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UnitedHealth Group’s Hidden Catalyst — Operating Cash Flow Just Hit $11 Billion!

UnitedHealth Group reported second quarter 2026 adjusted earnings per share of $6.38, a 56% increase from $4.08 in the prior-year period, alongside total revenues of $112 billion, largely flat year-over-year. Operating earnings grew by 55% to $8 billion, reflecting portfolio actions and more disciplined management. The medical care ratio improved to 86.7% in the quarter, aided by $860 million of net favorable prior period medical development, compared with 89.4% in Q2 2025. Operating cost ratio was 12.7%, a slight increase from 12.3% a year ago, reflecting continued investments in technology, AI, care delivery, and community health efforts. Operating cash flows were strong at $11 billion, supporting share repurchases now expected to exceed $5 billion in 2026, alongside a dividend increase to $9.28 per share annually. The company’s debt-to-capital ratio improved to 41.2%. Segments showed varying results.