Q1 26 EPS
$7.23
Q1 26 Revenue
$111.72B
BEAT +1.88%
Est. $109.66B
vs S&P Since Q1 26
+11.1%
BEATING MARKET
UNH +13.5% vs S&P +2.4%
Market Reaction
Did UNH Beat Earnings? Q1 2026 Results
UnitedHealth Group delivered a strong first quarter for 2026, with adjusted earnings per share of $7.23 beating the $6.61 consensus estimate by 9.38% as the managed care giant posted revenue of $111.72 billion, topping expectations by 1.88% and advan… Read more UnitedHealth Group delivered a strong first quarter for 2026, with adjusted earnings per share of $7.23 beating the $6.61 consensus estimate by 9.38% as the managed care giant posted revenue of $111.72 billion, topping expectations by 1.88% and advancing 2.0% year over year. The standout driver was a meaningful improvement in the medical cost ratio, which tightened 90 basis points to 83.9% on disciplined cost management and favorable reserve development, helping UnitedHealthcare expand its operating margin to 6.6% and generate $5.69 billion in segment operating earnings. Optum provided some offset, with operating earnings slipping to $3.30 billion from $3.89 billion a year ago as fewer value-based care members weighed on Optum Health revenues, a dynamic that echoes broader pressure on value-based care models seen across the managed care sector. Cash flows from operations reached $8.91 billion, equal to 1.4 times net income, supporting a commitment to repurchase at least $2.00 billion in shares through the end of the second quarter. Management raised its full-year 2026 adjusted earnings outlook to greater than $18.25 per share, signaling confidence in sustained repricing gains and operational momentum through the remainder of the year.
Key Takeaways
- • Medical cost ratio improved 90 basis points to 83.9%, driven by strong medical cost management and favorable reserve development
- • Repricing across all lines of business in response to elevated but in-line cost trends drove UnitedHealthcare operating margin expansion of 40 basis points to 6.6%
- • Optum Rx growth driven by specialty pharmacy partially offset by UHC membership attrition
- • Community & State revenue grew 4% driven primarily by Medicaid rate updates
- • Operating cash flows of $8.9 billion, or 1.4x net income, reflecting strong earnings and working capital changes
UNH Forward Guidance & Outlook
UnitedHealth Group raised its full year 2026 GAAP earnings outlook to greater than $17.35 per share and adjusted earnings outlook to greater than $18.25 per share. The company projects full year 2026 net earnings attributable to common shareholders of greater than $15,800 million and adjusted net earnings of greater than $16,610 million. The adjusted EPS outlook excludes approximately $1.45 per share of intangible amortization, approximately $(0.05) per share of net portfolio divestitures and South American impacts, approximately $(0.20) per share of restructuring and other items, and approximately $(0.30) per share of tax effects. The company also expects the remaining $402 million reduction in loss contract reserves (in addition to $137 million recognized in Q1). The debt-to-capital ratio is expected to reach the approximately 40% long-term target in the back half of 2026. The Alegeus Technologies acquisition is expected to close in the back half of 2026 and be earnings neutral to 2026.
UNH YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
UNH Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are continuing to help simplify and modernize health care for the people and care providers we serve, bringing greater value, affordability, transparency and connectivity.”
— Stephen Hemsley, Q1 2026 Earnings Press Release
UNH Earnings Trends
UNH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UNH EPS Trend
Earnings per share: estimate vs actual
UNH Revenue Trend
Quarterly revenue: estimate vs actual
UNH Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $7.23 | — | $111.72B | +1.88% |
| Q4 25 BEAT FY | $2.11 | $2.11 | +0.00% | $113.22B | -0.37% |
| FY Full Year | $16.32 | $16.35 | +0.18% | $447.57B | -0.09% |
| Q3 25 BEAT | $2.81 | $2.92 | +3.98% | $113.16B | +0.09% |
| Q2 25 MISS | $4.45 | $4.08 | -8.27% | $111.62B | +0.03% |
| Q1 25 MISS | $7.29 | $7.20 | -1.28% | $109.58B | -1.82% |