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UnitedHealth Group — Jan 27, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000731766-26-000025
Open on SEC.gov ↗
Showing in the filing
Net Earnings to UNH Shareholders
“> $15,600”
Period
FY2026
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 74
Revenue outlook for FY2026
“Greater Than $439.0 Billion”
Earnings from operations for FY2026
“Greater Than $24.0 Billion”
Long-term debt-to-capital ratio target for the long term
“40.0%”
Cash Flows from Operations for FY2026
“Greater Than $18.0 Billion”
Revenue year-over-year change for FY2026
“a 2% year-over-year decline”
Net margin for FY2026
“~3.6%”
Optum - Revenue for FY2026
“> $257,500”
Total Optum Revenues for FY2026
“> $257,500”
Eliminations - Revenue for FY2026
“~($153,500)”
Total UnitedHealth Group - Revenue for FY2026
“> $439,000”
Diluted Net Earnings per Share to UNH Shareh… for FY2026
“> $17.10”
UnitedHealthcare revenues for FY2026
“more than $335.0 billion”
UnitedHealthcare membership for FY2026
“range between 46.9 million to 47.5 million”
Optum revenues for FY2026
“more than $257.5 billion”
UnitedHealthcare earnings from operations for FY2026
“greater than $10.8 billion”
UnitedHealthcare Operating Margin for FY2026
“~3.2%”
Optum earnings from operations for FY2026
“greater than $13.2 billion”
Total Optum Operating Margin for FY2026
“~5.1%”
Optum adjusted operating earnings margin exc… for FY2026
“~4.9%”
Total Optum Operating Earnings for FY2026
“> $13,200”
Total UnitedHealth Group - Operating Earnings for FY2026
“> $24,000”
Investment and Other Income for FY2026
“~$3,900”
Interest Expense for FY2026
“~$3,700”
Depreciation and Amortization for FY2026
“~$4,400”
Net Earnings to UNH Shareholders for FY2026
“> $15,600”
Diluted Weighted-Average Shares for FY2026
“910 – 915”
Adjusted Net Earnings per Share (b) for FY2026
“> $17.75”
Medical Care Ratio for FY2026
“88.8% ± 50 bps”
Operating Cost Ratio for FY2026
“12.8% ± 50 bps”
Operating margin for FY2026
“5.5%”
Tax Rate for FY2026
“~19.25%”
Dividends Paid (at current rate) for FY2026
“~$8,000”
Share Repurchase for FY2026
“~$2,500”
Capital Expenditures for FY2026
“~$3,800”
UnitedHealthcare Employer & Individual Revenue for FY2026
“> $75,000”
UnitedHealthcare Medicare & Retirement Revenue for FY2026
“> $165,000”
UnitedHealthcare Community & State Revenue for FY2026
“> $95,000”
Total UnitedHealthcare Revenue for FY2026
“> $335,000”
UnitedHealthcare - Operating Earnings for FY2026
“> $10,800”
Commercial Risk - Growth (Contraction) in Pe… for FY2026
“(1,400) – (1,300)”
Commercial Risk - Total People Served for FY2026
“6,765 – 6,865”
Commercial Fee - Growth (Contraction) in Peo… for FY2026
“550 – 750”
Commercial Fee - Total People Served for FY2026
“22,035 – 22,235”
Total Commercial - Growth (Contraction) in P… for FY2026
“(850) – (550)”
Total Commercial - Total People Served for FY2026
“28,800 – 29,100”
Medicare Advantage - Growth (Contraction) in… for FY2026
“(1,200) – (1,150) (1)”
Medicare Advantage People Served Growth (Con… for FY2026
“(1,200) – (1,150)”
Medicare Advantage - Total People Served for FY2026
“7,245 – 7,295”
Standardized Medicare Supplement - Growth (C… for FY2026
“(50) – 0”
