UNH · 10-Q · 2026Q1 · Full report

Optum Operating Results Decline

UNITEDHEALTH GROUP INC · 2026-05-05 · Importance 62 · Surprise 58

Optum reported total earnings from operations of $3,296 million in Q1 2026, down $597 million (15%) from $3,893 million in Q1 2025. Optum Health earnings from operations decreased $270 million (19%) to $1,141 million, reflecting elevated medical cost trends, impacts from net portfolio divestitures and investments to support growth. Optum Rx earnings declined $126 million (approximately 10%) with adjusted scripts falling to 383 million in Q1 2026 from 408 million in Q1 2025, although specialty pharmacy grew. Optum Insight revenues benefited from elevated investment and other income and technology services growth but segment earnings were pressured by investments in people, technology, restructuring and lower volumes in business services.

Key facts

• Optum operating margin declined to 5.2% in the first quarter of 2026 from 6.1% in the first quarter of 2025 (a decrease of 0.9 percentage points). source
• Restructuring and other actions resulted in an impact of $339 million at Optum Insight and $135 million at Optum Health in the first quarter of 2026. source
• Optum Health revenues were $24,109 million for the three months ended March 31, 2026 compared to $24,837 million for the three months ended March 31, 2025 (a decrease of $728 million or 3%). source