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
Optum Rx Operating Earnings
“> $6,250”
Period
FY2026
Measure
Company-defined measure
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
“> $12,577”
Adjusted Operating Earnings Margin - Optum H… for FY2026
“~1.7%”
Optum Rx Operating Margin for FY2026
“~4.2%”
Exhibit 99.1 · the passage around this item
… earlier in the release
Page 8 of 21 UnitedHealthcare 2026 Outlook ($ 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 Operating Earnings Operating Margin Optum Health (1) > $91,000 > $2,200 ~2.4% Optum Insight > $21,000 > $4,750 ~22.6% Optum Rx > $150,500 > $6,250 ~4.2% Eliminations ~$(5,000) Total Optum > $257,500 > $13,200 ~5.1% Growth Metrics Optum Health Consumers Served ~84 million Optum Health Fully Accountable Patients ~4.1 million Optum Rx Adjusted Scripts > 1.52 billion Below outlines the 2025 Reported and Adjusted Earnings from Operations, as well as the recast earnings for the reclassification of Optum Financial Services from Optum Health into Optum Insight. 2026 Earnings Guidance assumes Optum Financial Services is classified in Optum Insight and removed from Optum Health guidance. Optum 2025 and 2026 Reported to Adjusted Recast Earnings Bridge ($ in millions) Optum Health Optum Insight Optum Rx Total Optum 2025 Reported Earnings from Operations $(278) $2,624 $7,193 $9,539 Direct Response Costs – Cyberattack - $799 - $799 Net Portfolio Divestitures, Restructuring and Other $1,941 $304 $(1,068) $1,177 Provision for Third Party Loss Contracts $623 - - $623 2025 Adjusted Earnings from Operations $2,286 $3,727 $6,125 $12,138 Optum Financial Services Reclassification (2) $(837) $837 - - 2025 Adjusted Recast Earnings from Operations $1,449 $4,564 $6,125 $12,138 2025 Adjusted Recast Earnings Margin 1.4% 21.7% 4.0% 4.5% 2026 Reported Op
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.