Sep 2026 (Q3 FY26) — Oct 13, 2026
UnitedHealth Group Q3 FY26 — Strong Performance, AI Integration, and 2027 Growth Confidence
Read the full callUnitedHealth Group (UNH) earnings
- Jun 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
UnitedHealth Group earnings: last reported Tue, 13 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 112,032 | +0.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.1 | +2.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5,484 | +61.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
5 of 11 judged targets kept · 33 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted earnings per share | greater than $17.75 | C4 2025 | We're providing new adjusted earnings per share guidance range of $19.50 to $20 | Revised Up |
| Debt-to-capital ratio | approximately 40% before year-end | C4 2025 | Our debt-to-capital ratio was 41.2% at the end of the quarter... We remain on track to reduce our debt-to-capital ratio to approximately 40% by the end of 2026 | On Track |
| OptumHealth value-based care patients served | about 5.4 million patients, growth of 650,000 over '24 | Dec 2024 | over 20 million patients in our OptumHealth care models across the country, including over 4 million in fully value-based arrangements | Missed |
6 of UNITEDHEALTH GROUP INC's 44 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 41 more targets are in the full ledger.
Claimed
- Adjusted EPS of $4.69 in Q3 FY26, up from $2.92 a year ago, reflecting strong earnings quality.
- Consolidated medical care ratio improved to 88.4% in Q3 FY26, down from 89.9% last year.
- Optum Rx external non-UHC membership now exceeds 50% of total covered lives, indicating strong market resonance.
- AI-enabled chart summarization reduced clinician review time by 33% for over 40% of employed clinicians.
- Prior authorization reforms are on track to reduce total prior authorizations by 30% by year-end FY26.
Qualified
- Commercial business medical cost trends continue to exceed initial expectations of 11%, driven by the No Surprises Act and specialty drugs.
- Medicaid core margins are expected to be moderately better than negative 1% for FY26, indicating continued pressure.
- Care intensity remains elevated, particularly among senior and complex populations, impacting medical costs.
- The No Surprises Act dispute process is leading to excessive arbitration awards, approaching nearly 6% of total medical spend in some regions.
- Optum Health's Q4 FY26 performance is expected to reflect normal risk seasonality and additional investments, implying a meaningfully negative quarter.
Price
$406.88 +1.36% · +$5.45
Performance +14.1% 1Y
1Y: $356.6 on 17 Oct 2025 → $406.88. High $436.35 (21 Jul 2026), low $259.02 (27 Mar 2026).
- Previous close
- $401.43
- 52-week range
- $259.02 – $436.35
- One year
- +11.63%
Overview
- Symbol
- UNH
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 11 judged targets kept · 33 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted earnings per share | greater than $17.75 | C4 2025 | We're providing new adjusted earnings per share guidance range of $19.50 to $20 | Revised Up |
| Debt-to-capital ratio | approximately 40% before year-end | C4 2025 | Our debt-to-capital ratio was 41.2% at the end of the quarter... We remain on track to reduce our debt-to-capital ratio to approximately 40% by the end of 2026 | On Track |
| OptumHealth value-based care patients served | about 5.4 million patients, growth of 650,000 over '24 | Dec 2024 | over 20 million patients in our OptumHealth care models across the country, including over 4 million in fully value-based arrangements | Missed |
Claimed
- Adjusted EPS of $4.69 in Q3 FY26, up from $2.92 a year ago, reflecting strong earnings quality.
- Consolidated medical care ratio improved to 88.4% in Q3 FY26, down from 89.9% last year.
- Optum Rx external non-UHC membership now exceeds 50% of total covered lives, indicating strong market resonance.
- AI-enabled chart summarization reduced clinician review time by 33% for over 40% of employed clinicians.
- Prior authorization reforms are on track to reduce total prior authorizations by 30% by year-end FY26.
Qualified
- Commercial business medical cost trends continue to exceed initial expectations of 11%, driven by the No Surprises Act and specialty drugs.
- Medicaid core margins are expected to be moderately better than negative 1% for FY26, indicating continued pressure.
- Care intensity remains elevated, particularly among senior and complex populations, impacting medical costs.
- The No Surprises Act dispute process is leading to excessive arbitration awards, approaching nearly 6% of total medical spend in some regions.
- Optum Health's Q4 FY26 performance is expected to reflect normal risk seasonality and additional investments, implying a meaningfully negative quarter.
