UnitedHealth Group NYSE:UNH jumped about 5% on early Thursday after reporting second-quarter results that topped Wall Street estimates and raising its full-year earnings outlook.
UnitedHealth posted adjusted earnings of $6.38 per share, exceeding analyst expectations by $1.46, while revenue rose 0.3% from a year earlier to $112.0 billion, also ahead of consensus. Operating cash flow totaled $11.1 billion, and the company ended the quarter with a 41.2% debt-to-capital ratio.
UnitedHealth said its medical care ratio, a measure of medical costs relative to premiums collected, was 86.7%, supported by product design changes, medical management improvements and pricing actions. The operating cost ratio was 12.7%, reflecting continued investments in infrastructure, artificial intelligence, care delivery and consumer experience.
UnitedHealth raised its 2026 outlook, projecting reported earnings of $18.45 to $18.95 per share and adjusted earnings of $19.50 to $20.00 per share, up from its previous forecast of more than $18.25 per share. The company also expects about $24 billion in operating cash flow and at least $5 billion in share repurchases this year.