UnitedHealth Group raises 2026 earnings outlook after strong quarter

UnitedHealth Group lifted its full-year 2026 profit targets after third-quarter revenue of $112.69 billion surpassed analyst estimates of $111.03 billion. The company now expects adjusted earnings per share to reach at least $20.50, an increase from its previous guidance range of $19.50 to $20.00.

In the quarter, adjusted earnings per share came in at $4.69, exceeding the expected $4.12. GAAP earnings per share also climbed to $4.56, up from $2.59 in the same period last year. The operating margin improved to 5.8% from 3.8% year-over-year.

Segment performance varied, with UnitedHealthcare generating $86.33 billion in revenue against an estimate of $84.87 billion. Optum revenue reached $66.88 billion, slightly above the $66.48 billion forecast. However, total enrollments stood at 48.30 million, missing the estimated 48.62 million.

Cost metrics showed mixed results relative to expectations. The medical care ratio was 88.4%, lower than the anticipated 89.9%, while the operating cost ratio was 12.8%, compared to an estimated 12.6%. UnitedHealth Group also raised its full-year earnings per share outlook to at least $19.50, up from the prior range of $18.45 to $18.95.