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It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: UnitedHealth Group (UNH - Free Report) UnitedHealth Group, Inc. provides a wide range of health care products and services, such as health maintenance organizations (HMOs), point of service plans (POS), preferred provider organizations (PPOs), and managed fee-for-service programs.

UNH is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Medical stock. UNH has a Momentum Style Score of A, and shares are up 6.3% over the past four weeks.

For fiscal 2026, 10 analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $1.07 to $19.36 per share. UNH boasts an average earnings surprise of +12.1%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, UNH should be on investors' short list.

Posted by Defense World Staff on Jul 23rd, 2026

American Investment Services Inc. purchased a new stake in UnitedHealth Group Incorporated (NYSE:UNH – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,802 shares of the healthcare conglomerate’s stock, valued at approximately $1,029,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Sarver Vrooman Wealth Advisors purchased a new stake in shares of UnitedHealth Group in the 4th quarter valued at approximately $25,000. Beacon Financial Strategies CORP acquired a new stake in shares of UnitedHealth Group in the fourth quarter worth $26,000. Anfield Capital Management LLC raised its position in UnitedHealth Group by 220.0% during the fourth quarter. Anfield Capital Management LLC now owns 80 shares of the healthcare conglomerate’s stock valued at $26,000 after buying an additional 55 shares during the period. Joseph Group Capital Management purchased a new stake in UnitedHealth Group in the 4th quarter worth about $27,000. Finally, Nalls Sherbakoff Group LLC purchased a new position in UnitedHealth Group during the 4th quarter valued at about $27,000. 87.86% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting UnitedHealth Group Here are the key news stories impacting UnitedHealth Group this week:

Positive Sentiment: Analysts and market-watchers highlighted improving earnings estimates for UnitedHealth, with Zacks upgrading UNH to a Strong Buy and noting that rising consensus forecasts could support more upside. Will UnitedHealth (UNH) Gain on Rising Earnings Estimates? Positive Sentiment: JPMorgan raised its price target on UNH to $516 and kept an overweight rating, signaling continued confidence in the company’s turnaround and earnings power. UnitedHealth Group had its price target raised by JPMorgan Chase & Co. Positive Sentiment: Recent commentary also pointed to strong quarterly results, raised guidance, and a $5 billion buyback authorization as catalysts that could support further gains in UNH. A $5 Billion Reason to Buy UnitedHealth Stock Here Positive Sentiment: UNH was also featured as a dividend and defensive healthcare name, reinforcing investor demand for stable cash flow and lower-volatility exposure. UnitedHealth Stock: Is It Headed for $500? Neutral Sentiment: CNBC’s “Final Trades” mention added visibility to UNH, but the item did not include a specific new thesis or company-specific development. Nvidia, Goldman Sachs, UnitedHealth and an Energy Stock on CNBC’s ‘Final Trades’ Negative Sentiment: Some analysts cautioned that UNH’s rebound may not be linear and could face near-term consolidation, suggesting investors may see pauses or pullbacks even within a broader recovery. UnitedHealth: Recovery Unlikely To Be Linear – Near-Term Consolidation Risks Negative Sentiment: Broader healthcare commentary also noted skepticism around the sector’s AI story, which may weigh on sentiment for some healthcare names if investors view the narrative as overstated. Fishbone Advisors Survey: Institutional Investors See Healthcare’s AI Story as Overblown UnitedHealth Group Stock Down 1.1% UnitedHealth Group stock opened at $431.68 on Thursday. The company has a market capitalization of $392.02 billion, a P/E ratio of 27.78, a P/E/G ratio of 1.52 and a beta of 0.62. UnitedHealth Group Incorporated has a 1-year low of $234.60 and a 1-year high of $461.62. The firm’s fifty day simple moving average is $406.97 and its 200-day simple moving average is $344.46. The company has a current ratio of 0.78, a quick ratio of 0.80 and a debt-to-equity ratio of 0.66.

UnitedHealth Group (NYSE:UNH – Get Free Report) last posted its earnings results on Thursday, July 16th. The healthcare conglomerate reported $6.38 EPS for the quarter, topping the consensus estimate of $4.94 by $1.44. The firm had revenue of $112.03 billion for the quarter, compared to the consensus estimate of $110.81 billion. UnitedHealth Group had a net margin of 3.14% and a return on equity of 16.53%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $4.08 earnings per share. UnitedHealth Group has set its FY 2026 guidance at 19.500-20.000 EPS. Sell-side analysts forecast that UnitedHealth Group Incorporated will post 19.65 earnings per share for the current fiscal year.

UnitedHealth Group Increases Dividend The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th were given a dividend of $2.32 per share. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from UnitedHealth Group’s previous quarterly dividend of $2.21. This represents a $9.28 dividend on an annualized basis and a yield of 2.1%. UnitedHealth Group’s dividend payout ratio (DPR) is currently 59.72%.

Analyst Upgrades and Downgrades UNH has been the subject of several research reports. Oppenheimer raised their price target on shares of UnitedHealth Group from $420.00 to $500.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Mizuho increased their target price on shares of UnitedHealth Group from $470.00 to $493.00 and gave the stock an “outperform” rating in a research report on Monday. HC Wainwright set a $492.00 price target on shares of UnitedHealth Group in a report on Wednesday, May 27th. Barclays increased their price objective on UnitedHealth Group from $429.00 to $441.00 and gave the stock an “overweight” rating in a report on Monday. Finally, DA Davidson set a $512.00 target price on UnitedHealth Group in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $455.92.

Get Our Latest Research Report on UNH

About UnitedHealth Group (Free Report)

UnitedHealth Group Inc is a diversified health care company headquartered in Minnetonka, Minnesota, that operates two primary business platforms: UnitedHealthcare and Optum. Founded in 1977, the company provides a broad range of health benefits and health care services to individuals, employers, governmental entities and other organizations. Its operations span commercial employer-sponsored plans, individual and Medicare and Medicaid programs, and services for customers and health systems in the United States and selected international markets.

UnitedHealthcare is the company’s benefits business, administering health plans and networks, managing provider relationships, and offering coverage products for employers, individuals, and government-sponsored programs.

See Also Five stocks we like better than UnitedHealth Group Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding UNH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for UnitedHealth Group Incorporated (NYSE:UNH – Free Report).

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Posted by Defense World Staff on Jul 22nd, 2026

Acumen Wealth Advisors LLC cut its stake in shares of UnitedHealth Group Incorporated (NYSE:UNH – Free Report) by 29.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,255 shares of the healthcare conglomerate’s stock after selling 4,724 shares during the quarter. Acumen Wealth Advisors LLC’s holdings in UnitedHealth Group were worth $3,045,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Marin Bay Wealth Advisors LLC grew its holdings in shares of UnitedHealth Group by 41.0% in the first quarter. Marin Bay Wealth Advisors LLC now owns 1,887 shares of the healthcare conglomerate’s stock worth $511,000 after purchasing an additional 549 shares during the last quarter. Phillip James Consulting Co. boosted its position in UnitedHealth Group by 61.1% during the 1st quarter. Phillip James Consulting Co. now owns 1,559 shares of the healthcare conglomerate’s stock valued at $424,000 after buying an additional 591 shares during the period. Temasek Holdings Private Ltd grew its holdings in UnitedHealth Group by 73.1% in the 1st quarter. Temasek Holdings Private Ltd now owns 385,856 shares of the healthcare conglomerate’s stock worth $104,409,000 after acquiring an additional 162,982 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab raised its stake in shares of UnitedHealth Group by 93.6% during the first quarter. Danica Pension Livsforsikringsaktieselskab now owns 76,983 shares of the healthcare conglomerate’s stock valued at $20,831,000 after acquiring an additional 37,223 shares during the last quarter. Finally, ABN Amro Investment Solutions boosted its holdings in shares of UnitedHealth Group by 11.8% during the first quarter. ABN Amro Investment Solutions now owns 59,677 shares of the healthcare conglomerate’s stock worth $16,148,000 after purchasing an additional 6,297 shares during the period. Hedge funds and other institutional investors own 87.86% of the company’s stock.

UnitedHealth Group Stock Up 3.5% NYSE:UNH opened at $436.19 on Wednesday. UnitedHealth Group Incorporated has a 1-year low of $234.60 and a 1-year high of $461.62. The company has a market capitalization of $396.12 billion, a PE ratio of 28.07, a P/E/G ratio of 1.47 and a beta of 0.62. The firm’s 50-day moving average price is $406.35 and its 200-day moving average price is $343.75. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.78 and a quick ratio of 0.80.

