UNH · 10-Q · 2026Q1 · Full report

Optum Health Earnings Decline

UNITEDHEALTH GROUP INC · 2026-05-05 · Importance 56 · Surprise 58

Optum Health revenue decreased to $24,109 million in Q1 2026 from $24,837 million in Q1 2025 (a $728 million, 3% decrease) and earnings from operations decreased to $1,141 million from $1,411 million (a $270 million, 19% decline year-over-year). Management attributes the revenue decline and EPS pressure to fewer patients served under value-based arrangements, continued elevated medical cost trends, the impacts of net portfolio divestitures and investments to support future growth, partially offset by favorable reserve development and reduction of loss contract reserves. Optum Health served approximately 93 million people as of March 31, 2026 versus 95 million as of March 31, 2025, reflecting contraction in fully accountable value-based care arrangements. The decline in Optum Health earnings is a material operating performance shift that management expects to influence 2026 results and strategic positioning.

Key facts

• Optum Health earnings from operations were $1,141 million for the three months ended March 31, 2026 compared to $1,411 million for the three months ended March 31, 2025 (a decrease of $270 million or 19%). source