UnitedHealth Group Q1 Revenue Up 2% to $111.7 Billion

By Chris Stiles • Tuesday, April 21 14:22 • Permanent Link

UnitedHealth Group reported first-quarter 2026 revenue of $111.7 billion, up 2% from $109.6 billion a year earlier, while earnings from operations were $9.0 billion, slightly below $9.1 billion in the prior-year quarter.

Net margin slipped to 5.6% from 5.7%. Cash flow from operations was $8.9 billion, equal to 1.4 times net income. The debt-to-capital ratio improved to 42.9% at March 31, 2026, from 44.6% a year earlier and 43.9% at the end of 2025.

Medical care ratio improved to 83.9% from 84.8% in the first quarter of 2025, a decline of 90 basis points. Operating cost ratio rose to 13.8% from 12.4%.

UnitedHealthcare revenue increased to $86.3 billion from $84.6 billion, and earnings from operations rose to $5.7 billion from $5.2 billion. Operating margin widened to 6.6% from 6.2%.

Within UnitedHealthcare, Employer & Individual revenue rose to $20.1 billion from $19.8 billion. Medicare & Retirement revenue increased 1% to $42.1 billion, while seniors served through Medicare Advantage, including certain Medicaid-linked programs, fell by 965,000. Community & State revenue climbed 4% to $24.1 billion, while people served declined by 220,000.

Optum revenue was $63.7 billion, down from $63.9 billion a year earlier, and earnings from operations fell to $3.3 billion from $3.9 billion. Operating margin narrowed to 5.2% from 6.1%.

Optum Health revenue decreased 3% to $24.1 billion, with operating earnings of $1.1 billion versus a margin of 4.7%; adjusted operating earnings were $1.3 billion, or 5.4% margin. Optum Insight revenue rose to $5.1 billion from $5.0 billion, but operating earnings fell to $1.0 billion from $1.2 billion. Optum Rx revenue increased 2% to $35.7 billion, while operating earnings slipped to $1.2 billion from $1.3 billion. Adjusted scripts fell to 383 million from 408 million.

The company raised its full-year 2026 earnings outlook to greater than $17.35 per share, and adjusted earnings outlook to greater than $18.25 per share. Following these announcements, the company's shares moved -0.92%, and are now trading at a price of $268.05. For more information, read the company's full 8-K submission here.

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