UnitedHealth Group closed 2025 with consolidated revenues of $447.6 billion, a 12% increase from the prior year, driven by double-digit growth in both its benefits and services businesses. Earnings from operations totaled $19.0 billion, reflecting a net margin of 2.7%, while cash flow from operations reached $19.7 billion, or 1.5 times net income. Adjusted earnings from operations, excluding a one-time fourth-quarter charge of $2.878 billion before taxes, were $21.7 billion, and adjusted net earnings per share stood at $16.35 for the full year.

UnitedHealthcare served 49.8 million consumers in 2025, generating revenues of $344.9 billion, up 16% year-over-year, with a 2.7% operating margin. Optum delivered $270.6 billion in revenues, a 7% increase, supporting over 123 million consumers; adjusted earnings from operations for Optum were $12.1 billion. Within Optum, Optum Rx saw revenues climb 16% to $154.7 billion, driven by volume growth and new client wins, while Optum Insight and Optum Health recorded mixed performance amid reimbursement pressures.

For 2026, management targets consolidated revenues exceeding $439.0 billion, a slight decline reflecting divestitures and membership re-baselining, with earnings from operations above $24.0 billion. Adjusted earnings per share are projected to exceed $17.75, and the company expects to move toward a long-term debt-to-capital ratio target of 40%, down from 43.9%. The outlook assumes an insurance medical benefit ratio near 88.8%, implying modest improvement in cost control.

In Q4, UnitedHealth recorded a $1.6 billion net restructuring charge, including $0.8 billion for final cyberattack costs and $2.5 billion for portfolio divestitures and workforce reductions, largely non-cash and excluded from adjusted results. In H2 2025, the company refocused on core markets, strengthened pricing discipline to counter higher medical trends, installed new leadership at Optum, and enhanced transparency through independent business-practice reviews. These measures are designed to underpin more disciplined operations and sustainable growth into 2026 and beyond.