UnitedHealth (UNH): 3Q26 Core Beat With Corresponding Increase To 2026 Guidance; 2027 Puts and Takes In Focus

We view UNH's 3Q earnings as delivering results ahead of expectations driven by the key focus areas (UHC/Optum Health), with guidance similarly increasing ahead of consensus and providing the path to continued positive revisions we think investors want to see from the company. UNH's 3Q26 adjusted EPS came in at $4.69 versus $4.10/$4.12 JPMe/consensus, representing a ~14% positive variance. Unsurprisingly, most of our investor discussions have centered on UHC and Optum Health, which both reported adjusted operating income well ahead of consensus. UNH updated its 2026 adjusted EPS guidance to at least $20.50, compared with its prior range of $19.50–$20.00 and JPMe/consensus expectations of $19.77/$19.85, flowing through the beat in the quarter. On the call we expect a focus around 2027 growth commentary inclusive of segment/product assumptions (2027 JPMe/Consensus adj. EPS is $22.29/$22.57). UHC and Optum Health drove the beat: UHC adjusted operating income was $2.69B versus $2.2B/$2.3B