UnitedHealth Group reported Q3 2026 GAAP EPS of $4.56 (adjusted $4.69), beating consensus of $2.26 by 107.4%, and revenue of $112.7B vs $112.34B consensus. The company raised full-year 2026 adjusted EPS guidance to at least $20.50 from the prior range of $19.50-$20.00, driven by strong medical cost management (MCR improved to 88.4% from 89.9% YoY) and operating cost ratio improvement to 12.8% from 13.5% YoY. Revenue declined 0.4% YoY due to membership contraction in Medicare Advantage and Optum Health, but earnings from operations surged 52% YoY to $6.6B.
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Executive Summary
UnitedHealth Group reported Q3 2026 GAAP EPS of $4.56 (adjusted $4.69), beating consensus of $2.26 by 107.4%, and revenue of $112.7B vs $112.34B consensus. The company raised full-year 2026 adjusted EPS guidance to at least $20.50 from the prior range of $19.50-$20.00, driven by strong medical cost management (MCR improved to 88.4% from 89.9% YoY) and operating cost ratio improvement to 12.8% from 13.5% YoY. Revenue declined 0.4% YoY due to membership contraction in Medicare Advantage and Optum Health, but earnings from operations surged 52% YoY to $6.6B.
Key Facts
- Q3 2026 GAAP EPS $4.56 vs $2.59 YoY; adjusted EPS $4.69 vs $2.92 YoY
- Revenue $112.7B vs $113.2B YoY (-0.4%)
- Full-year 2026 adjusted EPS guidance raised to at least $20.50 from $19.50-$20.00
- Medical cost ratio improved to 88.4% from 89.9% YoY
- Operating cost ratio improved to 12.8% from 13.5% YoY
- Earnings from operations $6.6B vs $4.3B YoY (+52%)
- Cash flows from operations $5.1B in Q3; $25.1B YTD
- UnitedHealthcare served 48.3M members, down 1.8M YoY
- Optum Health revenue declined 10% YoY due to fewer value-based care patients
- Company repurchased $5.0B of stock and paid $6.2B in dividends YTD
Financial Impact
EPS beat consensus by $2.43 (107.4%); guidance raised by $0.50+ turns; revenue in line; operating margin expansion of ~52% YoY
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000731766-26-000255 |
| Document: uhgearnings_q32026vfinal.htm | 0000731766-26-000255 |
| Document: unh-20261013.htm | 0000731766-26-000255 |
| Document: 0000731766-26-000255-index-headers.html | 0000731766-26-000255 |
| Document: 0000731766-26-000255-index.html | 0000731766-26-000255 |
| Document: 0000731766-26-000255.txt | 0000731766-26-000255 |
| 8-K Data (Synthetic) | 0000731766-26-000255 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | Institutional Cluster | $417.00 $424.98 | ▲ +1.91% | ▲ +3.09% | $410.39 (−1.59%) |
Oct 13, 2026 14d ago | 8-K | $377.76 $395.62 | ▲ +4.73% | ▲ +5.81% | $410.39 (+8.64%) |
Sep 30, 2026 27d ago | GOVT-CONTRACT | $365.20 $371.90 | ▲ +1.83% | ▲ +1.10% | $410.39 (+12.37%) |
Sep 30, 2026 27d ago | GOVT-CONTRACT | $365.20 $371.90 | ▲ +1.83% | ▲ +1.10% | $410.39 (+12.37%) |
Sep 30, 2026 27d ago | GOVT-CONTRACT | $365.20 $371.90 | ▲ +1.83% | ▲ +1.10% | $410.39 (+12.37%) |
Sep 17, 2026 5w ago | GOVT-CONTRACT | $376.90 $377.56 | ▲ +0.18% | ▼ −1.38% | $410.39 (+8.89%) |
Sep 11, 2026 6w ago | Court Ruling | $383.55 $375.93 | ▼ −1.99% | ▼ −1.53% | $410.39 (+7.00%) |
Sep 8, 2026 7w ago | 8-K | $393.06 $388.28 | ▼ −1.22% | ▼ −0.62% | $410.39 (+4.41%) |
Sep 1, 2026 8w ago | Court Ruling | $397.21 $398.49 | ▲ +0.32% | ▼ −0.73% | $410.39 (+3.32%) |
Aug 26, 2026 8w ago | GOVT-CONTRACT | $395.05 $392.95 | ▼ −0.53% | ▼ −0.30% | $410.39 (+3.88%) |
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