UnitedHealth Group (UNH) Q2 2026 (USD): adj. EPS 6.38 (exp. 4.85), Revenue 112bln (exp. 110.76bln)

Medical cost ratio was 86.7% (vs 89.4% Y/Y), reflected product design changes, improved medical management and better aligned pricing. MCR was affected by USD 860mln of net favourable prior period development, with the majority related to 2026 dates of service. Optum supported more than 120mln consumers and generated revenue of USD 65.7bln and earnings of USD 4.0bln, with margin expansion of 160bps Y/Y COMMENTARY:CEO says results and outlook reflect progress simplifying operations, improving affordability and applying modern technology to improve care.GUIDANCE: FY EPS view 19.50-20.00 (exp. 18.42) Sees FY MCR 88.8% +/- 50bps (exp. 88.4%, prev. guided 88.3-89.3%).