Filing Flows › UnitedHealth Group (UNH) › Q1 2026
UnitedHealth Group (UNH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
UnitedHealth Group (UNH) reported revenue of $111.7B for the first quarter 2026 (Q1 2026), +2% from a year earlier and -1% from the quarter before. Operating margin was 8.0%, net earnings $6.3B (5.6% of revenue).
UnitedHealth Group, Q1 2026: revenue $111.7B (+2% year over year), operating margin 8.0%, net earnings $6.3B, operating cash flow $8.9B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111.7B | -1% | +2% |
| Operating profit | $9.0B | 24× | -1% |
| Net earnings | $6.3B | 628× | -0.2% |
| Operating cash flow | $8.9B | +704% | +63% |
| Free cash flow | $8.1B | 51× | +79% |
What changed
Revenue was $111.7B in Q1 2026, up 2% year over year and down 1% from the previous quarter.
Operating profit was $9.0B, a 8.0% margin (down 0.3 points year over year). Operating profit fell $0.13B even though revenue rose $2.1B versus Q1 2025, so costs grew faster than sales. Total costs grew 2% against revenue growth of 2%. The fastest-growing cost line was SG&A (+13%). Net earnings were $6.3B, roughly flat year over year. The effective tax rate was 18.6%.
Operating cash flow was $8.9B (up 63% year over year), 138% of net income including minority interests. Non-cash charges added back $1.0B of depreciation and amortization and $0.35B of share-based compensation. Working capital and other items added $1.1B. Capital expenditures of $0.76B left free cash flow of $8.1B.
Questions
What was UnitedHealth Group's revenue in the first quarter 2026?
UnitedHealth Group (UNH) reported revenue of $111.7B for the first quarter 2026 (Q1 2026), +2% from a year earlier and -1% from the quarter before.
Was UnitedHealth Group profitable in the first quarter 2026?
Operating profit was $9.0B (8.0% of revenue) and net earnings $6.3B.
Source: UnitedHealth Group 10-Q on SEC EDGAR.