UNITEDHEALTH GROUP $UNH Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $112.7B (Est. $111.4B) 🟢; flat YoY 🔹 Adj. EPS: $4.69 (Est. $4.14) 🟢; +61% YoY 🔹 Medical Cost Ratio: 88.4% (Est. 90.1%) 🟢 🔹 Earnings from Operations: $6.6B Raises FY26 Guide: 🔹 Adj. EPS: At least $20.50 (Est. $19.86) 🟢 🔹 GAAP EPS: At least $19.50 Segment Revenue: 🔹 UnitedHealthcare: $86.3B; -1% YoY 🔹 Optum: $66.9B; -3% YoY Segment Earnings from Operations: 🔹 UnitedHealthcare: $2.8B; 3.3% margin 🔹 Optum: $3.7B Other Q3 Metrics: 🔹 GAAP EPS: $4.56; +76% YoY 🔹 Operating Cost Ratio: 12.8%; -70 bps YoY 🔹 UnitedHealthcare People Served: 48.3M 🔹 Cash Flows from Operations: $5.1B Key Updates: 🔹 Prior-period reserve development: $610M net favorable 🔹 Share Repurchases: $5.0B year-to-date 🔹 Dividends: $6.2B year-to-date 🔹 Debt-to-Capital Ratio: 41.7% Comments: 🔸 “Our third quarter results reflect the discipline and execution our teams are bringing to every part of our business …”