UnitedHealth Group (NYSE:UNH – Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The healthcare conglomerate reported $6.38 EPS for the quarter, topping the consensus estimate of $4.94 by $1.44. UnitedHealth Group had a net margin of 3.14% and a return on equity of 16.53%. The business had revenue of $112.03 billion for the quarter, compared to analyst estimates of $110.81 billion. During the same quarter in the previous year, the firm posted $4.08 earnings per share. UnitedHealth Group’s quarterly revenue was up .4% on a year-over-year basis. UnitedHealth Group has set its FY 2026 guidance at 19.500-20.000 EPS. On average, equities analysts predict that UnitedHealth Group Incorporated will post 19.59 EPS for the current fiscal year.

UnitedHealth Group Increases Dividend The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th were paid a dividend of $2.32 per share. The ex-dividend date was Monday, June 15th. This is a positive change from UnitedHealth Group’s previous quarterly dividend of $2.21. This represents a $9.28 dividend on an annualized basis and a yield of 2.1%. UnitedHealth Group’s dividend payout ratio (DPR) is presently 59.72%.

Analyst Ratings Changes A number of research analysts have commented on the company. Zacks Research raised UnitedHealth Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Raymond James Financial raised UnitedHealth Group from a “market perform” rating to an “outperform” rating and set a $330.00 target price on the stock in a research note on Wednesday, April 1st. Bank of America reaffirmed a “buy” rating on shares of UnitedHealth Group in a research note on Monday. Truist Financial boosted their price objective on shares of UnitedHealth Group from $440.00 to $480.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Erste Group Bank raised shares of UnitedHealth Group from a “hold” rating to a “buy” rating in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $455.92.

Read Our Latest Research Report on UNH

Insider Buying and Selling In other news, CEO Patrick Hugh Conway sold 800 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $355.00, for a total value of $284,000.00. Following the sale, the chief executive officer directly owned 17,805 shares of the company’s stock, valued at approximately $6,320,775. This represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

Trending Headlines about UnitedHealth Group Here are the key news stories impacting UnitedHealth Group this week:

Positive Sentiment: UnitedHealth was upgraded to Zacks Rank #1 (Strong Buy), signaling improving earnings expectations and adding to bullish sentiment around the stock. Article Title Positive Sentiment: JPMorgan raised its price target on UNH to $516 and reiterated an Overweight rating, reinforcing the view that the stock still has meaningful upside after its recent rally. Article Title Positive Sentiment: Several articles highlighted UnitedHealth’s strong Q2 performance, including better-than-expected earnings, raised guidance, and a larger share buyback authorization, all of which support the bullish case. Article Title Positive Sentiment: Reports framed UNH as a defensive healthcare leader benefiting from market rotation away from AI stocks, with analysts also calling it a strong momentum name and a stable dividend pick. Article Title Neutral Sentiment: The House passed a bill focused on provider accountability and fraud prevention in federal health programs; the article noted UNH could be affected by tighter oversight, but the near-term stock impact is unclear. Article Title About UnitedHealth Group (Free Report)

UnitedHealth Group Inc is a diversified health care company headquartered in Minnetonka, Minnesota, that operates two primary business platforms: UnitedHealthcare and Optum. Founded in 1977, the company provides a broad range of health benefits and health care services to individuals, employers, governmental entities and other organizations. Its operations span commercial employer-sponsored plans, individual and Medicare and Medicaid programs, and services for customers and health systems in the United States and selected international markets.

UnitedHealthcare is the company’s benefits business, administering health plans and networks, managing provider relationships, and offering coverage products for employers, individuals, and government-sponsored programs.

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According to recent news, NVIDIA expanded its NVIDIA Agent Toolkit by adding Omniverse libraries that help AI agents prepare 3D content for physical AI simulations. Announced at SIGGRAPH on Monday, the update adds tools for RTX sensor simulation, GPU-accelerated physics and simulation-ready asset validation, with the libraries now available on GitHub.

Stephanie Link, CIO at Hightower, said that UnitedHealth Group Incorporated (NYSE:UNH) CEO is turning the company around.

Lending support to her choice, UnitedHealth, on July 16, reported better-than-expected second-quarter results and raised its full-year 2026 earnings guidance. Adjusted earnings came in at $6.38 per share, topping the analyst consensus estimate of $4.86. Revenue increased to $112.03 billion from $111.62 billion a year earlier and exceeded Wall Street expectations of $110.83 billion. GAAP earnings were $6.04 per share.

Don’t forget to check out our premarket coverage here

Jason Snipe, founder and chief investment officer of Odyssey Capital Advisors, said he likes Goldman Sachs Group, Inc. (NYSE:GS).

On the earnings front, Goldman Sachs, on July 14, posted upbeat earnings for the second quarter. The firm reported earnings of $20.98 per share, well above the analyst consensus estimate of $14.40. Net revenue increased 39% year over year to $20.34 billion, beating the consensus estimate of $16.13 billion, driven by strength in its Global Banking & Markets business.

Joseph M. Terranova, senior managing director for Virtus Investment Partners, picked Diamondback Energy, Inc. (NASDAQ:FANG) amid a surge in oil prices.

Supporting his view, Susquehanna analyst Biju Perincheril, on Tuesday, maintained Diamondback Energy with a Positive and raised the price target from $245 to $255.

Price Action:

Nvidia shares gained 2% to close at $207.29 on Tuesday. UnitedHealth Group shares gained 3.5% to settle at $436.35 during the session. Goldman Sachs gained 2.9% to close at $1,085.56 on Tuesday. Diamondback Energy shares gained 2.3% to close at $199.80 on Tuesday. Photo via Shutterstock

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UnitedHealth Group (UNH - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

As such, the Zacks rating upgrade for UnitedHealth is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for UnitedHealth imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for UnitedHealthFor the fiscal year ending December 2026, this largest U.S. health insurer is expected to earn $19.04 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for UnitedHealth. Over the past three months, the Zacks Consensus Estimate for the company has increased 7%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of UnitedHealth to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Posted by Defense World Staff on Jul 21st, 2026

Andra AP fonden increased its position in UnitedHealth Group Incorporated (NYSE:UNH – Free Report) by 376.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,015 shares of the healthcare conglomerate’s stock after acquiring an additional 79,823 shares during the period. Andra AP fonden’s holdings in UnitedHealth Group were worth $27,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the business. Sarver Vrooman Wealth Advisors acquired a new stake in shares of UnitedHealth Group during the 4th quarter worth approximately $25,000. Beacon Financial Strategies CORP acquired a new stake in UnitedHealth Group during the fourth quarter valued at $26,000. Anfield Capital Management LLC increased its holdings in UnitedHealth Group by 220.0% in the fourth quarter. Anfield Capital Management LLC now owns 80 shares of the healthcare conglomerate’s stock valued at $26,000 after buying an additional 55 shares in the last quarter. Joseph Group Capital Management acquired a new stake in shares of UnitedHealth Group during the 4th quarter valued at about $27,000. Finally, Nalls Sherbakoff Group LLC acquired a new position in UnitedHealth Group in the 4th quarter worth about $27,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

UnitedHealth Group Price Performance NYSE:UNH opened at $421.84 on Tuesday. The stock has a 50 day moving average price of $405.55 and a 200 day moving average price of $343.00. The stock has a market cap of $383.09 billion, a PE ratio of 27.15, a P/E/G ratio of 1.67 and a beta of 0.62. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.80 and a current ratio of 0.78. UnitedHealth Group Incorporated has a one year low of $234.60 and a one year high of $461.62.

UnitedHealth Group (NYSE:UNH – Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The healthcare conglomerate reported $6.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.94 by $1.44. UnitedHealth Group had a net margin of 3.14% and a return on equity of 16.53%. The firm had revenue of $112.03 billion during the quarter, compared to analysts’ expectations of $110.81 billion. During the same period last year, the business earned $4.08 earnings per share. UnitedHealth Group’s revenue was up .4% compared to the same quarter last year. UnitedHealth Group has set its FY 2026 guidance at 19.500-20.000 EPS. Equities research analysts expect that UnitedHealth Group Incorporated will post 18.77 EPS for the current fiscal year.

UnitedHealth Group Increases Dividend The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were given a $2.32 dividend. The ex-dividend date was Monday, June 15th. This is a positive change from UnitedHealth Group’s previous quarterly dividend of $2.21. This represents a $9.28 annualized dividend and a yield of 2.2%. UnitedHealth Group’s dividend payout ratio (DPR) is currently 59.72%.

Analyst Upgrades and Downgrades A number of research firms have recently commented on UNH. Mizuho set a $493.00 price objective on UnitedHealth Group in a research report on Monday. Zacks Research raised shares of UnitedHealth Group from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Wells Fargo & Company increased their price objective on shares of UnitedHealth Group from $397.00 to $485.00 and gave the company an “overweight” rating in a report on Monday, July 13th. Piper Sandler set a $477.00 target price on shares of UnitedHealth Group in a research note on Thursday. Finally, Raymond James Financial raised shares of UnitedHealth Group from a “market perform” rating to an “outperform” rating and set a $330.00 price target on the stock in a research note on Wednesday, April 1st. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, UnitedHealth Group has a consensus rating of “Moderate Buy” and an average target price of $449.17.

