UnitedHealth Group (UNH) Q4 2025 (USD): adj. EPS 2.11 (exp. 2.12), revenue 113.2bln (exp. 113.77bln)

• Medical care ratio of 89.1%, included a 20bps negative impact from loss contracts included in the charge, resulting in an adjusted medical care ratio of 88.9%, or an increase of 340bps Y/Y

• Sees FY26 EPS above 17.75 (exp. 17.74)
• Sees FY26 revenue above USD 439bln (exp. 458bln)

UnitedHealth Group's Q4 results showed a slight miss on both adjusted EPS and revenue expectations, which may raise concerns about growth momentum. The increase in the adjusted medical care ratio signals potential cost pressures, crucial for investor sentiment in the health sector. However, forward guidance for FY26 suggests confidence in long-term earnings, even if revenue expectations appear conservative compared to the consensus.