The nation’s largest insurers spent the third quarter navigating membership losses in their Medicaid and ACA businesses, ongoing medical cost pressures and the continued focus on strengthening margins following a difficult 2025. Six of the seven organizations raised their full-year earnings guidance.
All figures below are for the quarter ended Sept. 30, with comparisons to the same period in 2025 unless otherwise noted.
- Revenue: $112.7 billion (down 0.4%)
- Net income: $4.1 billion (up 75%)
- Medical loss ratio: 88.4% (down from 89.9%)
- Total medical membership: 48.3 million (down from 50.1 million)
- The company raised its full-year outlook to at least $19.50 per share, with adjusted earnings of at least $20.50 per share.
- Revenue: $108.4 billion (up 5.4%)
- Net income: $2.2 billion
Compared with a net loss of $4 billion in Q3 2025, reflecting a $5.7 billion goodwill impairment charge. - Aetna MLR: 91.3% (down from 92.8%)
- Total medical membership: 26.1 million (down from 26.7 million)
- The company raised its full-year adjusted EPS guidance to at least $8.20, up from a range of $7.90 to $8.10.
- Revenue: $73.7 billion (up 6% year)
- Net income: $1.4 billion (down 23%)
- Cigna Healthcare MLR: 85% (up from 84.8%)
- Total medical membership: 18.5 million (up 2%)
- The company raised its adjusted EPS outlook to at least $30.60, up from at least $30.45.
- Revenue: $50.6 billion (up 1.9%)
- Net loss: $71 million (improved from $6.6 billion net loss)
- MLR: 92.7% (no change)
- Total membership: 25.7 million (down from 28 million)
- The company raised its adjusted diluted EPS guidance to more than $5.20.
- Revenue: $51.4 billion (up 1.4%)
- Net income: Nearly $1.4 billion (up 14.8%)
- MLR: 90.6% (down from 91.3%)
- Total medical membership: 44.9 million (down 1.1%)
- The company raised its full-year guidance to at least $22 diluted EPS and at least $29 adjusted diluted EPS.
- Revenue: $41.2 billion (up 26%)
- Net income: $162 million (down 17%)
- Insurance segment MLR: 93.7%, (up from 91.1%)
- Total medical membership: 18 million (up from 15 million)
- The company raised its full-year adjusted EPS guidance to at least $9.50, up from at least $9.00.
- Revenue: $11.1 billion (down 3.4%)
- Net income: $38 million (down 52%)
- MLR: 92.9% (up from 92.6%)
- Total membership: 4.9 million (down from 5.6 million)
- The company reaffirmed its full-year adjusted EPS guidance of at least $5.25 per diluted share.
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