UnitedHealth Group beat Wall Street's forecasts for the third quarter and raised its outlook for 2026, as the health insurance giant's medical costs came in lower than expected. Adjusted earnings were $4.69 a share, above estimates of about $4.12, on revenue of $112.7 billion, the company said on Tuesday, October 13, 2026.
The company now expects full-year adjusted earnings of at least $20.50 a share, up from a range of $19.50 to $20.
UnitedHealth Q3 2026 results at a glance
| Q3 2026 | Analyst estimate | Q3 2025 | |
|---|---|---|---|
| Revenue | $112.7bn | ~$111.0bn–$111.5bn | — |
| Adjusted EPS | $4.69 | ~$4.12–$4.14 | — |
| Reported EPS | $4.56 | — | $2.59 |
| Medical care ratio | 88.4% | ~89.9% | ~89.9% |
| Operating margin | 5.8% | — | 3.8% |
| People served (UnitedHealthcare) | 48.3m | ~48.6m | ~50.1m |
From UnitedHealth's results as reported by XTB and Stocktwits; estimate ranges reflect different analyst surveys.
What is UnitedHealth's new 2026 guidance?
| Old guidance | New guidance | |
|---|---|---|
| Adjusted EPS | $19.50 – $20.00 | at least $20.50 |
| Reported EPS | $18.45 – $18.95 | at least $19.50 |
Why did UnitedHealth beat?
Medical costs eased. The medical care ratio, the share of premiums paid out for members' care, fell to 88.4% from about 89.9%. For an insurer, a lower ratio means more of each premium dollar is left as profit.
Chief executive Stephen Hemsley credited "discipline and execution" across the business.
Both main businesses grew more profitable:
- UnitedHealthcare, the insurance arm, brought in $86.3 billion in revenue, slightly less than a year earlier, but its operating earnings rose to $2.8 billion from $1.8 billion.
- Optum, the health services, pharmacy and data arm, posted revenue of about $66.9 billion, slightly ahead of forecasts.
What was the weak spot?
Membership. UnitedHealthcare served 48.3 million people, down from about 50.1 million a year earlier and slightly below the 48.6 million analysts expected, according to XTB. The company has been pulling back from less profitable plans as it tries to restore margins.
How did UnitedHealth stock react?
Shares jumped as much as 4.5% before the opening bell and were up nearly 3% during the session. XTB noted the stock remains about 40% below its all-time high, after a steep fall in 2025.
This is not investment advice.
What does it mean for members?
UnitedHealthcare is the country's largest Medicare Advantage insurer, and Medicare open enrollment runs from October 15 to December 7. Some Advantage plans across the industry are leaving areas or trimming benefits such as dental coverage for 2027.
If you're a member, read your plan's Annual Notice of Change and compare options. Our Medicare open enrollment guide explains what is changing.
What to watch
Rival insurers report results over the coming weeks. Investors will look for whether lower medical costs are an industry-wide trend or specific to UnitedHealth, and how 2027 Medicare Advantage payment rates and enrollment shape next year.
Published Monday, October 19, 2026. This article is for information only and is not investment advice.
