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Dec 31, 2025
UnitedHealth Q4 2025 Earnings Report
UnitedHealth reported its Q4 2025 results with minimal net income due to a significant restructuring charge.
Key Takeaways
UnitedHealth Group posted flat net income in Q4 2025 as a $1.6 billion after-tax charge impacted profitability. Adjusted earnings remained solid, while revenue rose compared to the prior year.
Q4 net income was nearly flat due to a $1.6B restructuring and cyber-related charge.
Adjusted EPS of $2.11 showed solid underlying performance.
Revenue rose to $113.2B in Q4, up from $100.8B the prior year.
Medical and operating cost ratios increased notably in the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, UnitedHealth expects stable revenue above $439 billion, earnings growth, and improved margins across segments.
Positive Outlook
- Adjusted EPS expected to exceed $17.75
- Revenue forecast above $439 billion
- Operating income projected above $24 billion
- Medical cost ratio expected to improve by 30 bps
- Cash flow from operations projected above $18 billion
Challenges Ahead
- Revenue slightly below 2025 due to enterprise right-sizing
- Membership contraction expected in Medicare Advantage
- Optum Health revenue to decline from strategic realignment
- Adjusted operating margin in Optum Health projected at ~1.7%
- Expected drop in total consumers served by Optum Health
Historical Earnings Impact
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Avg. Return Before/After Earnings
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