................................................................................... 255 (29) Net increase in cash and cash equivalents ..................................................................................................................................... 1,480 1,898 Cash and cash equivalents, beginning of period ............................................................................................................................ 24,365 25,312 Cash and cash equivalents, end of period ...................................................................................................................................... $25,845 $27,210

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 Ended September 30, 2025 Total revenues ....................................................................... $257,790 $74,984 $15,579 $113,270 $200,287 $334,352 UnitedHealthcare Revenues (in millions; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 UnitedHealthcare Employer & Individual - Domestic .............................................................. $19,223 $19,049 $57,477 $57,065 UnitedHealthcare Employer & Individual - Global ................................................................... 985 826 2,841 2,427 UnitedHealthcare Employer & Individual - Total ............................................................... 20,208 19,875 60,318 59,492 UnitedHealthcare Medicare & Retirement ................................................................................ 42,420 43,356 126,892 127,684 UnitedHealthcare Community & State ...................................................................................... 23,702 23,839 71,402 70,614 Total UnitedHealthcare revenues ........................................................................................ $86,330 $87,070 $258,612 $257,790 (a) Optum and consolidated revenues for the three months ended September 30, 2026 and 2025 include Optum eliminations of $1,428 and $1,244; and corporate eliminations of $40,519 and $43,086, respectively. Optum and consolidated revenues for the nine months ended September 30, 2026 and 2025 include Optum eliminations of $4,152 and $3,546; and corporate eliminations of $118,460 and $123,725, respectively. (b) See page 15 for description of non-GAAP measures. (c) Prior period amounts have been recast to reflect the realignment of Optum Financial. Note: See end notes for further information regarding non-GAAP adjustments.

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 % 0.2 % 17.3 % 3.9 % 3.6 % 3.8 % Nine Months Ended September 30, 2026 Earnings from operations .......................................................... $12,467 $3,066 $3,611 $4,400 $11,077 $23,544 Net portfolio divestitures and South American impacts (1) .. (141) 256 (522) (8) (274) (415) Restructuring and other (2) ....................................................... - (248) 327 - 79 79 Adjusted earnings from operations (a) ............................. $12,326 $3,074 $3,416 $4,392 $10,882 $23,208 Operating margin ........................................................................ 4.8 % 4.3 % 22.6 % 3.9 % 5.6 % 7.0 % Adjusted operating margin (a) .................................................. 4.8 % 4.4 % 21.5 % 3.9 % 5.5 % 6.9 % Nine Months Ended September 30, 2025 Earnings from operations .......................................................... $9,106 $1,881 $3,289 $4,308 $9,478 $18,584 Operating margin ........................................................................ 3.5 % 2.5 % 21.1 % 3.8 % 4.7 % 5.6 % (a) See page 15 for description of non-GAAP measures. (b) Prior period amounts have been recast to reflect the realignment of Optum Financial. Note: See end notes for further information regarding non-GAAP adjustments.

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 .................................................. 2,690 2,710 2,770 2,795 South American businesses held for sale ............................. 1,140 1,145 1,160 1,160 Optum Performance Metrics September 30, 2026 June 30, 2026 December 31, 2025 September 30, 2025 Optum Health Consumers Served (in millions) (a) .............. 92 93 92 93 Optum Rx Quarterly Adjusted Scripts (in millions) ............... 393 387 424 414 (a) Prior period amounts have been recast to reflect the realignment of Optum Financial.

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 portfolio divestitures and South American impacts. Net portfolio divestitures and South American impacts relate to the actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses aimed at advancing and scaling our operations, including our value-based care business at Optum Health. For the three months ended September 30, 2026, these actions included net gains on businesses held for sale and a gain on an asset sale, partially offset by incremental losses on our remaining South American operations.

For the nine months ended September 30, 2026, these actions included a net gain on the sales of businesses previously classified as held for sale as of December 31, 2025 and a gain on an asset sale; partially offset by incremental losses on businesses held for sale, including our remaining South American operations. Portfolio divestitures are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues exclude restructuring and other items.

For the nine months ended September 30, 2026, restructuring and other items included a contribution to the United Health Foundation of $400 million funded by the cash gain on the disposition of an Optum Insight business. For the three and nine months ended September 30, 2026, restructuring and other items included the net decrease in loss contract reserves of $95 million and $282 million and net valuation (losses) gains on equity securities of $(21) million and $39 million, respectively. These items are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period.

Adjusted earnings per share for the projected year ended December 31, 2026 excludes the net expected decrease in loss contract reserves.

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 ............................................................................................................. $4.56 $2.59 $17.50 $13.21 At least $19.50 Intangible amortization per share .................................................................................................. 0.41 0.44 1.16 1.34 ~1.55 Net portfolio divestitures and South American impacts per share .......................................... (0.16) - (0.23) - ~(0.25) Restructuring and other per share ................................................................................................ (0.08) - 0.09 - - Tax effect of adjustments per share .............................................................................................. (0.04) (0.11) (0.22) (0.33) ~(0.30) Adjusted diluted earnings per share ...................................................................................... $4.69 $2.92 $18.30 $14.22 At least $20.50 End Notes (1) Net portfolio divestitures and South American impacts for the three and nine months ended September 30, 2026 includes net impacts of dispositions and businesses held for sale and $76 million and $209 million of incremental losses related to South American businesses held for sale, respectively. For the three and nine months ended September 30, 2025, net impacts of dispositions and South American impacts were not significant. (2) Restructuring and other for the three and nine months ended September 30, 2026 includes net valuation gains and losses on equity securities. For the three and nine months ended September 30, 2025 net valuation gains and losses were not significant.