10-Q · May 5, 2026
UnitedHealth Group reported strong Q1 2026 results, with revenues of $111.72 billion, up 2% year-over-year, and EPS of $6.90, reflecting a slight increase from $6.85 a year ago. Despite revenue growth, the company saw a…
Earnings analysis · 10-Q
UNH earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
UnitedHealth reported Q2 2026 revenue of $112.032 billion, modestly above both Q1 2026 and Q2 2025, while diluted EPS of $6.38 declined sequentially but increased substantially year over year and exceeded consensus by…
Read full summary
UnitedHealth reported Q2 2026 revenue of $112.032 billion, modestly above both Q1 2026 and Q2 2025, while diluted EPS of $6.38 declined sequentially but increased substantially year over year and exceeded consensus by $1.53. The supplied filing text does not include current-quarter gross margin, operating margin, segment results, balance-sheet balances, operating cash flow, or free cash flow, limiting assessment of earnings quality and liquidity. The 10-Q provides no new quantitative guidance and reports no material changes to the 2025 10-K risk factors; the main quantified exposure is interest-rate sensitivity, including an $8.511 billion fair-value decline in financial liabilities under a 2 percentage-point rate increase.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.38
What stood out
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Revenue grew sequentially and year over year
Second-quarter revenue was $112.032 billion, up approximately 1.3% from $110.59 billion in Q1 2026 and 0.4% from $111.62 billion in Q2 2025.
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EPS remained strong year over year
Diluted EPS was $6.38, down 7.5% from $6.90 in Q1 2026 but up 70.6% from $3.74 in Q2 2025. EPS exceeded the $4.85 consensus estimate by $1.53.
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Material share repurchases continued
UnitedHealth repurchased 8.7 million shares during Q2 2026 at an average price of $355.37 per share; 10.6 million shares remained authorized at June 30, 2026.
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No reported control deficiencies
Management concluded that disclosure controls were effective at the reasonable-assurance level as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected the quarter.
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Interest-rate exposure is actively managed
The company’s interest-rate sensitivity analysis shows that a 1 percentage-point increase across the yield curve would increase annual investment income by $393 million and annual interest expense by $284 million.
What to watch
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Interest-rate fair-value volatility
A 2 percentage-point increase in market interest rates would reduce the fair value of financial assets by $4.386 billion and financial liabilities by $8.511 billion as of June 30, 2026, creating potentially significant mark-to-market volatility.
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Capital allocation and liquidity visibility
The filing states that the company repurchased 8.7 million shares in Q2 2026 at an average price of $355.37, including purchases under forward share-repurchase contracts settled on July 1, 2026. This represents a material use of capital while the filing does not provide current-period free cash flow or balance-sheet liquidity figures in the supplied text.
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No change to established risk profile
The company states that there were no material changes to the risk factors disclosed in its 2025 10-K, but also notes that additional risks not currently known or deemed immaterial may adversely affect results. The filing therefore provides no reduction in the broader risk exposure despite the $6.38 quarterly EPS result.
Management's outlook
The 10-Q does not provide new quantitative revenue or EPS guidance. The prior 2026 outlook of $19.50-$20.00 adjusted EPS was disclosed in the July 16, 2026 earnings release rather than updated in this filing.
Earlier filings 4
10-K · March 2, 2026
UnitedHealth’s 2025 10-K emphasizes scale across two complementary platforms — Optum (Health, Insight, Rx, Financial) and UnitedHealthcare — highlighting large membership and service footprints (e.g., Optum Health 95…
10-K · February 27, 2025
UnitedHealth Group positions itself as a large, integrated health care platform centered on two complementary businesses: Optum (Health, Insight, Rx, Financial) and UnitedHealthcare (Employer & Individual, Medicare &…
10-Q · November 4, 2024
UnitedHealth reported strong top-line growth for the quarter with total revenues of $100,820 million (Q3 2024), up from $92,361 million in Q3 2023, and diluted EPS of $6.51 (Q3 2024) versus $6.24 a year ago. Earnings…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.