UNH · 10-Q · 2026Q2 · Full report

Gross Margin Drivers

UNITEDHEALTH GROUP INC · 2026-08-10 · Importance 27 · Surprise 40

Medical costs decreased $3.227 billion, or 4%, in the second quarter and $3.149 billion, or 2%, for the first six months of 2026. The medical care ratio declined 2.7 percentage points to 86.7% in the quarter and 1.8 percentage points to 85.3% for six months. Lower medical costs reflected fewer people served, favorable prior-period reserve development, affordability initiatives and medical cost management, partly offset by elevated utilization, provider reimbursement under the No Surprises Act, and higher commercial service and coding intensity. Consolidated operating margin expanded 2.5 percentage points to 7.1% in the quarter and 1.1 percentage points to 7.6% for six months.