0000731766-26-000127
SEC filingRevenue was $111.7B (2.0%) Gross Profit was $98.9B (1.8%) Operating Income was $9.0B (-1.4%) Net Income was $6.3B (-19.1%)
Revenue increased 2.0% to $111.7 billion, while gross profit rose 1.8% to $98.9 billion. The gross margin remained stable at 88.5%, signaling resilience in core service economics. This performance occurred against a backdrop of acknowledged headwinds: management notes 'increased care patterns; health care unit costs; and the intensity of services delivered,' driven by higher provider pricing and bundled service delivery. The growth reflects disciplined execution across both UnitedHealthcare and Optum, including specialty pharmacy expansion at Optum Rx — even as script volume declined due to membership contraction at UnitedHealthcare.
Net cash provided by operating activities was $8.9 billion — a significant increase from $5.5 billion in Q1 2025 — supporting $8.1 billion in free cash flow after $763 million in capital expenditures. This robust cash generation reinforces the company’s financial flexibility and capacity to fund strategic investments without compromising balance sheet strength. Management emphasizes that decisions on capital deployment — including share repurchases, dividends, and acquisitions — remain calibrated to long-term value creation and credit quality considerations.