Highlights

  • UnitedHealth shares fell sharply after fourth-quarter earnings declined despite double-digit revenue growth.
  • Full-year 2025 profit and adjusted earnings per share both dropped year over year.
  • FY26 guidance pointed to lower revenue compared with FY25 and modest earnings growth.

UnitedHealth Group Incorporated (NYSE:UNH) saw its shares decline steeply in pre-market trading on January 27 after reporting weaker earnings and issuing revenue guidance for fiscal year 2026 that fell below the prior year’s level.

The stock dropped more than 15% pre-market and later closed at USD 282.70, down 19.60%, for the session. Over the past year, the stock has traded between USD 234.60 and USD 606.36, highlighting elevated volatility following earnings updates.

Fourth-Quarter Earnings See Steep Decline
For the fourth quarter of 2025, UnitedHealth reported net earnings attributable to the company of USD 10 million, compared with USD 5.54 billion in the same quarter a year earlier. Adjusted earnings per share declined to USD 2.11 from USD 6.81 in the prior-year period.
Despite the earnings contraction, quarterly revenue increased 12% year over year to USD 113.22 billion, up from USD 100.81 billion, reflecting continued top-line expansion across the business.

Full-Year 2025 Performance Overview
For the full year 2025, net earnings attributable to UnitedHealth declined 41% to USD 12.06 billion, compared with USD 14.41 billion in the previous year. Full-year adjusted earnings per share fell to USD 16.35 from USD 27.66 a year earlier.
Total revenue for the year rose 12% to USD 447.6 billion, compared with USD 400.3 billion in 2024, indicating sustained revenue growth even as profitability metrics weakened.

FY26 Guidance Signals Lower Revenue Base
Looking ahead, UnitedHealth expects full-year 2026 revenue to exceed USD 439.0 billion, which would be below the USD 447.6 billion reported in 2025. Earnings from operations for FY26 are projected to be greater than USD 24.0 billion.
Per-share earnings from operations are expected to be above USD 17.10, while adjusted earnings per share are forecast to exceed USD 17.75. The company also expects cash flows from operations for FY26 to be above USD 18 billion.