UNITEDHEALTH GROUP (UNH) Company Report

Dr. Scott Gottlieb, former FDA commissioner (2017–2019), joins UnitedHealth Group’s board effective November 18, 2025
Gottlieb brings expertise in health policy, patient safety and pharmaceutical markets to support the company’s integrated healthcare strategy
Appointment is part of a leadership overhaul amid a 36% stock price decline and follows the hiring of new CFO Wayne DeVeydt
CEO Stephen J. Hemsley highlights Gottlieb’s role in advancing a technology-supported, integrated healthcare approach to bolster investor confidence

4 days ago

Morningstar

UnitedHealth Group reports Q3 2025 results

UNH

Earnings

Guidance Update

Adjusted EPS of $2.92 on $113 billion revenue (+12% YoY); ended Q3 with >50 million domestic lives (YTD +780k) and 89.9% medical care ratio, 13.5% operating cost ratio, generating $5.9 billion cash flow; debt-to-capital at 44.1% after $3.4 billion Amedisys deal.
Paused share buybacks and M&A, targeting debt-to-capital ~40% by H2 2026; anticipate reinstating capital returns later next year.
UnitedHealthcare repriced risk businesses for 2026 margin growth, foresees ~1 million MA membership contraction to boost margins; Medicare margins breakeven in 2025, expected to decline further in 2026 absent funding changes.
Optum Health refocusing on value-based care, narrowing networks and exiting ~200k PPO lives, aiming for just under 3% margin in 2025, with improvement in 2026 and targets of 6–8% by 2027; Optum Insight and Rx emphasize AI-first platforms and double-digit pharmacy growth.
Announced low single-digit billion non-GAAP, largely non-cash charge for international and restructuring actions; full 2026 guidance to be provided with Q4 results in January.

Oct 28, 2025, 12:00 PM

Transcript

UnitedHealth Group outlines Q3 2025 performance and 2026 outlook

UNH

Earnings

Guidance Update

New Projects/Investments

UnitedHealth Group announced leadership and operational improvements, including repricing actions aimed at driving margin growth in 2026 and returning to double-digit earnings growth from 2027.
UnitedHealthcare repriced most risk businesses, forecasting full-year 2025 Medicare Advantage medical cost trend of 7.5% and adopting a 10% trend assumption for 2026, with an expected 1 million member contraction in Medicare Advantage.
Optum Health is refocusing on value-based care by narrowing networks and exiting 200 000 PPO lives, anticipating approximately 10% membership decline in 2026 before growth resumes.
Optum Health’s margins are projected at just under 3% for 2025 with improvement in 2026; Optum Rx delivered double-digit revenue growth and has 85% of customers on full rebate pass-through arrangements.
The CFO highlighted a $6 billion V28 headwind, accelerated investments in AI, Optum Health and Optum Insight, a return to normalized tax rates in 2026, debt reduction, and repricing tailwinds to support earnings recovery.

Oct 28, 2025, 12:00 PM

Transcript

UnitedHealth Group reports Q3 2025 results and provides 2026 outlook

UNH

Earnings

Guidance Update

Product Launch

UnitedHealth delivered Q3 adj. EPS of $2.92 and $113 B in revenue (+12% YoY), with a medical care ratio of 89.9% and investments of $450 M in employee incentives and philanthropy.
UnitedHealthcare repriced most risk businesses for 2026, projects a Medicare Advantage medical cost trend of ~10%, expects ~1 M MA membership contraction, and aims for margin recovery by 2027.
Optum Health is refocusing on value-based care, narrowing provider networks, exiting ~200 K lives, anticipating ~10% membership decline in 2026, and targeting long-term margins of 6–8%.
CFO Wayne DeVeydt plans to reduce the debt-to-capital ratio to ~40% by H2 2026, pause share buybacks until then, and expects 2025 operating cash flow of ~$16 B, with formal 2026 guidance in January.

