UnitedHealth Group (UNH): 2Q First Take: Material 2Q Beats across OH / UHC Drive Positive 2026 Guidance Reset on Accelerating Recovery

研报英文原文证据摘录

UnitedHealth Group (UNH): 2Q First Take: Material 2Q Beats across OH / UHC Drive Positive 2026 Guidance Reset on Accelerating Recovery

Equity Research

16 July 2026 | 7:54AM EDT

UnitedHealth Group (UNH): 2Q First Take: Material 2Q Beats across OH /

UHC Drive Positive 2026 Guidance Reset on Accelerating Recovery

Before market open, UNH reported adjusted EPS of $6.38, a meaningful beat versus Scott Fidel

+1(212)902-7304 | scott.fidel@gs.com

GS/Visible Alpha Consensus Data of $4.76/$4.87, with adjusted EBIT of $7,979 Goldman Sachs & Co. LLC

million vs GS/consensus $5,336 million/$6,322 million. The beat was driven by strong Sarah Conrad

performance across both UHC and Optum, reflecting lower-than-expected medical +1(212)357-2448sarah.conrad@gs.com|

costs, favorable reserve development, pricing discipline, benefit design changes, and Goldman Sachs & Co. LLC

Valentine Vlasovcontinued improvement in Optum Health execution. The results are consistent with +1(212)934-0210 |

our thesis that evidence of cyclical margin recovery would emerge across both UHC valentine.vlasov@gs.comGoldman Sachs & Co. LLC

and Optum through 2026, making the stock our highest conviction Buy

recommendation.

UNH raised 2026 adj EPS guidance to $19.50-$20.00, compared to GS/Street of

$18.50/$18.39, which the company characterized as a reset in the 2026 outlook

reflecting a higher level of visibility on the full year. In a nutshell, 2Q results reinforce

that the turnaround in both insurance and care delivery operations remains firmly on

track, with clear evidence of improved medical cost trends and accelerating Optum

Health profitability. We continue to see substantial embedded earnings power as the

company executes on margin recovery initiatives.