UnitedHealth Group reported fourth-quarter adjusted earnings of $2.11 per share, surpassing the consensus forecast of $2.09. Revenue for the period reached $113.2 billion, narrowly trailing analyst expectations of $113.8 billion. The results reflect an operating cost ratio of 13.3%, including a one‐time charge, and a medical care ratio of 89.1% that incorporated a 20-basis‐point negative impact from loss contracts. Despite elevated medical costs from Medicare Advantage patients, the insurer delivered a modest upside to profit estimates, driven by disciplined pricing and tightening of benefit design.

For the full year, consolidated revenues grew 12% to $447.6 billion, while earnings from operations totaled $19.0 billion. Net earnings per share were $13.23, with adjusted net earnings of $16.35 per share. Cash flows from operations amounted to $19.7 billion, representing 1.5 times reported net income. UnitedHealthcare served 49.8 million members, generating $344.9 billion in revenue (up 16%), and Optum posted $270.6 billion in revenue (up 7%), supporting over 123 million consumers. The adjusted medical care ratio rose to 88.9%, and the operating cost ratio remained steady at 12.9%.

The company set 2026 revenue guidance at more than $439 billion, implying a modest decline from 2025 as noncore divestitures and membership reductions reshape the portfolio. It expects earnings from operations to exceed $24 billion and adjusted earnings of at least $17.75 per share. The insurer projects a medical benefit ratio of 88.8% ±50 basis points, reflecting anticipated improvements in underwriting discipline, and aims to restore long‐term revenue growth above historical trends once transitional factors—such as Medicare Advantage coding changes—are absorbed.

During Q4, UnitedHealth took a $1.6 billion net charge (or $1.78 per share) related to cyberattack costs, portfolio divestitures and restructuring actions designed to refocus operations. Key actions in the second half of 2025 included market and product reprioritization, pricing realignment to offset higher medical trend, and leadership changes at Optum to reinforce value‐based care integration. The company also began publishing independent reviews of business practices to enhance transparency and laid groundwork for disciplined growth and margin expansion in 2026 and beyond.