UnitedHealth Group financial performance and scrutiny

UnitedHealth Group reported strong second-quarter 2026 financial results, with earnings per share of $6.38 and revenue of $112.03 billion, exceeding analyst expectations. The company’s performance was driven by its US health insurance business and its Optum services division.

Despite the strong earnings, the company faced scrutiny regarding its profitability reporting. A study by the Insurance Watchdog Coalition claimed that UnitedHealth Group obscures true profit margins by including pass-through medical claim reimbursements as revenue. The study suggested that excluding these costs would reveal an average operating profit margin of 33.0% from 2020 to 2025, rather than the reported average net margin of 7.6%.

Following the earnings report, UnitedHealth Group’s stock rebounded above $400. Management raised its full-year outlook, projecting adjusted earnings per share between $19.50 and $20 for 2026, while emphasizing efforts to reduce costs and increase transparency within its UnitedHealthcare and Optum divisions.