UnitedHealth Group reported $4.1 billion in profit for the third quarter of 2026, up 75% year over year, according to an Oct. 13 release.
UnitedHealth raised its full-year outlook to at least $19.50 per share, with adjusted earnings of at least $20.50 per share.
The company is also rolling out AI-powered plan recommendations for the upcoming Medicare Advantage annual enrollment period, CEO Stephen Hemsley said on the earnings call. The recommendations will be based on a member’s care history and local plan options.
UnitedHealth Group
For the quarter ended Sept. 30, the company brought in $112.7 billion in revenue, down 0.4% from the same period in 2025. The consolidated operating margin was 5.8%, up from 3.8% in third-quarter 2025.
The medical cost ratio was 88.4%, down from 89.9% in the third quarter of 2025. Medical cost management initiatives, benefit design choices, pricing discipline and care delivery efforts drove down the ratio.
Days claims payable were 47 days, the same as the previous quarter and up from 46.2 days during third-quarter 2025.
UnitedHealthcare
Revenue for the health insurance business was $86.3 billion, less than a 1% year-over-year decrease. Earnings from operations grew 57% year over year to $2.8 billion, and the operating margin was 3.3%, up from 2.1% in third-quarter 2025. Benefit changes, pricing discipline and cost management were also behind the growth.
Total commercial, Medicaid and Medicare Advantage memberships were 29.8 million, 6.7 million and 7.6 million, respectively. Medical membership overall was 48.3 million, a decline from 48.5 million the prior quarter and 50.1 million in third-quarter 2025.
Optum
Optum revenue was $66.9 billion, a 3.3% year-over-year decrease. However, earnings from operations increased 49%, reaching $3.7 billion. The operating margin was 5.6% in third-quarter 2026 versus 3.6% during the same period in 2025.
Optum Health revenue fell 10% year over year to $22.9 billion “as a result of fewer value-based care patients served in markets where Optum lacked sufficient value-based care presence to sustain its clinicians.” Earnings from operations were $735 million, up from $41 million during third-quarter 2025, thanks to operational discipline and medical cost management efforts in value-based care markets. Optum Health’s margin was 3.2%, up from 0.2% during the comparable quarter in 2025.
UnitedHealth’s pharmacy benefit manager, Optum Rx, saw a slight year-over-year increase in its revenue, rising from $39.7 billion to $39.9 billion. Earnings from operations grew 11% year over year to $1.7 billion, and the margin rose to 4.3%, versus 3.9% in third-quarter 2025.
Optum Insight revenue increased 3% year over year to $5.5 billion, and its earnings grew 39% from that same period in 2025, reaching $1.3 billion. The margin grew from 17.3% to 23.4% over the year, as well.
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