--- title: "Unitedhealth | 8-K: FY2025 Revenue Misses Estimate at USD 447.57 B" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/273832348.md" datetime: "2026-01-27T11:06:37.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273832348.md) - [en](https://longbridge.com/en/news/273832348.md) - [zh-HK](https://longbridge.com/zh-HK/news/273832348.md) --- > 支持的语言: [English](https://longbridge.com/en/news/273832348.md) | [繁體中文](https://longbridge.com/zh-HK/news/273832348.md) # Unitedhealth | 8-K: FY2025 Revenue Misses Estimate at USD 447.57 B Revenue: As of FY2025, the actual value is USD 447.57 B, missing the estimate of USD 447.99 B. EPS: As of FY2025, the actual value is USD 13.23, missing the estimate of USD 14.9322. EBIT: As of FY2025, the actual value is USD 18.7 B. #### Consolidated Financial Performance (Year Ended December 31, 2025) - **Revenues:** $447.6 billion, representing 12% growth year-over-year compared to $400.3 billion in 2024. Consolidated revenues for 2025 were $447.6 billion, representing 12% growth year-over-year . - **Earnings from Operations:** $19.0 billion, compared to $32.3 billion in 2024. This included a $2.8 billion charge . Earnings from operations were $19.0 billion . - **Adjusted Earnings from Operations:** $21.7 billion, compared to $34.4 billion in 2024 . - **Net Margin:** 2.7%, compared to 3.6% in 2024 . Net margin was 2.7% . - **Net Earnings Attributable to UnitedHealth Group Common Shareholders:** $12,056 million, compared to $14,405 million in 2024 . Net Earnings Attributable to 联合健康 (UnitedHealth Group) Common Shareholders were $12,056 million . - **Cash Flows from Operations:** $19.7 billion, or 1.5 times net income, higher than anticipated due to timing of cash flows . Cash flows from operations were $19.7 billion, or 1.5 times net income . Cash flows from operations for the full year were higher than anticipated, largely due to the timing of cash flows, including payments received in 2025 that were expected in 2026 . - **Medical Care Ratio (Reported):** 89.1% . The reported medical care ratio was 89.1% . This included a 20 basis point negative impact from loss contracts included in a charge, resulting in an adjusted medical care ratio of 88.9% . - **Adjusted Medical Care Ratio:** 88.9%, an increase of 340 basis points year-over-year compared to 85.5% in 2024 . The full year 2025 adjusted medical care ratio of 88.9% compared to 85.5% in 2024 . The year-over-year increase reflects previously disclosed factors, CMS’s Medicare funding reductions and changes from the Inflation Reduction Act combined with accelerating medical cost trends . - **Operating Cost Ratio (Reported):** 13.3% . The operating cost ratio of 13.3% included a negative 40 basis points impact from a one-time charge . - **Adjusted Operating Cost Ratio:** 12.9%, which was flat year-over-year compared to 12.9% in 2024 . The adjusted operating cost ratio was 12.9% . The full year 2025 adjusted operating cost ratio of 12.9% compared to 12.9% in 2024, reflecting operating efficiencies and investments to drive future growth . - **Medical Reserve Development:** $140 million favorable for full year 2025 . - **Days Claims Payable:** 44.1 days, compared to 47.0 at year-end 2024 . - **Days Sales Outstanding:** 18.8 days, compared to 20.7 in the year-ago quarter . - **Debt-to-Capital Ratio:** 43.9% as of December 31, 2025, consistent with 43.9% at year-end 2024 . The debt-to-capital ratio was 43.9% as of December 31, 2025, compared to 44.1% in the third quarter 2025 and 43.9% at year end 2024 . The company continues to target a long-term debt-to-capital ratio of 40.0% and expects to reach that level in 2026 . #### Fourth Quarter 2025 Charge - **Total Impact to Net Earnings:** - $1,622 million . - **Components of the charge:** Final Cyberattack Costs of - $799 million, Net Portfolio Divestitures of $442 million, and Restructuring and Other of - $2,521 million . The charge consisted of: Final Cyberattack Costs of - $799 million, Net Portfolio Divestitures of $442 million, Restructuring and Other of - $2,521 million, totaling - $2,878 million before Income Taxes, with Income Taxes of $1,256 million, resulting in a Total Impact to Net Earnings of - $1,622 million . #### Consolidated Financial Performance (Three Months Ended December 31, 2025) - **Total Revenues:** $113,215 million . - **Earnings from Operations:** $380 million . - **Net Earnings Attributable to 联合健康 (UnitedHealth Group) Common Shareholders:** $10 million . #### Segment Performance (Year Ended December 31, 2025) ##### UnitedHealthcare - **Revenues:** $344.9 billion, an increase of $46.7 billion or 16% year-over-year compared to $298.2 billion in 2024 . - **Earnings from Operations:** $9.4 billion, compared to $15.6 billion in 2024 . - **Adjusted Earnings from Operations:** $9.6 billion, compared to $16.2 billion in 2024 . - **Operating Margin:** 2.7%, compared to 5.2% in 2024 . - **Consumers Served:** 49.8 million, an increase of 415,000 year-over-year . 49.8 million consumers in 2025, an increase of 415,000 year-over-year . ###### UnitedHealthcare Employer & Individual - **Revenues:** $79.2 billion, compared to $78.2 billion in 2024 . - **People Served:** Decreased by 80,000 year-over-year . ###### UnitedHealthcare Medicare & Retirement - **Revenues:** $171.3 billion, grew $31.8 billion or 23% year-over-year . $171.3 billion, grew $31.8 billion, or 23%, year-over-year . - **People Served Growth:** Total growth for people served through Medicare Advantage was 755,000 . Total growth for people served through Medicare Advantage, including programs serving complex populations included in Medicaid, was 755,000 in 2025 . ###### UnitedHealthcare Community & State - **Revenues:** $94.4 billion, grew 17% year-over-year . - **People Served:** Contracted by 55,000 . Contracted by 55,000 in 2025 . ##### Optum - **Revenues:** $270.6 billion, an increase of 7% year-over-year compared to $253.0 billion in 2024 . $270.6 billion, expanded 7% . - **Earnings from Operations:** $9.5 billion, compared to $16.7 billion in 2024 . - **Adjusted Earnings from Operations:** $12.1 billion, compared to $18.2 billion in 2024 . - **Operating Margin:** 3.5%, compared to 6.6% in 2024 . - **Consumers Supported:** More than 123 million . More than 123 million consumers across its businesses . ###### Optum Health - **Revenues:** $102.0 billion, down 3% year-over-year . - **Earnings from Operations:** - $278 million, compared to $7.8 billion in 2024 . - **Adjusted Earnings from Operations:** $2.3 billion, compared to $7.9 billion in 2024 . $2.3 billion in 2025, compared to $7.9 billion in 2024 . - **Consumers Served:** 95 million . ###### Optum Insight - **Revenues:** $19.4 billion, up 4% or $660 million year-over-year . $19.4 billion, up 4%, or $660 million, year-over-year . - **Earnings from Operations:** $2.6 billion, compared to $3.1 billion in 2024 . - **Adjusted Earnings from Operations:** $3.7 billion, compared to $4.4 billion in 2024 . $3.7 billion in 2025, compared to $4.4 billion a year ago . - **Contract Backlog:** $31.1 billion . ###### Optum Rx - **Revenues:** $154.7 billion, increased 16% year-over-year . - **Earnings from Operations:** $7.2 billion, compared to $5.8 billion in 2024 . - **Adjusted Earnings from Operations:** $6.1 billion, compared to $5.8 billion in 2024 . $6.1 billion in 2025, compared to $5.8 billion a year ago . - **Adjusted Scripts (Full Year):** 1.66 billion, up from 1.62 billion last year . Grew to 1.66 billion, up from 1.62 billion last year . - **Adjusted Scripts (Quarterly):** 424 million . #### Cash Flow Statement (Year Ended December 31) - **Net Earnings:** $12,807 million in 2025, compared to $15,242 million in 2024 . - **Depreciation and Amortization:** $4,361 million in 2025, compared to $4,099 million in 2024 . - **Deferred Income Taxes and Other:** - $989 million in 2025, compared to - $3,657 million in 2024 . - **Share-based Compensation:** $971 million in 2025, compared to $1,018 million in 2024 . - **Loss on Sale of Subsidiary and Subsidiaries Held for Sale:** $265 million in 2025, compared to $8,310 million in 2024 . - **Net Changes in Operating Assets and Liabilities:** $2,282 million in 2025, compared to - $808 million in 2024 . - **Cash Flows from Operating Activities:** $19,697 million in 2025, compared to $24,204 million in 2024 . - **Cash Flows Used for Investing Activities:** - $8,685 million in 2025, compared to - $20,527 million in 2024 . - **Cash Flows Used for Financing Activities:** - $11,644 million in 2025, compared to - $3,512 million in 2024 . - **Net Decrease in Cash and Cash Equivalents:** - $947 million in 2025, compared to - $115 million in 2024 . - **Cash and Cash Equivalents, End of Period:** $24,365 million in 2025, compared to $25,312 million in 2024 . #### Balance Sheet (as of December 31) - **Cash and Short-term Investments:** $28,121 million in 2025, compared to $29,113 million in 2024 . - **Accounts Receivable, Net:** $23,018 million in 2025, compared to $22,365 million in 2024 . - **Total Current Assets:** $90,582 million in 2025, compared to $85,779 million in 2024 . - **Total Assets:** $309,581 million in 2025, compared to $298,278 million in 2024 . - **Medical Costs Payable:** $39,337 million in 2025, compared to $34,224 million in 2024 . - **Total Current Liabilities:** $114,897 million in 2025, compared to $103,769 million in 2024 . - **Long-term Debt, Less Current Maturities:** $72,320 million in 2025, compared to $72,359 million in 2024 . - **Equity:** $100,090 million in 2025, compared to $98,268 million in 2024 . #### 2026 Outlook and Guidance 联合健康 (UnitedHealth Group) expects 2026 revenues to exceed $439.0 billion, reflecting a 2% year-over-year decline due to planned right-sizing . Earnings from operations are projected to be greater than $24.0 billion, with an operating margin of approximately 5.5% and a net margin of approximately 3.6% . Cash flows from operations are anticipated to be greater than $18.0 billion, and the company expects to reach its long-term debt-to-capital ratio target of 40.0% in 2026 . ##### Key Performance Expectations for 2026: - **Consolidated Medical Care Ratio:** Expected to be 88.8% +/- 50 basis points, an improvement of 30 basis points from the 2025 medical care ratio of 89.1% . - **Operating Cost Ratio:** Expected to be 12.8% +/- 50 basis points, reflecting a 10 basis point improvement from the 2025 adjusted operating cost ratio . ##### Segment Outlook for 2026: - **UnitedHealthcare Revenues:** More than $335.0 billion, with operating earnings greater than $10.8 billion, reflecting a ~3.2% margin . UnitedHealthcare revenues are projected to be more than $335.0 billion, reflecting fewer consumers served, with membership expected to range between 46.9 million to 47.5 million . Operating earnings are projected to be greater than $10.8 billion, reflecting an approximate 3.2% margin . - **Optum Revenues:** More than $257.5 billion, with operating earnings expected to be greater than $13.2 billion, or a margin of ~5.1% . Optum revenues are projected to be more than $257.5 billion, reflecting corresponding membership attrition in Optum Rx and strategic right-sizing of Optum Health . Operating earnings are expected to be greater than $13.2 billion, or a margin of approximately 5.1% compared to 2025 margin of 3.5% . - **Optum Health Revenues:** Projected to be greater than $91.0 billion with an operating margin of approximately 2.4% . - **Optum Health Consumers Served:** Approximately 84 million . - **Optum Health Fully Accountable Patients:** More than 4.1 million . - **Optum Insight Revenues:** Projected to be greater than $21.0 billion with an operating margin of approximately 22.6% . - **Optum Rx Revenues:** Projected to be greater than $150.5 billion with an operating margin of approximately 4.2% . - **Optum Rx Adjusted Scripts:** Greater than 1.52 billion . ### 相关股票 - [Unitedhealth (UNH.US)](https://longbridge.com/zh-CN/quote/UNH.US.md) ## 相关资讯与研究 - [UnitedHealth Stock Is Down Nearly 50% over the Past Year, but This 1 Analyst Is Still Betting on UNH to Outperform](https://longbridge.com/zh-CN/news/281566843.md) - [Why UnitedHealth Stock (UNH) Is Rising Today — And What Raymond James Sees Next](https://longbridge.com/zh-CN/news/281349145.md) - [There’s Been A Staggering Number Of Deaths In ICE Custody During Trump’s Second Term](https://longbridge.com/zh-CN/news/281293924.md) - [Vitalist to Acquire Somatix, Pushing VitalOS Deeper Into Medical Wearables](https://longbridge.com/zh-CN/news/281221945.md) - [ZAWYA: Cambridge Health Group announces 70 bed expansion of Cambridge Hospital Jeddah](https://longbridge.com/zh-CN/news/281484041.md)