Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $16.35 for 2025, slightly ahead of expectations, with a full-year revenue of nearly $448 billion, reflecting a 12% growth from 2024 [4][24] - The 2026 outlook anticipates adjusted earnings per share of greater than $17.75, indicating a growth of at least 8.6% [6][25] - The medical care ratio for 2025 was 89.1%, slightly better than expected, while the operating cost ratio was 13.3% [24][26] Business Line Data and Key Metrics Changes - UnitedHealthcare's Medicare segment experienced a medical cost trend of approximately 7.5% in 2025, with expectations of a 10% trend for 2026 [9] - The company anticipates a contraction of 1.3 million to 1.4 million members in Medicare Advantage for 2026 due to competitive market dynamics [10] - Optum is expected to see adjusted earnings growth across all three segments, with growth rates ranging from low to high single digits [15][16] Market Data and Key Metrics Changes - The Medicaid business is projected to face incremental pressure in 2026 due to state funding shortfalls, with expected membership contraction of approximately 565,000 to 715,000 [11] - The commercial pricing and cost management efforts have been aligned with increased care activity for 2026, with expectations of margin recovery [12][13] Company Strategy and Development Direction - The company is focusing on operational discipline, leveraging technology and AI, and renewing its commitment to innovation and accountability [4] - A strategic refocus on integrated value-based care is emphasized, with plans to align Optum Financial Services with Optum Insight [7][19] - The company aims to invest nearly $1.5 billion in 2026 to enhance operational capabilities and drive growth [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to historical earnings quality and growth, despite challenges such as Medicare funding reductions and rising medical costs [6][8] - The company is committed to improving customer experience and operational efficiency through AI and machine learning [14][21] - Management highlighted the importance of transparency and accountability in operations, with plans to publish performance metrics in 2026 [31] Other Important Information - The company reported a $1.6 billion net charge primarily related to restructuring and other actions, which is expected to set a solid foundation for future performance [5][22] - Cash flows for 2025 were strong at $19.7 billion, approximately 1.5 times net income, supporting the company's financial stability [24] Q&A Session Summary Question: Decline in traditional MA lives and future margins - Management acknowledged the decline in Medicare Advantage lives and indicated that margin recovery efforts are underway, with expectations for improvement in 2027 [34][36] Question: Fourth quarter Optum Health performance - Management noted that fourth quarter results were slightly disappointing due to restructuring actions but expressed confidence in future stability and performance improvements [43][46] Question: Medicaid rate relief and margin assumptions - Management confirmed expectations of some margin contraction in Medicaid due to ongoing dislocation of rates and elevated medical trends, despite some rate relief [57] Question: Optum Rx performance and new clients - Management highlighted strong performance in Optum Rx, with 800 new clients acquired, driven by affordability, transparency, and execution [61][66] Question: Breakdown of commercial risk lives decline - Management indicated that the largest share of the membership decline is connected to the exchange business, with expectations for margin recovery in 2026 [72][75]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $16.35 for 2025, slightly ahead of expectations, with a full-year revenue of nearly $448 billion, reflecting a 12% growth from 2024 [4][23] - For 2026, the company expects adjusted earnings per share to exceed $17.75, indicating a growth of at least 8.6% [6][24] - The medical care ratio for 2025 was 89.1%, slightly better than expected, while the operating cost ratio was 13.3% [23][25] Business Line Data and Key Metrics Changes - UnitedHealthcare's medical cost trend for 2025 was approximately 7.5%, with an expectation of 10% for 2026 [9][85] - The company anticipates a contraction of 1.3 million to 1.4 million members in Medicare Advantage for 2026 due to competitive market dynamics [10][11] - Medicaid membership is expected to contract by approximately 565,000 to 715,000 members due to reduced eligibility and state funding shortfalls [11][12] Market Data and Key Metrics Changes - The company expects continued pressure in the Medicaid business in 2026, driven by state funding shortfalls and elevated medical trends [11][12] - The commercial market is expected to see a contraction in fully insured group and individual enrollment, partially offset by growth in self-funded offerings [13][14] Company Strategy and Development Direction - The company is focusing on operational discipline, leveraging technology and AI, and renewing its commitment to innovation and accountability [4][6] - There is a strategic refocus on integrated value-based care, with plans to align Optum Financial Services with Optum Insight to enhance healthcare technology and financial technology innovation [7][18] - The company aims to improve margins and operational performance through pricing