View Our Latest Research Report on UNH

Trending Headlines about UnitedHealth Group Here are the key news stories impacting UnitedHealth Group this week:

Positive Sentiment: Barclays raised its price target on UnitedHealth Group (UNH) to $441 from $429 and reiterated an overweight rating, reinforcing bullish sentiment around the stock’s post-earnings setup. Barclays raises UnitedHealth price target Positive Sentiment: Truist, Oppenheimer, and KeyBanc also lifted targets to $500, signaling that analysts see more room for UnitedHealth’s shares to run after the strong quarterly report. Wall Street sees more room to run Positive Sentiment: Media coverage highlighted UnitedHealth as a momentum stock, with several articles asking whether the recent strength and earnings performance make UNH an attractive buy for growth-oriented investors. Yahoo Finance momentum stock article Neutral Sentiment: Congress passed H.R. 8823, a bill aimed at strengthening provider accountability in FECA. While the measure could increase compliance scrutiny for healthcare providers, its direct financial impact on UnitedHealth is uncertain at this stage. House passes FECA accountability bill Negative Sentiment: One article flagged that UnitedHealth’s CFO warned that cost pressures are still not fully solved, suggesting that margin concerns could temper enthusiasm despite the earnings beat. CFO warning after earnings Insider Buying and Selling In other news, CEO Patrick Hugh Conway sold 800 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $355.00, for a total value of $284,000.00. Following the transaction, the chief executive officer owned 17,805 shares of the company’s stock, valued at $6,320,775. This represents a 4.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.19% of the stock is owned by corporate insiders.

UnitedHealth Group Company Profile (Free Report)

UnitedHealth Group Inc is a diversified health care company headquartered in Minnetonka, Minnesota, that operates two primary business platforms: UnitedHealthcare and Optum. Founded in 1977, the company provides a broad range of health benefits and health care services to individuals, employers, governmental entities and other organizations. Its operations span commercial employer-sponsored plans, individual and Medicare and Medicaid programs, and services for customers and health systems in the United States and selected international markets.

UnitedHealthcare is the company’s benefits business, administering health plans and networks, managing provider relationships, and offering coverage products for employers, individuals, and government-sponsored programs.

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Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at UnitedHealth Group (UNH - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. UnitedHealth Group currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for UNH that show why this largest U.S. health insurer shows promise as a solid momentum pick.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For UNH, shares are up 0.35% over the past week while the Zacks Medical - HMOs industry is down 1.35% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 6.27% compares favorably with the industry's 0.78% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of UnitedHealth Group have risen 20.05%, and are up 50.75% in the last year. In comparison, the S&P 500 has only moved 4.96% and 19.65%, respectively.

Investors should also take note of UNH's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now UNH is averaging 6,049,624 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with UNH.

Over the past two months, 4 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost UNH's consensus estimate, increasing from $18.29 to $18.51 in the past 60 days. Looking at the next fiscal year, 5 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that UNH is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep UnitedHealth Group on your short list.

Posted by Defense World Staff on Jul 20th, 2026

Dimensional Fund Advisors LP lessened its holdings in UnitedHealth Group Incorporated (NYSE:UNH – Free Report) by 5.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,000,063 shares of the healthcare conglomerate’s stock after selling 266,112 shares during the period. Dimensional Fund Advisors LP owned approximately 0.55% of UnitedHealth Group worth $1,352,712,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sentinel Trust Co. LBA raised its stake in UnitedHealth Group by 2.2% during the 1st quarter. Sentinel Trust Co. LBA now owns 4,604 shares of the healthcare conglomerate’s stock worth $1,246,000 after acquiring an additional 100 shares in the last quarter. KBC Group NV grew its holdings in shares of UnitedHealth Group by 32.2% during the first quarter. KBC Group NV now owns 783,880 shares of the healthcare conglomerate’s stock worth $212,111,000 after purchasing an additional 190,776 shares during the last quarter. S&CO Inc. lifted its holdings in shares of UnitedHealth Group by 8.3% in the 1st quarter. S&CO Inc. now owns 44,072 shares of the healthcare conglomerate’s stock valued at $11,925,000 after purchasing an additional 3,385 shares during the last quarter. SEB Asset Management AB acquired a new stake in shares of UnitedHealth Group in the 1st quarter valued at about $80,842,000. Finally, Paradigm Strategies in Wealth Management LLC increased its position in UnitedHealth Group by 10.5% during the first quarter. Paradigm Strategies in Wealth Management LLC now owns 797 shares of the healthcare conglomerate’s stock worth $216,000 after buying an additional 76 shares during the period. Institutional investors and hedge funds own 87.86% of the company’s stock.

Analyst Ratings Changes A number of equities analysts have recently issued reports on the stock. Leerink Partners raised their target price on shares of UnitedHealth Group from $400.00 to $462.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. KeyCorp raised their price objective on shares of UnitedHealth Group from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Jefferies Financial Group upped their target price on shares of UnitedHealth Group from $340.00 to $373.00 and gave the company a “buy” rating in a report on Monday, April 20th. Erste Group Bank raised UnitedHealth Group from a “hold” rating to a “buy” rating in a report on Monday, April 27th. Finally, Royal Bank Of Canada upped their price objective on UnitedHealth Group from $463.00 to $478.00 and gave the company an “outperform” rating in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, UnitedHealth Group has an average rating of “Moderate Buy” and a consensus target price of $447.29.

Read Our Latest Stock Analysis on UNH

Insider Transactions at UnitedHealth Group In other UnitedHealth Group news, CEO Patrick Hugh Conway sold 800 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $355.00, for a total value of $284,000.00. Following the completion of the transaction, the chief executive officer owned 17,805 shares in the company, valued at approximately $6,320,775. This represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.28% of the company’s stock.

Trending Headlines about UnitedHealth Group Here are the key news stories impacting UnitedHealth Group this week:

Positive Sentiment: UnitedHealth beat Q2 estimates on earnings and revenue, driven by improved margins and lower medical costs, and raised its 2026 profit outlook. UnitedHealth shares surge on strong earnings beat and guidance Positive Sentiment: Morgan Stanley, Oppenheimer, UBS, RBC, and other firms lifted price targets after the results, signaling stronger Street confidence in the stock’s recovery. Analyst price target updates Positive Sentiment: Management doubled the 2026 share repurchase target to at least $5 billion, which may help support EPS and investor returns. What’s Fueling UNH Stock’s Rally? A Bigger Buyback, Higher Guidance – And CEO Says Turnaround Is ‘Returning To Form’ Neutral Sentiment: Commentary around the earnings call says Medicare Advantage and Optum are improving, but commercial cost pressures could delay a full margin recovery. UnitedHealth Q2 Earnings Call Focuses on Reset and Durable Growth Negative Sentiment: Some analysts remain cautious, with at least one downgrade noting that the turnaround still faces execution risk despite the stronger quarter. UnitedHealth Group Q2: The Real Test Begins Now (Downgrade) UnitedHealth Group Stock Up 0.1% UNH stock opened at $426.39 on Monday. UnitedHealth Group Incorporated has a one year low of $234.60 and a one year high of $461.62. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.80 and a current ratio of 0.78. The company has a fifty day moving average of $404.81 and a 200-day moving average of $342.37. The stock has a market capitalization of $387.23 billion, a PE ratio of 27.44, a price-to-earnings-growth ratio of 1.67 and a beta of 0.62.

UnitedHealth Group (NYSE:UNH – Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The healthcare conglomerate reported $6.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.94 by $1.44. UnitedHealth Group had a net margin of 3.14% and a return on equity of 16.53%. The firm had revenue of $112.03 billion during the quarter, compared to analysts’ expectations of $110.81 billion. During the same period in the prior year, the company posted $4.08 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. UnitedHealth Group has set its FY 2026 guidance at 19.500-20.000 EPS. As a group, analysts expect that UnitedHealth Group Incorporated will post 18.77 EPS for the current year.

UnitedHealth Group Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were paid a $2.32 dividend. This represents a $9.28 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from UnitedHealth Group’s previous quarterly dividend of $2.21. The ex-dividend date was Monday, June 15th. UnitedHealth Group’s dividend payout ratio (DPR) is presently 59.72%.

About UnitedHealth Group (Free Report)

UnitedHealth Group Inc is a diversified health care company headquartered in Minnetonka, Minnesota, that operates two primary business platforms: UnitedHealthcare and Optum. Founded in 1977, the company provides a broad range of health benefits and health care services to individuals, employers, governmental entities and other organizations. Its operations span commercial employer-sponsored plans, individual and Medicare and Medicaid programs, and services for customers and health systems in the United States and selected international markets.

UnitedHealthcare is the company’s benefits business, administering health plans and networks, managing provider relationships, and offering coverage products for employers, individuals, and government-sponsored programs.