The full ledger
Open UNITEDHEALTH GROUP INC’s full ledger
A free account opens 5 company ledgers a month. All 44 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 16, 2026
UnitedHealth Group Q2 FY26 — Strong Performance Driven by Medicare and Optum, Commercial Pressures Persist
Read the full callMar 2026 (Q1 FY26) — Apr 21, 2026
UnitedHealth Group Q1 FY26 — Strong Start with AI Investments and OptumHealth Turnaround
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
UnitedHealth Group earnings calls (UNH)
Financials
What the filings say
Net profit, year on year: +61% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 100,820 | 100,807 | 109,575 | 111,616 | 113,161 | 113,215 | 111,721 | 112,032 |
| Expenses | 92,112 | 93,034 | 100,456 | 106,466 | 108,846 | 112,835 | 102,731 | 104,041 |
| Operating profit | 8,708 | 7,773 | 9,119 | 5,150 | 4,315 | 380 | 8,990 | 7,991 |
| Operating margin | 8.6% | 7.7% | 8.3% | 4.6% | 3.8% | 0.3% | 8.1% | 7.1% |
| Interest | 1,074 | 1,003 | 998 | 1,027 | 1,003 | 974 | 955 | 962 |
| Profit before tax | 7,614 | 6,791 | 8,106 | 4,082 | 3,229 | -720 | 7,963 | 6,968 |
| Tax rate | 17.8% | 14.8% | 20.1% | 12.5% | 21.2% | 130.3% | 18.6% | 18.6% |
| Net profit | 6,055 | 5,543 | 6,292 | 3,406 | 2,348 | 10 | 6,280 | 5,484 |
| EPS ($ per share) | 6.56 | — | 6.90 | 3.76 | 2.59 | — | 6.92 | 6.06 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 10 | 9 | 10 | 10 | 9 | 9 | 9 | 9 |
| Reserves | 55,846 | 61,178 | 69,295 | 77,134 | 86,156 | 95,774 | 96,036 | 95,603 |
| Total liabilities | 95,994 | 111,727 | 126,750 | 135,727 | 159,358 | 174,801 | 195,687 | 207,883 |
| Fixed assets | 8,458 | 8,704 | 8,626 | 8,969 | 10,128 | 11,450 | 10,553 | 10,762 |
| Investments | 3,458 | 3,260 | 2,860 | 2,532 | 4,546 | 4,201 | 3,801 | 3,756 |
| Total assets | 152,221 | 173,889 | 197,289 | 212,206 | 245,705 | 273,720 | 298,278 | 309,581 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 15,713 | 18,463 | 22,174 | 22,343 | 26,206 | 29,068 | 24,204 | 19,697 |
| Cash from investing | -12,385 | -12,699 | -12,532 | -10,372 | -28,476 | -15,574 | -20,527 | -8,685 |
| Cash from financing | -4,365 | -5,625 | -3,590 | -7,455 | 4,226 | -11,529 | -3,512 | -11,644 |
| Net cash flow | -1,115 | 119 | 5,936 | 4,454 | 1,990 | 2,062 | -115 | -947 |
| Capital expenditure | -2,063 | -2,071 | -2,051 | -2,454 | -2,802 | -3,386 | -3,499 | -3,622 |
| Free cash flow | 13,650 | 16,392 | 20,123 | 19,889 | 23,404 | 25,682 | 20,705 | 16,075 |
UNH revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Optum Rx | 13% | — | 13% | 13% | 13% | — | 13% | 13% | +2.6% |
| Optum Health | 4% | — | 4% | 4% | 4% | — | 4% | 4% | +16.0% |
| Unitedhealthcare | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | +9.7% |
| Optum Insight | 2% | — | 1% | 1% | 1% | — | 1% | 1% | +0.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
UNH operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Employees | 400KRight now, there are 400,000 nurses, doctors, case workers, customer service specialists, pharmacists, technologists and so many others in this organization who share that commitment and are determined to advance that work.Source: earnings call transcript | 400KThe growth at UnitedHealthcare and Optum reflects the efforts of our 400,000 colleagues who come to work every day thinking differently about what is possible, advancing new products and ideas while constantly refining existing programs, working to make things better for the people we are privileged to serve.Source: earnings call transcript | — | — | — | 0% |
| Medical care ratio | — | — | 83.9%Our reported medical care ratio of 83.9% compares to 84.8% in the first quarter of 2025 as a result of pricing discipline, strong medical cost management and favorable reserve development.Source: earnings call transcript | 86.7%Our reported medical care ratio of 86.7% includes $860 million of net favorable prior period medical development, the majority of which is in year development.Source: earnings call transcript | 88.4%Consolidated medical care ratio of 88.4% for the quarter compared to 89.9% last year.Source: earnings call transcript | +1.7 pt |
