UnitedHealth Group reported third-quarter adjusted earnings of $4.69 per share, up from $2.92 a year earlier and above the $4.14 LSEG consensus. Revenue came in at $112.69 billion, exceeding the $111.40 billion estimate but slightly below the $113.2 billion recorded a year earlier.
The company raised its full-year 2026 adjusted earnings guidance to at least $20.50 per share, up from the prior $19.50–$20.00 range and above the $19.86 analyst consensus. Its medical care ratio improved to 88.4% from 89.9% a year earlier and was roughly 150 basis points better than StreetAccount expectations. However, the result included $610 million in favorable prior-period reserve development, and CFO Wayne DeVeydt cautioned that medical costs remain elevated relative to historical norms.
UnitedHealthcare revenue declined to $86.3 billion from $87.1 billion as membership fell across employer-sponsored, Medicaid and Medicare Advantage lines. Management said 935,000 members exited the Medicare Advantage business since the end of 2025. Operating income increased to $6.6 billion from $4.3 billion, supported by Optum Health and technology-driven cost efficiencies. Shares initially climbed toward $399.88 before reversing; by late afternoon they traded at $376.61, down 0.51%.