Featured Stories Five stocks we like better than UnitedHealth Group Strait of Hormuz Tensions Spike Tanker Trade: These 2 Stocks Are Set to Benefit Shopify’s Quiet AI Strategy Could Be Its Biggest Advantage Yet Why These 3 Nuclear ETFs Are Getting a Fresh Look as AI Power Demand Rises 3 Aerospace Suppliers That Could Benefit as Aircraft Makers Face Bottlenecks Want to see what other hedge funds are holding UNH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for UnitedHealth Group Incorporated (NYSE:UNH – Free Report).

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The company couldn’t stop saying one word: “restless.”

At first glance, it sounds like little more than executive jargon. Look closer, however, and the repeated use of the word reveals how CEO Stephen Hemsley wants Wall Street to think about UnitedHealth’s next phase—not as a company that’s finished fixing its problems, but one that’s committing itself to constant reinvention.

• UnitedHealth Group shares are trending higher. What’s driving UNH shares up?

“Restless” Wasn’t An AccidentHemsley introduced the idea before discussing financial performance, saying UnitedHealth’s progress was fueled by “a restless desire to drive mission-aligned change across the enterprise.”

The theme resurfaced later when an analyst asked whether the company had largely completed its turnaround and whether investors should now expect a return to UnitedHealth’s long-standing earnings growth algorithm.

Rather than declaring the turnaround complete, Hemsley suggested that mindset misses the point.

“We will probably never will remain restless. We are never going to not be in improvement and urgency mode. So I don’t see this kind of approach really changing,” he said.

He then made perhaps the clearest statement of the call’s broader message. “This is not just about returning to a growth rate… That broader mission is a restless one. It’s a journey and it’s not going to stop.”

That’s an important distinction for investors.

For much of the past year, the investment debate around UnitedHealth has centered on whether the insurer could recover from elevated Medicare costs, stabilize commercial medical trends and restore profitability. Hemsley instead framed the discussion around becoming a company that is always evolving — whether through AI, operational efficiency, consumer experience or care delivery.

More Than A CEO CatchphraseThe language wasn’t confined to Hemsley.

While discussing Medicare Star ratings, UnitedHealthcare Executive Vice President Tim Noel echoed the same philosophy.

“With Stars, we’re restless when it comes to seeking opportunities to differentiate, and we’re always focused on delivering the greatest quality experiences and outcomes for our members,” Noel said.

That repetition suggests “restless” isn’t simply Hemsley’s preferred word. It appears to be part of the broader message management wanted investors to leave the call with.

Hemsley reinforced that impression in his closing remarks. “…we appreciate your time and your trust in us as we continue to both improve our performance and modernize our company. And I can assure you we will stay restless and urgent as we go forward.”

Why It Matters For InvestorsCompanies often use earnings calls to convince investors that a difficult period is behind them. UnitedHealth took a different approach.

Instead of portraying the latest quarter as the end of a turnaround, management repeatedly emphasized continuous improvement. That message fits with the company’s broader push into AI-enabled operations, simplified prior authorization, digital consumer tools and modernized care delivery discussed throughout the call.

Whether those initiatives ultimately translate into faster earnings growth remains to be seen.

But if the repeated use of one word was intentional, UnitedHealth’s leadership was signaling something larger than a better quarter: it wants investors to view “restless” as a permanent operating philosophy rather than a temporary response to recent challenges.

Photo by Ken Wolter via Shutterstock

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UnitedHealth Group delivered a strong Q2 double beat, with adjusted EPS up nearly 30% and operating margins sharply expanding across key segments. Management raised 2026 adjusted EPS guidance to $19.50–20.00 and boosted operating cash flow projection by $6 billion, signaling confidence in continued execution. UNH is accelerating buybacks, doubling full-year guidance to $5 billion, as management sees a meaningful intrinsic value discount at current valuations.

By PYMNTS  |  July 16, 2026

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Every claim UnitedHealth processes, every prior authorization it reviews and every patient interaction it handles now runs through artificial intelligence (AI). The company is turning that internal overhaul into a commercial product line. “Virtually everything that we do, we see it basically as the operating infrastructure of the future,” Chairman and CEO Stephen Hemsley said Wednesday (July 15) on the company’s second-quarter 2026 earnings call. “It really is occurring across the spectrum of our businesses.”

The results are showing up in the numbers. AI-powered prior authorization is achieving a 96% first-pass approval rate. The company committed this quarter to eliminating 30% of prior authorization volume by year-end and nearly two-thirds of prior authorization requirements for pediatric care. Those efficiencies are flowing straight to the bottom line, with second-quarter operating earnings up 55% year over year.

Where AI Is Doing the Work At Optum Health, which delivers care directly to 20 million patients, ambient listening AI tools are available to 70% of employed clinicians and are on track to reach 90% by year end. The technology transcribes patient encounters in real time, removing the documentation burden that drives clinician burnout. Optum CEO Patrick Conway said during the call that the tool has produced a 90% reduction in cognitive burnout among clinicians who use it.

Conway also noted that AI is helping nurses summarize complex patient cases 40% faster. Enhanced care transition support has driven a 10% reduction in hospitalizations in the Western and Southern regions since late last year. Home health pilots have cut readmissions and reduced skilled nursing facility stays.

In claims processing, complex cases that once required manual review are now processed automatically and with higher accuracy. “Very complex claims that we never before thought we would be able to automate, we’re able to automate those and process those with higher accuracy,” said Tim Noel, CEO of UnitedHealthcare. Patient-facing hours expanded by nearly 200,000 in the first half of the year as AI-assisted scheduling cut wait times for specialist appointments.

Selling the Playbook to the Rest of the Industry Optum Insight is converting those internal tools into commercial products sold to health systems and payers outside UnitedHealth. About a third of Optum Insight’s technology investment this year is going toward that commercialization effort.

A digital prior authorization product launched last quarter under the Optum Real branch has processed roughly half a million prior authorizations and saved 69,000 administrative hours for external clients. Value Connect, an AI insights platform embedded directly in provider electronic health records, is showing a 17% reduction in pharmacy costs in early client deployments.

Hemsley said every internal function, including HR, finance, legal and clinical operations, is being rebuilt around AI. The efficiency gains from that work will become the product Optum Insight sells externally. About a third of Optum Insight’s investment this year is going toward commercializing internal use cases for outside clients. “This is the beginning,” Hemsley said, “but it will have compounding effects as we make these investments.”

What Else Stood Out UnitedHealth committed to processing 80% of prior authorizations in real time by end of 2027, eliminating most of the back-and-forth between health plans and providers that currently delays care and drives administrative cost on both sides. Commercial insurance cost trends are running modestly above 11%, driven partly by an arbitration process under the No Surprises Act that UnitedHealth says is being exploited. Roughly 60% of all arbitration cases are brought by just five entities, and average payouts when arbitrators side with providers now run 11 times what Medicare would pay. Medicare Advantage cost trends are coming in below original planning assumptions, driven by benefit design changes and network adjustments. Full-year Medicare margins are now expected to finish above 3%. Optum Health now reaches nearly 90% of U.S. counties and conducts approximately 2.5 million rural patient home visits annually, with plans to expand those programs across the full Optum Health footprint by year-end. Topline Results and Outlook UnitedHealth reported second-quarter adjusted earnings per share of $6.38, compared with $4.08 in the prior year. Total revenues were $112 billion, largely flat year over year. Operating earnings of $8 billion grew 55% year over year. The medical care ratio was 86.7%, including $860 million of net favorable prior period medical development, compared to 89.4% in the second quarter of 2025.

Operating cash flows were approximately $11 billion, or 1.9 times net income. The debt-to-capital ratio fell to 41.2%, down from 44.1% a year ago. The company closed its acquisition of Alegeus Technologies on July 2.

Shares of UnitedHealth Group jumped to their highest level in more than a year Thursday after the health care and insurance giant announced results that handily topped Wall Street expectations.

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UnitedHealth Group Incorporated (UNH) Q2 2026 Earnings Call Transcript

With the stock hitting new 52-week highs, here’s a look at the members of Congress who have been buying up shares over the last year.

Congress Members Who Own UNH StockUnitedHealth has been the target of Department of Justice investigations and regulatory pressure. The health insurance stock is regularly attacked by members of Congress.

Despite that attention, the stock is also regularly bought and sold by members of Congress, with the Benzinga Government Trades tracking the activity.

Here’s a look at some of the members of Congress who bought and sold UnitedHealth stock since the beginning of the year and if their timing paid off. Some members may still own shares based on the latest filings. UNH stock trades at $433.12 at the time of writing.

Rep. Richard Dean McCormick (R-Ga.)

McCormick bought UnitedHealth stock back on March 19 when shares were trading between $280.07 and $287.55. He later sold shares on June 12 when shares traded between $404.81 to $409.89. While McCormick cashed out with profits, he missed out on more gains over the last month.

