“Consistent with prior years, we expect the first half medical care ratio to be notably below the midpoint with the second half notably above.”

In context

“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 notably below the midpoint with the second half notably above. The operating cost ratio is expected to be 12.8% plus or minus 50 basis points. This reflects disciplined cost management, ongoing productivity initiatives, and the early benefits of our investments in artificial intelligence. While also incorporating required investments in people, and technology. Our 2026 outlook reflects the realignment of Optum Financial Services from OptumHealth into OptumInsight. We believe this better optimizes the Optum portfolio aligns with how we expect to engage the marketplace and grow through the Optum AI network. Finally, on capital and liquidity, For 2026, we expect our dividend to remain well supported by earnings and cash flow. As we look ahead, we expect leverage to continue improving through the year supported by strong cash generation and a more stable”