Another round of healthcare industry earnings reports kicked off Tuesday morning, with UnitedHealth Group reporting $4.1 billion in profit for the third quarter.
That's up from the $2.3 billion in profit the healthcare giant posted in the third quarter of 2025. The company has earned $15.9 billion in profit through the first three quarters of the year; by comparison, profits were $12 billion through the first nine months of 2025.
Revenues did dip slightly year over year, declining from $113.2 billion in Q3 2025 to $112.7 billion in the third quarter of 2026. Revenue is up through three quarters, however, with the company bringing in $336.4 billion through the first nine months of 2026.
By comparison, revenue through the first three quarters of 2025 was $334.4 billion.
Both earnings and revenue surpassed Wall Street analysts' predictions, per Zacks Investment Research.
"Our third quarter results reflect the discipline and execution our teams are bringing to every part of our business, as we continue evolving UnitedHealth Group to deliver a simpler, more supportive experience for patients and the clinicians who care for them," CEO Stephen Hemsley said in the announcement.
Similar to the second quarter, UHG saw improvements in its medical loss ratio in Q3, reporting 88.4%. By comparison, medical loss ratio in the prior-year quarter was 89.9%. The company attributed the decrease to "medical cost management initiatives, benefit design changes and pricing discipline, as well as care delivery enhancements focused on affordability and integrated value-based care."
Revenues at UnitedHealthcare, the company's insurance arm, were $86.3 billion, down from the $87.1 billion the insurer reported a year ago. The decline largely reflects contraction in its Medicare business, with membership down by about 935,000 since the end of 2025.
UHC reported 48.3 million total medical customers as of the third quarter, down from 50.1 million a year ago.
At Optum, meanwhile, revenues were $66.9 billion, also down year over year from a $69.2 billion haul in Q3 2025. An area of focus for improved performance is Optum Health, which became a drag on the company as medical costs increased in the past several quarters.
Operating margin at Optum Health was 3.2% in the third quarter of 2026, compared to 0.2% in Q3 2025. That improvement is supported by better operational performance and cost management efforts, UnitedHealth said.
The company increased its guidance based on the results, and now expects at least $20.50 in earnings per share, up from a $20 projection in Q2.