Rep. Maria Elvira Salazar (R-Fla.)

Salazar bought UnitedHealth stock on April 22 when shares traded between $349.10 and $358.56. The congresswoman later sold her shares on June 4 between $389.82 and $401.38.

Sen. John Boozman (R-Ark.)

Boozman bought shares on June 4 at a price point of $389.82 to $401.38. The senator has not sold those shares, meaning he is sitting on profits of 8% or more.

Rep. Ro Khanna (D-Calif.)

Khanna has been actively buying and selling UnitedHealth stock this year, with the trades made through a blind trust, according to the congressman. The latest transaction was buying shares on May 15, when the stock traded between $390.25 and $397.63.

Rep. Gil Cisneros (D-Calif.)

Cisneros bought UnitedHealth stock on March 13 when shares were trading between $277.81 and $282.88 and on April 14 when shares were trading between $312.51 and $319.62. Cisneros is currently sitting on shares that are up at least 53% from March.

Rep. Josh Gottheimer (D-N.J.)

Gottheimer bought UnitedHealth stock on Feb. 5 when shares were trading between $266.29 and $276.89. The congressman’s shares could be up as much as 63% since he bought them five months ago.

Honorable Mention – Markwayne Mullin

Mullin, who previously served in the Senate, is now the Secretary of Homeland Security. The then-senator previously disclosed buying $50,000 to $100,000 in UnitedHealth stock back on Feb. 25. The stock traded between $276.87 and $284.74 on that day. If the former senator is still holding the stock, he is also sitting on some strong potential profits.

While several members of Congress cashed out their UnitedHealth stock in June to take profits, others have held onto their shares and are now sitting on even bigger gains.

Photo: Ken Wolter / Shutterstock

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UnitedHealth Group Inc (NYSE:UNH, XETRA:UNH) shares climbed about 5% in post-market trading after the healthcare company reported second quarter results that beat Wall Street expectations and raised its full-year adjusted earnings outlook.

For the quarter ended June 30, UnitedHealth reported adjusted earnings of $6.38 per share, ahead of analysts' expectations of about $4.91 per share.

Revenue rose to $112 billion from the prior year, exceeding the consensus estimate of roughly $110.8 billion. Net earnings were $6.04 per share, while earnings from operations totaled $8 billion.

"Our results and outlook reflect the continuing progress in our work to simplify how we operate, improve both affordability and the health care experience for patients and care providers and apply modern technology to create real improvement for people," UnitedHealth CEO Stephen Hemsley said in a statement.

UnitedHealth's medical cost ratio, a closely watched measure of healthcare spending, was 86.7% in the quarter, below analysts' expectations of 88.4%. The company attributed the result to product design changes, improved medical management, better-aligned pricing and favorable prior-period development.

The operating cost ratio increased to 12.7% from 12.3% a year earlier, reflecting investments in technology, operations, artificial intelligence, care delivery enhancements and consumer experience.

UnitedHealthcare served 48.5 million consumers during the quarter, generating $86 billion in revenue and $3.9 billion in earnings. Optum, the company's health services business, supported more than 120 million consumers, reporting $65.7 billion in revenue and $4 billion in earnings, with margin expansion of 160 basis points year over year.

UnitedHealth also reported operating cash flow of $11.1 billion during the quarter and ended June with a debt-to-capital ratio of 41.2%.

Further, the company raised its full-year 2026 adjusted earnings guidance to between $19.50 and $20 per share, up from its previous outlook, citing stronger year-to-date performance and an improved outlook for the remainder of the year.

UnitedHealth Group (UNH - Free Report) reported $112.03 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 0.4%. EPS of $6.38 for the same period compares to $4.08 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $110.12 billion, representing a surprise of +1.74%. The company delivered an EPS surprise of +29.15%, with the consensus EPS estimate being $4.94.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how UnitedHealth performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Operating Statistics - Medical Care Ratio: 86.7% versus 88.5% estimated by seven analysts on average.UnitedHealthcare Customer Profile - People Served - Total Commercial - Domestic: 29.92 million versus the five-analyst average estimate of 29.53 million.UnitedHealthcare Customer Profile - People Served - Commercial - Domestic - Risk-based: 7.66 million versus 7.26 million estimated by five analysts on average.UnitedHealthcare Customer Profile - People Served - Commercial - Domestic - Fee-based: 22.27 million versus 22.27 million estimated by five analysts on average.Revenues- Investment and other income: $1.22 billion versus the seven-analyst average estimate of $1.03 billion. The reported number represents a year-over-year change of +10.4%.Revenues- Products: $13.84 billion versus $13.69 billion estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +2% change.Revenues- Services: $10.02 billion versus $9.55 billion estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +10.8% change.Revenues- Premiums: $86.96 billion versus the seven-analyst average estimate of $86.21 billion. The reported number represents a year-over-year change of -1.1%.Revenues- Optum Insight: $5.4 billion versus $5.32 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +11.9% change.Revenues- Optum Rx: $38.29 billion versus $37.36 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a -0.4% change.Revenues- Optum Health: $23.47 billion compared to the $22.65 billion average estimate based on six analysts. The reported number represents a change of -6.9% year over year.Revenues- UnitedHealthcare- Total: $86.02 billion versus the six-analyst average estimate of $84.75 billion. The reported number represents a year-over-year change of -0.1%.View all Key Company Metrics for UnitedHealth here>>>

Shares of UnitedHealth have returned +4.8% over the past month versus the Zacks S&P 500 composite's +0.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

UnitedHealth Group Incorporated delivered a strong Q2, with EPS beating consensus by 30% and margins rebounding sharply. UNH's turnaround strategy prioritizes margin restoration over customer growth, evidenced by a deliberate reduction in insured patients and improved operating discipline. Management raised 2026 guidance, projecting $19.50–$20.00 EPS and $24B in operating cash flow, supporting increased buybacks and a 2%+ dividend yield.

HomeEarnings AnalysisHealthcare 

SummaryUnitedHealth Group Incorporated has delivered a major earnings inflection, with Q2 results significantly exceeding expectations and a robust outlook upgrade.UNH’s Q2 adjusted EPS of $6.38 crushed consensus by $1.46, driven by strict cost discipline, improved MCR, and operational efficiency across all segments.Management raised 2026 adjusted EPS guidance to $19.50–$20.00 and operating cash flow to $24 billion, reflecting strong execution and confidence.UNH’s strategic moves—AI investments, streamlined approvals, and aggressive buybacks—reinforce a bullish thesis with shares poised to approach $500.Looking for a helping hand in the market? Members of BAD BEAT Investing get exclusive ideas and guidance to navigate any climate. Learn More » JHVEPhoto/iStock Editorial via Getty Images

UnitedHealth Group Incorporated (UNH) has made incredible efforts to improve cost ratios, has shifted around management, and has worked to streamline efficiency. We have been pounding the table on this stock as a

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of UNH either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

UnitedHealth Group (UNH - Free Report) came out with quarterly earnings of $6.38 per share, beating the Zacks Consensus Estimate of $4.94 per share. This compares to earnings of $4.08 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +29.15%. A quarter ago, it was expected that this largest U.S. health insurer would post earnings of $6.46 per share when it actually produced earnings of $7.23, delivering a surprise of +11.92%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

UnitedHealth, which belongs to the Zacks Medical - HMOs industry, posted revenues of $112.03 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.74%. This compares to year-ago revenues of $111.62 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

UnitedHealth shares have added about 26.8% since the beginning of the year versus the S&P 500's gain of 10.6%.

What's Next for UnitedHealth?While UnitedHealth has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for UnitedHealth was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.64 on $110.75 billion in revenues for the coming quarter and $18.39 on $443.8 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - HMOs is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Humana (HUM - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.

This health insurer is expected to post quarterly earnings of $6.22 per share in its upcoming report, which represents a year-over-year change of -0.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Humana's revenues are expected to be $40.65 billion, up 25.5% from the year-ago quarter.

Yet, instead of lowering expectations, the nation’s largest health insurer raised its full-year earnings guidance, suggesting Wall Street may be paying attention to something far more important than membership growth.

Quality Over QuantityFor years, Medicare Advantage enrollment has been one of the healthcare sector’s most closely watched growth metrics. More members typically translate into higher premium revenue and greater market share.

UnitedHealth’s latest results challenge that assumption.

CEO Stephen Hemsley framed the quarter as evidence that UnitedHealth’s strategy is centered on “simplify how we operate, improve both affordability and the health care experience for patients and care providers and apply modern technology to create real improvement for people.”

A Different Kind Of TurnaroundThe numbers suggest UnitedHealth is prioritizing profitability over membership growth.

While Medicare enrollment declined, improved pricing, disciplined medical cost management and operational efficiencies more than offset the impact. The company also generated $11.1 billion in operating cash flow during the quarter and increased its full-year cash flow outlook to roughly $24 billion, reinforcing management’s confidence in the business.

