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Sep 30
UnitedHealth Q3 2025 Earnings Report
UnitedHealth reported strong Q3 2025 results with revenue growth and raised full-year guidance despite continued cost pressures.
Key Takeaways
UnitedHealth Group delivered solid performance in Q3 2025, posting $113.2 billion in revenue and raising its full-year earnings outlook. While operating and net income declined compared to the prior year due to medical cost pressures, key segments like Optum Rx and UnitedHealthcare grew steadily.
Raised FY2025 EPS guidance to at least $14.90 (adj. EPS: $16.25).
Revenue reached $113.2 billion, up from $100.8 billion last year.
Operating income dropped to $4.315 billion due to medical cost trends and Medicare funding cuts.
UnitedHealthcare grew to 50.1M consumers, up 795,000 YoY.
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UnitedHealth Revenue by Segment
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CapyFin.com Forward Guidance
UnitedHealth raised its full-year 2025 EPS outlook to at least $14.90 (adjusted: $16.25), citing strong revenue performance and stabilized core trends despite headwinds in Medicare and elevated utilization.
Positive Outlook
- Raised 2025 EPS guidance to at least $14.90 (adj. $16.25)
- Revenue growth of 12% YoY in Q3 2025
- Strong performance from Optum Rx with 16% YoY growth
- Cash from operations was 2.3x net income
- Medical reserve development favorable by $80 million
Challenges Ahead
- Operating income dropped 50% YoY
- Net income declined to $2.35 billion from $6.05 billion YoY
- Elevated medical cost trend affected margins
- Continued Medicare reimbursement pressure
- Optum Health margin fell to 1% vs 8.3% YoY