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
Net margin
“~3.6%”
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
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 12.8% +/- 50 basis points, reflecting a 10 basis point improvement from the 2025 adjusted operating cost ratio, supported by disciplined cost management and benefits from ongoing productivity initiatives. • Adjusted earnings per share expected to be greater than $17.75. The company will continue to embrace new technologies and artificial intelligence to help make high-quality care easier to find, simpler to navigate, and most importantly, more accessible and affordable. ($ in millions, except per share data) Revenue Operating Earnings UnitedHealthcare > $335,000 > $10,800 Optum > $257,500 > $13,200 (a) Eliminations ~($153,500) - Total UnitedHealth Group > $439,000 > $24,000 Diluted Adjusted (b) Net Earnings per Share > $17.10 > $17.75 (a) Optum Earnings includes $623 million of operating earnings in Optum Health related to the amortization of loss contracts recognized in 2025. (b) Refer to page 18
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.