For investors, that marks a notable shift in the way UnitedHealth’s performance may be judged. Instead of asking how many members the company is adding, the market appears increasingly focused on how efficiently it can serve the members it already has.

The Next Number To WatchThe membership decline won’t disappear from the investment debate.

If Medicare Advantage enrollment continues to fall over multiple quarters, investors will eventually begin questioning whether pricing discipline can continue offsetting slower growth. But if UnitedHealth keeps improving margins while maintaining its earnings outlook, the company’s strategy could reshape what Wall Street considers the most important metric in managed care.

For now, UnitedHealth’s latest quarter delivered an unexpected message: in today’s healthcare market, fewer members don’t necessarily mean a weaker business.

Image via Shutterstock

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--(BUSINESS WIRE)--UnitedHealth Group (NYSE: UNH) today reported second quarter 2026 results and raised guidance for full year 2026.

“Our results and outlook reflect the continuing progress in our work to simplify how we operate, improve both affordability and the health care experience for patients and care providers and apply modern technology to create real improvement for people,” said Stephen Hemsley, chief executive officer of UnitedHealth Group.

The company now expects full year 2026 adjusted net earnings between $19.50 to $20.00 per share resulting from performance year-to-date and an improved outlook for the remainder of the year. A table outlining the company’s updated outlook is below, with additional detail on page 7 of this release.

Consolidated revenues for the second quarter 2026 were $112.0 billion and earnings from operations were $8.0 billion, with a net margin of 4.9%. Cash flows from operations were $11.1 billion, or 1.9x net income, and the debt-to-capital ratio was 41.2% as of June 30, 2026.

UnitedHealth Group’s medical cost ratio was 86.7% for the second quarter 2026, reflecting cost and pricing discipline, as well as mix changes across all benefit offerings. The operating cost ratio of 12.7% in the second quarter 2026 compared to 12.3% in the second quarter 2025, reflecting targeted investments in technology, operations and the community.

Over the last year, the company has advanced a broad set of reforms and commitments to improve affordability, transparency and simplicity for care providers and consumers. These actions reflect the company’s deep commitment to helping people live healthier lives and helping make the health system work better for everyone. These actions are outlined in more detail on page 3 of this release.

Second Quarter 2026 Key Performance Metrics

Second quarter 2026 adjusted net earnings were $6.38 per share. The medical care ratio was 86.7% and reflected product design changes, improved medical management and better aligned pricing. MCR was affected by $860 million of net favorable prior period development, with the majority related to 2026 dates of service. The operating cost ratio of 12.7% included targeted investments in infrastructure, artificial intelligence, care delivery enhancements, consumer experience and community support. UnitedHealthcare served 48.5 million consumers and reported revenues of $86.0 billion and earnings of $3.9 billion, with operating margins of 4.6%. Optum supported more than 120 million consumers and generated revenues of $65.7 billion and earnings of $4.0 billion, representing 160 basis points of margin expansion year-over-year. UnitedHealth Group Updated 2026 Full Year Guidance

($ in millions, except per share data)

Reported Operating
Earnings

Adjusted Operating
Earnings

UnitedHealthcare

> $12,000

> $12,000

Optum Health

> $2,275

> $2,215

Optum Insight

> $4,925

> $4,750

Optum Rx

> $6,250

> $6,250

Optum (a)

> $13,450

> $13,215

UnitedHealth Group

> $25,450

> $25,215

Medical Care Ratio

88.1% ± 25 bps

Tax Rate

~18.5%

Cash Flows from Operations

~$24,000

Share Repurchase

At Least $5,000

Net Earnings to UNH Shareholders

> $16,750

Diluted

Adjusted (b)

Net Earnings per Share

$18.45 - $18.95

$19.50 - $20.00

Addressing America’s Healthcare Challenges with Sustainable Solutions

UnitedHealth Group remains committed to addressing the issues that make health care costly and complicated for the people and providers we serve. Recent actions taken to address these issues include:

UnitedHealth Group Second Quarter 2026 Results

Quarterly Financial Performance

Three Months Ended

June 30,

2026

June 30,

2025

March 31,

2026

Revenues

$112.0 billion

$111.6 billion

$111.7 billion

Earnings from Operations

$8.0 billion

$5.2 billion

$9.0 billion

Net Margin

4.9%

3.1%

5.6%

UnitedHealth Group’s second quarter 2026 revenues were $112.0 billion compared to $111.6 billion in the year ago quarter. Second quarter 2026 earnings from operations of $8.0 billion compared to $5.2 billion in the year ago quarter, driven by strong performance across both UnitedHealthcare and Optum. The second quarter 2026 medical care ratio was 86.7% compared to 89.4% in the second quarter 2025. The year-over-year decrease was driven by benefit design and pricing discipline, member mix and medical cost management initiatives. Net medical reserve development was $860 million in the quarter. Days claims payable were 47.0 compared to 48.6 in the first quarter 2026 and 44.5 in the second quarter 2025. The sequential variation was driven by normal seasonality. Days sales outstanding of 17.7 compared to 21.6 in the first quarter 2026 and 19.9 in the year ago quarter, with the sequential and year-over-year decrease due to payment timing. The second quarter 2026 operating cost ratio of 12.7% compared to 12.3% in second quarter 2025, reflecting incremental investments in technology, processes and people to improve care delivery and customer experiences and advance community health. Cash flows from operations were $11.1 billion, or 1.9 times net income, reflecting the timing of a substantial government payment, along with strong earnings performance and disciplined working capital management. Debt-to-capital ratio was 41.2% as of June 30, 2026, compared to 42.9% in the first quarter 2026 and 44.1% in the second quarter 2025. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end. The company repurchased $4.0 billion of its common stock through mid-July 2026 and is on track to repurchase at least $5.0 billion for the full year 2026. UnitedHealthcare Second Quarter 2026 Results

UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care.

Quarterly Financial Performance

Three Months Ended

June 30,

2026

June 30,

2025

March 31,

2026

Revenues

$86.0 billion

$86.1 billion

$86.3 billion

Earnings from Operations

$3.9 billion

$2.1 billion

$5.7 billion

Operating Margin

4.6%

2.4%

6.6%

UnitedHealthcare

UnitedHealthcare continues to improve the consumer experience, including by expanding care access and digital services, simplifying prior approvals and offering greater support to rural hospitals and care providers. UnitedHealthcare second quarter 2026 revenues of $86.0 billion compared to $86.1 billion in the second quarter 2025. UnitedHealthcare served 48.5 million people in the second quarter 2026, down 525,000 sequentially. UnitedHealthcare’s second quarter 2026 earnings from operations were $3.9 billion and operating margin was 4.6% compared to $2.1 billion and 2.4% in second quarter 2025. The year-over-year increase was driven by medical and operating cost management, pricing discipline and benefit design changes. UnitedHealthcare Employer & Individual

UnitedHealthcare Employer & Individual second quarter 2026 revenues were $20.0 billion compared to $19.8 billion in the second quarter 2025. The number of people served contracted by 145,000 in the second quarter 2026 due to attrition in employer self-funded and fully-insured products. UnitedHealthcare Medicare & Retirement

UnitedHealthcare Medicare & Retirement second quarter 2026 revenues were $42.4 billion compared to $42.6 billion in the second quarter 2025 due to fewer seniors served. Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, have contracted by 965,000 since year-end 2025. UnitedHealthcare Community & State

UnitedHealthcare Community & State second quarter 2026 revenues were $23.6 billion compared to $23.7 billion in the second quarter 2025. People served contracted by 380,000 in the second quarter 2026 primarily due to the planned exit from the Louisiana health plan, as well as ongoing Medicaid eligibility requirements. Optum Second Quarter 2026 Results

The Optum businesses serve participants throughout health care, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience.

