UnitedHealth (UNH) official guidance

We remain on track to reduce our debt to capital ratio to approximately 40% by the end of 2026.

In contrast, Optum Insight and Optum Rx remain more heavily weighted towards the second half of the year, with each expected to generate approximately 55% of their full-year earnings during the back half as client implementations, growth investments, and normal business seasonality progress through the year.

In contrast, Optum Insight and Optum Rx remain more heavily weighted towards the second half of the year, with each expected to generate approximately 55% of their full-year earnings during the back half as client implementations, growth investments, and normal business seasonality progress through the year.

We're providing new adjusted earnings per share guidance range of $19.50 to $20, with slightly more earnings in 3Q relative to 4Q.

We continue to believe annualized 2026 rate impacts will be in the zone of around 6%-7%, and still lagging elevated medical trend.

We now expect a full-year medical care ratio of 88.1% ± 25 basis points.

We expect the 2026 Medicare medical cost trend to come in below our initial estimate of around 10%.

We now expect full-year Medicare Advantage enrollment to decline by approximately 1.1 million and Medicare margins to finish 2026 above 3%.

We expect the operating cost ratio to come in at the higher end of our previously discussed range as a result of investments in our people, communities, and AI.

We are increasing the full-year operating earnings outlook for UnitedHealthcare to at least $12 billion and for Optum Health to at least $2.2 billion.

We are increasing the full-year operating earnings outlook for UnitedHealthcare to at least $12 billion and for Optum Health to at least $2.2 billion.

We are beginning to see early signs of improvement from initiatives including those targeting elevated behavioral health cost trends, but we expect Medicaid margins to remain pressured for 2026.

We now expect full-year Medicare Advantage enrollment to decline by approximately 1.1 million and Medicare margins to finish 2026 above 3%.

For example, in the quarter, we committed to eliminating, by the end of this year, 30% of prior authorization volume and nearly two-thirds of prior authorization requirements for pediatric care.

For example, in the quarter, we committed to eliminating, by the end of this year, 30% of prior authorization volume and nearly two-thirds of prior authorization requirements for pediatric care.

That all comes to light in our commitment to process 80% of our prior authorizations in real time by the end of 2027.

We now expect to complete total share repurchases of at least $5 billion in 2026, compared to initial guidance of $2.5 billion.

Tax Rate ~18.5%

Diluted Net Earnings per Share to UNH Shareholders > $17.10 $18.45 - $18.95

Intangible amortization ............................................................................................................. 346 409 680 826 ~1,345

Adjusted net earnings attributable to UnitedHealth Group common shareholders . $5,792 $3,716 $12,370 $10,323 > $17,725

Net Earnings to UNH Shareholders > $16,750

Net portfolio divestitures and South American impacts (1) ................................................ 100 — (58) — ~(35)

Cash Flows from Operations ~$24,000

Optum (a) > $13,450 > $13,215

Optum Insight > $4,925 > $4,750

Optum Rx > $6,250 > $6,250

UnitedHealth Group > $25,450 > $25,215

Optum (a) > $13,450 > $13,215

Optum Health > $2,275 > $2,215

Optum Insight > $4,925 > $4,750

Optum Rx > $6,250 > $6,250

UnitedHealthcare > $12,000 > $12,000

UnitedHealth Group > $25,450 > $25,215

Restructuring and other (2) ..................................................................................................... (51) — 153 — ~(50)

Tax effect of adjustments ......................................................................................................... (87) (99) (169) (201) ~(285)

UnitedHealthcare earnings are over 75% weighted to the first half of the year.

We continue to expect approximately 2/3 of earnings in the first half of the year and the remaining 1/3 in the second half.

You must have noticed we just launched Avery, a generative AI chatbot, answering member questions for UnitedHealthcare, which will be expanded to over 20 million members by the year-end.

We continue to expect membership attrition and negative margins in 2026, in light of continuing high trend and insufficient funding, with modest margin improvements beginning in 2027.

We still expect total membership to decline by approximately 1/3 in 2026.

We continue to expect membership attrition and negative margins in 2026, in light of continuing high trend and insufficient funding, with modest margin improvements beginning in 2027.

We initiated share repurchases earlier than anticipated and expect to deploy at least $2 billion by the end of the second quarter.

We remain on track to invest nearly $1.5 billion in AI-related initiatives in 2026.

The company continues to target a long-term debt-to-capital ratio of approximately 40.0% and expects to reach that level in the back half of 2026.

