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UnitedHealth Group
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Latest analysis
Updated Nov 3, 2026
UnitedHealth Group Q3 2026: MCR improves 150bps YoY to 88.4% as earnings from operations surge 52% despite 1.8M member decline
UnitedHealth Group's Q3 2026 10-Q reveals a decisive margin recovery: the consolidated medical care ratio fell to 88.4% from 89.9% a year earlier, driven by favorable prior-period reserve development, benefit redesign, and cost management, while earnings from operations rose 52% to $6.6 billion. The improvement came at the cost of scale — total UnitedHealthcare medical membership declined by 1.825 million year-over-year, with Medicare Advantage, risk-based commercial, and Medicaid all contracting 10% each. Management's explicit acknowledgment that the 2027 MA rate Final Notice 'remains below' forward medical cost trend, and an ongoing timing mismatch between Medicaid acuity and state rates, signals that structural margin pressure in government programs is not resolved.
Tone: mixedRevenue
$447.6B
UNH 10-K · FY 2025
Employees
390,000
Revenue FY2024
$400.3B
Headquarters
Eden Prairie, MN
Profile
UNH 10-K Item 1 · Mar 2, 2026UnitedHealth Group is a diversified health care and well-being company operating through two complementary businesses: Optum, an information and technology-enabled health services platform, and UnitedHealthcare, a full-spectrum health benefits provider. Optum serves patients, payers, providers, employers, governments and life sciences companies through data analytics, pharmacy care services, and value-based care delivery. UnitedHealthcare provides health benefits across employer, individual, Medicare and Medicaid market segments.
Read filing description ↓ Collapse description ↑
UnitedHealth Group Incorporated is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary businesses — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve. The ability to analyze complex data and apply deep health care expertise and insights allows us to serve patients, consumers, care providers, businesses, communities and governments with more innovative products and complete, end-to-end offerings for many of the biggest challenges facing health care today. Optum seeks to create a higher-performing, value-oriented and more connected approach to health care. Bringing together clinical expertise, technology and data to make care simpler, more effective and more affordable, we seek to advance whole-person health, creating a seamless consumer experience and supporting clinicians with insights to deliver personalized, evidence-based care. Optum serves the broad health care marketplace, including patients and consumers, payers, care providers, employers, governments and life sciences companies, through its Optum Health, Optum Insight and Optum Rx businesses. UnitedHealthcare offers a full range of health benefits, designed to simplify the health care experience and make it more affordable for consumers to access high-quality care. UnitedHealthcare Employer & Individual serves consumers and employers ranging from individuals to large national employers. UnitedHealthcare Medicare & Retirement delivers health and well-being benefits to seniors and other Medicare eligible consumers. UnitedHealthcare Community & State serves consumers who are economically disadvantaged, the medically underserved and those without the benefit of employer sponsored health benefits coverage.
Primary products
- Medicare Advantage plans
- Medicare Part D plans
- Medicare Supplement products
- Employer-sponsored health benefits
- Individual and family health plans
- Medicaid managed care
Business segments
End markets
Geographies
Named customers
Premium revenues from CMS represented 44% of UnitedHealth Group's total consolidated revenues for the year ended December 31, 2025, most of which were generated by UnitedHealthcare Medicare & Retirement.
“We compete fundamentally on the quality and value we provide to those we serve, which can include elements such as product and service innovation; use of technology; consumer and provider engagement and satisfaction; and sales, marketing and pricing.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total consolidated revenues increased from $400.3 billion in 2024 to $447.6 billion in 2025, driven by premium revenue growth across UnitedHealthcare segments and expanded Optum Rx product revenues, partially offset by restructuring charges and elevated medical costs.
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