UnitedHealth Group — Jan 27, 2026 release

Earnings from operations were $19.0 billion and net margin was 2.7%, while cash flows from operations were $19.7 billion, or 1.5x net income. The 2026 outlook was set for more than $439.0 billion in revenues, with earnings from operations greater than $24.0 billion and an adjusted earnings outlook greater than $17.75 per share. 2025 Key Performance Metrics • UnitedHealthcare, which served 49.8 million consumers in 2025, grew revenues 16% to $344.9 billion. • Optum expanded revenues 7% to $270.6 billion and supported more than 123 million consumers across its businesses. • Full year and fourth quarter 2025 net earnings were $13.23 and $0.01 per share. • Full year and fourth quarter 2025 adjusted net earnings were $16.35 and $2.11 per share. • The reported medical care ratio of 89.1% included a 20 basis point negative impact from loss contracts included in the charge, resulting in an adjusted medical care ratio of 88.9%, or an increase of 340 basis points year-over-year. • The operating cost ratio of 13.3% included a negative 40 basis points impact from the one-time charge, resulting in an adjusted operating cost ratio of 12.9%, which was flat year-over-year. In the last six months of 2025, the company laid the foundation for more disciplined and transparent operations, stronger performance and sustained growth throughout 2026 and beyond. Key elements in the company’s mission-focused progress in the second half of 2025 have included: • Re-focu