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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Justin Lake | Wolfe Research | 9 questions · 44% challenging |
| Lisa Gill | JPMorgan | 9 questions · 0% challenging |
| Steve Baxter | Wells Fargo | 9 questions · 11% challenging |
| A.J. Rice | UBS | 8 questions · 13% challenging |
| Erin Wright | Morgan Stanley | 7 questions · 0% challenging |
| Lance Wilkes | Bernstein | 7 questions · 0% challenging |
| Ann Hynes | Mizuho Securities | 6 questions · 0% challenging |
| Kevin Fischbeck | Bank of America | 6 questions · 33% challenging |
| Andrew Mok | Barclays | 6 questions · 17% challenging |
| Josh Raskin | Nephron Research | 5 questions · 40% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 analyst | 9 questions · 0% challenging |
| Wells Fargo | 1 analyst | 9 questions · 11% challenging |
| Wolfe Research | 1 analyst | 9 questions · 44% challenging |
| UBS | 1 analyst | 8 questions · 13% challenging |
| Bernstein | 1 analyst | 7 questions · 0% challenging |
| Morgan Stanley | 1 analyst | 7 questions · 0% challenging |
| Bank of America | 2 analysts | 7 questions · 29% challenging |
| Barclays | 1 analyst | 6 questions · 17% challenging |
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UnitedHealth Group reported adjusted earnings per share of $6.38 against $4.08 a year ago while total revenues of $112 billion were largely consistent with the prior year, as deliberate Medicare Advantage membership repositioning offset underlying premium growth. Operating earnings of $8 billion grew 55% year-over-year and the reported medical care ratio improved to 86.7% from 89.4% in 2Q 2025, helped by $860 million of net favorable prior period medical development. Medicare drove the upside with trend running below the initial planning estimate of around 10% and the full-year enrollment decline narrowing to approximately 1.1 million, while commercial stayed the pressure point at trend modestly above 11% and margin recovery now extending past 2027. Management raised full-year adjusted EPS guidance to a range of $19.50 to $20, lifted segment operating earnings outlooks to at least $12 billion for UnitedHealthcare and at least $2.2 billion for Optum Health, and increased planned share repurchases to at least $5 billion from initial guidance of $2.5 billion.
Margin | Regulation Policy | Competitive Dynamics | Cost Pressure | Guidance Reliability | Demand | Pricing | 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 | 2 | 1 | 1 |
| 2026Q2 | 4 | 2 | 1 | 6 | 4 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Margin | 7 | 6 | 9 | 6 | 8 | 8 | 4 |
| Regulation Policy | 2 | 6 | 2 | 3 | 4 | 4 | 2 |
| Competitive Dynamics | 2 | 2 | 4 | 7 | 3 | 2 | 1 |
| Cost Pressure | 3 | 3 | 1 | 3 | 1 | 3 | 6 |
| Guidance Reliability | 1 | 4 | 3 | 2 | 4 | ||
| Demand | 1 | 1 | 2 | 2 | 3 | ||
| Pricing | 1 | 1 | 1 | 2 | 1 | 1 | |
| Innovation & R&D | 2 | 2 | 1 | 1 |
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| 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 Q2Selected | $112.03B | +0.4% | $6.05 | +61.8% | 7.1% | 4.9% | $10.25B |
| FY2026 Q3 | $112.69B | -0.4% | $4.56 | +76.1% | 5.8% | 3.6% | $4.26B |
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).
Calendar quarter Q2 2026Earnings call Jul 16, 2026
FY2026 Q2 in brief
UnitedHealth Group reported adjusted earnings per share of $6.38 against $4.08 a year ago while total revenues of $112 billion were largely consistent with the prior year, as deliberate Medicare Advantage membership repositioning offset underlying premium…
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for UnitedHealth Group Incorporated (UNH), FY2026 Q2: 9/10. Scores: UnitedHealth Group Incorporated’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: UNH daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
What UNH and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Lastly, on July 2nd, we successfully closed the previously announced combination with Alegeus.”
UnitedHealth Group completed its acquisition of benefits-technology company Alegeus on July 2, 2026, adding to Optum's capabilities.
GAAP revenue YoY +0.37% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
UNH UnitedHealth Group Incorporated | 9 | +0.4% | |
| CI Cigna | 7 | +6.6% | |
| CNC Centene Corporation | 9 | +9.9% | |
| CVS CVS Health | 9 | +7.3% | |
| ELV Elevance Health | 5 | +1.4% | |
| HUM Humana | 8 | +26.2% |