UnitedHealth Group (NYSE:UNH) Q3 Earnings Preview: Key Metrics and Medicare Advantage Trends

• UnitedHealth Group (NYSE:UNH) is anticipated to report third-quarter earnings of $4.12 per share on $111.30 billion in revenue, with investors keen on medical cost trends.
• The company's medical care ratio and operating earnings showed improvement in Q2, but future Medicare Advantage margins and membership changes are under scrutiny.
• Amidst industry-wide pressures, UnitedHealth and peers like Humana (NYSE:HUM) and Centene (NYSE:CNC) are adjusting Medicare Advantage offerings, impacting membership figures.

UnitedHealth Group (NYSE:UNH) is set to report third-quarter earnings before the market opens on October 13, 2026. Wall Street expects earnings of $4.12 per share on revenue of about $111.30 billion. The company runs health insurance plans and provides health services, including care for people in Medicare Advantage.

A key question is whether medical costs continue to ease. UnitedHealthcare’s second-quarter medical care ratio—the share of premiums spent on care—fell to 86.7% from 89.4% a year earlier. Operating earnings rose to $3.90 billion from $2.10 billion, though $860.00 million from favorable medical reserve development helped that result.

Investors are also watching Medicare Advantage membership and profit margins. Membership is down 965,000 from year-end 2025, as highlighted by 24/7 Wall St. UnitedHealth expects to lose roughly 1.1 million members in 2026 while keeping Medicare Advantage margins above 3%, as highlighted by Zacks.

UnitedHealth is cutting some Medicare Advantage offerings as higher care use puts pressure on profits. Suze Orman says plans covering about 390,000 members are shutting down, but UnitedHealth has not confirmed that figure. Humana (NYSE:HUM), Aetna and Centene (NYSE:CNC) are also reducing offerings, giving investors a wider industry trend to consider alongside UnitedHealth’s results.