UnitedHealth Group — Oct 28, 2025 release

“We remain focused on strengthening performance and positioning for durable and accelerating growth in 2026 and beyond, and our results this quarter reflect solid execution toward that goal,” said Stephen Hemsley, chief executive officer of UnitedHealth Group. UnitedHealth Group raised its 2025 earnings outlook to reflect net earnings of at least $14.90 per share and adjusted net earnings of at least $16.25 per share. Third Quarter 2025 Key Performance Metrics • Consolidated revenues of $113.2 billion, up 12% year-over-year. • Earnings from operations were $4.3 billion; net margin of 2.1%. • Adjusted EPS of $2.92; GAAP EPS of $2.59. • Medical care ratio (MCR) of 89.9% was in line with expectations outlined in the second quarter 2025. • Operating cost ratio of 13.5% reflecting investments to support future growth. • UnitedHealthcare revenues grew 16% year-over-year to $87.1 billion, driven by growth in Medicare & Retirement and Community & State; UnitedHealthcare served 50.1 million consumers domestically, up 795,000 year-over-year. • Optum revenues grew 8% year-over-year to $69.2 billion, driven by growth in Optum Rx. • September 30, 2025, debt-to-capital ratio of 44.1% unchanged from the second quarter 2025 and inclusive of the impact of closing the Amedisys transaction on August 14, 2025. Page 1 of 13 Quarterly Financial Performance Three Months Ended Change From September 30, 2025 September 30, 2024 June 30, 2025 September 30, 2024 June 30, 2025 Revenues $113.2 billion $100.8 billion $111.6 billion +12% +1% Earnings from Opera