TLDR
- UnitedHealth reported second-quarter adjusted EPS of $6.38, beating analyst estimates of $4.91.
- Revenue was $112 billion, above Wall Street expectations of $110.8 billion
- Full-year adjusted earnings guidance was raised to $19.50-$20.00 per share
- The medical cost ratio improved to 86.7%, after it was 89.4% a year ago
- Shares of competing health insurance companies Humana, Centenary, and Molina also rose in pre-market trading
UnitedHealth Group stock jumped nearly 7% in premarket trading Thursday after the company reported second-quarter results that beat estimates across the board and raised its full-year forecast.
UnitedHealth Group Incorporated, United Nations
Adjusted earnings were $6.38 per share, beating analyst consensus by $4.85-$4.91. That’s a win of more than $1.50 per share – not a small loss in the wrong direction.
Revenue reached $112 billion for the quarter, beating the $110.8 billion Wall Street had expected. This compares to $111.6 billion in the same quarter of last year.
Breaking: UnitedHealth stock, $ United Nationsrose more than 8% after achieving stronger-than-expected profits in the second quarter.
The stock is now officially up more than 75% since its March 27 bottom. pic.twitter.com/csc1kAX4NL
– Al Qubaisi Letter (@KobeissiLetter) July 16, 2026
The company’s medical cost ratio — the share of premiums paid for medical expenses — fell to 86.7%. This is lower than the 89.4% in the second quarter of 2025 and better than analysts’ expectations of 88.4%. Management said the improvement came from changes in benefit design, better pricing discipline and stronger medical cost management.
Earnings from operations were $8.0 billion, up from $5.2 billion in 2Q25.
Steering gets a lift
Against the backdrop of a strong quarter, UnitedHealth It raised its full-year 2026 adjusted earnings guidance to a range of $19.50 to $20.00 per share. The midpoint of $19.75 lies well above the analyst consensus of $18.48-$18.49. The previous indicative minimum was $18.25.
The company also raised its full-year cash flow guidance to about $24 billion, up from its previous target of more than $18 billion.
Cash flows from operations were $11.1 billion in the quarter, or 1.9 times net income. UnitedHealth has already repurchased $4 billion of its stock as of mid-July, and expects to repurchase at least $5 billion for the full year.
Sector results
UnitedHealthcare It served 48.5 million consumers during the quarter and generated revenue of $86 billion and profit of $3.9 billion. This segment’s operating margin expanded to 4.6%, up from 2.4% in 2Q25.
Optum, the company’s health services arm, generated revenue of $65.7 billion and earnings of $4.0 billion, with 160 basis points of margin expansion year-over-year.
CEO Stephen Hemsley said the results reflect “continued progress in our work to simplify how we work, and improve the affordability and healthcare experience for patients and carers”.
The strong numbers also gave a boost to other health insurers. Humana rose 4.8% in premarket trading, while Centene rose 4.6% and Molina Healthcare added 2.9%.
UnitedHealth’s pre-market gain of about 7% has the stock near $448.50, compared to its previous close of about $418.52.
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