Core Insights - UnitedHealth Group reported second-quarter 2025 earnings, with adjusted earnings of $4.08, down from $6.80 a year ago, missing the consensus of $4.95 [1] - Revenues increased 13% year over year to $111.62 billion, slightly missing the consensus of $111.69 billion [1] Financial Guidance - The company reestablished its fiscal year 2025 guidance, projecting adjusted earnings of at least $16 per share versus a consensus of $22.33, and sales guidance of $445.5 billion to $448 billion compared to the analyst estimate of $449.5 billion [3] - Adjusted earnings are now expected to be in the range of $26.00 to $26.50 per share, down from prior guidance of $29.50 to $30.00 per share, with a consensus of $29.73 [4] Medical Cost and Operating Ratios - The full-year 2025 medical cost ratio is expected to be 89.25% +/- 25 basis points, with an operating cost ratio of 12.75% +/- 25 basis points [4] - The Q2 medical care ratio was 89.4%, an increase of 430 basis points year-over-year, while the operating cost ratio was 12.3% compared to 13.3% in the previous year [5] Segment Performance - Optum Health's 2025 revenues are expected to be between $101.1 billion and $101.6 billion, a 4% decline from 2024, with earnings from operations projected at $3 billion to $3.1 billion, below expectations of around $6.6 billion [4] - UnitedHealthcare's full-year 2025 revenues are expected to range from $344 billion to $345.5 billion, growing more than 15% over 2024, with earnings from operations expected to be between $9.0 billion and $9.3 billion [4] Patient Metrics - The number of patients served under fully accountable value-based care models is expected to increase by around 300,000 to 5 million [4] - The segment served 50 million people in Q2, an increase of 770,000 year-to-date, with the employer and individual segment seeing an increase of 400,000 year-over-year [5] Market Strategy - The company plans to be more conservative with its market footprint and may exit certain markets to manage its membership profile [6]