UnitedHealth revenue growth slows to 2% as Medicare, Medicaid membership contracts sharply

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Medicare Advantage membership fell 690,000 year-over-year with continued contraction expected through 2026 due to funding pressures and benefit/pricing actions. Company now explicitly states membership is contracting vs. prior period's forward-looking language.

  MD&A: Medicare Advantage Membership verify on EDGAR →
• high

  Company pledged to rebate all 2026 profits from individual exchange products to customers, directly reducing profitability in this segment amid regulatory/political pressure on pricing.

  MD&A: Individual Exchange verify on EDGAR →
• high

  Consolidated revenue growth decelerated to 2% from 10% prior year; total medical membership declined 1.1 million vs. growth of 945,000 in Q1 2025. Medicaid membership down 410,000 with one state exit disclosed.

  MD&A: Revenue and Membership verify on EDGAR →