UnitedHealth Group reported fourth-quarter and full-year 2025 earnings Jan. 27. Profits took a hit, with the company attributing drops to Medicare funding reductions, the Inflation Reduction Act, steeper medical costs and remaining Change Healthcare cyberattack costs.
UnitedHealth Group
Full-year revenue reached $447.6 billion, up 12% year over year. Fourth-quarter 2025 revenue remained almost unchanged from the third quarter, holding at around $113 billion.
For 2026, the company is projecting $439 billion in revenue, a 2% year-over-year dip due to “planned right-sizing.” Adjusted earnings per share are expected to exceed $17.75.
Total net earnings for 2025 was under $12.1 billion, down from $14.4 billion in 2024. Fourth-quarter 2025 net earnings were $10 million, and the company had a full-year 2025 net margin of 2.7%.
Adjusted net earnings per share were $16.35 for the full year and $2.11 for the final quarter.
The company’s medical loss ratio reached 89.1% in 2025 versus 85.5% in 2024.
UnitedHealthcare
The insurer’s total revenue reached $344.9 billion, up 16% year over year. Fourth-quarter revenue was $87.1 billion.
Total earnings from operations were $9.4 billion, down about 40% year over year with the figure at $15.6 billion in 2024. Fourth-quarter earnings from operations were $300 million, while 2025’s operating margin dipped to 2.7% compared to 5.2% in the previous year.
Medical membership was 49.8 million, a 415,000 year-over-year increase. Commercial members totaled 29.7 million, including 8.2 million who are risk based and 21.5 million who are fee based. The insurer has 8.4 million Medicare Advantage, 7.4 million Medicaid and 4.3 million Medicare supplement members. Stand-alone Part D membership was 2.8 million.
Optum
Total revenue for 2025 was $270.6 billion, a 7% year-over-year increase. Revenue was $70.3 billion in the fourth quarter.
Total earnings from operations in 2025 were $9.5 billion, down 43% from 2024. Earnings were $100 million in the fourth quarter. The 2025 operating margin was 3.5%, compared to 6.6% in 2024.
Optum Health’s full-year 2025 revenue was $102 billion, down 3% year over year, while Optum Insight’s revenue was $19.4 billion, up 4% year over year, and Optum Rx’s revenue was $154.7 billion, up 16% year over year.
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