Adjusted earnings per share were $4.08, below the prior year, primarily due to pricing and medical cost trend factors at UnitedHealthcare and OptumHealth.
Discrete items totaling about $1.2 billion were recognized, including unfavorable impacts from ACA exchange offerings and settlements of outstanding items primarily from prior years.
Optum Health revenues declined by $1.8 billion to $25.2 billion, impacted by contract adjustments and Medicare funding reductions.
OptumInsight revenues increased 6% year-over-year to $4.8 billion, with recovery from last year's cyberattack progressing slower than expected.
OptumRx revenues grew 19% to $38.5 billion, driven by new customer adds and specialty products, but earnings growth was constrained by portfolio actions removal and launch phase impacts.
The full year 2025 outlook includes adjusted earnings of at least $16 per share and revenues approaching $448 billion, an 11% growth over 2024.
The full year medical care ratio is expected at 89.25% plus or minus 25 basis points, up from the initial 86.5% midpoint, driven by discussed factors.
UnitedHealthcare's second quarter revenues grew by over $12 billion to $86.1 billion, while operating earnings declined by $1.9 billion to $2.1 billion due to medical trend pressures.
UnitedHealth Group reported second quarter revenues of nearly $112 billion, a 13% increase over the prior year, driven by growth across UnitedHealthcare and Optum.
Adjusted SG&A as a percentage of revenue improved by 280 basis points year-over-year to 17%, demonstrating operating leverage despite growth investments.
Clover Health reported 32% year-over-year Medicare Advantage membership growth to over 106,000 members in Q2 2025.
Days in claims payable decreased by 5 days sequentially to 32 days, indicating normalization of claims processing.
GAAP net loss improved by $4 million year-to-date to $12 million, with adjusted EBITDA and adjusted net income steady at $43 million and $42 million respectively.
Insurance Benefit Expense Ratio (BER) increased to 88.4% in Q2 2025 from 76.1% in Q2 2024, reflecting elevated Part D and supplemental benefit utilization.
Insurance revenue increased 34% year-over-year to $470 million in Q2 and 34% year-to-date to $927 million.
Dafinchi