| Patients OptumHealth | — | — | — | 20MOptumHealth is intently focused on improving its clinical care and operational experience to better serve the 20 million people we care for through primary and specialist care, ambulatory surgery and home health.Source: earnings call transcript | 20MFirst is we serve 20 million patients today, about 4 million of those are in fully accountable relationships.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
134 filings between Dec 16, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$944.9K
3 sales by 1 insider
Compensation
not trading decisions- 105
- Award — granted as compensation
- 25
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Conway Patrick Hugh | — | $944.9K | Aug 21, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | FLYNN TIMOTHY PATRICK Director | Award | 262 | $0 |
| Oct 1, 2026 | Baker Charles D. Director | Award | 257 | $0 |
| Oct 1, 2026 | Gottlieb Scott Director | Award | 257 | $0 |
| Oct 1, 2026 | GARCIA PAUL R Director | Award | 155 | $0 |
| Oct 1, 2026 | Gil Kristen Director | Award | 240 | $0 |
| Oct 1, 2026 | GARCIA PAUL R Director | Award | 103 | $0 |
| Oct 1, 2026 | MCNABB FREDERICK WILLIAM III Director | Award | 291 | $0 |
| Oct 1, 2026 | Noseworthy John H Director | Award | 240 | $0 |
| Oct 1, 2026 | MONTGOMERY RICE VALERIE MD Director | Award | 257 | $0 |
| Sep 22, 2026 | Stankiewicz Dennis Andrew Chief Accounting Officer | Award | 51 | $0 |
| Sep 22, 2026 | Zaetta Christopher R EVP & Chief Legal Officer | Award | 67 | $0 |
| Sep 22, 2026 | Gil Kristen Director | Award | 10 | $0 |
| Sep 22, 2026 | DeVeydt Wayne S Chief Financial Officer | Award | 106 | $0 |
| Sep 22, 2026 | MONTGOMERY RICE VALERIE MD Director | Award | 47 | $0 |
| Sep 22, 2026 | GARCIA PAUL R Director | Award | 16 | $0 |
| Sep 22, 2026 | Noel Timothy John Chief Executive Officer, UHC | Award | 84 | $0 |
| Sep 22, 2026 | Gottlieb Scott Director | Award | 5 | $0 |
| Sep 22, 2026 | HEMSLEY STEPHEN J CEO, UHG | Award | 50 | $0 |
| Sep 22, 2026 | Noseworthy John H Director | Award | 46 | $0 |
| Sep 22, 2026 | Baker Charles D. Director | Award | 15 | $0 |
| Sep 22, 2026 | Conway Patrick Hugh Chief Executive Officer, Optum | Award | 91 | $0 |
| Sep 22, 2026 | FLYNN TIMOTHY PATRICK Director | Award | 68 | $0 |
| Sep 22, 2026 | McSweeney Erin EVP & Chief People Officer | Award | 53 | $0 |
| Sep 22, 2026 | MCNABB FREDERICK WILLIAM III Director | Award | 57 | $0 |
| Sep 2, 2026 | DeVeydt Wayne S Chief Financial Officer | Tax withheld | 1,209 | $483.1K |
| Aug 21, 2026 | Conway Patrick Hugh Chief Executive Officer, Optum | Sale | 1,169 | $455.9K |
| Aug 11, 2026 | Stankiewicz Dennis Andrew Chief Accounting Officer | Tax withheld | 233 | $93.9K |
| Aug 5, 2026 | Conway Patrick Hugh Chief Executive Officer, Optum | Sale | 500 | $205.0K |
| Jul 1, 2026 | Baker Charles D. Director | Award | 220 | $0 |
| Jul 1, 2026 | GARCIA PAUL R Director | Award | 88 | $0 |
| Jul 1, 2026 | Noseworthy John H Director | Award | 206 | $0 |
| Jul 1, 2026 | GARCIA PAUL R Director | Award | 132 | $0 |
| Jul 1, 2026 | MONTGOMERY RICE VALERIE MD Director | Award | 220 | $0 |
| Jul 1, 2026 | MCNABB FREDERICK WILLIAM III Director | Award | 250 | $0 |
| Jul 1, 2026 | Gottlieb Scott Director | Award | 210 | $0 |
| Jul 1, 2026 | Gil Kristen Director | Award | 206 | $0 |
| Jul 1, 2026 | FLYNN TIMOTHY PATRICK Director | Award | 225 | $0 |
| Jun 23, 2026 | FLYNN TIMOTHY PATRICK Director | Award | 61 | $0 |
| Jun 23, 2026 | Baker Charles D. Director | Award | 13 | $0 |
| Jun 23, 2026 | MCNABB FREDERICK WILLIAM III Director | Award | 50 | $0 |
| Jun 23, 2026 | McSweeney Erin EVP & Chief People Officer | Award | 48 | $0 |
| Jun 23, 2026 | Noseworthy John H Director | Award | 41 | $0 |
| Jun 23, 2026 | GARCIA PAUL R Director | Award | 13 | $0 |
| Jun 23, 2026 | MONTGOMERY RICE VALERIE MD Director | Award | 41 | $0 |
| Jun 23, 2026 | Gil Kristen Director | Award | 8 | $0 |
| Jun 23, 2026 | Gottlieb Scott Director | Award | 3 | $0 |
| Jun 23, 2026 | Conway Patrick Hugh Chief Executive Officer, Optum | Award | 82 | $0 |
| Jun 23, 2026 | Noel Timothy John Chief Executive Officer, UHC | Award | 76 | $0 |
| Jun 23, 2026 | Zaetta Christopher R EVP & Chief Legal Officer | Award | 61 | $0 |
| Jun 23, 2026 | DeVeydt Wayne S Chief Financial Officer | Award | 112 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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