Quarterly Financial Performance

Three Months Ended

June 30,

2026

June 30,

2025

March 31,

2026

Revenues

$65.7 billion

$67.2 billion

$63.7 billion

Earnings from Operations

$4.0 billion

$3.1 billion

$3.3 billion

Operating Margin

6.2%

4.6%

5.2%

Optum Health

Optum Health continues to show steady momentum, with ongoing improvements in access to care and clinical and operational discipline driving better patient outcomes, increased provider satisfaction and cost management savings as the business recenters on its integrated value-based care delivery model. Optum Health’s second quarter 2026 revenues of $23.5 billion decreased 5% year-over-year due to ~700,000 fewer value-based care patients served. Second quarter 2026 earnings from operations were $1.2 billion, representing a 5.1% operating margin. The year-over-year increase was driven by strong operational improvements and medical cost management. Optum Insight

Optum Insight continues to bring AI-enabled products and services to the market, including autonomous coding and digital prior authorization tools, and completed its acquisition of Alegeus on July 2, 2026, expanding the company's consumer-directed healthcare account capabilities. Optum Insight reported second quarter 2026 revenues of $5.4 billion. Second quarter 2026 earnings from operations were $1.4 billion compared to $1.2 billion in the second quarter 2025. The year-over-year increase was driven by operational improvements and timing of contracts. Optum Rx

Optum Rx is leading an industry-wide shift toward greater transparency and affordability through a modern pharmacy care model that eliminates spread pricing, replaces volume-based incentives with clearly defined per-member fees and provides full disclosure of manufacturer payments. Optum Rx’s second quarter 2026 revenues were $38.3 billion compared to $38.5 billion in second quarter 2025. Earnings from operations for the second quarter 2026 were $1.5 billion compared to $1.4 billion in the second quarter 2025, reflecting specialty generics adoption and continued operational improvements. Adjusted scripts were 387 million compared to 414 million last year due to membership declines within UnitedHealthcare and other customers. UnitedHealth Group 2026 Outlook

($ and weighted-average shares in millions; except per share data)

As of
January 27, 2026

As of
July 16, 2026

Operating Earnings

UnitedHealthcare

> $10,800

> $12,000

Optum Health

> $2,200

> $2,275

Optum Insight

> $4,750

> $4,925

Optum Rx

> $6,250

> $6,250

Optum

> $13,200

> $13,450

UnitedHealth Group

> $24,000

> $25,450

Net Earnings to UNH Shareholders

> $15,600

> $16,750

Diluted Net Earnings per Share to UNH Shareholders

> $17.10

$18.45 - $18.95

Adjusted Earnings per Share (1)

> $17.75

$19.50 - $20.00

Medical Care Ratio

88.8% ± 50 bps

88.1% ± 25 bps

Tax Rate

~19.25%

~18.5%

Cash Flows from Operations

> $18,000

~$24,000

Share Repurchase

~$2,500

At Least $5,000

  (1) Refer to page 16 of this release for a reconciliation of non-GAAP measures.

Below outlines the 2026 Reported to Adjusted Earnings Bridge for Optum as of July 16, 2026.

Optum 2026 Reported to Adjusted Earnings Bridge

($ in millions)

Optum Health

Optum Insight

Optum Rx

Total Optum

2026 Reported Operating Earnings Guidance

> $2,275 (1)

> $4,925

> $6,250

> $13,450

Net Portfolio Divestitures, Restructuring and Other

$345

$(175)

-

$170

Net Change in Third Party Loss Contracts

$(405)

-

-

$(405)

2026 Adjusted Operating Earnings

> $2,215

> $4,750

> $6,250

> $13,215

Adjusted Operating Earnings as of January 27, 2026

> $1,577

> $4,750

> $6,250

> $12,577

  (1) Optum Health includes $405 million of 2026 operating earnings related to the net change in loss contracts reserve, which will be excluded from adjusted operating earnings and adjusted earnings per share.

About UnitedHealth Group

UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn.

Earnings Conference Call

As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through July 30, 2026. This earnings release and the Form 8-K dated July 16, 2026, can also be accessed from the Investor Relations page of the company’s website.

Non-GAAP Financial Information

This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.

Forward-Looking Statements

The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; our ability to successfully execute initiatives designed to simplify and improve the consumer healthcare experience; our ability to effectively execute our value-based care strategies; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.

This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

UNITEDHEALTH GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data; unaudited)

  Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Revenues

Premiums

$86,956

$87,905

$174,517

$174,439

Products

13,835

13,564

27,085

26,600

Services

10,018

9,039

19,797

18,011

Investment and other income

1,223

1,108

2,354

2,141

Total revenues

112,032

111,616

223,753

221,191

Operating costs

Medical costs

75,358

78,585

148,847

151,996

Operating costs

14,268

13,778

29,658

27,372

Cost of products sold

13,375

13,019

26,198

25,409

Depreciation and amortization

1,040

1,084

2,069

2,145

Total operating costs

104,041

106,466

206,772

206,922

Earnings from operations

7,991

5,150

16,981

14,269

Interest expense

(962)

(1,027)

(1,917)

(2,025)

Loss on sale of subsidiary and subsidiaries held for sale

(61)

(41)

(133)

(56)

Earnings before income taxes

6,968

4,082

14,931

12,188

Provision for income taxes

(1,298)

(510)

(2,780)

(2,142)

Net earnings

5,670

3,572

12,151

10,046

Earnings attributable to noncontrolling interests

(186)

(166)

(387)

(348)

Net earnings attributable to UnitedHealth Group common shareholders

$5,484

$3,406

$11,764

$9,698

Diluted earnings per share attributable to UnitedHealth Group common shareholders (a)

$6.04

$3.74

$12.94

$10.61

Adjusted earnings per share attributable to UnitedHealth Group common shareholders (b)

$6.38

$4.08

$13.61

$11.29

Diluted weighted-average common shares outstanding

906

910

908

914

UNITEDHEALTH GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions; unaudited)

  June 30,
2026

December 31,
2025

Assets

Cash and short-term investments

$31,468

$28,121

Accounts receivable, net

21,573

23,018

Other current assets

33,819

39,443

Total current assets

86,860

90,582

Long-term investments

57,716

54,251

Other long-term assets

165,151

164,748

Total assets

$309,727

$309,581

Liabilities, redeemable noncontrolling interests and equity

Medical costs payable

$38,930

$39,337

Short-term borrowings and current maturities of long-term debt

3,827

6,069

Other current liabilities

69,063

69,491

Total current liabilities

111,820

114,897

Long-term debt, less current maturities

69,501

72,320

Other long-term liabilities

22,457

20,666

Redeemable noncontrolling interests

1,436

1,608

Equity

104,513

100,090

Total liabilities, redeemable noncontrolling interests and equity

$309,727

$309,581

UNITEDHEALTH GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions; unaudited)

  Six Months Ended
June 30,

2026

2025

Operating Activities

Net earnings

$12,151

$10,046

Noncash items:

Depreciation and amortization

2,069

2,145

Deferred income taxes and other

176

40

Share-based compensation

624

572

Loss on sale of subsidiary and subsidiaries held for sale

133

56

Net changes in operating assets and liabilities

4,811

(215)

Cash flows from operating activities

19,964

12,644

Investing Activities

(Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases

(2,751)

1,327

Purchases of property, equipment and capitalized software

(1,562)

(1,784)

Cash paid for acquisitions and other transactions, net

(98)

(734)

Repayment of care provider loans - cyberattack

197

1,293

Other, net

(31)

(1,618)

Cash flows used for investing activities

(4,245)

(1,516)

Financing Activities

Common share repurchases

(1,646)

(5,545)

Dividends paid

(4,092)

(3,912)

Net change in short-term borrowings and long-term debt

(4,813)

1,566

Other, net

(1,064)

43

Cash flows used for financing activities

(11,615)

(7,848)

Effect of exchange rate changes on cash and cash equivalents

(3)

29

Increase in cash and cash equivalents, including cash within businesses held for sale

4,101

3,309

Less: net change in cash within businesses held for sale

119

(25)

Net increase in cash and cash equivalents

4,220

3,284

Cash and cash equivalents, beginning of period

24,365

25,312

Cash and cash equivalents, end of period

$28,585

$28,596

UNITEDHEALTH GROUP

REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION

(in millions; unaudited)

  Optum

UnitedHealth
Group
Consolidated (a)

UnitedHealthcare

Optum
Health (c)

Optum
Insight (c)

Optum
Rx

Total
Optum (a)

Three Months Ended June 30, 2026

Total revenues

$86,017

$23,472

$5,402

$38,292

$65,663

$112,032

Restructuring and other (2)

—

(1)

—

—

(1)

(1)

Adjusted revenues (b)

$86,017

$23,471

$5,402

$38,292

$65,662

$112,031

Three Months Ended June 30, 2025

Total revenues

$86,103

$24,725

$5,232

$38,459

$67,225

$111,616

Six Months Ended June 30, 2026

Total revenues

$172,282

$47,581

$10,527

$74,028

$129,412

$223,753

Restructuring and other (2)

—

2

(77)

—

(75)

(75)

Adjusted revenues (b)

$172,282

$47,583

$10,450

$74,028

$129,337

$223,678

Six Months Ended June 30, 2025

Total revenues

$170,720

$49,562

$10,259

$73,591

$131,110

$221,191

UnitedHealthcare Revenues

(in millions; unaudited)

  Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

UnitedHealthcare Employer & Individual - Domestic

$19,048

$18,950

$38,254

$38,016

UnitedHealthcare Employer & Individual - Global

944

819

1,856

1,601

UnitedHealthcare Employer & Individual - Total

19,992

19,769

40,110

39,617

UnitedHealthcare Medicare & Retirement

42,390

42,623

84,472

84,328

UnitedHealthcare Community & State

23,635

23,711

47,700

46,775

Total UnitedHealthcare revenues

$86,017

$86,103

$172,282

$170,720

(a)

Optum and consolidated revenues for the three months ended June 30, 2026 and 2025 include Optum eliminations of $1,503 and $1,191; and corporate eliminations of $39,648 and $41,712, respectively. Optum and consolidated revenues for the six months ended June 30, 2026 and 2025 include Optum eliminations of $2,724 and $2,302; and corporate eliminations of $77,941 and $80,639, respectively.

