UnitedHealth Group — Jan 27, 2026 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 > $10,800 Operating Margin ~3.2% People Served (in thousands) Growth (Contraction) in People Served Total People Served Commercial Risk (1,400) – (1,300) 6,765 – 6,865 Commercial Fee 550 – 750 22,035 – 22,235 Total Commercial (850) – (550) 28,800 – 29,100 Medicare Advantage (1,200) – (1,150) (1) 7,245 – 7,295 Standardized Medicare Supplement (50) – 0 4,235 – 4,285 Medicaid (715) – (565) 6,665 – 6,815 Total Medical (2,815) – (2,265) 46,945 – 47,495 Stand-Alone Part D Prescription Drug Plans (200) – (100) 2,570 – 2,670 (1) Total 2026 contraction for people served through Medicare Advantage, including programs serving complex populations included in Medicaid, is expected to be (1,400,000) to (1,300,000), consistent with historical presentation.   Page 9 of 21 Optum 2026 Outlook ($ in millions) Revenues O