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UnitedHealth Tops Q3 Earnings Expectations and Raises Full-Year Outlook

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UNH$377.68 −0.22%

UnitedHealth Group Incorporated (NYSE:UNH) delivered stronger-than-expected third-quarter financial results and raised its full-year profit outlook for 2026. The healthcare company reported adjusted earnings of $4.69 per share, topping Wall Street expectations of $4.12 per share. Quarterly revenue reached $112.7 billion, exceeding consensus estimates of $111.31 billion, even as overall revenue fell 0.4% from $113.2 billion in the same period last year.

The company's bottom-line performance was boosted by reduced medical costs. UnitedHealth's medical care ratio, which tracks the portion of premiums spent on patient care, decreased to 88.4% from 89.9% a year prior. Thanks to these margin improvements, management increased its full-year adjusted profit forecast to $20.50 per share, up from the previous projection of $19.50 to $20.00 per share.

Despite the strong quarterly profitability, the insurer continues to navigate headwinds in its core operations. Membership in Medicare Advantage plans has decreased by 935,000 enrolled individuals since late 2025. Moving forward, observers will watch how effectively the firm controls healthcare spending while working to stabilize its subscriber base.

Key points

  • UnitedHealth Group reported Q3 adjusted earnings of $4.69 per share, exceeding estimates of $4.12 per share.
  • Quarterly revenue reached $112.7 billion, beating consensus estimates despite falling 0.4% year-over-year.
  • The company raised its 2026 adjusted earnings forecast to $20.50 per share from its previous $19.50-$20.00 range.
  • The medical care ratio dropped to 88.4% from 89.9% a year earlier as patient care costs eased.
  • Medicare Advantage membership has declined by 935,000 enrollees since the end of 2025.

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Questions and answers

What were UnitedHealth Group Q3 earnings for 2026?

UnitedHealth Group reported adjusted earnings of $4.69 per share for the third quarter, beating analyst estimates of $4.12 per share. Revenue came in at $112.7 billion, above expectations of $111.31 billion.

Why did UnitedHealth raise its full-year profit forecast?

UnitedHealth raised its full-year adjusted earnings guidance to $20.50 per share due to easing medical costs. Its medical care ratio improved to 88.4% from 89.9% in the prior-year period.

How many Medicare Advantage members did UnitedHealth lose?

UnitedHealth reported that Medicare Advantage enrollment has fallen by 935,000 members since the end of 2025.