UnitedHealth Group (NYSE: UNH) today reported full year and fourth quarter 2025 results and issued its 2026 outlook.
“We confronted challenges directly and finished 2025 as a much stronger company, giving us the momentum to better serve those who count on us and continue to improve our core performance,” said Stephen Hemsley, chief executive officer of UnitedHealth Group.
Consolidated revenues for 2025 were $447.6 billion, representing 12% growth year-over-year. Earnings from operations were $19.0 billion and net margin was 2.7%, while cash flows from operations were $19.7 billion, or 1.5x net income. The 2026 outlook was set for more than $439.0 billion in revenues, with earnings from operations greater than $24.0 billion and an adjusted earnings outlook greater than $17.75 per share.
2025 Key Performance Metrics
- UnitedHealthcare, which served 49.8 million consumers in 2025, grew revenues 16% to $344.9 billion.
- Optum expanded revenues 7% to $270.6 billion and supported more than 123 million consumers across its businesses.
- Full year and fourth quarter 2025 net earnings were $13.23 and $0.01 per share.
- Full year and fourth quarter 2025 adjusted net earnings were $16.35 and $2.11 per share.
- The reported medical care ratio of 89.1% included a 20 basis point negative impact from loss contracts included in the charge, resulting in an adjusted medical care ratio of 88.9%, or an increase of 340 basis points year-over-year.
- The operating cost ratio of 13.3% included a negative 40 basis points impact from the one-time charge, resulting in an adjusted operating cost ratio of 12.9%, which was flat year-over-year.
In the last six months of 2025, the company laid the foundation for more disciplined and transparent operations, stronger performance and sustained growth throughout 2026 and beyond.
Key elements in the company’s mission-focused progress in the second half of 2025 have included:
- Re-focusing on key markets, products and geographies.
- Aligning pricing discipline to account for higher medical trends and the impact of health care policy changes.
- Re-baselining operations at Optum, including new leaders who have refocused and strengthened the commitment to integrated value-based care.
The company has taken steps to enhance its transparency, including releasing the results of its first independent reviews of business practices, with additional reviews and actions under way.
