UnitedHealth Group posted a $2.3 billion profit for its third quarter of 2025, down from a $6.1 billion profit for the same time last year.
The company released its third-quarter earnings Oct. 28 and raised its 2025 outlook. At the end of Q2, UnitedHealth projected net earnings of at least $14.65 per share and adjusted earnings of at least $16 per share. Now, net earnings per share reached at least $14.90, and adjusted earnings per share reached at least $16.25.
“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,” UnitedHealth Group CEO Stephen Hemsley said.
UnitedHealth Group
- Revenues were $113.2 billion for the three months ended Sept. 30, up 12% year over year.
- Earnings from operations were $4.3 billion, down 50% from Q3 last year.
- The company’s medical care ratio reached 89.9% in Q3, up from Q2 but in line with expectations.
UnitedHealthcare
- Revenues were $87.1 billion for the quarter, up 16% year over year.
- Earnings from operations were $1.8 billion (with an operating margin of 2.1%), down 57% from Q3 in 2024.
- UnitedHealthcare explained the drop in operating margin from 5.6% in Q3 2024 as “primarily due to elevated medical cost trend, the effects of the Biden-era Medicare funding reductions and Part D IRA impacts.”
Optum
- Revenues were $69.2 billion for the period, up 8% year over year.
- Earnings from operations saw the smallest drop relative to the other businesses, down 44% at $2.5 billion.
- Optum Health’s Q3 revenues were flat year over year, stabilized at $25.9 billion.
