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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $100.81B | +6.8% | $5.98 | +2.6% | 7.7% | 5.5% | $1.46B |
| FY2025 Q1 | $109.58B | +9.8% | $6.85 | +547.7% | 8.3% | 5.7% | $4.56B |
| FY2025 Q2 | $111.62B | +12.9% | $3.74 | -17.6% | 4.6% | 3.1% | $6.30B |
| FY2025 Q3 | $113.16B | +12.2% | $2.59 | -60.2% | 3.8% | 2.1% | $5.05B |
| FY2025 Q4 | $113.22B | +12.3% | $0.01 | -99.8% | 0.3% | 0.0% | $160M |
| FY2026 Q1 | $111.72B | +2.0% | $6.90 | +0.7% | 8.0% | 5.6% | $8.15B |
| FY2026 Q2 | $112.03B | +0.4% | $6.05 | +61.8% | 7.1% | 4.9% | $10.25B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
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 | Innovation & R&D | Demand | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 2 | 2 | 3 | 1 | 2 | 1 | |
| 2025Q1 | 6 | 6 | 2 | 3 | 1 | 1 | 1 | |
| 2025Q2 | 9 | 2 | 4 | 1 | 4 | 1 | 2 | |
| 2025Q3 | 6 | 3 | 7 | 3 | 2 | 1 | 2 | |
| 2025Q4 | 8 | 4 | 3 | 1 | 3 | 1 | ||
| 2026Q1 | 8 | 4 | 2 | 3 | 2 | 1 | 1 | 2 |
| '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 |
| Innovation & R&D | 2 | 2 | 1 | 1 | ||
| Demand | 1 | 1 | 2 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Lisa Gill | JPMorgan | 8 (0%) |
| Steve Baxter | Wells Fargo | 8 (13%) |
| Justin Lake | Wolfe Research | 7 (57%) |
| A.J. Rice | UBS | 7 (14%) |
| Erin Wright | Morgan Stanley | 6 (0%) |
| Josh Raskin | Nephron Research | 5 (40%) |
| Ann Hynes | Mizuho Securities | 5 (0%) |
| Dave Windley | Jefferies | 5 (20%) |
| Kevin Fischbeck | Bank of America | 5 (20%) |
| Andrew Mok | Barclays | 5 (20%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 8 (0%) |
| Wells Fargo | 1 | 8 (13%) |
| Wolfe Research | 1 | 7 (57%) |
| UBS | 1 |
| 7 (14%) |
| Bank of America | 2 | 6 (17%) |
| Morgan Stanley | 1 | 6 (0%) |
| Jefferies | 1 | 5 (20%) |
| Bernstein | 1 | 5 (0%) |
What UNH and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“A strategic collaboration with Optum.ai to apply AI capabilities to streamline laboratory operations, improve efficiency and enhance the patient and provider experience, providing clear insights to patients about their health, test progress and next steps in care.”
Labcorp expanded its long-standing collaboration with UnitedHealth's Optum to apply AI to lab operations.
“In health care, Optum Financial initially deployed our account opening verification services for HSA accounts, and they are now expanding into additional account types.”
Optum Financial (UnitedHealth) is expanding its use of Mastercard's Open Finance verification services beyond HSA accounts.
“And Optum AI, our new AI consulting arm, has already signed its first few contracts, helping companies like LabCorp through their operational AI initiatives.”
UNH's Optum AI consulting arm named LabCorp as an early client for operational AI initiatives.
“Optum Financial Services continues to perform well and has agreed to acquire Alegeus Technologies, a leading health financial services business.”
Optum Financial Services agreed to acquire Alegeus Technologies, a health financial services business, expected to be accretive in 2027.
| 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% |