10-Q · August 10, 2026
UnitedHealth reported Q2 2026 revenue of $112.032 billion, modestly above both Q1 2026 and Q2 2025, while diluted EPS of $6.38 declined sequentially but increased substantially year over year and exceeded consensus by…
Earnings analysis · 10-Q
UNH earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
The provided 10-Q excerpt does not include the income statement, segment results, balance sheet, cash flow statement, or MD&A, so revenue, margins, EPS, free cash flow, and operating trends cannot be evaluated from the…
Read full summary
The provided 10-Q excerpt does not include the income statement, segment results, balance sheet, cash flow statement, or MD&A, so revenue, margins, EPS, free cash flow, and operating trends cannot be evaluated from the filing text supplied. Controls were effective as of September 30, 2026, and the company repurchased 3.4 million shares during the quarter while expanding its authorization by up to 50 million shares. The principal quantified concern in the excerpt is interest-rate sensitivity, including a potential $7.380 billion reduction in the fair value of financial liabilities under a 2-percentage-point rate increase.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2026. The filing also states there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
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$1.4 billion of quarterly share repurchases
UnitedHealth repurchased 3.4 million shares during the third quarter at an average price of $410.01 per share, leaving 7.2 million shares available under the existing authorization as of September 30, 2026.
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Repurchase authorization expanded
In November 2026, the board authorized repurchases of up to 50 million additional shares, in addition to the remaining shares under the 2024 renewal of the program.
What to watch
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Material interest-rate sensitivity
A hypothetical 2-percentage-point increase across the yield curve would reduce the fair value of financial assets by $4.440 billion and financial liabilities by $7.380 billion, while changing annual investment income by $738 million and interest expense by $616 million.
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Downward-rate scenario increases liability values
A hypothetical 2-percentage-point decrease in market interest rates would increase the fair value of financial liabilities by $10.637 billion and financial assets by $4.751 billion, according to the filing's sensitivity analysis.
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No material risk-factor updates
The filing explicitly states that there were no material changes to the risk factors disclosed in the 2025 10-K; therefore, the excerpt does not identify a newly disclosed operating or regulatory risk update.
Management's outlook
The provided filing excerpt contains no quantitative revenue or EPS guidance. The excerpt states that there were no material changes to the risk factors disclosed in the 2025 10-K.
Earlier filings 4
10-Q · May 5, 2026
UnitedHealth Group reported strong Q1 2026 results, with revenues of $111.72 billion, up 2% year-over-year, and EPS of $6.90, reflecting a slight increase from $6.85 a year ago. Despite revenue growth, the company saw a…
10-K · March 2, 2026
UnitedHealth’s 2025 10-K emphasizes scale across two complementary platforms — Optum (Health, Insight, Rx, Financial) and UnitedHealthcare — highlighting large membership and service footprints (e.g., Optum Health 95…
10-K · February 27, 2025
UnitedHealth Group positions itself as a large, integrated health care platform centered on two complementary businesses: Optum (Health, Insight, Rx, Financial) and UnitedHealthcare (Employer & Individual, Medicare &…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.