UnitedHealth Group posted nearly $5.5 billion in profit for the second quarter of 2026, up sharply from the same period last year.
The company released second-quarter earnings July 16, raising its full-year outlook to a range of $18.45 to $18.95 per share, with adjusted earnings of $19.50 to $20.00 per share.
UnitedHealth Group
Revenue was $112 billion for the three months ended June 30, essentially flat year over year. The consolidated operating margin was 7.1%, up from 4.6% at the same time last year.
The company’s medical cost ratio reached 86.7%, 270 basis points lower than Q2 of 2025. The company’s MLR was 83.9% in Q1.
UnitedHealthcare
Revenue reached $86 billion, roughly flat year over year.
Earnings from operations were $3.9 billion, a 90% increase year over year, with an operating margin of 4.6% compared to 2.4% Q2 of 2025. The year-over-year increase was driven by medical and operating cost management, pricing discipline and benefit design changes, the company said.
UnitedHealthcare CEO Tim Noel said on the company’s earnings call that commercial medical cost trend is running “modestly above 11%,” and that full margin recovery will extend past 2027, attributing the pressure to the No Surprises Act’s arbitration process and to higher provider coding intensity.
Total commercial, Medicaid and Medicare Advantage memberships were 29.9 million, 6.8 million and 7.6 million, respectively. Medical membership overall was 48.5 million.
Days claims payable were 47, versus 48.6 in Q1 2026 and 44.5 at the same time last year.
Optum
Revenue dipped 2% compared to Q2 2025, declining to $65.7 billion. Earnings from operations increased 32% year over year, rising to $4 billion, with an operating margin of 6.2% compared to 4.6% Q2 of 2025.
Optum Health revenue was $23.5 billion, decreasing 5% year over year due to approximately 700,000 fewer value-based care patients served. Earnings from operations were $1.2 billion, up from $429 million in Q2 2025, with an operating margin of 5.1%.
Optum Rx revenue was $38.3 billion, down 0.4% year over year from $38.5 billion. Earnings from operations were $1.5 billion, up 7%, with an operating margin of 3.9%.
Optum Insight revenue was $5.4 billion, up 3% year over year from $5.2 billion. Earnings from operations were $1.4 billion, up 14%, with an operating margin of 25.3%.
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