Q3 25 EPS
$2.92
BEAT +3.98%
Est. $2.81
Q3 25 Revenue
$113.16B
BEAT +0.09%
Est. $113.06B
vs S&P Since Q3 25
-2.5%
TRAILING MARKET
UNH +2.4% vs S&P +4.9%
Market Reaction
Did UNH Beat Earnings? Q3 2025 Results
UnitedHealth Group posted a better-than-expected third quarter, delivering earnings per share of $2.92 against a consensus estimate of $2.81, a beat of 3.98%, even as the insurer grappled with severe margin pressure that defined the quarter's broader… Read more UnitedHealth Group posted a better-than-expected third quarter, delivering earnings per share of $2.92 against a consensus estimate of $2.81, a beat of 3.98%, even as the insurer grappled with severe margin pressure that defined the quarter's broader narrative. Revenue climbed 12.2% year-over-year to $113.16 billion, edging past the $113.06 billion consensus, but the headline growth masked a painful earnings squeeze; operating income was cut roughly in half as the medical care ratio surged 470 basis points to 89.9%, driven by elevated utilization trends, Medicare funding reductions, and the structural disruption of the Inflation Reduction Act's Part D overhaul. UnitedHealthcare's Medicare and Retirement segment was the top-line standout, with revenues reaching $43.36 billion on 24% growth fueled by 625,000 net new Medicare Advantage members, though profitability across both the insurance and Optum Health units deteriorated sharply. Despite the cost headwinds that have contributed to significant year-to-date pressure on the stock, management raised its full-year 2025 adjusted EPS outlook to at least $16.25, signaling confidence in a sequential recovery and positioning for accelerating growth into 2026.
Key Takeaways
- • Medicare & Retirement revenue grew 24% year-over-year driven by membership growth and Part D IRA impacts
- • Optum Rx revenue grew 16% driven by new client script volumes and pharmacy services growth
- • Community & State revenue grew 18% driven by serving people with complex needs and Medicaid rate improvements
- • UnitedHealthcare served 50.1 million consumers domestically, up 795,000 year-over-year
- • Medical care ratio of 89.9% increased 470 basis points year-over-year due to elevated cost trends, Medicare funding reductions, and Part D IRA impacts
- • Medicare Advantage membership grew 625,000 year-over-year
UNH YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
UNH Revenue by Segment
With YoY comparisons, source: SEC Filings
“We remain focused on strengthening performance and positioning for durable and accelerating growth in 2026 and beyond, and our results this quarter reflect solid execution toward that goal.”
— Stephen Hemsley, Q3 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% |