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How UnitedHealth Group (UNH) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/16/2026
UnitedHealth Group Incorporated is an American multinational company based in Eden Prairie, Minnesota, specializing in health insurance and health care services. · Wikipedia
More about the company
Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's nineth-largest company by revenue and the largest health care company by revenue. The company is ranked fourth on the 2026 Fortune Global 500.
Key growth driver: Medicare Advantage repricing and Optum Health/Rx; medical cost trend normalizing. · by the Q2 2026 report
How does UnitedHealth Group make money?
UnitedHealth Group brought in $112 billion of revenue in Q2 2026, up 0.4% year over year. The largest source was UnitedHealthcare: $72.7 billion, or 65% of the total, followed by Optum (gross) ($39.4B, 35%). Net income for the quarter was $5.48 billion, up 61.0% year over year.
Revenue by source, Q2 2026
- UnitedHealthcare$72.7B · 65%
- Optum (gross)$39.4B · 35% · −2%
Shares of $112B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is UNH’s next earnings date?
Tuesday, October 13, 2026confirmed · before market open
UnitedHealth Group (UNH) is scheduled to report results for the quarter ending Sep 2026 on Oct 13, 2026. Consensus EPS forecast: $4.12 (8 analysts), vs $2.92 in the same quarter last year.
What time does UNH report? Usually before market open: the last 4 results releases reached the SEC at 6:00 am, 6:02 am, 6:02 am, 6:02 am ET.
Last report: Jul 16, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$112,032
+0.4%
Operating income
$7,991
+55.2%
margin 7.1%
Net income
$5,484
+61.0%
Diluted EPS $6.04
Verdict: a rebound quarter — flat revenue but sharply lower medical costs and a much-improved MCR drove operating earnings up 55% and net income up 61%, even as UnitedHealthcare kept shedding members and Optum Health revenue continued to shrink.
OCF (6mo) $19,964M · buybacks $1,646M (6mo) · dividends $4,092M (6mo), quarterly rate raised to $2.32/share ($9.28 annualized).
Source and notation
* marks non-cash / ≈ estimated. Source: UnitedHealth Group press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
UNH earnings history: past report dates
| Jul 16, 2026 Thu | 6:00 ambefore market open | Jun 30, 2026 | $112B+0% y/y | $6.04+61% y/y |
| Apr 21, 2026 Tue | 6:02 ambefore market open | Mar 31, 2026 | $112B+2% y/y | $6.90+1% y/y |
| Jan 27, 2026 Tue | 6:02 ambefore market open | Dec 31, 2025 | ≈$113B+12% y/y | ≈$0.05−99% y/y |
| Oct 28, 2025 Tue | 6:02 ambefore market open | Sep 30, 2025 | $113B+12% y/y | $2.59−60% y/y |
| Jul 29, 2025 Tue | 6:04 ambefore market open | Jun 30, 2025 | $112B+13% y/y | $3.74−18% y/y |
| Apr 17, 2025 Thu | 6:01 ambefore market open | Mar 31, 2025 | $110B+10% y/y | $6.85 |
| Jan 16, 2025 Thu | 6:02 ambefore market open | Dec 31, 2024 | ≈$101B+7% y/y | ≈$5.99+2% y/y |
| Oct 15, 2024 Tue | 6:03 ambefore market open | Sep 30, 2024 | $101B+9% y/y | $6.51+4% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
UnitedHealth Group: 5-year financials
| 2025 | 447,567 | 18,964 | 12,056 | 16,075 | 7,916 |
| 2024 | 400,278 | 32,287 | 14,405 | 20,705 | 7,533 |
| 2023 | 371,622 | 32,358 | 22,381 | 25,682 | 6,761 |
| 2022 | 324,162 | 28,435 | 20,120 | 23,404 | 5,991 |
| 2021 | 287,597 | 23,970 | 17,285 | 19,889 | 5,280 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Mar 202610-K FY2025: the annual dividend rate was raised in June 2025 to $8.84 from $8.40; a single class of common stock. sec.gov ↗
- Feb 2026Shares outstanding of 907.7M vs. 945.3M in January 2021 (−4%). data.sec.gov ↗
Scoring: 2.0, no deductions: the options-backdating episodes (the $895M suit and the SEC case, 2008) are older than 15 years and not counted; the 2024–2025 suits are unresolved
- Share classes
- Single class of common stock (NYSE: UNH).
- Dilution
- Shares 945.3M (January 2021) → 907.7M (February 2026), −4%; SBC 0.2% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- The annual dividend rate was raised in June 2025 to $8.84 from $8.40; buybacks of $5–9B a year in 2021–2025; no cuts.
- Lawsuits & regulators
- Options backdating: the CalPERS suit ($895M) and the SEC case (both 2008) are older than 15 years and not counted. The 2024–2025 shareholder suits and DOJ Medicare probes are unresolved — no deduction.
- Related parties
- 2026 proxy: employment of relatives of directors/executives on the market pay scale, a lease of company-owned real estate to CFO W. DeVeydt at a market rate set by an independent broker ($25K/month), payments to BlackRock/Vanguard for services — immaterial.
How the score works · checked as of Sep 2026
UnitedHealth Group (UNH) earnings: FAQ
How does UnitedHealth Group make money?
UnitedHealth Group brought in $112 billion of revenue in Q2 2026, up 0.4% year over year. The largest source was UnitedHealthcare: $72.7 billion, or 65% of the total, followed by Optum (gross) ($39.4B, 35%). Net income for the quarter was $5.48 billion, up 61.0% year over year.
When is UNH's next earnings date?
UnitedHealth Group (UNH) is scheduled to report on Oct 13, 2026, before market open.
What time does UNH report earnings?
UnitedHealth Group is scheduled to report before market open on Oct 13, 2026. Its last results releases were filed before market open, most recently at 6:00 am ET on Jul 16, 2026.
When did UNH last report earnings?
UnitedHealth Group reported Q2 2026 results on Jul 16, 2026.
What is the EPS estimate for UNH's next earnings?
The consensus EPS forecast is $4.12 (8 analysts), vs $2.92 in the same quarter last year.
Where can I find UnitedHealth Group's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to UNH's filings; this page breaks the latest report down in a Sankey chart.
What was UNH's net income in Q2 2026?
UnitedHealth Group reported net income of $5,484M for Q2 2026 (+61.0% year over year), under US GAAP.
Does UnitedHealth Group pay dividends?
Yes. In 2025, UnitedHealth Group paid $7,916M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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