$UNH RELEASED Q3 EARNINGS THIS MORNING: • Revenue $112.7B vs Est. $111.31B • Adj. EPS $4.69 vs Est. $4.12 (GAAP $4.56 vs $2.59 a year ago) • Medical care ratio 88.4% vs 89.9% YoY (incl. $610M favorable reserve development) • UnitedHealthcare op earnings $2.8B vs $1.8B, margin 3.3% • Optum Health op earnings $735M vs $41M • Medical members 48.3M vs 50.1M YoY FY26 Guidance • Adj. EPS at least $20.50 vs Est. $19.81 (prior $19.50-20.00) • GAAP EPS at least $19.50 (prior $18.45-18.95) Key quote (press release): "Our third quarter results reflect the discipline and execution our teams are bringing to every part of our business." CEO Stephen Hemsley