UnitedHealth’s $439B 2026 Revenue Guidance $15B Below Estimates, Targets Slashed
UnitedHealth's Q4 revenue of $113.2B fell below the $113.8B analysts forecast, and full-year 2026 revenue guidance of $439B trails consensus by $15B, marking the first annual revenue decline in over three decades. Mizuho cut its price target to $350 from $430 and Truist lowered its target to $370 from $410.
1. Q4 Earnings Performance
UnitedHealth reported Q4 revenue of $113.2 billion, missing analysts’ $113.8 billion estimate, although earnings beat by one cent per share. The narrow earnings beat did little to offset concerns over slowing top-line momentum as revenue growth decelerated heading into 2026.
2. 2026 Revenue Guidance Shortfall
Management set full-year 2026 revenue guidance at $439 billion, roughly $15 billion below Wall Street projections. If realized, this would mark the company’s first annual revenue decline in more than 30 years, heightening investor scrutiny of growth drivers.
3. Analyst Price Target Adjustments
Following the guidance cut, Mizuho reduced its UnitedHealth price target to $350 from $430 while maintaining an Outperform rating. Truist’s David MacDonald also lowered his target to $370 from $410, citing a slower-than-expected earnings recovery.