adjustments and cost management efforts [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover margins and improve performance in 2026, despite challenges in Medicare and Medicaid funding [6][10] - The company is committed to enhancing customer experience and satisfaction through AI-enabled operational improvements [14][21] - Management emphasized the importance of execution and operational focus to achieve long-term growth and stability [28][80] Other Important Information - The company plans to invest nearly $1.5 billion in technology and innovation in 2026, with expectations for continued investment in 2027 [29][30] - A significant charge of $1.6 billion in 2025 was primarily related to restructuring and optimization efforts within Optum [5][23] Q&A Session Summary Question: Decline in traditional MA lives and future margins - Management acknowledged the decline in Medicare Advantage lives and indicated that margin recovery efforts are underway, with expectations for improvement in 2026 and beyond [33][39] Question: Fourth quarter Optum Health performance - Management noted that fourth quarter results were slightly disappointing due to restructuring actions but expressed confidence in future stability and performance improvements [42][45] Question: Medicaid rate relief and margin assumptions - Management confirmed expectations for some margin contraction in Medicaid due to ongoing dislocation of rates and elevated medical trends, despite some rate relief [56][57] Question: Optum Rx membership growth and client retention - Management highlighted strong performance in Optum Rx, with a successful selling season and high retention rates, contributing to modest earnings growth expectations for 2026 [60][66] Question: Breakdown of commercial risk lives decline - Management indicated that the largest share of membership decline is connected to the exchange business, with expectations for margin recovery in 2026 [71][73]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $16.35 for 2025, slightly ahead of expectations, excluding a $1.6 billion net of tax charge [5][24] - For 2026, the company expects adjusted earnings per share to exceed $17.75, indicating a growth of at least 8.6% [6][25] - Revenues for 2025 were nearly $448 billion, reflecting a 12% growth from 2024 [24] Business Line Data and Key Metrics Changes - UnitedHealthcare's medical cost trend for 2025 was approximately 7.5%, with an expectation of 10% for 2026 [9][84] - The company anticipates a contraction of 1.3 million to 1.4 million members in Medicare Advantage for 2026 due to competitive market dynamics [10] - Medicaid membership is expected to contract by approximately 565,000 to 715,000 members due to reduced eligibility and state funding shortfalls [11] Market Data and Key Metrics Changes - The company expects both fully insured group and individual enrollment to contract in 2026, partially offset by growth in self-funded offerings [13] - The commercial risk lives decline is primarily attributed to the exchange business, with an expected loss of over 500,000 members [71] Company Strategy and Development Direction - The company is focusing on operational discipline, leveraging technology and AI, and aligning its services to better serve the U.S. health system [5][6] - There is a strategic refocus on integrated value-based care, with plans to enhance operational efficiencies and improve patient outcomes [20][21] - The integration of Optum Financial Services with Optum Insight aims to create a more modern healthcare transaction system [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to historical earnings quality and growth, emphasizing the importance of operational focus and execution [30][31] - The company acknowledges challenges from Medicare funding reductions and rising medical costs but believes that strategic actions will lead to improved performance [6][10] - Management is committed to transparency and accountability, with plans to publish performance metrics and independent reviews [32] Other Important Information - The company plans to invest nearly $1.5 billion in technology and innovation in 2026 [31] - The operating cost ratio for 2026 is expected to be 12.8%, reflecting disciplined cost management and productivity initiatives [26] Q&A Session Summary Question: Decline in Medicare Advantage lives and future margins - Management indicated that the focus for 2026 is on margin recovery rather than membership targets, with expectations of a 50 basis point improvement in Medicare Advantage margins [34][40] Question: Fourth quarter performance of Optum Health - Management acknowledged underperformance in the fourth quarter due to restructuring actions but expressed confidence in a more stable performance moving forward [43][46] Question: Medicaid rate relief and margin assumptions - Management expects some margin contraction in Medicaid due to ongoing rate dislocation and elevated medical trends, projecting rate increases of 6%-7% for 2026 [57] Question: Optum Rx performance and new clients - Management highlighted strong performance in securing new clients, attributing success to affordability, transparency, and execution [65][66] Question: Breakdown of commercial risk lives decline - The largest share of the expected decline in commercial risk lives is linked to the exchange business, with a focus on margin recovery for 2026 [71][72]