We are projecting rate increases in the range of 6%-7% in aggregate for the year, but that will continue to be below our medical trend.

We have historically or recently talked about the commercial trend approaching 11%. I think that's probably still a good place to orientate to.

We anticipate operating cost reductions of nearly $1 billion in 2026, many AI-enabled and importantly resulting in higher customer experience and satisfaction at a lower cost.

For 2026 overall, our strategic focus on margin recovery through product repositioning and repricing efforts enables us to estimate approximately 13% adjusted operating earnings growth across all of UHC, principally from the improvement in serving commercial and Medicare market needs.

We expect operating earnings growth of approximately 9% while expanding margins by approximately 30 basis points.

Turning to Optum Insight, we expect earnings growth of greater than 4% while expanding margins by approximately 90 basis points.

However, I would expect those margins in the exchange business for 2026 to be in about the 1% range, ±1% for that business.

At Optum Rx, we expect operating earnings growth from expanding margins by approximately 20 basis points on an adjusted basis.

As a result of the totality of actions taken across UHC Medicare, we expect an improvement in Medicare margins of approximately 50 basis points from 2025.

We expect operating earnings growth of approximately 9% while expanding margins by approximately 30 basis points.

Turning to Optum Insight, we expect earnings growth of greater than 4% while expanding margins by approximately 90 basis points.

These actions should expand operating earnings margins for UnitedHealthcare by 40 basis points and are expected to result in membership contraction of 2.3-2.8 million.

Turning to our 2026 outlook, we expect revenues of approximately $440 billion, net earnings of at least $17.10 per share, and adjusted net earnings of greater than $17.75 per share.

We're hoping to invest nearly $1.5 billion in 2026 and expect at least as much to follow in 2027.

Optum Health Fully Accountable Patients ~4.1 million

In individual Medicare Advantage, we continue to believe an expected 10% medical cost trend for 2026 has us positioned appropriately.

We forecast a full-year 2025 trend of approximately 7.5% in Medicare Advantage, consistent with our previous expectations.

Lastly, our engagements and clinical work at Optum continue to track with our expectations for meaningfully reducing medical cost trends, engaging with over 85% of our high-risk members in 2025, which accounts for the remaining V28 pressure offsets in 2026.

While still early in the Medicare annual enrollment period, we expect total Optum Health value-based care membership to shrink by approximately 10% in 2026 before returning to growth in 2027.

As a result of our plan actions, as well as competitive market dynamics, we expect membership contraction of approximately 1 million members in total Medicare Advantage, including individual and group markets.

We still expect to close this year with $16 billion in operating cash flow or 1.1 times net income.

Repricing within UnitedHealthcare is on track to drive solid operating earnings growth from margin improvement within that business in 2026.

We expect these actions will drive margin improvements in 2026, with potential for further advancements in 2027 that will position us to reach the upper half of our 2%-4% targeted margin range, all of which is supported by strong STARS results.

Within this, we expect to end 2025 with margins of just under 3%, which includes value-based care margins under 1%.

We believe these efforts will drive further acceleration in 2027 towards our long-term margin targets of 6%-8%.

Within this, we expect to end 2025 with margins of just under 3%, which includes value-based care margins under 1%.

As we think about 2026, we expect some margin degradation due to the continued dislocation of premium funding and what we're seeing in terms of elevated medical cost trends.

We expect these actions will drive margin improvements in 2026, with potential for further advancements in 2027 that will position us to reach the upper half of our 2%-4% targeted margin range, all of which is supported by strong STARS results.

At this stage, our preliminary work would imply a non-GAAP, substantially non-cash, low single-digit billion-dollar charge.

| Adjusted diluted earnings per share | $2.92 | $7.15 | $14.22 | $20.85 | At least $16.25 |

| Diluted earnings per share | $2.59 | $6.51 | $13.21 | $9.53 | At least $14.90 |

| Intangible amortization, net of tax (a) | 302 | 322 | 927 | 937 | ~1,225 |

| Intangible amortization, net of tax, per share (b) | 0.33 | 0.35 | 1.01 | 1.01 | ~1.35 |

| Adjusted net earnings attributable to UnitedHealth Group common shareholders | $2,650 | $6,651 | $12,973 | $19,388 | At least $14,825 |

| Net earnings attributable to UnitedHealth Group common shareholders | $2,348 | $6,055 | $12,046 | $8,862 | At least $13,600 |