(b)

See page 16 for description of non-GAAP measures.

(c) Prior period amounts have been recast to reflect the realignment of Optum Financial. Note: See end notes for further information regarding non-GAAP adjustments.

UNITEDHEALTH GROUP

EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION

(in millions, except percentages; unaudited)

  Optum

UnitedHealth
Group
Consolidated

UnitedHealthcare

Optum
Health (b)

Optum
Insight (b)

Optum
Rx

Total
Optum

Three Months Ended June 30, 2026

Earnings from operations

$3,942

$1,190

$1,369

$1,490

$4,049

$7,991

Net portfolio divestitures and South American impacts (1)

—

35

4

—

39

39

Restructuring and other (2)

—

(51)

—

—

(51)

(51)

Adjusted earnings from operations (a)

$3,942

$1,174

$1,373

$1,490

$4,037

$7,979

Operating margin

4.6 %

5.1 %

25.3 %

3.9 %

6.2 %

7.1 %

Adjusted operating margin (a)

4.6 %

5.0 %

25.4 %

3.9 %

6.1 %

7.1 %

Three Months Ended June 30, 2025

Earnings from operations

$2,075

$429

$1,205

$1,441

$3,075

$5,150

Operating margin

2.4 %

1.7 %

23.0 %

3.7 %

4.6 %

4.6 %

Six Months Ended June 30, 2026

Earnings from operations

$9,636

$2,331

$2,332

$2,682

$7,345

$16,981

Net portfolio divestitures and South American impacts (1)

—

341

(524)

(8)

(191)

(191)

Restructuring and other (2)

—

(186)

339

—

153

153

Adjusted earnings from operations (a)

$9,636

$2,486

$2,147

$2,674

$7,307

$16,943

Operating margin

5.6 %

4.9 %

22.2 %

3.6 %

5.7 %

7.6 %

Adjusted operating margin (a)

5.6 %

5.2 %

20.5 %

3.6 %

5.6 %

7.6 %

Six Months Ended June 30, 2025

Earnings from operations

$7,301

$1,840

$2,369

$2,759

$6,968

$14,269

Operating margin

4.3 %

3.7 %

23.1 %

3.7 %

5.3 %

6.5 %

UNITEDHEALTH GROUP

PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION

(unaudited)

UnitedHealthcare Customer Profile

(in thousands)

  People Served

June 30, 2026

March 31, 2026

December 31, 2025

June 30, 2025

Commercial:

Risk-based

7,655

7,725

8,165

8,440

Fee-based

22,265

22,340

21,485

21,530

Total Commercial

29,920

30,065

29,650

29,970

Medicare Advantage

7,565

7,555

8,445

8,350

Medicaid

6,780

7,160

7,380

7,490

Medicare Supplement (Standardized)

4,260

4,270

4,285

4,305

Total Community and Senior

18,605

18,985

20,110

20,145

Total UnitedHealthcare - Medical

48,525

49,050

49,760

50,115

Supplemental Data

Medicare Part D stand-alone

2,710

2,740

2,770

2,800

South American businesses held for sale

1,145

1,160

1,160

1,165

Optum Performance Metrics

  June 30, 2026

March 31, 2026

December 31, 2025

June 30, 2025

Optum Health Consumers Served (in millions) (a)

93

93

92

95

Optum Rx Quarterly Adjusted Scripts (in millions)

387

383

424

414

UNITEDHEALTH GROUP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in millions, except per share data; unaudited)

Adjusted Net Earnings Per Share

  Three Months Ended
June 30,

Six Months Ended
June 30,

Projected
Year Ended
December 31,

2026

2025

2026

2025

2026

Net earnings attributable to UnitedHealth Group common shareholders

$5,484

$3,406

$11,764

$9,698

> $16,750

Intangible amortization

346

409

680

826

~1,345

Net portfolio divestitures and South American impacts (1)

100

—

(58)

—

~(35)

Restructuring and other (2)

(51)

—

153

—

~(50)

Tax effect of adjustments

(87)

(99)

(169)

(201)

~(285)

Adjusted net earnings attributable to UnitedHealth Group common shareholders

$5,792

$3,716

$12,370

$10,323

> $17,725

Diluted earnings per share

$6.04

$3.74

$12.94

$10.61

$18.45 to $18.95

Intangible amortization per share

0.38

0.45

0.75

0.90

~1.50

Net portfolio divestitures and South American impacts per share

0.11

—

(0.06)

—

~(0.05)

Restructuring and other per share

(0.06)

—

0.17

—

~(0.05)

Tax effect of adjustments per share

(0.09)

(0.11)

(0.19)

(0.22)

~(0.35)

Adjusted diluted earnings per share

$6.38

$4.08

$13.61

$11.29

$19.50 to $20.00

More News From UnitedHealth Group

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UnitedHealth Group on Thursday posted second-quarter earnings that blew past estimates and raised its full-year profit outlook, as the company better manages high medical costs and uses AI to help streamline operations. 

The largest private insurer in the U.S. said it expects 2026 adjusted earnings of $19.50 to $20 per share, up from a previous outlook of more than $18.25 per share. UnitedHealth is maintaining its full-year revenue guidance of greater than $439 billion. But CFO Wayne DeVeydt said in an interview that he expects the company to "do better than that" given the second-quarter beat. 

Still, he said medical costs in the quarter remained "elevated over historical levels" – an issue that has dogged the broader insurance industry for more than two years.

"These results are not a reflection of trend bending or coming under control, but rather our efforts to start pushing down what is already an elevated number," DeVeydt said. 

Here's what the company reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $6.38 adjusted vs. $4.90 expectedRevenue: $112.03 billion vs. $110.85 billion expectedThe company's stock jumped about 7% in premarket trading.

UnitedHealth's turnaround plan is gaining momentum following restructuring and an executive shuffle designed to counter challenges in the industry. The healthcare giant is working to stabilize margins by shrinking membership, exiting unprofitable contracts and pouring $1.5 billion into artificial intelligence to streamline operations. 

DeVeydt said the company is using AI to improve both efficiency and patient care. For example, AI is helping speed up processes like prior authorizations and improve payment accuracy by detecting potential fraud, waste and abuse. That can help lower costs while improving patient care. AI tools are not determining whether care is approved or denied, he said. 

"I would say the turnaround, and I would emphasize that on our culture, it's really happening … that turnaround is translating to strong, strong earnings," DeVeydt told reporters. "So it shows that when we can do things the way we think they should be done, that we can be both a solution and be profitable."

But he emphasized that the turnaround is a "multi-year journey."

The company posted second-quarter net income of $5.48 billion, or $6.04 per share, compared with $3.41 billion, or $3.74 per share, in the same period a year ago. Excluding items like business divestitures, restructuring and the expected reduction of reserves for unprofitable contracts, UnitedHealth earned $6.38 per share.

Revenue climbed to $112.03 billion from $111.62 billion in the prior-year quarter. The company's insurer, UnitedHealthcare, and its Optum health-care unit both topped analysts' sales estimates for the quarter, according to StreetAccount. 

UnitedHealth said rising healthcare costs are forcing insurers to raise premiums and adjust benefits, which is contributing to membership losses in both ACA exchange plans and privately run Medicare Advantage plans. The company said revenue has remained stable because higher pricing is offsetting the decline in enrollment.

But DeVeydt said that dynamic "is not a good thing for the system long term."

UnitedHealthcare served 48.5 million people in the second quarter, down 525,000 from the previous quarter. DeVeydt attributed membership declines largely to affordability pressures driven by higher healthcare costs, forecasting a loss of roughly 500,000 ACA exchange members and 1.1 million Medicare Advantage members in 2026.

Insurers, particularly those that run Medicare Advantage plans, have been pinched by an influx of people seeking care they delayed post-pandemic and high-cost specialty drugs like GLP-1s, among other factors. 

But UnitedHealth's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — came in at 86.7% for the second quarter. That's an improvement from the 89.4% reported in the year-earlier period. A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.

Analysts were expecting a ratio of 88.5% for the quarter, according to StreetAccount.

The results come about a year after UnitedHealth revealed it is facing Department of Justice investigations over its Medicare billing practices.

DeVeydt said the company has no updates but continues to be "supportive" of the probe.

The health insurance giant raised its profit guidance for the second time this year

The healthcare giant posts better-than-expected second-quarter earnings and hikes its full-year guidance.