UnitedHealth Group (NYSE:UNH) announced its full-year 2025 results on Tuesday, reporting consolidated revenues of $447.6 billion—a 12% increase year-over-year.
The healthcare giant’s performance was led by strong growth across its UnitedHealthcare and Optum units, though fourth-quarter results were tempered by one-time charges that impacted net margins.
For the full year, net earnings stood at $13.23 per share, while adjusted net earnings reached $16.35 per share.
However, the fourth quarter saw a sharp divergence between GAAP and adjusted figures, with net earnings of just $0.01 per share compared to adjusted earnings of $2.11 per share.
The discrepancy reflects significant one-time charges related to loss contracts.
A key focus for investors was the medical care ratio (MCR), which tracks the percentage of premiums spent on medical claims.
The reported MCR for 2025 was 89.1%.
When adjusted for loss contract impacts, the ratio stood at 88.9%—a 340 basis point increase compared to 2024, reflecting higher utilization of healthcare services.
Despite rising medical costs, the company maintained efficiency in its internal operations.