UnitedHealth Raises 2026 Earnings Outlook but Forecasts Loss of 1.6 Million Members

UnitedHealth Group reported second-quarter adjusted earnings per share of $6.38, exceeding the $4.90 expected by analysts. Revenue reached $112.03 billion, above the $110.85 billion forecast. Net income totaled $5.48 billion, or $6.04 per share, compared with $3.41 billion, or $3.74 per share, in the same quarter a year earlier.

The company raised its full-year 2026 adjusted earnings outlook to a range of $19.50 to $20 per share from a prior range of more than $18.25 per share. It maintained its full-year revenue guidance of greater than $439 billion. UnitedHealth is investing $1.5 billion in artificial intelligence to improve efficiency and payment accuracy, with tools aimed at speeding prior authorizations and detecting potential fraud.

Medical costs remained elevated over historical levels due to post-pandemic care demand and high-cost specialty drugs, the company said. UnitedHealthcare served 48.5 million people in the quarter, down 525,000 from the prior quarter. The company forecast a loss of roughly 500,000 ACA exchange members and 1.1 million Medicare Advantage members for 2026.

Stock in the company rose about 7 percent in premarket trading following the results.