UnitedHealth Beats Q3 Earnings Estimates and Raises Full-Year 2026 Outlook

UnitedHealth Group Incorporated (UNH) reported third-quarter adjusted earnings of $4.69 per share, beating analyst predictions of $4.14 per share. Revenue reached $112.69 billion, above expectations of $111.49 billion, while operating profit grew to $6.6 billion. Following the results, the company raised its full-year 2026 adjusted earnings outlook to at least $20.50 per share.

The strong quarter underscores a broader recovery for the insurer, whose shares have climbed nearly 17% in 2026 after dropping 33% last year. Performance was supported by growth at its Optum health-services unit, which delivered $3.7 billion in operating profit, as well as an improved medical care ratio of 88.4%. Chief Financial Officer Wayne DeVeydt noted that current Wall Street estimates for 2027 may understate the company's earnings power, pointing to long-term annual growth targets of 13% to 16%.

Investors will monitor cost pressures and enrollment trends in key business areas. Commercial medical cost trends remained above 11% during the quarter, while Medicaid core margins are expected to trough in 2026 before recovering toward target levels by late 2028. Additionally, the company is aiming to expand the share of its Medicare Advantage members enrolled in plans rated four stars or higher to 75%.