The Main Points
- UnitedHealth topped second-quarter earnings estimates and raised its full-year outlook, citing better control over medical costs.
- The company's medical care ratio — a key measure of costs relative to premium revenue — improved to 83.9%, down 90 basis points from a year earlier.
- Operating cash flow surged to $8.9 billion from $5.5 billion a year earlier, giving the company room to return $2 billion to shareholders via dividends.
- The results follow a rough stretch for the stock, which fell 35% last year amid rising Medicare Advantage costs.
- Shares are up roughly 27% so far in 2026 as investors grow more confident the turnaround is holding.