UnitedHealth (UNH) official guidance

The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end.

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

The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end.

With our cash flow performance this quarter, we were able to bring the debt-to-capital ratio down to 42.9%, on track to our year-end goal of 40%.

As we look ahead, we expect leverage to continue improving through the year, supported by strong cash generation and a more stable operating environment, and to reach our long-term debt-to-capital target of approximately 40% before year-end.

Adjusted diluted earnings per share ...................................................................................... $4.69 $2.92 $18.30 $14.22 At least $20.50

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

Diluted Adjusted (b) Net Earnings per Share $18.45 - $18.95 $19.50 - $20.00

Adjusted diluted earnings per share ................................................................................................................................. $7.23 $7.20 > $18.25

Looking to 2026, we expect adjusted earnings per share of greater than $17.75 for growth of at least 8.6%.

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 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 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.

We are working to enable more prior authorization submissions to be made directly within care provider workflows, in addition to the steps we are taking to further reduce the overall number of medical prior authorizations by 30% or more by the end of this year.

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

While it is still early in the year, we've updated our full-year outlook to greater than $18.25 per share.

Diluted earnings per share ........................................................................................................................................................ $6.90 $6.85 > $17.35

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.

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

Adjusted net earnings attributable to UnitedHealth Group common shareholders ................................................... $6,578 $6,607 > $16,610

Net Earnings to UNH Shareholders > $16,750

Net earnings attributable to UnitedHealth Group common shareholders .......................................................................... $6,280 $6,292 > $15,800