Standardized Medicare Supplement - Total Peo… for FY2026
“4,235 – 4,285”
Medicaid - Growth (Contraction) in People Se… for FY2026
“(715) – (565)”
Medicaid - Total People Served for FY2026
“6,665 – 6,815”
Total Medical - Growth (Contraction) in Peop… for FY2026
“(2,815) – (2,265)”
Total Medical - Total People Served for FY2026
“46,945 – 47,495”
Stand-Alone Part D Prescription Drug Plans -… for FY2026
“(200) – (100)”
Stand-Alone Part D Prescription Drug Plans -… for FY2026
“2,570 – 2,670”
Contraction in people served through Medicar… for FY2026
“(1,400,000) to (1,300,000)”
Optum Health (1) Revenues for FY2026
“> $91,000”
Optum Health (1) Operating Earnings for FY2026
“> $2,200”
Optum Health (1) Operating Margin for FY2026
“~2.4%”
Optum Insight Revenues for FY2026
“> $21,000”
Optum Insight Operating Earnings for FY2026
“> $4,750”
Optum Insight Operating Margin for FY2026
“~22.6%”
Optum Rx Revenues for FY2026
“> $150,500”
Optum Rx Operating Earnings for FY2026
“> $6,250”
Eliminations Revenues for FY2026
“~$(5,000)”
Optum Eliminations Revenue for FY2026
“~$(5,000)”
Optum Health Consumers Served for FY2026
“~84 million”
Optum Health Fully Accountable Patients for FY2026
“~4.1 million”
Optum Rx Adjusted Scripts for FY2026
“> 1.52 billion”
Adjusted Operating Earnings - Optum Health for FY2026
“> $1,577”
Adjusted Operating Earnings - Total Optum for FY2026
“> $12,577”
Adjusted Operating Earnings Margin - Optum H… for FY2026
“~1.7%”
Optum Rx Operating Margin for FY2026
“~4.2%”
Exhibit 99.1 · the passage around this item
… earlier in the release
Data Elements 2026 Outlook ($ and weighted-average shares in millions; except per share data) Revenue UnitedHealthcare > $335,000 Optum > $257,500 Eliminations ~$(153,500) UnitedHealth Group > $439,000 Operating Earnings UnitedHealthcare > $10,800 Optum > $13,200 UnitedHealth Group > $24,000 Investment and Other Income ~$3,900 Interest Expense ~$3,700 Depreciation and Amortization ~$4,400 Net Earnings to UNH Shareholders > $15,600 Diluted Weighted-Average Shares 910 – 915 Diluted Net Earnings per Share to UNH Shareholders > $17.10 Adjusted Earnings per Share (1) > $17.75 Medical Care Ratio 88.8% ± 50 bps Operating Cost Ratio 12.8% ± 50 bps Operating Margin ~5.5% Tax Rate ~19.25% Cash Flows from Operations > $18,000 Dividends Paid (at current rate) ~$8,000 Share Repurchase ~$2,500 Capital Expenditures ~$3,800 (1) Refer to page 18 of this release for a reconciliation of non-GAAP measures.   Page 8 of 21 UnitedHealthcare 2026 Outlook ($ in millions) Revenues: Employer & Individual > $75,000 Medicare & Retirement > $165,000 Community & State > $95,000 Total UnitedHealthcare Revenue > $335,000 Operating Earnings > $10,800 Operating Margin ~3.2% People Served (in thousands) Growth (Contraction) in People Served Total People Served Commercial Risk (1,400) – (1,300) 6,765 – 6,865 Commercial Fee 550 – 750 22,035 – 22,235 Total Commercial (850) – (550) 28,800 – 29,100 Medicare Advantage (1,200) – (1,150) (1) 7,245 – 7,295 Standardized Medicare Supplement (50) – 0 4,235 – 4,285 Medicaid (715) – (565) 6,665 – 6,815 Total Medical (2,815) – (2,265) 46,945 – 47,495 Stand-Alone Part D Prescription Drug Plans
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.