UnitedHealth raises 2026 earnings outlook after second-quarter profit jumps
The insurer beat second-quarter expectations on profit, revenue and medical costs, and said pricing, contract exits and AI investments are helping offset elevated healthcare costs and enrollment declines.
UnitedHealth Group reported second-quarter 2026 results ahead of expectations and raised its full-year adjusted earnings forecast, signaling progress in its turnaround despite persistently elevated medical costs. Net income rose to $5.48 billion, or $6.04 a share, from $3.41 billion, or $3.74 a share, a year earlier, while adjusted earnings were $6.38 a share, above the $4.89 analysts expected. Revenue increased to $112.03 billion from $111.62 billion a year earlier and topped the $110.67 billion consensus estimate. The company lifted its 2026 adjusted earnings outlook to $19.50 to $20 a share from more than $18.25 and maintained revenue guidance of greater than $439 billion. Its medical benefit ratio, or medical care ratio, improved to 86.7% from 89.4% a year earlier and came in below analysts’ expectations of about 88.4% to 88.5%, as pricing, contract exits and operating changes helped cushion claims pressure.
- medical benefit ratio: A measure of medical expenses paid as a share of premiums collected; a lower ratio generally indicates stronger insurance profitability.
- adjusted earnings: A profit measure that excludes certain items to reflect underlying operating performance.
- prior authorizations: Insurer review processes used to approve certain medical treatments or services before they are provided.