UnitedHealth Group reported full-year 2025 revenue of $447.6 billion and adjusted net earnings of $16.35 per share, and on January 27, 2026 issued 2026 outlooks that included revenue guidance of more than $439.0 billion and adjusted earnings above $17.75 per share, according to the company’s January 27 press release. The company’s results and guidance coincided with a Centres for Medicare & Medicaid Services (CMS) Advance Notice proposing a net average 0.09% increase in Medicare Advantage payments for calendar year 2027; those developments were followed by sharp declines in UnitedHealth shares in U.S. trading.
Key insights
- UnitedHealth reported full-year 2025 revenues of $447.6 billion and adjusted net earnings of $16.35 per share, per the company’s January 27 release.
- The company issued 2026 outlooks calling for revenue greater than $439.0 billion and adjusted earnings greater than $17.75 per share.
- CMS’s CY 2027 Advance Notice projects a net average Medicare Advantage payment increase of 0.09% if finalized, a figure the agency said equates to just over $700 million industry-wide.
- UnitedHealth recorded a one-time, after-tax charge of $1.6 billion in the fourth quarter that the company excluded from adjusted results, as disclosed in its filings and public statements.
- Reports indicated material share price declines for UnitedHealth on January 27, with different outlets citing intraday drops in the mid-teens to high-teens percent range.
Earnings and company guidance
UnitedHealth’s January 27, 2026 press release sets out full-year 2025 financial results and 2026 outlooks. The company reported full-year revenues of $447.6 billion, full-year net earnings of $13.23 per share, and full-year adjusted net earnings of $16.35 per share. In the same release the company said it expected full-year 2026 revenue to be greater than $439.0 billion and adjusted earnings per share to be greater than $17.75. The company’s investor materials and the associated Form 8-K were posted on its investor site.
UnitedHealth’s disclosures indicate that fourth-quarter and full-year results reflected a series of one-time items. The company reported a $1.6 billion after-tax charge in the quarter that was excluded from adjusted earnings; company filings and subsequent reporting attribute that charge to a mix of cyberattack-related costs, divestitures and restructuring actions. The company’s materials also provide tables and segment detail for UnitedHealthcare and Optum operations.
CMS Advance Notice and Medicare Advantage payment change
On January 26–27, 2026 the Centers for Medicare & Medicaid Services (CMS) published the Calendar Year 2027 Advance Notice of Methodological Changes for Medicare Advantage (MA) capitation rates and Part C and Part D payment policies. CMS’s fact sheet states that the proposed policies would, if finalized, produce a net average year-over-year payment increase of 0.09% for MA plans, equivalent to more than $700 million in additional MA payments. CMS described the proposal as an update to ensure payment accuracy and indicated that the final Rate Announcement would be published on or before April 6, 2026.
Market reaction and trading moves
Financial news outlets and market reporting recorded immediate market reactions to the combination of UnitedHealth’s results and the CMS Advance Notice. Reuters reported that UnitedHealth forecast 2026 revenue above $439 billion and that shares moved sharply after the CMS notice; other outlets reported intraday declines in UnitedHealth shares in the mid-teens to high-teens percentage range. Reporting attributes the market moves to the company’s guidance, the one-time charge, and the Advance Notice’s modest MA payment change. Exact intraday price movements varied across reports and over the trading session.
Regulatory and legal context
UnitedHealth’s recent operating and financial disclosures come against a backdrop of regulatory and legal developments reported in public records. The U.S. Department of Justice in 2025 required divestitures tied to the company’s Amedisys acquisition; a court-approved settlement required divestiture of a set of home-health and hospice locations, as reflected in DOJ announcements and reporting. UnitedHealth’s public filings and press materials also reference the operational and cost effects of the 2024 Change Healthcare cyberattack and subsequent remediation and restructuring actions.
Shareholder returns and dividend information
UnitedHealth’s investor communications in 2025–2026 include regular dividend authorizations; the company’s board authorized quarterly dividend payments in 2025, and dividend dates and amounts are disclosed on the company’s investor relations pages and in filings. Specific future dividend declarations and ex-dividend dates are set by the board and disclosed when authorized.
Background context (verifiable, limited)
UnitedHealth Group is a diversified health care company operating UnitedHealthcare (insurance) and Optum (health services). The company has publicly filed quarterly and annual reports, and its investor relations site contains the press releases and 8-K/10-Q filings cited above. The CMS Advance Notice is an annual technical release that proposes methodological changes and is followed by a final Rate Announcement in April, per CMS procedure.
As of the company’s January 27, 2026 disclosures and the CMS CY 2027 Advance Notice, UnitedHealth had reported full-year 2025 revenue of $447.6 billion, recorded a $1.6 billion after-tax one-time charge excluded from adjusted results, and issued 2026 revenue and adjusted earnings outlooks that the company described in its January 27 press release. CMS’s Advance Notice projects a net average 0.09% increase in Medicare Advantage payments for 2027 if finalized. Market reporting shows that UnitedHealth shares fell in trading on January 27, 2026; reported intraday declines vary by outlet. The company’s press release, CMS materials, regulatory settlement records and securities filings referenced above provide the publicly disclosed details and remain the primary sources for these facts.
