UnitedHealth reported a 2025 adjusted EPS of $16.35, slightly above expectations, with a $1.6 billion charge related to Optum restructuring, cyber-attack true-ups, and portfolio exits. Revenue for 2025 was nearly $448 billion with domestic membership up ~415,000. Guidance for 2026 includes adjusted EPS of >$17.75 and revenue around $440 billion, despite expected membership declines.

UnitedHealthcare CEO Tim Noel highlighted medical care trends and pricing decisions for 2026, expecting a Medicare cost trend of 10% and membership contraction of 1.3-1.4M. Medicaid membership is projected to decline by 565k-715k due to state funding shortfalls. Commercial lines pricing aligns with increased care activity.

Optum CEO Patrick Conway outlined growth expectations for 2026, with margin expansion across all segments. Optum Rx anticipates earnings growth through margin expansion and customer relationships. Optum Insight projects earnings growth of >4% with margin expansion, while Optum Health expects 9% earnings growth.

UnitedHealth Group plans technology investments of nearly $1.5 billion in 2026 and expects improved transparency. Initiatives include AI tools for operational efficiency and cost reductions. Optum Health aims for margin improvement and reduction in network platforms. UnitedHealth plans to publish results for transparency.

Read more at Yahoo Finance: UnitedHealth Group Q4 Earnings Call Highlights