UnitedHealth Group Inc (NYSE:UNH, ETR:UNH) reported third-quarter revenue and adjusted earnings per share that beat Wall Street expectations, driven by growth in its health benefits and pharmacy services, and raised its full-year guidance.
Revenue rose 12% from a year earlier to $113.2 billion, narrowly above analysts’ estimate of $113.16 billion.
Adjusted earnings per share came in at $2.92, topping the expected $2.84. However, earnings from operations fell 50% to $4.3 billion.
UnitedHealth raised its full-year 2025 guidance, projecting adjusted EPS of at least $16.25, above the Street’s $16.22 estimate, and GAAP EPS of at least $14.90.
UnitedHealthcare, the company’s benefits business, generated $87.1 billion in revenue, up 16% from a year ago and exceeding estimates of $86.72 billion.
Optum, the health services arm, posted $69.2 billion in revenue, up 8% year-on-year and above the expected $67.52 billion.
Other metrics highlighted by the company included operating cash flow of $5.9 billion, a medical care ratio of 89.9% versus 85.2% a year ago, and a net margin of 2.1%.
The group told shareholders that it was focused on strengthening performance and positioning for durable and accelerating growth in 2026.