UnitedHealth lifted its 2026 adjusted earnings forecast to $18.25 a share, up from $17.75 set in January. The move follows a modest price increase and a reduction of 965,000 Medicare Advantage members. Shares jumped 6 % in pre‑market trading, signaling confidence amid a turbulent year for U.S. insurers as the company balances cost pressures and regulatory scrutiny.

First‑quarter earnings slipped to $9 bn from $9.1 bn a year earlier, a warning that the price hike has not fully offset cost growth. The downgrade follows the Trump administration’s brief proposal to cap spending on certain government‑subsidised plans, which rattled the market before the Treasury reversed course and lifted Medicare payment increases for insurers in 2024.

Optum, the company’s medical‑practice arm, posted earnings of $3.3 bn in the quarter, down from $3.9 bn a year earlier, while UnitedHealth’s core healthcare division grew to $5.7 bn. To shore up shareholder value, the firm announced a $2 bn stock‑buyback scheduled for completion by June, even as its shares have slipped 2 % year‑to‑date in a volatile market.

The guidance lift, coupled with a modest share buyback, signals UnitedHealth’s intent to stabilize earnings after a year of policy swings and operational headwinds. Investors will monitor Medicare Advantage enrollment trends and Optum’s recovery as key levers. Today, the company’s shares sit 24 % lower than last year, underscoring the challenge of translating higher prices into lasting profitability.