美国医疗保险和医疗补助服务中心(CMS)在公告中表示，预计2027年联邦医保优势计划(Medicare Advantage)的支付费率仅将上调0.09%，远低于分析师此前预期的高达6%的增幅。支付费率对联合健 康、西维斯健康和哈门那等大型保险商至关重要。支付费率提高能帮助保险公司覆盖医疗成本、提升老 年客户福利并增厚利润，而小幅上调则会直接压缩企业利润率。 周二，医疗保险股盘前集体大跌，哈门那(HUM.US)股价重挫逾16%，联合健康(UNH.US)大跌15%，西 维斯健康(CVS.US)跌近10%。消息面上，美国政府提议明年将联邦医疗保险(Medicare)私人计划的支付 费率维持在当前水平，这一消息令投资者大失所望。 另外，联合健康公布的第四季度盈利略微超出预期，但2026年收入指引疲软。根据LSEG汇编的数据， 联合健康第四季度经调整后每股收益为2.11美元，高于分析师平均预期的2.10美元。Q4营收为1132亿美 元，尽管同比增长约12%，但仍比华尔街预期低5.2亿美元。该公司还预测，2026年收入将出现下滑， 这将是三十多年来收入首次年度萎缩。 ...

智通财经APP获悉，周二，医疗保险股盘前集体大跌，哈门那(HUM.US)股价重挫逾16%，联合健康 (UNH.US)大跌15%，西维斯健康(CVS.US)跌近10%。消息面上，美国政府提议明年将联邦医疗保险 (Medicare)私人计划的支付费率维持在当前水平，这一消息令投资者大失所望。 另外，联合健康公布的第四季度盈利略微超出预期，但2026年收入指引疲软。根据LSEG汇编的数据， 联合健康第四季度经调整后每股收益为 2.11 美元，高于分析师平均预期的 2.10 美元。Q4营收为 1132 亿美元，尽管同比增长约 12%，但仍比华尔街预期低5.2亿美元。该公司还预测，2026 年收入将出现下 滑，这将是三十多年来收入首次年度萎缩。 美国医疗保险和医疗补助服务中心(CMS)在公告中表示，预计2027年联邦医保优势计划(Medicare Advantage)的支付费率仅将上调0.09%，远低于分析师此前预期的高达6%的增幅。支付费率对联合健 康、西维斯健康和哈门那等大型保险商至关重要。支付费率提高能帮助保险公司覆盖医疗成本、提升老 年客户福利并增厚利润，而小幅上调则会直接压缩企业利润率。 ...

After ending the previous session mostly higher, stocks may see further upside in early trading on Tuesday. The major index futures are currently pointing to a higher open for the , with the S&P 500 futures up by 0.3 percent.Tech stocks may help to lead an early advance on Wall Street, as reflected by the 0.6 percent increase by the tech-heavy Nasdaq 100 futures.Traders remain optimistic ahead of the release of earnings news from big-name tech companies like Apple (AAPL), Meta Platforms (META) and Microsof ...

UnitedHealth Group ( NYSE:UNH ) reported fourth-quarter and full-year 2025 earnings this morning that fell slightly short of analyst estimates, while offering guidance for the coming year that indicated a roughly 2% decline year-over-year due to its right-sizing efforts payment increase for Medicare Advantage plans in 2027 that was far below what was anticipated. ...

UnitedHealth Group (NYSE:UNH) stock is already under pressure after the U.S. Centers for Medicare & Medicaid Services on Monday signalled essentially unchanged rates for Medicare insurers next year.On Tuesday, the insurance mammoth reported fourth-quarter 2025 earnings and fiscal 2026 guidance.The company reported adjusted earnings of $2.11, down from $6.81 a year ago, beating the consensus of $2.10. Revenues increased 12% year over year to $113.215 billion, missing the consensus of $113.817 billion.The rep ...

The fourth quarter earnings season kicks into high gear this week, with Big Tech results from Microsoft (MSFT), Meta (META), Tesla (TSLA), and Apple (AAPL) headlining the earnings calendar. An optimistic consensus is forming: As of Jan. 23, 13% of S&P 500 (^GSPC) companies have reported fourth quarter results, according to FactSet data, and Wall Street analysts estimate an 8.2% increase in earnings per share for the fourth quarter. If that rate holds, it would represent the 10th consecutive quarter of ann ...

UnitedHealth Group (UNH) came out with quarterly earnings of $2.11 per share, beating the Zacks Consensus Estimate of $2.09 per share. This compares to earnings of $6.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +0.83%. A quarter ago, it was expected that this largest U.S. health insurer would post earnings of $2.75 per share when it actually produced earnings of $2.92, delivering a surprise of +6.18%.Over the last four ...