Q1 25 EPS
$7.20
MISS 1.28%
Est. $7.29
Q1 25 Revenue
$109.58B
MISS 1.82%
Est. $111.60B
vs S&P Since Q1 25
-56.8%
TRAILING MARKET
UNH -19.9% vs S&P +36.9%
Market Reaction
Did UNH Beat Earnings? Q1 2025 Results
UnitedHealth Group delivered a bruising first quarter, missing on both the top and bottom lines and slashing its full-year outlook in a result that sent shares tumbling more than 22%. The health care giant posted Q1 2025 revenue of $109.58 billion, u… Read more UnitedHealth Group delivered a bruising first quarter, missing on both the top and bottom lines and slashing its full-year outlook in a result that sent shares tumbling more than 22%. The health care giant posted Q1 2025 revenue of $109.58 billion, up 9.8% year-over-year but short of the $111.60 billion consensus by 1.82%, while earnings per share of $7.20 fell just below the $7.29 estimate. The culprit was a surge in care activity within its Medicare Advantage business, particularly in physician and outpatient services, that ran well ahead of already-elevated expectations, pushing the medical care ratio to 84.8% from 84.3% a year ago. Compounding the pressure, unanticipated changes in Optum Health's member profile weighed on reimbursement. In response, management revised its 2025 adjusted earnings outlook to $26.00 to $26.50 per share, down from prior targets, though executives characterized the headwinds as highly addressable and reaffirmed a long-term earnings growth target of 13% to 16%.
Key Takeaways
- • Revenue growth driven by serving more people more comprehensively across the enterprise
- • Self-funded commercial benefits membership increased by approximately 700,000 in Q1
- • Seniors and complex needs membership grew by 545,000 in Q1
- • State-based community plan membership increased to 7.6 million
- • Optum Rx growth driven by new clients and expanded existing client relationships
- • Operating cost ratio improved to 12.4% from 14.1% due to Part D program changes and operating efficiencies
UNH YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
UNH Revenue by Segment
With YoY comparisons, source: SEC Filings
“UnitedHealth Group grew to serve more people more comprehensively but did not perform up to our expectations, and we are aggressively addressing those challenges to position us well for the years ahead, and return to our long-term earnings growth rate target of 13 to 16%.”
— Andrew Witty, Q1 2025 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% |