UnitedHealth Group (NYSE: UNH) has reported its full year and fourth quarter 2025 results, and issued its 2026 outlook. The company's consolidated revenues for 2025 were $447.6 billion, representing 12% growth year-over-year. Full year 2025 earnings from operations were $19.0 billion, and the net margin was 2.7%. Cash flows from operations were $19.7 billion, or 1.5 times net income.
UnitedHealthcare, which served 49.8 million consumers in 2025, grew revenues by 16% to $344.9 billion. Optum expanded revenues by 7% to $270.6 billion and supported more than 123 million consumers across its businesses.
In terms of earnings, full year and fourth quarter 2025 net earnings were $13.23 and $0.01 per share, while full year and fourth quarter 2025 adjusted net earnings were $16.35 and $2.11 per share.
The reported medical care ratio for 2025 was 89.1%, which included a 20 basis point negative impact from loss contracts. The adjusted medical care ratio was 88.9%, representing an increase of 340 basis points year-over-year. The operating cost ratio was 13.3%, and the adjusted operating cost ratio was 12.9%, which remained flat year-over-year.
In 2026, the company expects its revenue outlook to be greater than $439.0 billion, with earnings from operations greater than $24.0 billion and an adjusted earnings outlook greater than $17.75 per share. The company also expects cash flows from operations to be greater than $18.0 billion.
UnitedHealthcare's full year 2025 revenues of $344.9 billion increased by 16% year-over-year, while earnings from operations were $9.4 billion compared to $15.6 billion in 2024.
Optum's full year 2025 revenues were $270.6 billion, with earnings from operations at $9.5 billion, down from $16.7 billion in 2024.
The company's 2026 outlook reflects a business delivering durable performance improvement and margin expansion through greater operating discipline and precise execution. Among the expectations for 2026 are revenues projected to exceed $439.0 billion, earnings from operations greater than $24.0 billion, and an adjusted medical care ratio expected to be 88.8% +/* 50 basis points.
In 2026, UnitedHealthcare's revenues are expected to be more than $335.0 billion, while Optum's revenues are expected to exceed $257.5 billion. UnitedHealthcare's earnings from operations are expected to be greater than $10.8 billion, and Optum's earnings from operations are expected to be greater than $13.2 billion.
The company's outlook for 2026 is rooted in extensive actions taken in the past six months, including renewed operating disciplines and a deeper commitment to its mission of helping people live healthier lives and improving the health system.
The market has reacted to these announcements by moving the company's shares -2.34% to a price of $331.02. For the full picture, make sure to review UNITEDHEALTH GROUP INC's 8-K report.
