Company Reaffirms Growth and Raises Full-Year Outlook
UnitedHealth Group (NYSE: UNH) reported solid financial performance for the third quarter of 2025, demonstrating progress on its strategic priorities and a return to sustained growth. The company also raised its full-year earnings guidance, signaling confidence in continued momentum heading into 2026.
“We remain focused on strengthening performance and positioning for durable and accelerating growth in 2026 and beyond, and our results this quarter reflect solid execution toward that goal,” said Stephen Hemsley, chief executive officer of UnitedHealth Group.
The company now expects net earnings of at least $14.90 per share and adjusted net earnings of at least $16.25 per share for 2025, reflecting an improved outlook following a robust third quarter.
Third Quarter 2025 Highlights
UnitedHealth Group reported consolidated revenues of $113.2 billion, representing a 12% year-over-year increase. Earnings from operations totaled $4.3 billion, with a net margin of 2.1%. Adjusted earnings per share reached $2.92, while GAAP EPS came in at $2.59.
The company’s medical care ratio (MCR) stood at 89.9%, consistent with expectations, while the operating cost ratio was 13.5%, reflecting ongoing investments to support long-term expansion.
Business Segment Performance
The UnitedHealthcare segment delivered particularly strong results, with revenues rising 16% year-over-year to $87.1 billion. Growth was driven by continued strength in the Medicare & Retirement and Community & State businesses. UnitedHealthcare served 50.1 million consumers in the United States, an increase of 795,000 compared to the same period last year.
Meanwhile, Optum posted revenues of $69.2 billion, up 8% year-over-year, supported primarily by gains in Optum Rx. The business continues to expand its service capabilities and integration across the UnitedHealth Group portfolio.
Financial Position and Outlook
As of September 30, 2025, UnitedHealth Group maintained a debt-to-capital ratio of 44.1%, unchanged from the second quarter and inclusive of the recently completed Amedisys acquisition on August 14, 2025. The company emphasized its focus on balancing growth investments with disciplined financial management to support its long-term mission.
With strong performance across its core segments and an upgraded earnings forecast, UnitedHealth Group enters the final quarter of 2025 positioned for continued revenue expansion, operational stability, and enhanced shareholder value.