HighGravityDataUnitedHealth Group — Jan 27, 2026 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000731766-26-000025
Showing in the filing
Cash Flows from Operations
“Greater Than $18.0 Billion”
Period
FY2026
Measure
Company-defined measure
Source
Prose
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
Page 6 of 21 2026 Guidance • Full Year 2026 Revenue Outlook Greater Than $439.0 Billion • Earnings from Operations Greater Than $24.0 Billion; Operating Margin of 5.5% • Earnings Outlook Greater Than $17.10 Per Share; Adjusted Earnings Greater Than $17.75 Per Share • Cash Flows from Operations Expected to be Greater Than $18.0 Billion UnitedHealth Group’s 2026 outlook is rooted in extensive actions it has taken in the past six months, including renewed operating disciplines and deeper commitment to its mission of helping people live healthier lives and helping the health system work better for everybody. “UnitedHealth Group’s 2026 outlook reflects a business delivering durable performance improvement and margin expansion through greater operating discipline and precise execution,” said Wayne DeVeydt, chief financial officer of UnitedHealth Group. The outlook reflects margin stability and growth across all four operating segments as the company continues to execute its long-term strategy. Among the expectations: • 2026 revenues are projected to exceed $439.0 billion, a 2% year-over-year decline reflecting planned right-sizing across the enterprise. • Earnings from operations greater than $24.0 billion and a net margin of ~3.6%, improving from 2025 net margin of 2.7%. • Consolidated medical care ratio is expected to be 88.8% +/- 50 basis points, improving 30 basis points from the 2025 medical care ratio of 89.1% and reflective of repricing efforts across the enterprise. • Operating cost ratio is expected to be 12
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.