Oct 28, 2025, 12:00 PM

Transcript

UnitedHealth Group raises 2025 profit forecast after Q3 beat

UNH

Earnings

Guidance Update

Adjusted EPS of $2.92 in Q3 exceeded analyst estimates, signaling improved cost controls and a turnaround after prior challenges.
Raised full-year 2025 adjusted EPS guidance to at least $16.25, above Wall Street expectations.
Q3 net income fell to $2.35 billion from $6.05 billion a year ago due to higher costs in government-subsidized programs.
Optum Rx revenue grew 16% to $39.7 billion, while Optum health services revenue was flat at $25.9 billion.
Medical loss ratio remained at 89.9%, in line with forecasts, highlighting improved cost discipline but above target levels.

Oct 28, 2025, 10:03 AM

Bloomberg

UnitedHealth Group reports Q3 2025 results

UNH

Earnings

Guidance Update

UnitedHealth Group reported Q3 2025 consolidated revenues of $113.2 billion, up 12% year-over-year, with earnings from operations of $4.3 billion; GAAP EPS of $2.59 and adjusted EPS of $2.92
The UnitedHealthcare segment saw revenues grow 16% to $87.1 billion, serving 50.1 million consumers, while Optum revenues rose 8% to $69.2 billion
Operating cash flows were $5.9 billion (2.3x net income), and the debt-to-capital ratio was 44.1% as of September 30, 2025
UnitedHealth Group raised its full-year 2025 EPS outlook to at least $14.90 (GAAP) and $16.25 (adjusted)

Oct 28, 2025, 10:02 AM

8-K

UnitedHealth Optum CFO Transition

UNH

CFO Change

Management Change

Guidance Update

Roger Connor will step down as Optum CFO on November 1 to return to the UK for family reasons but will remain until April to ensure a smooth handover.
Ben Eklo, a nearly 20-year UnitedHealth veteran, will assume the Optum CFO role starting November 1.
Optum oversees over $250 billion in annual revenue and is projected to deliver $266–267.5 billion in revenue and $12.55–12.85 billion in operating earnings for 2025.
This CFO change follows broader management shakeups amid a cyberattack, rising medical costs, and the abrupt CEO departure of Andrew Witty.

Oct 23, 2025, 6:13 PM

Bloomberg

UnitedHealth acquires 45-doctor Massachusetts primary care group

UNH

M&A

New Projects/Investments

UnitedHealth’s Optum division, through Atrius Health, acquired Acton Medical Associates, a 45-physician primary care group near Boston to expand its care network.
The deal reflects Optum’s strategy to diversify services and strengthen healthcare delivery despite a $6.6 billion earnings shortfall reported earlier in 2025.
Acton Medical, founded in 1955, joins Atrius Health’s network of 700+ providers serving 749,000 patients in the Boston area.
UnitedHealth insures approximately 51 million members globally, including 1 million outside the U.S., underscoring its market leadership.

Oct 9, 2025, 9:03 PM

Bloomberg

UnitedHealth Group under shareholder investigation for data firewall claims

UNH

Legal Proceedings

M&A

Bragar Eagel & Squire is investigating potential claims against UnitedHealth on behalf of long-term stockholders who held shares between March 14, 2022 and February 27, 2024.
The complaint alleges UnitedHealth misrepresented its post-merger “robust firewall processes” between Optum and UnitedHealthcare after acquiring Change Healthcare.
On February 27, 2024, the DOJ reopened its antitrust probe, triggering a $27 per-share drop and erasing nearly $25 billion in market value.
Affected investors can contact Bragar Eagel & Squire at no cost to discuss their legal rights.

Oct 8, 2025, 7:04 PM

Press Release

UnitedHealth Group launches 2026 Medicare Advantage plans

UNH

Product Launch

UnitedHealthcare unveiled its 2026 Medicare Advantage plans, available to 94% of Medicare-eligible individuals, maintaining its position as the nation’s largest MA carrier.
Plans feature $0 premiums, $0 copays for preventive and primary care visits and Tier 1 prescriptions, plus dental, vision, hearing and gym benefits not available under Original Medicare.
Offerings include expanded access to HMO plans for 92% of beneficiaries, D-SNPs for ~80% of dual eligibles and C-SNPs tailored to chronic conditions serving over 46 million eligible individuals.
Prescription benefits provide $0 copays on Tier 1 drugs at any network pharmacy, $0 Tier 2 copays via Optum Home Delivery, with 93% experiencing stable or lower Tier 2 copays at retail.

Oct 1, 2025, 12:30 PM

Press Release

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