UnitedHealth Group reported second-quarter 2025 revenue of $111.6 billion, slightly above estimates, with earnings from operations at $5.2 billion and a net margin of 3.1%. Adjusted earnings per share (EPS) came in at $4.08, below the estimated $4.48. The company reinstated its full-year adjusted EPS outlook at a minimum of $16, down from prior estimates around $20.40, and expects to return to earnings growth in 2026. The medical loss ratio reached 89.4%, the highest ever recorded for the company. UnitedHealthcare segment revenue was $86.1 billion, surpassing estimates. Despite rising costs impacting profitability, UnitedHealth plans full-year revenue between $445.5 billion and $448.0 billion. Humana reported second-quarter 2025 adjusted EPS of $6.27, slightly below estimates, and revenue of $32.39 billion, beating expectations. The company raised its full-year adjusted EPS guidance to approximately $17, up from about $16.25, reflecting confidence in its pricing strategy and growth in Medicare Advantage and pharmacy businesses. Humana's insurance segment benefit ratio was 89.9%, consistent with prior guidance. Cigna posted second-quarter adjusted EPS of $7.20, exceeding estimates, with adjusted revenue of $67.13 billion, also above expectations. The company reaffirmed its 2025 adjusted EPS outlook of at least $29.60. Cigna's healthcare medical care ratio is projected between 83.2% and 84.2%. Strong performance was driven by its pharmacy benefit management business and private employer focus, with revenue up 11% year-over-year. CVS Health reported second-quarter 2025 revenue of $98.92 billion, surpassing estimates, and adjusted EPS of $1.81, also above forecasts. The company raised its full-year adjusted EPS guidance to a range of $6.30 to $6.40 from a prior $6.00 to $6.20, exceeding consensus estimates. The medical benefit ratio increased to 89.9%, slightly below estimates. CVS recorded $833 million in litigation charges during the quarter. The improved results were attributed to strong performance in retail pharmacy and Aetna health insurance units, with CEO David Joyner noting effective management of higher medical costs.