“Turning to our 2026 outlook, We expect revenues of approximately $440 billion net earnings of at least $17.10 per share, and adjusted net earnings of greater than $17.75 per share.”

In context

“0 basis points of negative charge related impacts primarily associated with the lost contract reserve. I just discussed. Our operating cost ratio of 13.3% demonstrates strong management discipline while balancing key investments in people and capabilities that support long term performance improvements. Operating cost ratio was slightly higher than anticipated due to approximately 40 basis points of charge related impacts. Higher than originally contemplated because of approximately $800 million in broad based employee and incentives and funding to the UnitedHealth Foundation. Investing in our workforce and the communities we serve both are critically important to this enterprise. Finally, earnings were supported by strong cash flows of $19.7 billion or approximately 1.5 times net income. Turning to our 2026 outlook, We expect revenues of approximately $440 billion net earnings of at least $17.10 per share, and adjusted net earnings of greater than $17.75 per share. This reflects anticipated operational improvements and margin stabilization as we continue executing against our long term strategy. We expect slightly under two thirds of full year earnings to be generated in the first half of the year, This seasonal progression is largely consistent with 2025, and reflects the impact of Part D benefit changes under the Inflation Reduction Act as well as overall business mix. Turning to cash flow. We expect to generate at least $18 billion from operations in 2026, or about 1.1 times net income. Our medical care ratio is expected to be 88.8% plus or minus 50 basis points reflecting our view that medical care activity will likely remain at current trend levels through 2026. Consistent with prior years, we expect the first half medical care ratio to be nota”