Analyst question
Analyst · earnings call
The Payer Record · UNH · Q2 2026
UnitedHealth Group Incorporated Q2 2026 — the filed record
Source Statements — No Public Why FoundManagement is quoted · no explanatory analyst or media source was found
Analyst question
Analyst · earnings call
“Do you feel like you’re going to do obviously better than that this year?”
Sourced Takeaways5 takeaways · every bullet sourced
- Revenue was $112.0B; versus $111.6B a year earlier; +0.4% YoY.Filed8-K 2026-07-16 · P.4
- Medical care ratio was 86.7%; versus 89.4% a year earlier; -2.7pp YoY.Filed8-K 2026-07-16 · P.4
- Adjusted EPS was $6.38; versus $4.08 a year earlier; +56.4% YoY.Filed8-K 2026-07-16 · P.16
- Diluted EPS (GAAP) was $6.04; versus $3.74 a year earlier; +61.5% YoY.Filed8-K 2026-07-16 · P.9
- Earnings from operations was $8.0B; versus $5.2B a year earlier; +55.2% YoY.Filed8-K 2026-07-16 · P.4
The NumbersReported · published precision · every figure sourced
| Metric | Q2 2026 | Prior yr | YoY | FY Guide |
|---|---|---|---|---|
| Revenue | $112.0B | $111.6B | +0.4% | — |
| Medical care ratio incl. $860M PPD | 86.7% | 89.4% | -2.7pp | — |
| Adjusted EPS beat ~$4.91 cons. | $6.38 | $4.08 | +56.4% | — |
| Diluted EPS (GAAP) | $6.04 | $3.74 | +61.5% | — |
| Earnings from operations | $8.0B | $5.2B | +55.2% | — |
| Operating cost ratio | 12.7% | 12.3% | +0.4pp | — |
| Medicare Advantage members -965K since YE25 | 7.57M | 8.35M | -9.4% | — |
| Medicare & Retirement revenue | $42.4B | $42.6B | -0.5% | — |
| FY26 medical care ratio guide 88.8% ±50bp at Jan 27; Q1 did not restate | 88.1% | 88.8% | -0.7pp | 88.1% ±25bp |
| FY26 GAAP EPS guide Jan 27 baseline >$17.10 | $18.45–$18.95 | >$17.35 | — | Raised |
| FY26 adjusted EPS guide Jan 27 baseline was >$17.75 | $19.50–$20.00 | >$18.25 | — | Raised |
CMS ROWS ARE GROUND TRUTH, INDEPENDENT OF COMPANY REPORTING · PRECISION PER BRAND SPEC
Guidance Language DeltaQ1 2026 outlook (Apr 21) → Q2 2026 outlook (Jul 16)
Q1 2026 outlook (Apr 21)
Full year 2026 adjusted net earnings of greater than $18.25 per share, and diluted net earnings of greater than $17.35 per share. The Q1 release did not restate a medical care ratio band.
UNH Q1 2026 earnings release, Apr 21 2026 · p.1 and p.16 (Form 8-K dated 2026-04-21)
Q2 2026 outlook (Jul 16)
Adjusted earnings per share of $19.50 to $20.00 and diluted earnings per share of $18.45 to $18.95, with a medical care ratio of 88.1% plus or minus 25 basis points.
UNH Q2 2026 earnings release, Jul 16 2026 · p.1 and p.6 outlook table (Form 8-K dated 2026-07-16)
Initial FY 2026 outlook, set Jan 27, 2026
Adjusted earnings per share of greater than $17.75, with a medical care ratio of 88.8% plus or minus 50 basis points.
UNH Q2 2026 earnings release, Jul 16 2026 · p.6 outlook table, column 'As of January 27, 2026'
Thread Postings3 threads advanced
Margin
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Structure
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Enforcement
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The DocumentsEverything this record is built from
Full call, speaker-attributed, auto-segmented from the third-party feed with Tally's margin notes. UNH publishes no Q&A transcript on its own IR site, so this is the only place to read the exchanges.
70 turns
The reported numbers at published precision. MCR and the $860M development on p.4; segment and membership detail p.5, p.14.
17 PP.
People served by line. Medicare Advantage 7.565M — the source for the -9.4% YoY and -965K since year-end.
P.14
Reserve roll-forward to size the prior-period development, plus DOJ investigation disclosure. Files within days of the call.
PENDING
Ground-truth MA enrollment by county — the WS1 join to confirm where the 965K exits landed and who is absorbing them.
PENDING