UnitedHealth Group
Combines health insurance with care delivery, pharmacy benefits, and health technology.
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Profile
Combines UnitedHealthcare’s employer, individual, Medicare, and Medicaid health benefits with Optum’s care delivery, pharmacy benefits, data, and technology services. Revenue comes from insurance premiums and service fees, with a large share tied to CMS programs and an integrated model that also serves outside health-care organizations.
Pairs UnitedHealthcare health benefits with Optum’s care, pharmacy, and technology services, with operations centered on the United States. UnitedHealthcare serves employers and individuals, Medicare beneficiaries, and state Medicaid programs through Employer & Individual, Medicare & Retirement, and Community & State.
Optum Health delivers primary, specialty, surgical, behavioral, home, and virtual care, including value-based arrangements. Optum Rx manages pharmacy benefits and specialty, home-delivery, and infusion services; Optum Insight supplies data, analytics, technology, consulting, and managed services. These businesses serve both UnitedHealthcare and outside payers, providers, employers, governments, and life-sciences companies.
The integrated model links insurance networks and benefit design with clinical, pharmacy, and data capabilities. A large share of revenue comes from CMS premiums, while Medicare and Medicaid rates, medical utilization, state insurance rules, pharmacy-benefit regulation, and health-data security requirements shape results.
Company facts
Key statistics
Year to date +16.8% · Average volume (30d) 4.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 21, 2026 | BMO Capital | Target | $600 | $512 | |
| Jul 21, 2026 | D.A. Davidson | Target | $512 | ||
| Jul 20, 2026 | Mizuho Securities | Target | $460 | $493 | |
| Jul 20, 2026 | Wells Fargo | Target | $485 | $526 | |
| Jul 20, 2026 | Barclays | Reiterate | Overweight | $429 | $441 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 16, 2026Q2 FY26 | $4.94 | $6.38 | +29.1% | $110.81B | $112.03B | +1.1% | +0.64% |
| Apr 21, 2026Q1 FY26 | $6.58 | $7.23 | +9.9% | $109.43B | $111.72B | +2.1% | +2.17% |
| Jan 27, 2026Q4 FY25 | $2.10 | $2.11 | +0.5% | $113.77B | $113.22B | −0.5% | +4.00% |
| Oct 28, 2025Q3 FY25 | $2.80 | $2.92 | +4.3% | $113.03B | $113.16B | +0.1% | −3.42% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $109.58B | $111.62B | $113.16B | $113.22B | $111.72B | $112.03B | |
| Gross profit | $23.77B | $20.01B | $20.64B | $18.49B | $25.41B | $36.67B | |
| Operating income | $9.12B | $5.15B | $4.32B | $380.0M | $8.99B | $7.99B | |
| Net income | $6.29B | $3.41B | $2.35B | $10.0M | $6.28B | $5.48B | |
| Diluted EPS | $6.85 | $3.74 | $2.59 | $0.01 | $6.90 | $6.05 | |
| Gross margin | 21.7% | 17.9% | 18.2% | 16.3% | 22.7% | 32.7% | |
| Operating margin | 8.3% | 4.6% | 3.8% | 0.3% | 8.0% | 7.1% |
Fiscal years (4-quarter sums)FY21 $287.60B · FY22 $324.16B · FY23 $371.62B · FY24 $400.28B · FY25 $447.57B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $31.47B · Total debt $73.33B · Total assets $309.73B · Shareholders' equity $104.51B
Dividends
Raised for 26 straight years — most recently to $2.32 from $2.21 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 23 | $2.32 | raised from $2.21 |
| Mar 9, 2026 | Mar 9 | Mar 17 | $2.21 | |
| Dec 8, 2025 | Dec 8 | Dec 16 | $2.21 | |
| Sep 15, 2025 | Sep 15 | Sep 23 | $2.21 | |
| Jun 16, 2025 | Jun 16 | Jun 24 | $2.21 | raised from $2.10 |
| Mar 10, 2025 | Mar 10 | Mar 18 | $2.10 | |
| Dec 9, 2024 | Dec 9 | Dec 17 | $2.10 | |
| Sep 16, 2024 | Sep 16 | Sep 24 | $2.10 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 908.14M · Float 906.11M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 76.86M | 8.46% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 59.31M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corporation | 45.68M | 5.00% | 13G | Aug 7, 2026 |
| Capital World Investors | 29.89M | 3.29% | 13F | Aug 12, 2026 |
| FMR LLC | 27.99M | 3.08% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Patrick Hugh Conway | officer: Chief Executive Officer, Optum | −1,169 | $390.00 |
| Aug 5, 2026 | Patrick Hugh Conway | officer: Chief Executive Officer, Optum | −500 | $410.00 |
| Apr 23, 2026 | Patrick Hugh Conway | officer: Chief Executive Officer, Optum | −800 | $355.00 |
| Sep 11, 2025 | Charles D. Baker | director | −27 | $356.05 |
Peers
- CVS Health
Triple-axis rival: Aetna insurer, Caremark PBM, and Oak Street care delivery.
- Elevance Health
Second-largest US health insurer with PBM and health-services arms mirroring Optum.
- Cigna
Dual-engine insurer-PBM with Express Scripts leading US PBM market share.
- Humana
Medicare Advantage specialist with ~5.2M individual MA members and an integrated care platform.
- Centene
Largest US Medicaid MCO with 12.5M Medicaid members and growing Medicare and Marketplace books.
- Molina Healthcare
Government-focused MCO: ~75% Medicaid, with growing Medicare and Marketplace books.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| CVS Health | $93.07 | +0.02% | $118.74B | 24.6 | 11.5 | 0.3 | +7.3% |
| Elevance Health | $397.30 | +0.72% | $85.54B | 17.5 | 14.5 | 0.4 | +0.1% |
| Cigna | $279.20 | +0.06% | $73.69B | 11.5 | 8.8 | 0.3 | +6.6% |
| Humana | $386.23 | +0.16% | $46.30B | 36.5 | 31.2 | 0.3 | +26.2% |
| Centene | $64.94 | +0.28% | $31.99B | — | 14.3 | 0.2 | +9.9% |
| Molina Healthcare | $200.00 | −0.01% | $10.44B | 1,052.6 | 28.5 | 0.2 | −4.8% |
| Median | 24.6 | 14.4 | 0.3 | +6.9% |