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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Lisa Gill | JPMorgan | 7 | 0% |
| Steve Baxter | Wells Fargo | 7 | 0% |
| A.J. Rice | UBS | 6 | 17% |
| Justin Lake | Wolfe Research | 6 | 67% |
| Josh Raskin | Nephron Research | 5 | 40% |
| Erin Wright | Morgan Stanley | 5 | 0% |
| Ann Hynes | Mizuho Securities | 4 | 0% |
| Lance Wilkes | Bernstein | 4 | 0% |
| Kevin Fischbeck | Bank of America | 4 | 0% |
| Sarah James | Cantor Fitzgerald | 4 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| JPMorgan | 1 | 7 | 0% |
| Wells Fargo | 1 | 7 | 0% |
| Wolfe Research | 1 | 6 | 67% |
| UBS | 1 |
| 6 |
| 17% |
| Bank of America | 2 | 5 | 0% |
| Morgan Stanley | 1 | 5 | 0% |
| Nephron Research | 1 | 5 | 40% |
| Cantor Fitzgerald | 1 | 4 | 0% |
UnitedHealth delivered Q1 adjusted EPS of $7.23, well ahead of expectations, with revenues of $111.7B reflecting 2% year-over-year growth as the MCR improved 90 basis points to 83.9% on pricing actions and cost management. FY2026 EPS guidance was raised to greater than $18.25 from greater than $17.75, and all segments beat plan with operating cash flows of $8.9B at 1.4x net income. MA membership was contracting approximately 1.3 million as margin recovery was prioritized over growth, and Medicaid margins remained negative with insufficient state rates, while AI investment of $1.5B targeted a conservative 2:1 return with Optum Health VBC reforms driving clinical and operational gains.
Margin | Regulation Policy | Competitive Dynamics | Cost Pressure | Guidance Reliability | Pricing | Demand | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 2 | 2 | 3 | 1 | 1 | 2 | |
| 2025Q1 | 6 | 6 | 2 | 3 | 1 | 1 | 1 | |
| 2025Q2 | 9 | 2 | 4 | 1 | 4 | 1 | 2 | |
| 2025Q3 | 6 | 3 | 7 | 3 | 2 | 2 | 1 | |
| 2025Q4 | 8 | 4 | 3 | 1 | 3 | 1 | ||
| 2026Q1 | 8 | 4 | 2 | 3 | 2 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 7 | 6 | 9 | 6 | 8 | 8 |
| Regulation Policy | 2 | 6 | 2 | 3 | 4 | 4 |
| Competitive Dynamics | 2 | 2 | 4 | 7 | 3 | 2 |
| Cost Pressure | 3 | 3 | 1 | 3 | 1 | 3 |
| Guidance Reliability | 1 | 4 | 3 | 2 | ||
| Pricing | 1 | 1 | 1 | 2 | 1 | 1 |
| Demand | 1 | 1 | 2 | 2 | ||
| Innovation & R&D | 2 | 2 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
UNH UnitedHealth Group Incorporated | 7 | +2.0% | |
| CI Cigna | 8 | +4.6% | |
| CNC Centene Corporation | 9 | +7.1% | |
| CVS CVS Health | 9 | +6.2% | |
| ELV Elevance Health | 7 | +2.6% | |
| HUM Humana | 7 | +23.5% |