UnitedHealth recorded revenue of US$111.7 billion in the first quarter of 2026, up from US$109.6 billion in the same period in 2025 and above FacSet’s estimate of US$109.4 billion. Operating profit was US$9.0 billion in the quarter. The net profit attributed to the group’s shareholders in the period was US$6.28 billion, a decrease compared to the US$6.29 billion for the same period in 2025.
Adjusted earnings per share were $7.23, beating the FactSet estimate of $6.58. For 2026, UnitedHealth projects adjusted net income of more than $18.25 per share, compared to a previous projection of $17.75.
Before taxes, the result was US$7.963 billion. The net margin was 5.6%, slightly below the 5.7% a year earlier. The group’s operating margin was 8.3%. Operating cash generation was US$8.9 billion, equivalent to 1.4 times net profit. Leverage measured by the debt-to-equity ratio fell to 42.9% on March 31, 2026, from 44.6% in the first quarter of 2025.
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In the medical cost ratio indicator, which measures how much of the revenue goes to healthcare expenses, the index was 83.9%, a reduction of 0.9 percentage points compared to the first quarter of 2025 (84.8%). The operating cost index rose to 13.8%, compared to 12.4% a year earlier.
In Optum, the services, technology and pharmacy division, Optum Health recorded revenue of US$24.1 billion, down 3%, and operating profit of US$1.1 billion, with a margin of 4.7%. Optum Insight had revenue of $5.1 billion and operating profit of $1.0 billion, down from $1.2 billion a year earlier. Optum Rx, a pharmaceutical services company, had revenue of US$35.7 billion, an annual increase of 2%, and operating profit of US$1.2 billion, compared to US$1.3 billion.
The company’s shares rose 7.2% in the pre-market on the NY Stock Exchange at around 8:12 am (Brasília time).
