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Jun 30
UnitedHealth Q2 2025 Earnings Report
UnitedHealth reported its Q2 2025 results with increased revenue but significantly lower profit due to discrete impacts.
Key Takeaways
UnitedHealth's Q2 2025 revenue grew to $111.6B, but net income dropped as the company faced $1.2B in discrete costs. EPS came in at $3.74 and adjusted EPS at $4.08. Growth was driven by UnitedHealthcare and Optum segments.
Revenue reached $111.6 billion, up from $98.9 billion in Q2 2024
Net income fell to $3.41 billion due to $1.2 billion in unfavorable items
Adjusted EPS was $4.08, down from $6.80 last year
Medical cost ratio rose to 89.4% from 85.1% YoY
UnitedHealth
UnitedHealth
UnitedHealth Revenue by Segment
UnitedHealth Revenue by Geographic Location
Revenue by Segment
Premiums Revenue
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CapyFin.com Forward Guidance
UnitedHealth reestablished full-year guidance with expectations of $445.5B–$448.0B revenue and adjusted EPS of at least $16.00, reflecting higher care trends and reduced earnings outlook.
Positive Outlook
- Full-year revenue guided to $445.5B–$448.0B
- Adjusted EPS expected at least $16.00
- Optum Insight backlog stable at $32.0B
- Operating cost ratio guidance improved to ~12.75%
- Cash flow from operations at $7.2B in Q2
Challenges Ahead
- Medical cost ratio expected to remain elevated at ~89.25%
- Q2 impacted by $1.2B in discrete costs
- Optum Health revenue declined 7% YoY
- Net earnings outlook lowered to at least $14.65/share
- Profitability impacted by Medicare funding reductions and cost trends