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
Adjusted Operating Earnings - Optum Health
“> $1,577”
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
“> $12,577”
Adjusted Operating Earnings Margin - Optum H… for FY2026
“~1.7%”
Optum Rx Operating Margin for FY2026
“~4.2%”
Exhibit 99.1 · the passage around this item
… earlier in the release
Optum 2025 and 2026 Reported to Adjusted Recast Earnings Bridge ($ 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 Operating Earnings Guidance > $2,200 (1) > $4,750 > $6,250 > $13,200 Amortization of Third Party Loss Contracts $(623) - - $(623) 2026 Adjusted Operating Earnings > $1,577 > $4,750 > $6,250 > $12,577 2026 Adjusted Operating Earnings Margin ~1.7% ~22.6% ~4.2% ~4.9% (1) Optum Health includes $623 million of 2026 operating earnings related to the amortization of loss contracts associated with 2025 restructuring and other activities, which will be excluded from adjusted operating earnings and adjusted earnings per share. (2) The reclassification of Optum Financial Services from Optum Health into Optum Insight represented $1,906 million in revenue in 2025, inclusive of $289 million of intersegment Optum eliminations.
Page 10 of 21 About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.united
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.