EDEN PRAIRIE, Minnesota—UnitedHealth Group reported second quarter 2026 results and raised guidance for full year 2026.
“Our results and outlook reflect the continuing progress in our work to simplify how we operate, improve both affordability and the healthcare experience for patients and care providers and apply modern technology to create real improvement for people,” said Stephen Hemsley, CEO of UnitedHealth Group.
Consolidated revenues for the second quarter 2026 were $112 billion and earnings from operations were $8 billion, with a net margin of 4.9%. Cash flows from operations were $11.1 billion, or 1.9-times net income, and the debt-to-capital ratio was 41.2% as of June 30.
UnitedHealth Group’s medical cost ratio was 86.7% for the second quarter 2026, as well as mix changes across all benefit offerings. The operating cost ratio of 12.7% in the second quarter 2026 compared to 12.3% in the second quarter 2025.
The company said it has advanced a broad set of reforms and commitments to improve affordability, transparency and simplicity for care providers and consumers over the past year.
Key takeaways from the second quarter included:
- UnitedHealth Group’s second quarter 2026 revenues were $112.0 billion compared to $111.6 billion in the year ago quarter.
- Second quarter 2026 earnings from operations of $8.0 billion compared to $5.2 billion in the year ago quarter, driven by strong performance across both UnitedHealthcare and Optum.
- The second quarter 2026 medical care ratio was 86.7% compared to 89.4% in the second quarter 2025. The company said the year-over-year decrease was driven by benefit design and pricing discipline, member mix and medical cost management initiatives. Net medical reserve development was $860 million in the quarter.
- The second quarter 2026 operating cost ratio of 12.7% compared to 12.3% in second quarter 2025.
- The company repurchased $4.0 billion of its common stock through mid-July 2026 and said it is on track to repurchase at least $5.0 billion for the full year 2026.