UnitedHealth Q2 EPS $3.74, cuts FY outlook; cites $1.2B unfavorable items, high medical trend

UNITEDHEALTH GROUP INC

2025-Q2 EPS reported $10.61 vs consensus $4.53 ▲ beat (+134.3%)

Q2 revenue $111.6B (+13% YoY); diluted EPS $3.74; adjusted EPS $4.08.
Medical care ratio 89.4% (+430 bps YoY); operating cost ratio 12.3% (-100 bps).
UnitedHealthcare operating margin fell to 2.4% from 5.4% YoY; Optum margin 4.6% vs 6.2%.
FY2025 outlook re-established: revenue $445.5B-$448.0B, EPS at least $14.65, adjusted at least $16.00.
Quarterly dividend raised 5% to $2.21; expects return to earnings growth in 2026.

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